Document:

exhibit102pledgeandcolla

Exhibit 10.2    EXECUTION VERSION    PLEDGE AND COLLATERAL AGREEMENT    dated as of    December 19, 2022,    among    BIRD RIDES, INC.,  and  MIDCAP FINANCIAL TRUST,   as Collateral Agent        

 

  -i-  TABLE OF CONTENTS  ARTICLE I    DEFINITIONS  SECTION 1.01. Defined Terms ............................................................................................... 1  SECTION 1.02. Other Defined Terms .................................................................................... 1  ARTICLE II    PLEDGE OF SECURITIES  SECTION 2.01. Pledge ............................................................................................................ 5  SECTION 2.02. [Reserved] ..................................................................................................... 6  SECTION 2.03. Representations, Warranties and Covenants ................................................. 6  SECTION 2.04. Registration in Nominee Name; Denominations .......................................... 7  SECTION 2.05. Voting Rights; Dividends and Interest .......................................................... 7  SECTION 2.06. Article 8 Opt-In ............................................................................................. 8  ARTICLE III    SECURITY INTERESTS IN PERSONAL PROPERTY  SECTION 3.01. Security Interest ............................................................................................ 9  SECTION 3.02. Representations and Warranties .................................................................. 10  SECTION 3.03. Covenants .................................................................................................... 11  SECTION 3.04. [Reserved] ................................................................................................... 13  SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral ........... 13  SECTION 3.06. Limited Pledge ............................................................................................ 13  ARTICLE IV    REMEDIES  SECTION 4.01. Remedies upon Default ............................................................................... 14  SECTION 4.02. Securities Act .............................................................................................. 15  SECTION 4.03. Grant of License to Use Intellectual Property ............................................. 15  ARTICLE V    MISCELLANEOUS  SECTION 5.01. Notices. ....................................................................................................... 16  SECTION 5.02. Waivers; Amendment ................................................................................. 16  SECTION 5.03. Collateral Agent’s Fees and Expenses; Indemnification ............................ 17  SECTION 5.04. Successors and Assigns ............................................................................... 17  SECTION 5.05. Survival of Agreement ................................................................................ 17  SECTION 5.06. Counterparts; Effectiveness; Several Agreement ....................................... 17  

 

  -ii-  SECTION 5.07. Severability ................................................................................................. 18  SECTION 5.08. Right of Set-off ........................................................................................... 18  SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process;  Appointment of Service of Process Agent ................................................. 18  SECTION 5.10. WAIVER OF JURY TRIAL ....................................................................... 19  SECTION 5.11. Headings ...................................................................................................... 19  SECTION 5.12. Security Interest Absolute ........................................................................... 19  SECTION 5.13. Termination or Release ............................................................................... 19  SECTION 5.14. Collateral Agent Appointed Attorney-in-Fact ............................................ 20    

 

  -iii-  Schedules  Schedule I Form of Pledged Equity Interests; Pledged Debt Securities Schedule  Schedule II Form of Intellectual Property Schedule  Schedule III Information  Exhibits  Exhibit I Form of Copyright Security Agreement  Exhibit II Form of Patent Security Agreement  Exhibit III Form of Trademark Security Agreement  

 

    PLEDGE AND COLLATERAL AGREEMENT dated as of December 19, 2022 (as amended,  restated, supplemented or otherwise modified from time to time, this “Agreement”) among Bird Rides, Inc.,  a Delaware corporation (“Bird Rides”) and MidCap Financial Trust, as Administrative Agent and as  collateral agent on behalf of the Secured Parties (in such capacity, the “Collateral Agent”).   Reference is made to the Credit Agreement dated as of April 27, 2021 (as amended, supplemented  or modified from time to time, including by the Amendment No. 7 and Joinder to Loan and Security  Agreement dated as of the date hereof, the “Credit Agreement”) among Bird US Opco, LLC as Borrower  (the “Borrower”), Bird US Holdco, LLC, as Guarantor (the “Holdco Guarantor”), and MidCap Financial  Trust, as Administrative Agent (in such capacity, the “Administrative Agent”).  WHEREAS, the Lenders (as defined in the Credit Agreement) have agreed to extend credit to the  Borrower subject to the terms and conditions set forth in the Credit Agreement;   WHEREAS, Bird Rides is an Affiliate of the Borrower and has guaranteed the obligations of the  Borrower under the Credit Agreement pursuant to the Parent Guaranty dated as of October 7, 2022 (as  amended, supplemented or modified from time to time, the “Parent Guaranty”); and  WHEREAS, Bird Rides will derive substantial benefits from the extension of credit to the Borrower  pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce  the Lenders to enter into that certain Amendment No. 7 and Joinder to Loan and Security Agreement and  to extend such credit as contemplated thereunder.    NOW, THEREFORE, the parties hereto agree as follows:  ARTICLE I    Definitions  SECTION 1.01. Defined Terms.  (a) Each capitalized term used but not defined herein  shall have the meaning assigned thereto in the Credit Agreement; provided that each term defined in the  New York UCC (as defined herein) and not defined in this Agreement or the Credit Agreement shall have  the meaning specified in the New York UCC.  The term “instrument” shall have the meaning specified in  Article 9 of the New York UCC.  (b) The rules of construction specified in Section 1.02 of the Credit Agreement also  apply to this Agreement, mutatis mutandis.  SECTION 1.02. Other Defined Terms.  As used in this Agreement, the following terms  have the meanings specified below:  “Account Debtor” means any Person that is or may become obligated to Bird Rides under,  with respect to or on account of an Account, Chattel Paper or General Intangible.  “Agreement” has the meaning assigned to such term in the preamble to this Agreement.  “Article 9 Collateral” has the meaning assigned to such term in Section 3.01.  “Bird Rides” has the meaning assigned to such term in the preamble to this Agreement.   “Borrower” has the meaning assigned to such term in the preamble to this Agreement.  

 

  -2-  “CFC” means any Person that is a “controlled foreign corporation” within the meaning of  Section 957 of the Code.  “Collateral” means Article 9 Collateral and Pledged Collateral.  “Collateral Agent” has the meaning assigned to such term in the preamble to this  Agreement.  “Copyright License” means any written agreement, now or hereafter in effect, granting to  any Person any right under any Copyright now or hereafter owned by any other Person or that such other  Person otherwise has the right to license, and all rights of any such Person under any such agreement.  “Copyright Security Agreement” means the short-form Copyright Security Agreement  substantially in the form of Exhibit I hereto.  “Copyrights” means, with respect to any Person, all of the following now owned or  hereafter acquired by such Person: (a) all copyright rights in any work subject to the copyright laws of the  United States, whether as author, assignee, transferee or otherwise; (b) all registrations and applications for  registration of any such copyrights in the United States, including registrations, supplemental registrations  and pending applications for registration in the United States Copyright Office, including those set forth on  Schedule II hereto; and (c) all claims for, and rights to sue for, past or future infringements of any of the  foregoing.  “Credit Agreement” has the meaning assigned to such term in the preamble to this  Agreement.  “Domestic Subsidiary” means any Restricted Subsidiary organized under the laws of any  political subdivision of the United States.  “Excluded Assets” means:  (a) all Deposit Accounts, Securities Accounts, and Commodity Accounts,  (b) any Equity Interest in a Foreign Subsidiary Holding Company or an Excluded For- eign Subsidiary in excess of 65% of the issued and outstanding Equity Interests of such Subsidiary entitled  to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)), and 100% of the issued and outstanding  Equity Interests of such Subsidiary not entitled to vote (within the meaning of Treas. Reg. Section 1.956- 2(c)(2)),  (c) any real property or real property interests (including, without limitation, leasehold  interests),  (d) any governmental licenses or state or local franchises, charters and authorizations,  to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or re- stricted thereby (other than to the extent that any such term would be rendered ineffective pursuant to Sec- tions 9-406, 9-407, 9-408, or 9-409 of the UCC (or any successor provision or provisions) of any relevant  jurisdiction or any other applicable law or principles of equity, in each case, unless preempted) so long as  such restrictions or prohibitions are in effect,  (e) any lease, license or agreement or any property subject to such agreement to the  extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement  

 

  -3-  or create a right of termination in favor of any other party thereto or otherwise require consent thereunder  (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9- 407, 9-408, or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or  any other applicable law or principles of equity, in each case, unless preempted) so long as such restrictions  or prohibitions are in effect and such lease, license or agreement was not entered into in contemplation of  circumventing any obligation to secure the Secured Obligations,   (f) any assets or property to the extent granting, creating or perfecting a pledge, secu- rity interest or Lien on such asset or property is prohibited or restricted by applicable law, order or regulation  (including, without limitation, any requirement to obtain the consent or approval of any governmental au- thority or third Person); provided that the foregoing exclusions in this clause (f) shall in no way be construed  to apply to the extent that the prohibition is unenforceable under Sections 9-406, 9-407, 9-408 or 9-409 of  the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law  or principles of equity, in each case, unless preempted; provided, further, that the assets or property de- scribed in the foregoing clauses (d), (e), and (f) shall constitute “Excluded Assets” only to the extent and  for so long as such applicable licenses, franchises, charters, authorizations, laws, orders or regulations val- idly prohibit the creation of a Lien on such asset or property in favor of Collateral Agent, or the grant of a  security interest in such lease, license or agreement or such property subject to such agreement would vio- late or invalidate such lease, license or agreement or create a right of termination in favor of any other party  thereto or otherwise require consent thereunder, as applicable, and, upon the termination of such prohibition  (by any manner), such property shall cease to constitute “Excluded Assets” under clause (d), (e), or (f)  hereof, as applicable,   (g) any asset or property with respect to which the Collateral Agent and Bird Rides  mutually determine that the costs of obtaining a security interest or Lien therein is excessive in relation to  the practical benefit to the Lenders of the security afforded thereby,  (h) any assets or property to the extent a security interest or Lien in such assets or  property could reasonably be expected to result in materially adverse tax consequences, as reasonably de- termined by Bird Rides and the Collateral Agent,   (i) any intent-to-use trademark application prior to the filing of a “Statement of Use”  or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period,  if any, in which, the grant of a security interest therein would impair the validity or enforceability of such  intent-to-use trademark application under applicable federal law,   (j) any assets or property not located in the United States that require action under the  law of any jurisdiction not located in the United States to create or perfect a security interest or Lien in such  asset or property, including any intellectual property registered in any non-United States jurisdiction (it  being understood that there shall be no security agreements or pledge agreements governed under the laws  of any non-United States jurisdiction),   (k) motor vehicles, airplanes, and other assets subject to certificates of title (excluding,  for the avoidance of doubt, any electronic scooter vehicles or scooters),   (l) Letter-of-Credit Rights (other than to the extent consisting of a supporting obliga- tions that can be perfected by the filing of a financing statement), and  (m) any particular asset or right under contract, if the pledge thereof or the security  interest therein is prohibited or restricted by a third party (so long as any agreement with such third party  that provides for such prohibition or restriction was not entered into in contemplation of the acquisition of  

 

  -4-  such assets or for the purpose of creating such prohibition or restriction); provided, that the foregoing ex- clusions in this clause (p) shall in no way be construed to apply to the extent that the prohibition is unen- forceable under Sections 9-406, 9-407, 9-408, or 9-409 of the UCC (or any successor provision or provi- sions) of any relevant jurisdiction or any other applicable law or principles of equity (in each case, unless  preempted).“Excluded Foreign Subsidiary” means a Subsidiary of Bird Rides that is: (a) a Foreign Subsid- iary; or (b) owned directly or indirectly by a Foreign Subsidiary or by a Foreign Subsidiary Holding Com- pany, irrespective of whether it is a Domestic Subsidiary or a Foreign Subsidiary.  “Federal Securities Laws” has the meaning assigned to such term in Section 4.02.  “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.  “Foreign Subsidiary Holding Company” means any direct or indirect Subsidiary of Bird  Rides, all or substantially all of the assets of which consist of, directly or indirectly, the Equity Interests in  one or more CFCs and any of such CFCs’ Subsidiaries, and/or Debt or accounts receivable owed by CFCs  and/or such CFC’s Subsidiaries or are treated as owed by any such Subsidiaries for U.S. federal income tax  purposes.  “Intellectual Property” means, with respect to any Person, all intellectual property of every  kind and nature, whether now or hereafter owned or licensed by any such Person, including inventions,  designs, Patents, Copyrights, Trademarks and Licenses, trade secrets and know-how, domain names,  confidential or proprietary technical, business or other information, and software and databases.  “License” means any Patent License, Trademark License or Copyright License.  “New York UCC” means the Uniform Commercial Code as from time to time in effect in  the State of New York.  “Patent License” means any written agreement, now or hereafter in effect, granting to any  Person any right to manufacture, use or sell any invention claimed in a Patent, now or hereafter owned by  any other Person or that any other Person now or hereafter otherwise has the right to license, and all rights  of any such Person under any such agreement.  “Patent Security Agreement” means the short-form Patent Security Agreement  substantially in the form of Exhibit II hereto.  “Patents” means, with respect to any Person, all of the following now owned or hereafter  acquired by such Person:  (a) all letters patent of the United States, and all applications for letters patent of  the United States, including those listed on Schedule II hereto; (b) all provisionals, reissues, extensions,  continuations, divisions, continuations-in-part, reexaminations or revisions thereof, and the inventions  disclosed or claimed therein; and (c) all claims for, and rights to sue for, past or future infringements of any  of the foregoing.  “Pledged Collateral” has the meaning assigned to such term in Section 2.01.  “Pledged Debt Securities” has the meaning assigned to such term in Section 2.01.  “Pledged Equity Interests” has the meaning assigned to such term in Section 2.01.  

