Document:

EX-10.4

 Exhibit 10.4 

SUPPORT AGREEMENT 
 This
Support Agreement (this “Agreement”), dated as of October 11, 2022, is entered into by and among KnowBe4, Inc., a Delaware corporation (the “Company”), Sjouwerman Enterprises Limited Partnership
(“Sjouwerman Enterprises”) and, except with respect to Sections 2, 4.5 and 4.6 herein, Sjoerd Sjouwerman (“Stockholder Investor” and, except with respect to Sections 2, 4.5 and 4.6 herein (in which case,
“Stockholder” shall only refer to Sjouwerman Enterprises), together with Sjouwerman Enterprises, the “Stockholder”) and Oranje Holdco, LLC, a Delaware limited liability company (“Parent”). Capitalized
terms used but not defined herein shall have the meanings given to them in the Merger Agreement (as defined below). 
 RECITALS 

WHEREAS, concurrently with the execution and delivery of this Agreement, (i) the Company, (ii) Parent and (iii) Oranje Merger
Sub, Inc. , a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub”), will enter into an Agreement and Plan of Merger (as may be amended from time to time, the “Merger Agreement”), which
provides for the merger of Merger Sub with and into the Company (the “Merger”) with the Company surviving the Merger as a wholly owned subsidiary of Parent; 

WHEREAS, as of the date hereof, the Stockholder is the record and/or “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of the number of shares of Class A Common Stock, par value $0.00001 per share, of the Company (the “Class A Common Stock”) and the number of
shares of Class B Common Stock, par value $0.00001 per share, of the Company (the “Class B Common Stock”) (the Class A Common Stock and Class B Common Stock, collectively, the “Common
Stock”) set forth opposite such Stockholder’s name on Exhibit A hereto under the heading “Owned Shares”, being all of the shares of Common Stock owned of record or beneficially by the Stockholder as of the date hereof
(the “Owned Shares”); 
 WHEREAS, it is anticipated that each Stockholder will contribute and transfer to an entity that
indirectly owns 100% of the equity interests of Parent (“Topco”) the number of Owned Shares set forth opposite such Stockholder’s name on Exhibit A hereto under the heading “Rollover Shares” (such shares the
“Rollover Shares”), with the specific Rollover Shares designated by such Stockholder, which Rollover Shares otherwise would be converted into the right to receive the Per Share Price in cash (the aggregate amount of the Per Share
Price that would have been payable in respect of the Rollover Shares but for their classification as excluded shares as a result of the transactions contemplated hereby, the “Rollover Amount”) to Topco on the Closing Date and
immediately prior to the Effective Time (the “Exchange Time”), in exchange for a number of newly issued equity interests of Topco (of the same class and series as the equity interests to be issued to Vista Equity Partners Fund VII,
L.P. and Vista Equity Partners Fund VIII, L.P. (or their applicable affiliates) (collectively, the “Sponsor”) in connection with the Closing (the “Sponsor Shares”)) with an aggregate value (based on the same per
share price paid by the Sponsor for the Sponsor Shares) equal to the Rollover Amount (the “Exchange Shares”); and 

 WHEREAS, it is intended that for U.S. federal (and applicable state and local) tax purposes,
the contribution of Rollover Shares to Topco (which will be treated as a domestic corporation for U.S. federal income tax purposes as of the Effective Time) in exchange for Exchange Shares, in conjunction with Sponsor’s contributions of cash
and or equity in exchange for the Sponsor Shares (the “Sponsor Contributions”) and any other contributions of cash or equity by the Reinvestment Shareholders other than the Stockholder (the “Other Investors”) in
exchange for equity interests of Topco (the “Other Investor Contributions”), shall be treated for U.S. federal, and applicable state and local, income tax purposes as an exchange of property for stock under Section 351(a) of
the Internal Revenue Code of 1986, as amended (the “Code”); and 
 WHEREAS, as a condition to the willingness of the
Company and Parent to enter into the Merger Agreement and as an inducement and in consideration therefor, the Company and Parent have required that the Stockholder, and the Stockholder has agreed, to enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound
hereby, the Stockholder, the Company and Parent hereby agree as follows: 
 1. Agreement to Vote the Covered Shares; Proxy. 