 

  -5-  “Pledged Securities” means any promissory notes, stock certificates, unit certificates,  limited liability membership certificates or other securities (to the extent certificated) now or hereafter  included in the Pledged Collateral.  “Security Interest” has the meaning assigned to such term in Section 3.01(a).  “Termination Date” means the earliest of (a) the date on which the Loans and all other  Borrower Obligations have been repaid and satisfied in full, (b) the termination of the Parent Guaranty in  accordance with its terms, and (c) the closing of Project Compass.  “Trademark License” means any written agreement, now or hereafter in effect, granting to  any Person any right to use any Trademark now or hereafter owned by any other Person or that any other  Person otherwise has the right to license and all rights of any such Person under any such agreement.  “Trademark Security Agreement” means the short-form Trademark Security Agreement  substantially in the form of Exhibit III hereto.  “Trademarks” means, with respect to any Person, all of the following now owned or  hereafter acquired by such Person: (a) all United States trademarks, service marks, trade names, corporate  names, company names, business names, fictitious business names, trade dress, logos, other source or  business identifiers, designs and general intangibles of like nature, in each case subject to trademark laws  of the United States, now existing or hereafter adopted or acquired, all registrations therefor, and all  registrations and applications filed in connection therewith, including registrations and applications in the  United States Patent and Trademark Office, and all renewals thereof; (b) all goodwill associated with or  symbolized by the foregoing; and (c) all claims for, and rights to sue for, past or future infringements,  dilutions or other violations of any of the foregoing.  “UCC” shall mean the New York UCC; provided, however, that, at any time, if by reason  of mandatory provisions of law, any or all of the perfection, effect of perfection, non-perfection or priority  of the Collateral Agent’s and the Secured Parties’ security interest in any item or portion of the Collateral  is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New  York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other  jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection, non- perfection or priority and for purposes of definitions relating to such provisions.  “Warehouse Liens” mean the Liens evidenced by the UCC-1 financing statement with file  number 19-7692771918 naming Bird Rides, Inc. as the debtor and E&S International Enterprises, Inc. as  the secured party.   ARTICLE II    Pledge of Securities  SECTION 2.01. Pledge.  As security for the performance by Bird Rides of all the terms,  covenants and agreements on the part of Bird Rides to be performed under the Parent Guaranty (the  “Secured Obligations”), Bird Rides hereby pledges to the Collateral Agent, its successors and permitted  assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and  permitted assigns, for the benefit of the Secured Parties, a security interest in, all of Bird Rides’ right, title  and interest in, to and under:  

 

  -6-  (a) (i)  the Equity Interests owned by Bird Rides on the date hereof, (ii) any other  Equity Interests obtained in the future by Bird Rides and (iii) the certificates or other instruments  representing all such Equity Interests (if any) (collectively, the “Pledged Equity Interests”);  (b) (i) the debt securities owned by Bird Rides on the date hereof, (ii) any debt  securities in the future issued to or otherwise acquired by Bird Rides and (iii) the promissory notes and any  other instruments evidencing all such debt securities (collectively, the “Pledged Debt Securities”); provided  that, such Pledged Debt Securities shall not include any Pledged Debt Securities constituting Excluded  Assets;  (c) subject to Section 2.05, all payments of principal or interest, dividends, cash,  instruments and other property from time to time received, receivable or otherwise distributed in respect  of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities  referred to in clauses (a) and (b) above;  (d) subject to Section 2.05, all rights and privileges of Bird Rides with respect to the  securities and other property referred to in clauses (a), (b) and (c) above; and  (e) all Proceeds of any of the foregoing to the extent such Proceeds would constitute  property referred to in clauses (a) through (d) above (the items referred to in clauses (a) through (e) above  being collectively referred to as the “Pledged Collateral”).  Notwithstanding the foregoing, in no event shall the pledge under this Section 2.01 attach to any Excluded  Asset.  SECTION 2.02. [Reserved].    SECTION 2.03. Representations, Warranties and Covenants.  Bird Rides represents,  warrants and covenants to and with the Collateral Agent, for the benefit of the Secured Parties, that:  (a) Within 45 days of the date hereof, Bird Rides shall provide (in the form set forth  in Schedule I hereto) a true and complete list of (i) all the Pledged Equity Interests owned by Bird Rides  and the percentage of the issued and outstanding units of each class of the Equity Interests of the issuer  thereof represented by the Pledged Equity Interests owned by Bird Rides and (ii) all the Pledged Debt  Securities owned by Bird Rides evidencing Debt for borrowed money;  (b) (i) the Pledged Equity Interests have been duly and validly authorized and issued  by the issuers thereof (if applicable) and (ii) the Pledged Equity Interests (if applicable) are fully paid and  nonassessable; provided that the foregoing representations are made to the knowledge of Bird Rides;  (c) except for the security interests granted hereunder and under any other Transaction  Documents, Bird Rides (i) is and, subject to any transfers made in compliance with the Credit Agreement,  will continue to be the direct owner, beneficially and of record, of the Pledged Securities, (ii) holds the  same free and clear of all Liens, other than Liens permitted pursuant to the Credit Agreement and the  Warehouse Liens and transfers made in compliance with the Credit Agreement, (iii) will make no further  assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other  Lien on, the Pledged Collateral, other than Liens permitted pursuant to the Credit Agreement and the  Warehouse Liens and transfers made in compliance with the Credit Agreement, and (iv) will use  commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens  (other than the Liens created by this Agreement and the other Transaction Documents, Liens permitted  pursuant to the Credit Agreement and the Warehouse Liens), however arising, of all Persons whomsoever;  

 

  -7-  (d) except for restrictions and limitations imposed or permitted by the Transaction  Documents, contracts and agreements permitted by the Credit Agreement, or securities laws generally, the  Pledged Equity Interests are and will continue to be freely transferable and assignable, and none of the  Pledged Equity Interests are or will be subject to any option, right of first refusal, shareholders agreement  or organizational document provisions of any nature that would prohibit, impair, delay or otherwise affect  in any manner adverse to the Secured Parties in any material respect the pledge of such Pledged Collateral  hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights  and remedies hereunder;  (e) Bird Rides has the organizational power and authority to pledge the Pledged  Collateral pledged by it hereunder in the manner hereby done or contemplated;   (f) by virtue of the execution and delivery by Bird Rides of this Agreement, when any  Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, the Collateral  Agent will obtain a legal, valid and perfected lien upon and security interest in such Pledged Securities,  free of any adverse claims (except for Liens permitted by the Credit Agreement), under the New York UCC  to the extent such lien and security interest may be created and perfected under the New York UCC, as  security for the payment and performance of the Secured Obligations; and  (g) subject to the terms of this Agreement and to the extent permitted by applicable  law, Bird Rides hereby agrees that upon the occurrence and during the continuance of an Event of Default,  it will comply with the instructions of the Collateral Agent with respect to the Equity Interests that constitute  Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder  of such Equity Interests.  SECTION 2.04. Registration in Nominee Name; Denominations.  If an Event of  Default shall have occurred and is continuing, the Collateral Agent, on behalf of the Secured Parties, shall  have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of Bird Rides,  endorsed or assigned in blank or in favor of the Collateral Agent or in its own name as pledgee or in the  name of its nominee (as pledgee or as sub-agent), and Bird Rides will promptly give to the Collateral Agent  copies of any notices or other written communications received by it with respect to Pledged Securities  registered in the name of Bird Rides.  Upon the occurrence and during the continuance of an Event of  Default, the Collateral Agent shall at all times have the right to exchange the certificates representing  Pledged Securities for certificates of smaller or larger denominations for any reasonable purpose consistent  with this Agreement.  SECTION 2.05. Voting Rights; Dividends and Interest.  (a) Unless and until an Event  of Default shall have occurred:  (i) Bird Rides shall be entitled to exercise any and all voting and/or other consensual  rights and powers inuring to an owner of Pledged Securities or any part thereof for any purpose  consistent with the terms of this Agreement, the Credit Agreement and the other Transaction  Documents;  (ii) the Collateral Agent shall promptly execute and deliver to Bird Rides, or cause to  be promptly executed and delivered to Bird Rides, all such proxies, powers of attorney and other  instruments as Bird Rides may reasonably request for the purpose of enabling Bird Rides to exercise  the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)  of this Section; and  

 

  -8-  (iii) Bird Rides shall be entitled to receive and retain any and all dividends, interest,  principal and other distributions paid on or distributed in respect of the Pledged Securities to the  extent and only to the extent that such dividends, interest, principal and other distributions are  permitted by, and are otherwise paid or distributed in accordance with, the terms and conditions of  the Credit Agreement, the other Transaction Documents and applicable laws; provided that any  noncash dividends, interest, principal or other distributions that would constitute Pledged Equity  Interests or Pledged Debt Securities, whether resulting from a subdivision, combination or  reclassification of the outstanding Equity Interests in the issuer of any Pledged Securities or  received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a  result of any merger, consolidation, acquisition or other exchange of assets to which such issuer  may be a party or otherwise, shall be and become part of the Pledged Collateral and, if received by  Bird Rides, shall be held for the benefit of the Administrative Agent and the other Secured Parties.    (b) Upon two Business Days’ prior written notice by the Administrative Agent to the  Borrower after the occurrence and during the continuance of an Event of Default, all rights of Bird Rides  to dividends, interest, principal or other distributions that Bird Rides is authorized to receive pursuant to  paragraph (a)(iii) of this Section 2.05 shall cease, and all such rights shall thereupon become vested in the  Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such  dividends, interest, principal or other distributions; provided that, the Collateral Agent shall have the right  from time to time following the occurrence and during the continuance of an Event of Default to permit  Bird Rides to exercise such rights.  All dividends, interest, principal or other distributions received by Bird  Rides upon the occurrence and during the continuance of an Event of Default contrary to the provisions of  this Section 2.05 shall be held for the benefit of the Collateral Agent and the other Secured Parties and shall  be segregated from other property or funds of Bird Rides.  Any and all money and other property paid over  to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by  the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or  other property and shall be applied in accordance with the provisions of the Credit Agreement.  After all  Events of Default have been cured or waived, the Collateral Agent shall promptly repay to Bird Rides  (without interest) all dividends, interest, principal or other distributions that Bird Rides would otherwise be  permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.05 and that remain in such  account.  (c) Upon two Business Days’ prior written notice by the Administrative Agent to the  Borrower after the occurrence and during the continuance of an Event of Default, all rights of Bird Rides  to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)  of this Section 2.05, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.05,  shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the  sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided  that, the Collateral Agent shall have the right from time to time following and during the continuance of an  Event of Default to permit Bird Rides to exercise such rights.  After all Events of Default have been cured  or waived, all rights vested in the Collateral Agent pursuant to this paragraph (c) shall automatically cease,  and Bird Rides shall automatically have the exclusive right to exercise the voting and consensual rights and  powers they would otherwise be entitled to exercise pursuant to paragraph (a)(i) of this Section 2.05.  SECTION 2.06. Article 8 Opt-In.  Bird Rides shall not take any action to cause any  membership interest, partnership interest, or other equity interest of any limited liability company or limited  partnership owned or controlled by Bird Rides comprising Collateral to be or become a “security” within  the meaning of, or to be governed by Article 8 of the UCC as in effect under the laws of any state having  jurisdiction and shall not cause or permit any such limited liability company or limited partnership to “opt  in” or to take any other action seeking to establish any membership interest, partnership interest or other  equity interest of such limited liability company or limited partnership comprising the Collateral as a  

 

  -9-  “security” or to become certificated, in each case, without delivering all certificates evidencing such interest  to the Collateral Agent in accordance with and as required by Section 2.02.  ARTICLE III    Security Interests in Personal Property  SECTION 3.01. Security Interest.  (a) As security for the payment or performance, as  the case may be, in full of the Secured Obligations, Bird Rides hereby grants to the Collateral Agent, its  successors and permitted assigns, for the benefit of the Secured Parties, a security interest (the “Security  Interest”) in all of Bird Rides’ right, title and interest in, to and under any and all of the following assets  now owned or at any time hereafter acquired by Bird Rides or in which Bird Rides now has or at any time  in the future may acquire any right, title or interest, regardless of where located (collectively, the “Article 9  Collateral”):  (i) all Accounts;  (ii) all Chattel Paper;  (iii) [reserved];  (iv) all Documents;  (v) all Equipment;  (vi) all General Intangibles, including all Intellectual Property;  (vii) all Instruments;  (viii) all Inventory;  (ix) all other Goods;  (x) all Investment Property;  (xi) all Letter-of-Credit Rights;  (xii) all books and records pertaining to the Article 9 Collateral; and  (xiii) to the extent not otherwise included, all Proceeds and products of any and all of  the foregoing and all Supporting Obligations, collateral security and guarantees given by any  Person with respect to any of the foregoing;  provided that in no event shall the Security Interest attach to (A) any Excluded Asset or (B) any asset owned  by Bird Rides that the Borrower and the Collateral Agent shall have agreed in writing to exclude from being  Article 9 Collateral on account of the cost of creating a security interest in such asset hereunder being  excessive in view of the benefits to be obtained by the Secured Parties therefrom.  It is understood that, to  the extent the Security Interest shall not have attached to any such asset as a result of clauses (A) or (B)  above, the term “Article 9 Collateral” shall not include any such asset; provided, however, that Article 9  Collateral shall include any Proceeds, substitutions or replacements of any of the foregoing (unless such  Proceeds, substitutions or replacements would constitute property referred to in clauses (A) or (B)).  

 

  -10-    (b) Bird Rides hereby irrevocably authorizes the Collateral Agent for the benefit of  the Secured Parties at any time and from time to time to file in any relevant U.S. jurisdiction any financing  statements, with respect to the Collateral or any part thereof and amendments thereto that (i) describe the  collateral covered thereby in any manner that the Collateral Agent reasonably determines is necessary or  advisable to ensure the perfection of the security interest in the Collateral granted under this Agreement,  including indicating the Collateral as “all assets” of Bird Rides or words of similar effect, and (ii) contain  the information required by Article 9 of the UCC for the filing of any financing statement or amendment,  including (A) whether Bird Rides is an organization, the type of organization and, if required, any  organizational identification number issued to Bird Rides.  Bird Rides agrees to provide such information  to the Collateral Agent promptly upon request.  Subject to Section 3.03(f), the Collateral Agent is further authorized to file the Copyright  Security Agreement, Patent Security Agreement and Trademark Security Agreement with the United States  Patent and Trademark Office or United States Copyright Office (or any successor office in the United  States, but not any office in any other country), as applicable, and any such additional documents pursuant  to Section 3.05(b) as may be reasonably necessary or advisable for the purpose of perfecting, confirming,  continuing, enforcing or protecting the Security Interest in Article 9 Collateral consisting of Patents,  Trademarks or Copyrights issued, registered or applied-for in the United States, granted by Bird Rides and  naming Bird Rides as debtor and the Collateral Agent as Secured Party.   (c) The Security Interest and the security interest granted pursuant to Article II are  granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any  way alter or modify, any obligation or liability of Bird Rides with respect to or arising out of the Collateral.  SECTION 3.02. Representations and Warranties.  Bird Rides represents and warrants  to the Collateral Agent, for the benefit of the Secured Parties, that:  (a) Bird Rides has good title or valid leasehold interests in the Article 9 Collateral with  respect to which it has purported to grant a Security Interest hereunder free and clear of any Liens, (i) except  for Liens expressly permitted pursuant to the Credit Agreement and the Warehouse Liens and (ii) except  for minor defects in title that do not interfere with its ability to conduct its business as currently conducted  or as proposed to be conducted or to utilize such properties for their intended purposes, in each case to the  extent the failure to have such good title or valid leasehold interest could not reasonably be expected to  have, individually or in the aggregate, a Material Adverse Effect, and has full power and authority to grant  to the Collateral Agent, for the benefit of the Secured Parties, the Security Interest in such Article 9  Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms  of this Agreement, without the consent or approval of any other Person other than any consent or approval  that has been obtained and except to the extent that failure to obtain or make such consent or approval, as  the case may be, individually or in aggregate, could not reasonably be expected to have a Material Adverse  Effect;  (b) the UCC financing statements or other appropriate filings, recordings or  registrations prepared by the Collateral Agent based upon the information provided to the Collateral Agent  for filing in each governmental, municipal or other appropriate office specified on the schedules hereto, are  all the filings, recordings and registrations (other than filings, recordings and registrations, if any, required  to be made in the United States Patent and Trademark Office or the United States Copyright Office in order  to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, Trademarks or  Copyrights) that are necessary to establish a legal, valid and perfected security interest in favor of the  Collateral Agent, for the benefit of the Secured Parties, in respect of all Article 9 Collateral in which the  Security Interest may be perfected by filing, recording or registration in the United States, and as of the date  

 

  -11-  hereof, no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is  necessary, except as provided under applicable law with respect to the filing of continuation statements  (other than such actions as are necessary to perfect the Security Interest with respect to any Article 9  Collateral consisting of issued, registered or applied-for Patents, Trademarks and Copyrights filed, acquired  or developed by Bird Rides after the date hereof);  (c) the Security Interest constitutes (i) a legal and valid security interest in all the  Article 9 Collateral securing the payment and performance of the Secured Obligations and (ii) subject to  the filings described in paragraph (b) of this Section 3.02 (including payment of applicable fees in  connection therewith), a perfected security interest in all Article 9 Collateral in which a security interest  may be perfected by filing, recording or registering a financing statement or analogous document in the  applicable jurisdiction in the United States pursuant to the UCC;  (d) the Security Interest is and shall be prior to any other Lien on any of the Article 9  Collateral, other than (i) any statutory or similar Lien that has priority as a matter of law, (ii) Liens permitted  pursuant to the Credit Agreement and (iii) the Warehouse Liens;   (e) as of the date hereof, all material Intellectual Property of Bird Rides is subsisting  and has not been adjudged invalid or unenforceable in whole or in part and is valid and enforceable, and  Bird Rides has made or performed all commercially reasonable acts, including without limitation filings,  recordings and payment of all required fees and taxes, required to maintain and protect its interest in its  material Intellectual Property in full force and effect in the United States;  (f) as of the date hereof, Schedule III hereto sets forth (i) the type of organization of  Bird Rides, (ii) the jurisdiction of organization of Bird Rides, (iii) the organizational identification number  of Bird Rides, (iv) the tax identification number of Bird Rides and (v) the location of the chief executive  office of Bird Rides;  (g) Bird Rides has not filed or consented to (i) the filing of any financing statement or  analogous document, in each case with respect to a Lien, under the UCC or any other applicable laws  covering any Article 9 Collateral or (ii) any assignment in which Bird Rides assigns any Article 9 Collateral  or any security agreement or similar instrument covering any Article 9 Collateral with the United States  Patent and Trademark Office or the United States Copyright Office, except, in each case, for Liens expressly  permitted pursuant to the Credit Agreement and the Warehouse Liens.  SECTION 3.03. Covenants.  (a) Bird Rides shall, at its own expense, take any and all  commercially reasonable actions necessary to (i) defend title to the Article 9 Collateral (other than  Intellectual Property, which is governed by Section 3.05) against all Persons, except with respect to Article  9 Collateral that Bird Rides determines in its reasonable business judgment is no longer necessary or  beneficial to the conduct of Bird Rides’ business (provided that nothing in this Agreement shall prevent  Bird Rides from discontinuing the operation or maintenance of any of its assets or properties to the extent  not prohibited by the Credit Agreement) and (ii) upon the reasonable request of the Collateral Agent, defend  the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any  Lien, in each case subject to (x) Liens permitted pursuant to the Credit Agreement and the Warehouse  Liens, (y) transfers made in compliance with the Credit Agreement and (z) the rights of Bird Rides under  Section 11.09 of the Credit Agreement to obtain a release of the Liens created hereunder.  (b) Bird Rides agrees, at its own expense, to execute, acknowledge, deliver and cause  to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent  may from time to time reasonably request to obtain, preserve, protect and perfect the Security Interest and  the rights and remedies created hereby, including the payment of any reasonable and documented or  

 

  -12-  invoiced out-of-pocket fees and Taxes required in connection with the execution and delivery of this  Agreement, the granting of the Security Interest and the filing of any financing statements or other  documents in connection herewith or therewith; provided, however, Bird Rides shall have no obligation to  file any document or undertake any actions outside the United States or pursuant to any laws other than the  laws of the United States.    (c) At its option, the Collateral Agent may discharge past due taxes, assessments,  charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9  Collateral and not permitted pursuant to the Credit Agreement (or the Warehouse Liens), and may pay for  the maintenance and preservation of the Article 9 Collateral to the extent Bird Rides fails to do so as  required by the Credit Agreement, this Agreement or any other Transaction Document and within a  reasonable period of time after the Collateral Agent has requested that it do so, and Bird Rides agrees to  reimburse the Collateral Agent, within 10 days after demand, for any reasonable payment made or expense  incurred by the Collateral Agent pursuant to the foregoing authorization in accordance with Section 5.03(a);  provided that nothing in this paragraph shall be interpreted as excusing Bird Rides from the performance  of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any  covenants or other promises of Bird Rides with respect to taxes, assessments, charges, fees, Liens, security  interests or other encumbrances and maintenance as set forth herein or in the other Transaction Documents.  (d) Notwithstanding anything herein to the contrary, subject to Section 3.03(f), it is  understood that Bird Rides shall not be required by this Agreement to better assure, preserve, protect or  perfect the Security Interest created hereunder by any means other than (i) filings (including financing  statements) pursuant to the UCC in the office of the Secretary of State (or similar central filing office) of  the relevant states or other jurisdictions, (ii) filings with the United States Patent and Trademark Office or  United States Copyright Office (or any successor office), in respect of registered or applied-for Patents,  Trademarks or Copyrights, (iii) in the case of Collateral that constitutes Pledged Securities, Instruments,  certificated securities (in each case not credited to a Securities Account), Tangible Chattel Paper or  Negotiable Documents (other than those Instruments or Negotiable Documents held in the ordinary course  of business), delivery thereof to the Collateral Agent in accordance with the terms hereof (together with,  where applicable, undated stock or note powers or other undated proper instruments of assignment) and  (iv) other actions to the extent required by Section 3.03(b) (solely with respect to the second sentence  thereof) or Section 3.04 hereunder.  Bird Rides shall not be required to (i) complete any filings or other  action with respect to the better assurance, preservation, protection or perfection of the security interests  created hereby in any jurisdiction outside of the United States or enter into any security document governed  by the laws of a jurisdiction other than the United States, or to reimburse the Administrative Agent for any  costs incurred in connection with the same, (ii) deliver control agreements with respect to, or confer  perfection by “control” over, any Deposit Accounts, Securities Accounts or Commodity Accounts or (iii)  perfect the security interest in motor vehicles, airplanes and other assets subject to certificates of title other  than by filings (including financing statements) pursuant to the UCC in the office of the Secretary of State  (or similar central filing office) of the relevant states or other jurisdictions.  (e) [Reserved].  (f) Within 45 days of the date hereof, Bird Rides shall provide (in the form set forth  in Schedule II hereto) a true and complete list, with respect to Bird Rides, of all of Bird Rides’ Patents and  Trademarks applied for or issued or registered with the United States Patent and Trademark Office,  including the name of the registered owner or applicant and the registration, application, or publication  number, as applicable, of each such Patent or Trademark and all of Bird Rides’ Copyrights applied for or  registered with the United States Copyright Office, including the name of the registered owner and the  registration number of each such Copyright.   