1.1 Beginning on the date hereof until the Termination Date (as defined below), at every meeting of the Company’s stockholders, including
any postponement, recess or adjournment thereof, or in any other circumstance, however called, the Stockholder agrees to, and if applicable, to cause its controlled Affiliates to, affirmatively vote (including via proxy) or execute consents with
respect to (or cause to be voted (including via proxy) or consents to be executed with respect to) all of the Owned Shares and any additional shares of Common Stock or other voting securities of the Company acquired by the Stockholder or its
respective controlled Affiliates after the date hereof and prior to the Termination Date (collectively, and together with the Owned Shares, the “Covered Shares”) as follows: (a) in favor of (i) the adoption of the Merger
Agreement and the approval of the Merger, including any amended and restated Merger Agreement or amendment to the Merger Agreement that, in any such case, (x) increases the Per Share Price or (y) other than amendments covered by clause
(x), amendments that otherwise result in the Merger Agreement being more favorable to the Company Stockholders (solely in their capacity as such) than the Merger Agreement in effect as of the date of this Agreement (excluding, for avoidance of
doubt, any Adverse Amendment), (ii) the approval of any proposal to adjourn or postpone any Company Stockholder Meeting to a later date if the Company or Parent proposes or requests such postponement or adjournment in accordance with
Section 6.4(b) of the Merger Agreement, and (iii) the approval of any other proposal considered and voted upon by the Company Stockholders at any Company Stockholder Meeting necessary for consummation of the Merger and the other
transactions contemplated by the Merger Agreement, and (b) against (i) any proposal, action or agreement that would reasonably be expected to result in a breach of any covenant, representation or warranty or other obligation or agreement of the
Company contained in the Merger Agreement or that would reasonably be expected to result in any condition set forth in the Merger Agreement not being satisfied or not being fulfilled prior to the Termination Date, (ii) any Acquisition Proposal,
(iii) any reorganization, dissolution, liquidation, winding up or similar extraordinary transaction involving the Company (except as contemplated by the Merger Agreement) and (iv) any other action, agreement or proposal which would
reasonably be expected to prevent or materially impede or materially delay the consummation of the Merger or any of the transactions contemplated by the Merger Agreement (clauses (a) and (b) collectively, the

  
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“Supported Matters”). The Stockholder agrees to, and agrees to cause its applicable controlled Affiliates to, be present, in person or by proxy, at every meeting of the
Company’s stockholders, including any postponement, recess or adjournment thereof, or in any other circumstance, however called, to vote on the Supported Matters (in the manner described in this Section 1.1) so that all of the Covered
Shares will be counted for purposes of determining the presence of a quorum at such meeting, or otherwise cause the Covered Shares to be counted as present threat for purposes of establishing a quorum. For the avoidance of doubt, other than with
respect to the Supported Matters, the Stockholder does not have any obligation to vote the Covered Shares in any particular manner and, with respect to such other matters (other than the Supported Matters), the Stockholder shall be entitled to vote
the Covered Shares in its sole discretion. Except as provided in Section 4.5 of this Agreement, from and after the date hereof until the Termination Date, the Stockholder shall not, without the prior written consent of Parent and the Company,
take any action that would reasonably be expected to result in the conversion of its shares of Class B Common Stock into shares of Class A Common Stock. 

1.2 Proxy. The Stockholder hereby irrevocably appoints, as its proxy and attorney-in-fact, Christina Lema and Gursimarjit Singh, each of them individually, with full power of substitution and resubstitution, to vote such Stockholder’s Covered Shares in accordance with
Section 1.1 at the Company Stockholder Meeting (including any postponement, recess or adjournment thereof) in respect of such Stockholder’s Covered Shares (to the extent such Covered Shares are entitled to so vote) prior to the Termination
Date at which any Supported Matters are to be considered; provided, however, for the avoidance of doubt, that the Stockholder shall retain at all times the right to vote such Stockholder’s Covered Shares (or to direct how such Covered Shares
shall be voted) in such Stockholder’s sole discretion on matters other than Supported Matters. This proxy is coupled with an interest, is (or will be, as applicable) given as an additional inducement of Parent to enter into this Agreement and
shall be irrevocable prior to the Termination Date, at which time any such proxy shall terminate. Parent may terminate this proxy with respect to such Stockholder at any time at its sole election by written notice provided to such Stockholder. 