 

  -13-  SECTION 3.04. [Reserved].    SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral.   (a) Bird Rides agrees to take commercially reasonable steps to (i) maintain the validity  and enforceability of any United States issued or registered Intellectual Property (or applications therefor)  that is material to the conduct of Bird Rides’ business and to maintain such registrations and applications  of such Intellectual Property in full force and effect and (ii) pursue the registration and, to the extent Bird  Rides determines in its reasonable business judgment that maintenance of such Intellectual Property is  desirable in the conduct of its business, maintenance of each patent, trademark or copyright registration or  application included in the Intellectual Property of Bird Rides.  Bird Rides shall take commercially  reasonable steps to defend title to and ownership of any Intellectual Property that is owned by Bird Rides  and is material to the conduct of Bird Rides’ business.  (b) Bird Rides shall notify the Collateral Agent as promptly as reasonably practicable  if it knows, after due inquiry, that (i) any application or registration relating to any material Intellectual  Property is likely to become forfeited, abandoned or dedicated to the public, or of any materially adverse  determination or development related to such application or registration (including the institution of, or any  such determination or development in, any proceeding in the United States Patent and Trademark Office or  the United States Copyright Office or any court or tribunal in any country, but excluding any ordinary  course office actions) regarding Bird Rides’ ownership of, right to use, interest in, or the validity of, any  material Intellectual Property owned by Bird Rides or Bird Rides’ right to register the same or to own and  maintain the same or (ii) any action or proceeding, to the extent such action is not dismissed within thirty  (30) days, that seeks to limit or cancel, or challenge the validity of, any material Intellectual Property owned  by Bird Rides or Bird Rides’ ownership interest therein is pending or, to the knowledge of Bird Rides,  threatened.    (c) Bird Rides agrees that, should it (i) obtain an ownership or other interest in any  Intellectual Property after the date hereof, (ii) file any application for the registration or issuance of any  Intellectual Property with the United States Patent and Trademark Office or the United States Copyright  Office, or (iii) file a Statement of Use or an Amendment to Allege Use with respect to any "intent-to-use"  Trademark application owned by Bird Rides (the items in clauses (i), (ii) and (iii), collectively, the “After- Acquired Intellectual Property”), then the provisions of this Agreement shall automatically apply thereto  and any such After-Acquired Intellectual Property shall automatically become Intellectual Property subject  to the terms and conditions of this Agreement.  For the avoidance of doubt, a security interest shall not be  granted in any Intellectual Property that constitutes an Excluded Asset.  SECTION 3.06. Limited Pledge.  (a) Notwithstanding anything in any Transaction Document to the contrary, the  Collateral Agent’s right to enforce on the Collateral shall not result in the Collateral Agent or the Secured  Parties receiving Proceeds in excess of $4,500,000 (the “Secured Amount”). Any Proceeds received by the  Collateral Agent or the Secured Parties in excess of the Secured Amount shall be remitted to Bird Rides by  the applicable party, in a manner reasonably satisfactory to Bird Rides and the Collateral Agent, within 30  days of the receipt of any such excess Proceeds.   

 

  -14-  ARTICLE IV    Remedies  SECTION 4.01. Remedies upon Default.  Upon the occurrence and during the  continuance of an Event of Default, Bird Rides agrees to deliver, on demand, each item of Collateral to the  Collateral Agent or any Person designated by the Collateral Agent, and it is agreed that the Collateral Agent  shall have the right to take any of or all the following actions at the same or different times: (a) with respect  to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to  become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by Bird Rides to  the Collateral Agent, for the benefit of the Secured Parties, or to license, whether on an exclusive or  nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in  such manner as the Collateral Agent shall determine (other than in violation of any then-existing licensing  arrangements or other agreement to the extent that waivers cannot be obtained), but in any event, on a  revocable basis under terms whereby such license should terminate immediately upon cure of an Event of  Default in connection with exercise of its remedies hereunder, and (b) subject to Section 2.05, with or  without legal process and with or without prior notice or demand for performance, to take possession of the  Article 9 Collateral and the Pledged Collateral and without liability for trespass to enter any premises where  the Article 9 Collateral or the Pledged Collateral may be located for the purpose of taking possession of or  removing the Article 9 Collateral and the Pledged Collateral and, generally, to exercise any and all rights  afforded to a secured party under the UCC or other applicable law.  Without limiting the generality of the  foregoing, Bird Rides agrees that the Collateral Agent shall have the right, subject to the mandatory  requirements of applicable law and the notice requirements described below, to sell or otherwise dispose  of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities  exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate.  The  Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict  the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the  Collateral for their own account for investment and not with a view to the distribution or sale thereof, and  upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver  to the purchaser or purchasers thereof the Collateral so sold.  Each such purchaser at any sale of Collateral  shall hold the property sold absolutely free from any claim or right on the part of Bird Rides, and Bird Rides  hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal that Bird Rides  now has or may at any time in the future have under any rule of law or statute now existing or hereafter  enacted.  The Collateral Agent shall give Bird Rides no less than ten (10) days’ prior written notice  (which Bird Rides agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC  or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral.   Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale  at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be  made and the day on which the Collateral or portion thereof, will first be offered for sale at such board or  exchange.  Any such public sale shall be held at such time or times within ordinary business hours and at  such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale.  At any  such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate  parcels, as the Collateral Agent may (in its sole and absolute discretion) determine.  The Collateral Agent  shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the  fact that notice of sale of such Collateral shall have been given.  The Collateral Agent may, without notice  or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by  announcement at the time and place fixed for sale, and such sale may, without further notice, be made at  the time and place to which the same was so adjourned.  In case any sale of all or any part of the Collateral  is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until  

 

  -15-  the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent and the other Secured  Parties shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for  the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice.   At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any  Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption,  stay, valuation or appraisal on the part of Bird Rides (all said rights being also hereby waived and released  to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment  on account thereof by using any claim then due and payable to such Secured Party from Bird Rides as a  credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale,  hold, retain and dispose of such property without further accountability to Bird Rides therefor.  As an  alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a  suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof  pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a  proceeding by a court-appointed receiver.  Any sale pursuant to the provisions of this Section 4.01 shall be  deemed to conform to the commercial reasonableness standards as provided in Section 9-610(b) of the  New York UCC or its equivalent in other jurisdictions.  SECTION 4.02. Securities Act.  In view of the position of Bird Rides in relation to the  Pledged Collateral, or because of other current or future circumstances, a question may arise under the  Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in  purpose or effect (such act and any such similar statute as from time to time in effect being called the  “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder.   Bird Rides understands that compliance with the Federal Securities Laws might very strictly limit the course  of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of  the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent  transferee of any Pledged Collateral could dispose of the same.  Similarly, there may be other legal  restrictions or limitations affecting the Collateral Agent in any attempt to dispose of all or part of the  Pledged Collateral under applicable blue sky or other state securities laws or similar laws analogous in  purpose or effect.  Bird Rides recognizes that in light of such restrictions and limitations the Collateral  Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree,  among other things, to acquire such Pledged Collateral for their own account, for investment and not with  a view to the distribution or resale thereof.  Bird Rides acknowledges and agrees that in light of such  restrictions and limitations, the Collateral Agent, in its sole and absolute discretion, (a) may proceed to  make such a sale whether or not a registration statement for the purpose of registering such Pledged  Collateral or part thereof shall have been filed under the Federal Securities Laws to the extent the Collateral  Agent has determined that such a registration is not required by any Requirements of Law and (b) may  approach and negotiate with a limited number of potential purchasers (including a single potential  purchaser) to effect such sale.  Bird Rides acknowledges and agrees that any such sale might result in prices  and other terms less favorable to the seller than if such sale were a public sale without such restrictions.  In  the event of any such sale, the Collateral Agent and the other Secured Parties shall incur no responsibility  or liability for selling all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole  and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the  possibility that a substantially higher price might have been realized if the sale were deferred until after  registration as aforesaid or if more than a limited number of purchasers (or a single purchaser) were  approached.  The provisions of this Section 4.02 will apply notwithstanding the existence of a public or  private market upon which the quotations or sales prices may exceed substantially the price at which the  Collateral Agent sells.  SECTION 4.03. Grant of License to Use Intellectual Property.  For the exclusive  purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time  as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, Bird Rides shall,  

 

  -16-  upon prior written request by the Collateral Agent at any time during the continuance of an Event of Default,  grant to the Collateral Agent a nonexclusive, non-transferable irrevocable, royalty-free, limited license  (until the termination or cure of the Event of Default) to use any of the Collateral consisting of Intellectual  Property now owned or hereafter acquired by Bird Rides, and wherever the same may be located, and  including in such license reasonable access to all media in which any of the licensed items may be recorded  or stored and to all computer software and programs used for the compilation or printout thereof; provided,  however, that nothing in this Section 4.03 shall require Bird Rides to grant any license that is prohibited by  any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results  in the termination of any contract, license, agreement, instrument or other document with respect to such  Intellectual Property, or gives any third party any right of acceleration, modification, termination or  cancellation in any such document, or otherwise unreasonably prejudices the value of such Intellectual  Property; provided further that such licenses to be granted hereunder with respect to Trademarks shall be  subject to the Collateral Agent’s maintenance of quality standards with respect to the goods and services  on which such Trademarks are used sufficient to preserve the validity of such Trademarks.  For the  avoidance of doubt, the use of such license by the Collateral Agent may be exercised solely during the  continuation of an Event of Default and upon termination of the Event of Default; such license to the  Intellectual Property shall automatically and immediately terminate and any Intellectual Property in the  possession of the Collateral Agent shall be returned to Bird Rides.   ARTICLE V    Miscellaneous    SECTION 5.01. Notices.  All communications and notices hereunder shall (except as  otherwise expressly permitted herein) be in writing and given as provided in the Credit Agreement.   SECTION 5.02. Waivers; Amendment.  (a) No failure or delay by the Collateral Agent  or any other Secured Party in exercising any right or power hereunder or under any other Transaction  Document shall operate as a waiver thereof nor shall any single or partial exercise of any such right or  power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other  or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the  Collateral Agent and the Secured Parties hereunder and under the other Transaction Documents are  cumulative and are not exclusive of any rights or remedies that the Collateral Agent or the other Secured  Parties would otherwise have.  No waiver of any provision of this Agreement or consent to any departure  by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by  paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific  instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making  of a Loan shall not be construed as a waiver of any Default hereunder, regardless of whether the Collateral  Agent or any other Secured Party may have had notice or knowledge of such Default at the time.  No notice  or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or  demand in similar or other circumstances.  (b) Neither this Agreement nor any provision hereof may be waived, amended or  modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent  and Bird Rides with respect to which such waiver, amendment or modification is to apply, subject to any  consent required in accordance with the Credit Agreement; provided that the Collateral Agent may, without  the consent of any other Secured Party, consent to a departure by Bird Rides from any covenant set forth  herein to the extent such departure is consistent with the authority of the Collateral Agent or Administrative  Agent set forth in the Credit Agreement.  

 

  -17-  (c) Nothing in this Agreement shall limit any of the obligations of Bird Rides under  the Parent Guaranty or any right of the Collateral Agent to enforce a judgment or court order in respect of  any or all of the assets of the Grantor, to the extent permitted by the Transaction Documents.  SECTION 5.03. Collateral Agent’s Fees and Expenses; Indemnification.  (a) Bird  Rides agrees to reimburse the Collateral Agent for its reasonable and documented and invoiced out-of- pocket fees and expenses incurred hereunder as provided in Section 14.04 of the Credit Agreement;  provided that each reference therein to the “Credit Parties” shall be deemed to be a reference to “Bird Rides”  and each reference therein to the “Administrative Agent” shall be deemed to be a reference to the “Collateral  Agent.”  (b) [Reserved].  (c) [Reserved].   (d) The provisions of this Section 5.03 shall remain operative and in full force and  effect regardless of the termination of this Agreement or any other Transaction Document, the  consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured  Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other  Transaction Document, or any investigation made by or on behalf of any Secured Party.  All amounts due  under this Section 5.03 shall be payable not later than twenty (20) Business Days after written demand  therefor; provided, however, any Indemnitee shall promptly refund an indemnification payment received  hereunder to the extent that there is a final judicial determination that such Indemnitee was not entitled to  indemnification with respect to such payment pursuant to this Section 5.03.  Any such amounts payable as  provided hereunder shall be additional Secured Obligations.  SECTION 5.04. Successors and Assigns.  Whenever in this Agreement any of the  parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns  of such party, and all covenants, promises and agreements by or on behalf of Bird Rides or the Collateral  Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors  and assigns.  SECTION 5.05. Survival of Agreement.  All covenants, agreements, representations  and warranties made by Bird Rides in this Agreement or any other Transaction Document and in the  certificates or other instruments delivered in connection with or pursuant to this Agreement or any other  Transaction Document shall be considered to have been relied upon by the Secured Parties and shall survive  the execution and delivery of the Transaction Documents and the making of any Loans, regardless of any  investigation made by or on behalf of any Secured Party and notwithstanding that the Collateral Agent,  Administrative Agent, any Lender or any other Secured Party may have had notice or knowledge of any  Default or incorrect representation or warranty at the time any credit is extended under the Credit  Agreement or any other Transaction Document, and shall continue in full force and effect until the  Termination Date has occurred, in each case, in accordance with and subject to the limitations set forth in  the Credit Agreement.  SECTION 5.06. Counterparts; Effectiveness; Several Agreement.  This Agreement  may be executed in counterparts (and by different parties hereto on different counterparts), each of which  shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery  of an executed signature page to this Agreement by facsimile or other electronic transmission shall be  effective as delivery of a manually signed counterpart of this Agreement.  This Agreement shall become  effective when a counterpart hereof executed on behalf of Bird Rides and shall have been delivered to the  Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and  

 

  -18-  thereafter shall be binding upon Bird Rides and the Collateral Agent and their respective permitted  successors and assigns, and shall inure to the benefit of Bird Rides, the Collateral Agent and the other  Secured Parties and their respective successors and assigns, except that Bird Rides shall not have the right  to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or  transfer shall be void) except as expressly provided in this Agreement and the Credit Agreement.  SECTION 5.07. Severability.  Any provision of this Agreement held to be invalid,  illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the  remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not  invalidate such provision in any other jurisdiction.  SECTION 5.08. Right of Set-off.  If an Event of Default under the Credit Agreement  shall have occurred and be continuing, each Lender and its respective Affiliates are hereby authorized at  any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all  deposits (general or special, time or demand, provisional or final, in whatever currency, but not withholding  or payroll accounts, employee benefits accounts, de minimis accounts or other accounts used exclusively  for taxes or fiduciary or trust purposes) at any time held and other obligations (in whatever currency) at any  time owing by such Lender or any such Affiliate to or for the credit or the account of Bird Rides against  any of and all the obligations of Bird Rides then due and owing under this Agreement held by such Lender,  irrespective of whether or not such Lender shall have made any demand under this Agreement and although  (i) such obligations may be contingent or unmatured and (ii) such obligations are owed to a branch or office  of such Lender different from the branch or office holding such deposit or obligated on such Debt.  The  applicable Lender shall notify Bird Rides and the Collateral Agent of such setoff and application; provided  that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and  application under this Section 5.08.  The rights of each Lender and its Affiliates under this Section 5.08 are  in addition to other rights and remedies (including other rights of setoff) that such Lender and its Affiliates  may have.  SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process;  Appointment of Service of Process Agent.  (a) This Agreement shall be construed in accordance with and  governed by the laws of the State of New York.    (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and  its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New  York County and of the United States District Court of the Southern District of New York, and any appellate  court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for  recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and  unconditionally agrees that all claims in respect of any such action or proceeding may be heard and  determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the  parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be  enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in  this Agreement shall affect any right that the Collateral Agent, the Administrative Agent or any Lender  may otherwise have to bring any action or proceeding relating to this Agreement against Bird Rides or its  respective properties in the courts of any jurisdiction.  (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest  extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of  venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to  in paragraph (b) of this Section 5.09.  Each of the parties hereto hereby irrevocably waives, to the fullest  

 

  -19-  extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or  proceeding in any such court.  (d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO  SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 5.01.   NOTHING IN ANY THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS  AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.   (e) BIRD RIDES HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND  EMPOWERS THE BORROWER AS ITS AUTHORIZED DESIGNEE, APPOINTEE AND AGENT TO  RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS  PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND  DOCUMENTS THAT MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING AND THE  BORROWER HEREBY ACCEPTS SUCH DESIGNATION AND APPOINTMENT.  SECTION 5.10. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY  HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION  DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS  IN THIS SECTION 5.10.  SECTION 5.11. Headings.  Article and Section headings and the Table of Contents  used herein are for convenience of reference only, are not part of this Agreement and shall not affect the  construction of, or to be taken into consideration in interpreting, this Agreement.  SECTION 5.12. Security Interest Absolute.  To the extent permitted by Law, all rights  of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged  Collateral and all obligations of Bird Rides hereunder shall be absolute and unconditional irrespective of  (a) any lack of validity or enforceability of the Credit Agreement, any other Transaction Document, any  agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to  any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all  or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure  from the Credit Agreement, any other Transaction Document or any other agreement or instrument, (c) any  exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver  of or consent under or departure from any guarantee securing or guaranteeing all or any of the Secured  Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a  discharge of, Bird Rides in respect of the Secured Obligations or this Agreement other than payment of the  Secured Obligations in full.  SECTION 5.13. Termination or Release.  (a) This Agreement, the Security Interest and  all other security interests granted hereby shall terminate automatically upon the occurrence of the  Termination Date.    

 

  -20-  (b) In connection with any termination or release pursuant to paragraph (a) of this  Section, the Collateral Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all  documents that such Loan Party shall reasonably request to evidence such termination or release so long as  the applicable Loan Party shall have provided the Collateral Agent such certifications or documents as the  Collateral Agent shall reasonably request in order to demonstrate compliance with this Section 5.13.  Any  execution and delivery of documents by the Collateral Agent pursuant to this Section shall be without  recourse to or warranty by the Collateral Agent or any other Secured Party.   SECTION 5.14. Collateral Agent Appointed Attorney-in-Fact.  Bird Rides hereby  makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by  the Collateral Agent) the attorney-in-fact of Bird Rides for the purpose of carrying out the provisions of  this Agreement and taking any action and executing any instrument that the Collateral Agent may deem  necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of  an Event of Default, which appointment is irrevocable (until termination of this Agreement in accordance  with Section 5.13) and coupled with an interest.  Without limiting the generality of the foregoing, the  Collateral Agent shall have the right, but only upon the occurrence and during the continuance of an Event  of Default, with full power of substitution either in the Collateral Agent’s name or in the name of Bird  Rides: (a) to receive, indorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money  orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect,  receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to  sign the name of Bird Rides on any invoice or bill of lading relating to any of the Collateral; (d) to send  verifications of accounts receivable to any Account Debtor; (e) to commence and prosecute any and all  suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise  realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle,  compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the  Collateral; (g) to the extent the Loans have been accelerated pursuant to the Credit Agreement, to notify, or  to require Bird Rides to notify, Account Debtors to make payment directly to the Collateral Agent; (h) to  use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of  the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as  fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all  purposes, and (i) to make, settle and adjust claims in respect of Article 9 Collateral under policies of  insurance, indorsing the name of Bird Rides on any check, draft, instrument or other item of payment for  the proceeds of such policies of insurance and for making all determinations and decisions with respect  thereto; provided that nothing herein contained shall be construed as requiring or obligating the Collateral  Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment  received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect  to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property  covered thereby.  The Collateral Agent and the other Secured Parties shall be accountable only for amounts  actually received as a result of the exercise of the powers granted to them herein, and neither they nor their  officers, directors, employees or agents shall be responsible to Bird Rides for any act or failure to act  hereunder, except for their own gross negligence, bad faith or willful misconduct or that of any of their  controlled Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact.  [Remainder of Page Intentionally Left Blank]  

 

  [Signature Page to Pledge and Collateral Agreement]    IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the  day and year first above written.       BIRD RIDES, INC.         By: /s/ Shane Torchiana       Name: Shane Torchiana   Title: President and Chief Executive Officer                                                  

 

   [Signature Page to Pledge and Collateral Agreement]      MIDCAP FINANCIAL TRUST,   as Collateral Agent         By: /s/ Maurice Amsellem       Name: Maurice Amsellem   Title: Authorized Signatory                

 

  [Signature Page to Pledge and Collateral Agreement]      Exhibit I to the  Pledge and Collateral Agreement  COPYRIGHT SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”),  among Bird Rides, Inc., a Delaware corporation (the “Grantor”) and MidCap Financial Trust, as collateral  agent (in such capacity, the “Collateral Agent”).  Reference is made to (a) the Credit Agreement dated as of April 27, 2021 (as amended,  supplemented or modified from time to time, including by the Amendment No. 7 and Joinder to Loan and  Security Agreement, the “Credit Agreement”) among Bird US Opco, LLC as Borrower (the “Borrower”),  Bird US Holdco, LLC, as Guarantor (the “Holdco Guarantor”), and MidCap Financial Trust, as  Administrative Agent (in such capacity, the “Administrative Agent”) and (b) the Pledge and Collateral  Agreement dated as of December 19, 2022 (as amended, restated, supplemented or otherwise modified  from time to time, the “Collateral Agreement”) among the Grantor and the Collateral Agent.  The Lenders  have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit  Agreement.  The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this Agreement  in order to induce the Lenders to make additional Loans and as consideration for Loans previously made.   Accordingly, the parties hereto agree as follows:  SECTION 1.  Terms.  Capitalized terms used in this Agreement and not otherwise defined  herein have the meanings specified in the Collateral Agreement.  The rules of construction specified in  Section 1.01(b) of the Collateral Agreement also apply to this Agreement.  SECTION 2.  Grant of Security Interest.  As security for the payment or performance, as  the case may be, in full of the Secured Obligations, the Grantor hereby grants to the Collateral Agent, its  successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in  all of such Grantor’s right, title and interest in, to and under the United States Copyrights listed on Schedule  I attached hereto (collectively, the “Copyright Collateral”).  This Agreement is not to be construed as an  assignment of any Copyright.  SECTION 3.  Collateral Agreement.  The Grantor hereby acknowledges and affirms that  the rights and remedies of the Collateral Agent with respect to the Copyright Collateral are more fully set  forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by  reference as if fully set forth herein.  In the event of any conflict between the terms of this Agreement and  the Collateral Agreement, the terms of the Collateral Agreement shall govern.  SECTION 4.  Termination.  Subject to Section 5.13 of the Collateral Agreement, upon the  occurrence of the Termination Date, the security interest granted herein shall terminate and the Collateral  Agent shall execute, acknowledge, and deliver to the Grantors all instruments in writing in recordable form  to evidence and release the collateral pledge, grant, lien and security interest in the Copyright Collateral  under this Agreement.  SECTION 5.  Counterparts.  This Agreement may be executed in counterparts (and by  different parties hereto on different counterparts), each of which shall constitute an original but all of which  when taken together shall constitute a single contract.  Delivery of an executed signature page to this  Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed  counterpart of this Agreement.  

 

   -2-       SECTION 6. Governing Law.  This Agreement shall be construed in accordance with and  governed by the laws of the State of New York.  [Remainder of Page Intentionally Left Blank]    

 

    [Signature Page to Copyright Security Agreement]     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the  day and year first above written.  BIRD RIDES, INC.  By     Name:     Title:        MIDCAP FINANCIAL TRUST, as Collateral  Agent  By:    Name:    Title:            

 

         

 

       Exhibit II to the  Pledge and Collateral Agreement  PATENT SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”), among  Bird Rides, Inc., a Delaware corporation (the “Grantor”) and MidCap Financial Trust, as collateral agent  (in such capacity, the “Collateral Agent”).  Reference is made to (a) the Credit Agreement dated as of April 27, 2021 (as amended,  supplemented or modified from time to time, including by the Amendment No. 7 and Joinder to Loan and  Security Agreement, the “Credit Agreement”) among Bird US Opco, LLC as Borrower (the “Borrower”),  Bird US Holdco, LLC, as Guarantor (the “Holdco Guarantor”), and MidCap Financial Trust, as  Administrative Agent (in such capacity, the “Administrative Agent”) and (b) the Pledge and Collateral  Agreement dated as of December 19, 2022 (as amended, restated, supplemented or otherwise modified  from time to time, the “Collateral Agreement”) among the Grantor and the Collateral Agent.  The Lenders  have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit  Agreement.  The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this Agreement  in order to induce the Lenders to make additional Loans and as consideration for Loans previously made.   Accordingly, the parties hereto agree as follows:  SECTION 1.  Terms.  Capitalized terms used in this Agreement and not otherwise defined  herein have the meanings specified in the Collateral Agreement.  The rules of construction specified in  Section 1.01(b) of the Collateral Agreement also apply to this Agreement.  SECTION 2.  Grant of Security Interest.  As security for the payment or performance, as  the case may be, in full of the Secured Obligations, the Grantor hereby grants to the Collateral Agent, its  successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in  all of such Grantor’s right, title and interest in, to and under the United States Patents listed on Schedule I  attached hereto (the “Patent Collateral”).  This Agreement is not to be construed as an assignment of any  Patent.  SECTION 3.  Collateral Agreement.  The Grantor hereby acknowledges and affirms that  the rights and remedies of the Collateral Agent with respect to the Patent Collateral are more fully set forth  in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference  as if fully set forth herein.  In the event of any conflict between the terms of this Agreement and the  Collateral Agreement, the terms of the Collateral Agreement shall govern.  SECTION 4.  Termination.  Subject to Section 5.13 of the Collateral Agreement, upon the  occurrence of the Termination Date, the security interest granted herein shall terminate and the Collateral  Agent shall execute, acknowledge, and deliver to the Grantors all instruments in writing in recordable form  to evidence and release the collateral pledge, grant, lien and security interest in the Patent Collateral under  this Agreement.  SECTION 5.  Counterparts.  This Agreement may be executed in counterparts (and by  different parties hereto on different counterparts), each of which shall constitute an original but all of which  when taken together shall constitute a single contract.  Delivery of an executed signature page to this  Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed  counterpart of this Agreement.  SECTION 6.  Governing Law.  This Agreement shall be construed in accordance with and  governed by the laws of the State of New York.  

 

   -2-     [Remainder of Page Intentionally Left Blank]  

 

    [Signature Page Patent Security Agreement]     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the  day and year first above written.  BIRD RIDES, INC.  By     Name:   Title:      MIDCAP FINANCIAL TRUST, as Collateral  Agent  By:    Name:    Title:             

 

           

 

       Exhibit III to the  Pledge and Collateral Agreement  TRADEMARK SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”),  among Bird Rides, Inc., a Delaware corporation (the “Grantor”) and MidCap Financial Trust, as collateral  agent (in such capacity, the “Collateral Agent”).  Reference is made to (a) the Credit Agreement dated as of April 27, 2021 (as amended,  supplemented or modified from time to time, including by the Amendment No. 7 and Joinder to Loan and  Security Agreement, the “Credit Agreement”) among Bird US Opco, LLC as Borrower (the “Borrower”),  Bird US Holdco, LLC, as Guarantor (the “Holdco Guarantor”), and MidCap Financial Trust, as  Administrative Agent (in such capacity, the “Administrative Agent”) and (b) the Pledge and Collateral  Agreement dated as of December 19, 2022 (as amended, restated, supplemented or otherwise modified  from time to time, the “Collateral Agreement”) among the Grantor and the Collateral Agent.  The Lenders  have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit  Agreement.  The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this Agreement  in order to induce the Lenders to make additional Loans and as consideration for Loans previously made.   Accordingly, the parties hereto agree as follows:  SECTION 1. Terms.  Capitalized terms used in this Agreement and not otherwise  defined herein have the meanings specified in the Collateral Agreement.  The rules of construction specified  in Section 1.01(b) of the Collateral Agreement also apply to this Agreement.  SECTION 2. Grant of Security Interest.  As security for the payment or performance, as  the case may be, in full of the Secured Obligations, the Grantor hereby grants to the Collateral Agent, its  successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in  all of such Grantor’s right, title and interest in, to and under the United States Trademarks listed on Schedule  I attached hereto (the “Trademark Collateral”).  This Agreement is not to be construed as an assignment of  any Trademark.  Notwithstanding anything herein to the contrary, the Trademark Collateral shall not  include, and in no event shall the Security Interest attach to, any intent-to-use trademark applications filed  in the United States Patent and Trademark Office, pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.  Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of  Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege  Use” whereby such intent-to-use trademark application is converted to a “use in commerce” application  pursuant to Section 1(c) of the Lanham Act.  SECTION 3.  Termination.  Subject to Section 5.13 of the Collateral Agreement, upon the  occurrence of the Termination Date, the security interest granted herein shall terminate and the Collateral  Agent shall execute, acknowledge, and deliver to the Grantors all instruments in writing in recordable form  to evidence and release the collateral pledge, grant, lien and security interest in the Trademark Collateral  under this Agreement.  SECTION 4.  Collateral Agreement.  The Grantor hereby acknowledges and affirms that  the rights and remedies of the Collateral Agent with respect to the Trademark Collateral are more fully set  forth in the Collateral Agreement, the terms and provisions of which are hereby incorporated herein by  reference as if fully set forth herein.  In the event of any conflict between the terms of this Agreement and  the Collateral Agreement, the terms of the Collateral Agreement shall govern.  SECTION 5.  Counterparts.  This Agreement may be executed in counterparts (and by  different parties hereto on different counterparts), each of which shall constitute an original but all of which  

 

  -2-  when taken together shall constitute a single contract.  Delivery of an executed signature page to this  Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed  counterpart of this Agreement.  SECTION 6.  Governing Law.  This Agreement shall be construed in accordance with and  governed by the laws of the State of New York.  [Remainder of Page Intentionally Left Blank]  

 

  [Signature Page to Trademark Security Agreement]  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the  day and year first above written.  BIRD RIDES, INC.    By: ____________________________  Name:    Title:      MIDCAP FINANCIAL TRUST, as Collateral  Agent  By:    Name:    Title:exhibit103bird-investmen

Exhbit 10.3    EXECUTION VERSION       US-DOCS\138040043.15  CAN_DMS: \149417644\10  INVESTMENT AGREEMENT  THIS AGREEMENT (this “Agreement”), dated as of December 19, 2022, is made  by and among Bird Global, Inc., a Delaware corporation (“Bird Global”), Bird Canada Inc., an  Ontario Corporation (“Bird Canada”) and Travis VanderZanden (the “Founder Stockholder”).   WHEREAS Bird Global and Bird Canada are parties to a non-binding term sheet (“Debenture  Term Sheet”), a copy of which is attached hereto as Schedule A, related to a potential acquisition,  by merger, equity purchase, amalgamation or otherwise, of Bird Canada by Bird Global (the  “Proposed Merger”) in consideration for convertible debentures issued by Bird Global and the  acquisition by certain shareholders of Bird Canada of additional convertible debentures of Bird  Global for cash consideration (“Convertible Notes Investment”) on terms consistent with those  set forth in the Debenture Term Sheet (except as modified herein);   AND WHEREAS the Founder Stockholder beneficially owns 34,534,930 shares of Class X  Common Stock and 978,284 shares of Class A Common Stock of Bird Global, representing  approximately 72.7% of the combined voting power of the outstanding capital stock of Bird Global;  AND WHEREAS Bird Canada has agreed to provide a $4.0 million subordinated loan (the  “Subordinated Loan”) to Bird US Opco, LLC, a Delaware limited liability company and a  subsidiary of Bird Global (the “Borrower”), pursuant to the terms of a loan and security agreement  dated as of April 27, 2021 by and among the Borrower, Bird US Holdco, LLC, a Delaware limited  liability company, as guarantor to each of the Lenders party thereto, Midcap Financial Trust, in its  capacity as Administrative Agent and the other parties thereto (as amended by the First  Amendment to Loan and Security Agreement dated as of June 10, 2021, the Amendment No. 2  to Loan and Security Agreement dated as of October 12, 2021, the Amendment No. 3 to Loan  and Security Agreement dated as of April 8, 2022, the Amendment No. 4 to Loan and Security  Agreement dated as of April 22, 2022, the Fifth Amendment to Loan and Security Agreement  dated July 1, 2022, the Sixth Amendment to Loan and Security Agreement dated October 7, 2022,  a Seventh Amendment dated on or about the date hereof, and as further amended, restated,  amended and restated, supplemented, or otherwise modified from time to time prior to the date  hereof, the “Loan Agreement”) and Bird Global has agreed to provide Bird Canada with certain  rights in relation to, among other things, the operation of Bird Global and the composition of the  board of directors of Bird Global (the “Board”);  AND WHEREAS Bird Canada and Bird Global wish to enter into this Agreement in order to  provide Bird Canada with certain governance related rights stipulated on the terms and subject to  the conditions set forth herein;  NOW THEREFORE in consideration of the mutual promises contained herein and for other good  and valuable consideration, the receipt, sufficiency and adequacy of which is hereby  acknowledged, the parties hereto agree as follows:  ARTICLE 1  DEFINITIONS  1.1 Definitions   (a) "Affiliate” has the meaning ascribed thereto in the Securities Act (Ontario).   

 

- 2 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  (b) “Amendment Effective Date” means the effective date for Amendment No. 7 to  the Loan Agreement, as amended.  (c) “BC Holders” means the holders of the voting equity of Bird Canada  as of the date of this Agreement.  (d) “BC Holder Majority” means BC Holders holding a majority of the voting rights in  Bird Canada at the relevant time.  (e) "Business Day" means any day, other than a Saturday, a Sunday and any other  day on which commercial banks in New York, New York or Toronto, Ontario are  authorized or required by law to close.  (f) “Compliant Transaction” means the closing of the Proposed Merger and the  closing in full of the Convertible Notes Investment on substantially the same terms  as provided in the Debenture Term Sheet (except with respect to governance as  modified herein).   (g) "includes" and "including" shall each be deemed to be followed by the phrase  "without limitation", unless the context indicates otherwise, and the terms  "includes" and "including" shall not be construed to limit any general statement  which it follows to the specific or similar items or matters immediately following it.  (h) “Outside Date” means December 30, 2022; provided, however that in the event  the Parties, working in good faith, are unable to consummate the Compliant  Transaction by December 30, 2022, the Outside Date may, upon mutual  agreement of the Parties, be extended to January 6, 2023.    ARTICLE 2  BOARD COMPOSITION  2.1 Constitution of Board on Amendment Effective Date  As of the Amendment Effective Date:   (a) Bird Global represents and warrants that the Board is comprised of seven (7)  directors.  (b) Bird Global represents and warrants that three (3) directors of Bird Global have  submitted to Bird Global their resignations and releases in favour of Bird Global  and any of its subsidiaries (the “Resignations”).  (c) Bird Global covenants and agrees that it shall forthwith accept the Resignations of  the three (3) directors who have tendered their resignations pursuant to  Section 2.1(b) and each of Bird Global and the Founder Stockholder covenant and  agree that it shall take all actions as necessary and within its control to ensure the  vacancies resulting from such Resignations are not filled until the earlier of the  closing of a Compliant Transaction (the “Closing”) and the Outside Date.  

 

- 3 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  (d) Bird Canada shall have the right, but not the obligation, to designate three (3)  persons at any time (the “BC Observers”) from the date hereof until the earlier of  the Closing and Effectiveness Date (as defined below), to attend any meetings of  the Board and any meetings of a committee of the Board (a “Committee”), which  such BC Observers shall initially be John Bitove, Antonio Occhionero and Kevin  Talbot. Bird Global shall deliver to each BC Observer copies of all notices, minutes,  consents and any other material that Bird Global provides to the members of the  Board or the Committees contemporaneously with the delivery of such material(s)  to members of the Board or the Committees, as applicable, and each BC Observer  shall be entitled to attend all meetings of the Board or the Committees in a non- voting, observer capacity. Each BC Observer may participate on the same basis  as a director in discussions of matters that come before the Board or the  Committees. If a BC Observer is removed by Bird Canada or resigns or otherwise  ceases to be a BC Observer prior to the Effectiveness Date, Bird Canada shall  have the right, but not the obligation, to designate a replacement BC Observer and  this Agreement shall apply mutatis mutandis. Notwithstanding anything herein to  the contrary, Bird Global may exclude the BC Observers from access to any  material or meeting or portion thereof if: (i) the Board concludes in good faith, upon  advice of Bird Global’s counsel, that such exclusion is reasonably necessary to  preserve attorney-client privilege between Bird Global (or any of its subsidiaries)  and such counsel; (ii) such material or meeting or portion thereof relates to or  addresses a business or legal conflict between Bird Global (or any of its  subsidiaries) and Bird Canada; or (iii) such portion of a meeting is an executive  session limited solely to independent director members of the Board, independent  auditors and/or legal counsel, as the Board may designate.  2.2 Constitution of Board at Closing Occurring On or Before Outside Date  Subject to Section 2.3 below, in the event the Closing occurs on or prior to the Outside  Date, forthwith following Closing:  (a) Bird Canada covenants and agrees that it shall take all actions as necessary and  within its control to cause the BC Observers to resign and Bird Global covenants  and agrees that it shall forthwith accept such resignations.   (b) Until such time as the BC Holders (and their affiliates) cease to collectively  beneficially own, directly or indirectly, 25% of the convertible debentures issued to  them at the closing of the Convertible Notes Investment or an equivalent  percentage of shares of common stock of Bird Global, should the BC Holders  convert their convertible debentures (which number is subject to appropriate  adjustment for any stock splits, stock dividends, combinations, recapitalizations  and the like) (the “Required Threshold”), each of Bird Global and the Founder  Stockholder covenant and agree to take all actions as necessary and within their  respective control, including entering into a voting agreement between Bird Global,  the Founder Stockholder and the BC Holders containing Board designation rights  of the BC Holder Majority, to appoint five (5) nominees of the BC Holder Majority  (“BC Nominees”) as members of the Board.  (c) Until such time as the BC Holders (and their affiliates) cease to collectively  beneficially own, directly or indirectly, the Required Threshold, Bird Global and the  Founder Stockholder covenant and agree to take all actions as necessary and  

 

- 4 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  within their respective control to ensure the number of directors on the Board is  fixed at nine (9).  2.3 Constitution of Board After Outside Date  (a) In the event the Closing does not occur on or prior to the Outside Date, Bird Global  covenants and agrees to file a definitive information statement on Schedule 14C  (the “Information Statement”) with the SEC forthwith following the Outside Date  in connection with the appointment of the BC Nominees to the board of directors  of Bird Global pursuant to Section 2.3(b).   (b) On the 20th day after the mailing of the Information Statement (“Effectiveness  Date”):  (i) Until the day following Bird Global’s annual meeting of shareholders in  2027, each of Bird Global and the Founder Stockholder covenant and  agree to take all actions as necessary and within their respective control,  including entering into a voting agreement between Bird Global, the  Founder Stockholder and the BC Holders containing Board designation  rights of the BC Holder Majority, to appoint three (3) BC Nominees as  members of the Board.  (c) In the event the Closing does not occur on or prior to the Outside Date, Bird Global  and the Founder Stockholder covenant and agree to take all actions as necessary  and within their respective control to ensure the number of directors on the Board  is fixed at seven (7) until the day following Bird Global’s annual meeting of  shareholders in 2027.  2.4 Benefits and Privileges  Bird Global covenants and agrees with Bird Canada that upon the election or  appointment of the BC Nominee(s) to the Board, Bird Global shall provide the BC Nominee(s) an  indemnity on terms at least as favourable as those provided to the other Board members and Bird  Global shall ensure that the BC Nominee(s) has the benefit of any director and officer insurance  policy in effect for Bird Global and all other benefits and privileges of the other Board members,  such benefits and privileges to be at least as favourable as those available to the other Board  members. Board members, including, but not limited to the BC Nominees, shall be entitled to be  reimbursed by Bird Global for the reasonable expenses incurred by such Board members in  carrying out their duties as directors of the Bird Global.  2.5 Confidential Information  (a) Bird Global acknowledges and agrees that each BC Observer and BC Nominee  shall be subject to confidentiality obligations at least as restrictive as the  confidentiality obligations applied to the other directors of the Board with respect  to all confidential information related to Bird Global that is not generally known to  the public (collectively, “Confidential Information”) provided to, or learned by,  such BC Observer or BC Nominee in connection with their role as a BC Observer  or BC Nominee, as applicable.  For the avoidance of doubt, Bird Canada hereby  agrees, and each BC Observer and BC Nominee shall be obligated to agree, to  keep confidential and not disclose, divulge or use for any purpose, other than, with  

 

- 5 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  respect to such BC Observer or BC Nominee, to perform their duties as a BC  Observer or BC Nominee, as applicable, any Confidential Information, unless: (i)  such information is or becomes available to the public in general other than as a  result of disclosure by such BC Observer, such BC Nominee or by Bird Canada or  its Affiliates or their respective representatives, as applicable, in each case in  violation of this provision; (ii) such information was within the possession of or  known to such BC Observer or BC Nominee, as applicable, or Bird Canada or its  Affiliates or their respective representatives on a non-confidential basis prior to its  disclosure to such BC Observer, such BC Nominee or Bird Canada or its Affiliates  or their respective representatives, as applicable, by Bird Global or its Affiliates or  their respective representatives pursuant to this Agreement; (iii) such information  becomes available to such BC Observer, such BC Nominee or Bird Canada or its  Affiliates or their respective representatives, as applicable, other than, as far as  such BC Observer, such BC Nominee or Bird Canada, as applicable, is aware, as  a result of a breach of a legal, contractual or fiduciary obligation owed by such  source to Bird Global; or (iv) such BC Observer, such BC Nominee or Bird Canada  or its Affiliates or their respective representatives, as applicable, are requested or  required by law, regulation, judicial process, or direction of a governmental entity  having jurisdiction over such BC Observer, such BC Nominee or Bird Canada or  its Affiliates or their respective representatives to disclose any such information;  provided, however, that (A) prior to such disclosure, such BC Observer, such BC  Nominee or Bird Canada or its Affiliates or their respective representatives, as  applicable, will provide Bird Global, to the extent permitted by law, with prompt  written notice so that Bird Global may seek a protective order or appropriate  remedy (at Bird Global’s expense); (B) such BC Observer or such BC Nominee,  as applicable, and Bird Canada and its Affiliates and their respective  representatives shall reasonably cooperate Bird Global so that Bird Global may  obtain such protective order; and (C) in the event that a protective order or other  remedy is not obtained, such BC Observer or such BC Nominee, as applicable,  and Bird Canada and its Affiliates and their respective representatives will furnish  only the portion of the information that is legally required to be disclosed; provided,  further, that the BC Observers and the BC Nominees may disclose Confidential  Information to their respective attorneys, accountants, consultants, and other  professionals to the extent necessary in connection with performing their duties as  a BC Observer or BC Nominee, as applicable. Each BC Observer, each BC  Nominee and Bird Canada will be responsible for any breach of this paragraph by  any of its respective Affiliates or their respective representatives. The BC  Observers shall be required to enter into customary confidentiality agreements in  connection their roles as BC Observers prior to Bird Global permitting the BC  Observers to attend any meetings of the Board or any Committee or receiving any  notices, minutes, consents and any other material that Bird Global provides to the  members of the Board or the Committees.  (b) Bird Canada acknowledges that receipt of undisclosed material information may  subject Bird Canada and those persons to whom Bird Canada discloses such  information to regulation under the securities laws of certain jurisdictions, which  securities laws may impose restrictions on the ability of a person in possession of  such information to buy, sell, trade or otherwise act with respect to the securities  of Bird Global. Bird Canada acknowledges and agrees that it is aware of such laws  and agrees to fully comply with such laws.  

 

- 6 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  ARTICLE 3  RESTRICTIVE COVENANTS  3.1 Ordinary Course  Subject to Section 3.3, during the period between the date hereof and the Outside  Date, Bird Global shall conduct its business in the ordinary and usual course of the normal day- to-day operations other than with the prior written consent of Bird Canada (such consent not to  be unreasonably withheld, conditioned or delayed). In addition, subject to Section 3.3, Bird Global  shall use commercially reasonable efforts, other than with the prior written consent of Bird Canada  (such consent not to be unreasonably withheld, conditioned or delayed), to (a) preserve intact  Bird Global’s current business organization, keep available the services of the employees and  maintain good relations with suppliers, customers, landlords, creditors and all other Persons  having business relationships with Bird Global, and (b) retain possession and control of its assets,  maintain insurance coverage commensurate with existing coverage and preserve the  confidentiality of any confidential or proprietary information of Bird Global.  3.2 Additional Restrictions   Subject to Section 3.3, during the period between the date hereof and the Outside  Date or Effectiveness Date, Bird Global shall not, and shall cause its subsidiaries not to, without  the prior written consent of Bird Canada (such consent not to be unreasonably withheld,  conditioned or delayed), directly or indirectly:    (a) amend or otherwise modify Bird Global’s articles or bylaws;  (b) other than in connection with the Loan Agreement, in the ordinary course of  business and or with respect to acquisitions or dispositions solely among any of  Bird Global and any of its subsidiaries, lease or exchange, or make any  acquisitions or dispositions of, any assets, shares or property the value of which,  individually or in the aggregate, exceeds $5,000,000 (or such greater amount  approved in writing by Bird Canada);  (c) other than in connection with the Loan Agreement or any other indebtedness of  Bird Global or any of its subsidiaries as of the date of this Agreement or for any  indebtedness solely among any of Bird Global and any of its subsidiaries,  (i) create, incur or assume any indebtedness in respect of borrowed money, capital  leases, purchase money debt of evidenced by notes, debentures, bonds or similar  instruments which shall exceed $2,500,000 in the aggregate principal amount  outstanding at any given time; (ii) create any encumbrances on its assets or any  of them other than in the ordinary course of business; (iii) guarantee the debts of  any person; or (iv) make an assignment for the benefit of the creditors of Bird  Global generally;  (d) other than in the ordinary course of business, enter into partnership or any  arrangement for the sharing of profits, union of interests, co-operation, joint venture  or reciprocal concession arrangement with any other person;  (e) take up or institute proceedings for the winding-up, reorganization, amalgamation,  merger or dissolution of Bird Global; or  

 

- 7 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  (f) enter into any voluntary bankruptcy process.  3.3 Permitted Actions  Notwithstanding anything to the contrary contained in the Investment Agreement,  Bird Global, the Founder Stockholder and each of their respective affiliates and representatives  shall be permitted to take the actions set forth on Schedule B hereto at any time and without the  consent of Bird Canada.  ARTICLE 4  MISCELLANEOUS  4.1 Entire Agreement  This Agreement contains the entire agreement of the parties hereto relating to the  governance of Bird Global and there are no representations, warranties, covenants or other  agreements relating to such subject matter except as stated or referred to herein. This Agreement  may not be amended, supplemented or modified except by an instrument in writing signed by  both parties hereto. The agreements set forth in this Agreement may be waived only in writing by  the party to whom such compliance is owed. No waiver of any provisions hereof by either party  shall be deemed a waiver of any other provisions hereof by such party, nor shall any such waiver  be deemed a continuing waiver of any provision hereof by such party. It is further understood and  agreed that no failure or delay by either party in exercising any right, power or privilege under this  Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof  preclude any other or further exercise thereof or the exercise of any right, power or privilege under  this Agreement.  4.2 Remedies  The parties hereto agree that an award of monetary damages would not be an  adequate remedy for any loss incurred by reason of any breach of this Agreement and that, in the  event of any breach or threatened breach of this Agreement by a party thereto, the other party  will be entitled to equitable relief, including injunctive relief and specific performance. The parties  hereto hereby waive any requirement for security or posting of a bond in connection with such  remedies. The parties hereto further agree that such remedies will not be the exclusive remedies  for any breach or threatened breach of this Agreement but will be in addition to all other remedies  available at law or in equity.  4.3 Notices  All notices, requests, claims, demands or other communications hereunder shall  be in writing and shall be deemed given when delivered personally or by pre-paid courier, upon  receipt of a transmission confirmation if sent by facsimile or other electronic communication or  other like transmission (with confirmation) and on the next Business Day when sent by overnight  courier to the applicable party at the applicable following addresses (or at such other address for  a party as shall be specified by like notice):  (i) If to Bird Global:    8605 Santa Monica Blvd. #20388  West Hollywood, CA 90069  

 

- 8 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10    Attention: Shane Torchiana  Email: shane.torchiana@bird.co  (ii) If to Bird Canada:    161 Bay Street, Suite 2300   Toronto, ON M5J 2S1    Attention: Stewart Lyons   Email: stewart.lyons@birdcanada.co  4.4 Governing Law  This Agreement shall be governed by and construed in accordance with the  internal laws of the State of Delaware, without giving effect to conflict-of-laws principles that might  require the application of the laws of any other jurisdiction. The parties hereto hereby irrevocably  attorn to the non-exclusive jurisdiction of the courts of the State of Delaware with respect to any  matters arising out of this Agreement.  4.5 Severability  If any provision of this Agreement or the application of such provision to any person  or circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such  provision or application shall be unenforceable only to the extent of such invalidity or  unenforceability, and the remainder of such provision and the application of such provision to  persons or circumstances, other than the party as to which it is held invalid, and the remainder of  this Agreement, shall not be affected.  4.6 Termination  This Agreement shall terminate (a) immediately, if a closing of a Compliant  Transaction does not occur on or before the Outside Date, (b) in the event a closing of a Compliant  Transaction occurs on or before the Outside Date or (c) upon mutual written agreement of Bird  Global, Bird Canada and the Founder Stockholder.   4.7 Execution in Counterpart  This Agreement may be executed in one or more counterparts, which together will  be deemed to constitute one valid and binding agreement, and delivery of the counterparts may  be effected by facsimile transmission or by delivery of an Adobe portable document format (PDF)  instrument.  4.8 Headings  The division of this Agreement into sections and subsections and the insertion of  headings are for convenience of reference only and will not affect the construction or interpretation  of this Agreement. Unless otherwise specified, references in this Agreement to sections and  subsections refer to the specified section or subsection of this Agreement.  

 

- 9 -        US-DOCS\138040043.15  CAN_DMS: \149417644\10  4.9 Successors and Assigns  The terms and provisions of this Agreement shall be binding upon and enure to  the benefit of the parties hereto and their respective successors and permitted assigns. This  Agreement shall not be assignable by any party without the written consent of the other parties.  4.10 Further Assurances  Each party hereto shall do or cause to be done all such acts and things and shall  execute or cause to be executed all such documents, agreements and other instruments as may  reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of  this Agreement.    

 

   [Signature Page to Investment Agreement]   IN WITNESS WHEREOF, the parties hereto have executed and delivered this  Agreement as of the date first written above.       BIRD GLOBAL, INC.    Per: /s/ Shane Torchiana      Name: Shane Torchiana     Title: President and Chief Executive Officer          /s/ Travis VanderZanden    TRAVIS VANDERZANDEN                

 

  [Signature Page to Investment Agreement]           BIRD CANADA INC.    Per: /s/ Stewart Lyons     Name: Stewart Lyons     Title: Chief Executive Officer      

 

SCHEDULE A    US-DOCS\136978277.15  SCHEDULE A – DEBENTURE TERM SHEET  NON-BINDING TERM SHEET FOR THE ACQUISITION OF BIRD CANADA BY BIRD GLOBAL    Bird Global is an electric vehicle company dedicated to bringing affordable, environmentally friendly  transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by  transportation pioneer Travis VanderZanden, Bird provides fleets of shared micro electric vehicles to riders in  more than 450 cities globally.    Bird Canada has successfully operated, under the Bird brand, in Canada for four years. The company is profitable,  and has consistently operated at a level of operational and regulatory excellence that meets or exceeds the best  jurisdictions in which Bird Global operates.    Bird Canada believes the operations of the two companies can be combined and optimized to quickly accelerate  the company’s path to profitability and sustained market leadership.  Issuer: Bird Global, Inc.  Holders: Existing shareholders of Bird Canada, including John Bitove (d/b/a Obelysk Transport),  Founder and Chairman of Bird Canada, MacKinnon, Bennett & Company (MKB) and  Relay Ventures and its affiliated (“Relay”), to purchase at least USD $32,000,000 in  Convertible Debentures in cash; it being understood that the Issuer will have the right  to sell up to an additional USD $10,000,000 (“Upsize Right”) in Convertible  Debentures to one or more other investors as a part of this transaction.  Offering: USD $64,000,000 Convertible Debentures (or up to USD $74,000,000 Convertible  Debentures if the Issuer exercises its Upsize Right)  Cash Proceeds: USD $32,000,000 (or up to USD $42,000,000 if the Issuer exercises its Upsize Right)  Equity Proceeds: USD $32,000,000 in Convertible Debentures in exchange for the equity of Bird Canada  on a cash free, debt free basis.  Conversion Feature: The Convertible Debentures are convertible into shares of Class A common stock of the  Issuer (the “Class A Common Stock”) at the option of the Holders at any time at a fixed  price per share equal to a 20% premium to 25-trading day VWAP prior to the date of  the announcement by the Company of the $4.0 million loan provided to Bird Global,  Inc. by Bird Canada , subject to adjustment for stock dividends, splits and combinations  and other customary adjustments (as adjusted, the “Conversion Price”). The Holders  will enter into a voting agreement with Travis VanderZanden to govern voting  alignment on key issues.  Conditions Precedent: A. Completion of Operational and Financial Due Diligence by both parties, including  equipment and business financing arrangements and payment by Bird Canada to  Bird Rides, Inc. of approximately $1.46M in invoices outstanding in connection with  the parties Platform Partner arrangement (as a condition to signing).  B. Approval of Bird Canada Board of Directors and Bird Canada shareholders.  C. Completion of Operational Conditions satisfactory to the parties as set out below.  D. Approval of Bird Global Board of Directors.  E. Structure of Bird Global Board of Directors to be mutually agreed.  F. Bird Global shareholder approval or exemption therefrom, per NYSE rules, to be  provided by written consent at closing; provided that conversion will be limited to      

 

     US-DOCS\136978277.12  US-DOCS\136978277.15  CAN_DMS: \149252398\3   19.99% of the outstanding shares of the Issuer pending 20 days after mailing of  information statement.  G. Customary bringdown of representations, warranties and covenants.  H. Other customary closing conditions for transactions of this type.  I. Bird Canada and its shareholders enter into a Voting Agreement with Travis  VanderZanden  Interest Rate: Interest at 12% per annum increasing to 18% per annum upon the occurrence of an  event of default, with payment in cash or in kind at the election of the Issuer.    Interest shall be payable or, in the case of PIK interest, be capitalized, on a semi-annual  basis, commencing with the first interest payment date after the closing date.  Use of Proceeds: The cash proceeds will be used for general corporate purposes.  Maturity: On the maturity date, which shall be defined as the 5th anniversary of the date of issue  of the Convertible Debentures, the Issuer shall pay, without duplication, in USD, to the  Holders all amounts outstanding thereunder including, without limitation, the principal  amount of the outstanding Convertible Debentures and all accrued and unpaid interest  thereon and any penalties, fees and unpaid expenses that are for the account of the  Holders (collectively the “Amounts Outstanding”).  Optional Redemption The Convertible Debentures will be redeemable, in whole or in part, at the Issuer’s  option at any time and from time to time, at the following redemption prices, plus  accrued and unpaid interest, if any, to, but not including, the redemption date, if  redeemed during the following periods:  Collateral: The Convertible Debentures will be secured by the collateral and as otherwise  described on Annex A. The Holders will enter into an intercreditor agreement with  Midcap Financial Trust, as administrative agent (the “Administrative Agent”)under  the existing financing facility (the “Existing Facility”) as required to give effect  thereto.  Protective Covenants: Issuer shall agree that it shall cause its controlled subsidiaries (whether wholly or  partially, directly or indirectly owned by it), to abide by: Limitations on additional  debt/preferred equity, customary anti-layering provisions, limitations on restricted  payments, limitations on affiliate transactions and asset sales, limitations on  fundamental changes of the Issuer, limitations on liens, and limitations on dividends, in  each case, subject to customary exceptions, thresholds and materiality carve-outs and  baskets needed for operating flexibility, including, for the avoidance of doubt, a basket  permitting the Existing Facility (including any liens granted under the Existing Facility  and any transactions necessary to comply with the Existing Facility as currently  structured,     Period Redemption Price  Prior to the 2nd Anniversary of Closing Customary Make-Whole  On and after the 2nd Anniversary of Closing and Prior to  the 3rd Anniversary of Closing  107.5%  On and after the 3rd Anniversary of Closing and Prior to  the 4th Anniversary of Closing  105.0%  On and after the 4th Anniversary of Closing 102.5%    

 

     US-DOCS\136978277.12  US-DOCS\136978277.15  CAN_DMS: \149252398\3   e.g. rent payments under the scooter lease) and the Yorkville promissory note. The  Holder shall also be notified in regards to any material changes to the Existing  Facility.  Affirmative Covenants: Usual and customary for transactions of this kind including quarterly and annual  reporting.  Events of Default: Usual and customary for a financing of this type.  Investor Rights: Upon closing of this transaction, the Holders shall collectively have the right to  nominate five directors to the board of directors of Bird Global, which shall have a  maximum of nine board members, in each case until such time as the Holders cease to  collectively hold 25% of the Convertible Debentures purchased by the Holders on the  closing date, or an equivalent percentage of shares in Bird Global, should the Holders  convert their debentures.  Operational  Conditions/Covenants:  Bird Global and the Holders will enter into an agreement to do the following:  A. Integrate the operations of Bird Canada into the broader Bird Global operating  regime;  B. Key management personnel of Bird Canada have entered into employment  agreements with Bird Rides Inc. that are commensurate with their experience and  appropriate compensation;  C. Sale or closure of all unprofitable cities/markets within 90 days of closing; and  D. Completion of contract for supply of scooters (outsourcing) within 90 days of  closing.  Closing: Closing of the Convertible Debentures to occur simultaneously with executing the  definitive acquisition agreement and closing of the acquisition on December 30, 2022  (the “Outside Date”), provided however that in the event the Parties, working in  good faith, are unable to consummate the Compliant Transaction by the Outside  Date,  the Outside Date may, upon mutual agreement of the Parties, be extended to  January 6, 2023  Safe Harbor: This term sheet is not, and shall not be deemed to constitute, a commitment on behalf  of Bird Canada or any other person, whatsoever, to provide financing or a commitment  on behalf of any person to accept any financing. Any such commitment will be subject  to the terms and conditions contained in the final documentation with respect to such  financing and satisfactory completion of due diligence.    [Signature Page Follows]                        

 

     US-DOCS\136978277.12  US-DOCS\136978277.15  CAN_DMS: \149252398\3  IN WITNESS WHEREOF, the parties have executed this non-binding term sheet as of the last date set  forth below.        BIRD CANADA, INC.    By:  /s/ John Bitove   Name: John Bitove  Title: Chairman  Date: December  19, 2022        BIRD GLOBAL, INC.    By:  /s/ Shane Torchiana   Name: Shane Torchiana  Title: Chief Executive Officer  Date: December 19, 2022                                                          

 

     US-DOCS\136978277.12  US-DOCS\136978277.15  CAN_DMS: \149252398\3    [Signature Page to Bird Canada / Bird Global Term Sheet]  

 

       US-DOCS\138040043.15  CAN_DMS: \149417644\10  ANNEX A  Upon the Closing of the Convertible Debentures, the subsidiaries of Bird Global that  are party to the Existing Facility will concurrently enter into amendments to the  Existing Facility to reflect the following commercial changes:  Regarding debt amortization payments:  • An upfront prepayment of USD $1,000,000 shall be due in connection with the  closing of the amendments to the Existing Facility.  In addition, USD $500,000  representing (and replacing) the monthly amortization payment due for  December 2022 shall be due in connection with the closing of the amendments to  the Existing Facility, or December 30, 2022 (if earlier).  • The monthly amortization schedule shall be amended to, among other things,  reflect $1,000,000 for each of January, February, March, October, November, and  December (except for November 2024-January 2025), and $2,000,000 for each of  April, May, June, July, August, and September   • Apollo and MidCap may make in their sole discretion an additional  USD$3,000,000 to USD $5,000,000 of commitments available under the Existing  Facility in 2024  • The maturity date of the Existing Facility shall be extended from October 12, 2024  to January 12, 2025  • The quarterly revenue sweep construct under the Existing Facility  shall be deleted Regarding collateral:  • Bird Canada shall receive a second priority lien on substantially all collateral securing  the Existing Facility to secure guarantees of Bird Global’s obligations under the Convertible  Debentures  • Bird Canada shall receive a subordinated unsecured guaranty from Bird Rides, Inc.  of Bird Global’s obligations under the Convertible Debentures (on terms  substantially the same as the Administrative Agent’s guaranty from Bird Rides, Inc.  under the Existing Facility), and so long as certain conditions are satisfied, the Bird  Rides, Inc. guaranty of Bird Global’s obligations under the Convertible Debentures  shall become pari passu in payment priority with the Administrative Agent’s  guaranty from Bird Rides, Inc. under the Existing Facility  • Upon (a) Bird US Opco, LLC making voluntary prepayments of at least USD  $5,000,000 in the aggregate after the closing of the amendments to the Existing  Facility (excluding, for the avoidance of doubt, any prepayments required in  connection with the closing of the amendments to the Existing Facility or any  scheduled amortization payments under the Existing Facility) and (b) Bird Rides,  Inc. and its consolidated subsidiaries meeting certain Liquidity (as defined under  the Existing Facility) requirements to be agreed, Bird Canada shall be entitled to  receive a first priority lien on the EMEA collateral that currently secures the  Existing Facility, and the Administrative Agent shall release its lien on the same  • For the avoidance of doubt, scooters owned by Bird Canada shall not secure any  obligations under the Existing Facility

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]