2. Rollover. 
 2.1
Contribution and Exchange. On the terms set forth herein and subject to Section 2.2, Section 2.3, Section 2.4 and Section 2.5: 

(a) The Stockholder agrees and covenants to Parent that it will, at the Exchange Time, contribute, assign, transfer, convey and deliver (or
cause to be contributed, assigned, transferred, conveyed and delivered) to Topco the Rollover Shares, free and clear of any and all liens (including any restriction on the right to vote, sell or otherwise dispose of the Rollover Shares), except as
may exist by reason of this Agreement, the Merger Agreement and applicable securities laws, in exchange for the issuance by Topco to such Stockholder of, at the Exchange Time, the Exchange Shares (the “Exchange”). 

(b) Each Stockholder acknowledges and agrees that, from and after the Exchange, except as set forth in Section 2.2, such Stockholder
shall have no right, title or interest in or to the Rollover Shares. 

  
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 (c) Notwithstanding anything herein to the contrary, the Stockholder may, upon written
notice to Parent delivered at least 10 Business Days prior to the anticipated Closing Date, distribute all or a portion of the Rollover Shares to its equityholders prior to Closing (solely to the extent such equityholder (x) is a fund under
common control with the Stockholder and (y) has executed prior to such distribution a joinder to this agreement in a form reasonably acceptable to Parent agreeing to be bound by all of the terms hereof applicable to the Stockholder). 

2.2 Conditions to Exchange. The obligations of each Stockholder to consummate the Exchange is subject to the satisfaction (or waiver by
such Stockholder in writing) of the following conditions: 
 (a) (i) The satisfaction, or written waiver by Parent, of all conditions to
the obligations of Parent and Merger Sub to consummate the Merger and the transactions contemplated by the Merger Agreement that are to occur on the Closing Date as set forth in Sections 7.1 and 7.2 of the Merger Agreement (other than those
conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or written waiver by Parent (to the extent permitted thereunder) of such conditions), (ii) the contemporaneous funding of the Equity Financing and the
Debt Financing at the Closing and (iii) the contemporaneous consummation of the Merger; 
 (b) The representations and warranties made
by Parent in Section 8.1 through Section 8.6 of this Agreement shall be true and correct as of the Exchange Time as if made at and as of the Exchange Time, except for such failures to be true and correct as would not reasonably be expected
to prevent or materially impair or materially delay the consummation of the Exchange; and 
 (c) No Law enacted, entered, promulgated,
enforced or issued by any Governmental Authority shall be in effect preventing the consummation of, or otherwise making illegal, the Exchange. 

2.3 Failure to Consummate the Merger. In the event that after the Exchange the Merger fails to be consummated for any reason whatsoever
and the Merger Agreement is terminated, the parties hereto agree that concurrently with the termination of the Merger Agreement, automatically and without any action of the parties hereto, Parent shall assign, transfer, convey and deliver to the
Stockholders the Rollover Shares and the Stockholders shall assign, transfer, convey and deliver to Parent the Exchange Shares issued to the Stockholders. In such event, each party hereto shall, as promptly as practicable, provide all such
cooperation as the other parties hereto may reasonably request in order to ensure that the foregoing has occurred and been made effective. 

2.4 Tax Treatment. Topco, Parent and the Stockholder intend that, for U.S. federal (and applicable state and local) income tax
purposes, (a) the Exchange, the Sponsor Contributions and the Other Investor Contributions be treated as a transaction described in Section 351(a) of the Code, pursuant to which the Stockholder, the Sponsors and the Other Investors will
receive equity interests of Parent consisting “control,” within the meaning of Section 368(c) of the Code and (b) the Conversion (as defined below) be treated as a non-taxable
recapitalization within the meaning of Section 368(a)(1)(E) of the Code (the “Intended Tax Treatment”). The 

  
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Stockholder, the Company and Topco (including Parent on behalf of Topco) shall prepare and file (and shall cooperate in the preparation and filing of, as reasonably requested) all Tax Returns in
a manner consistent with the Intended Tax Treatment and shall not take any position inconsistent with the Intended Tax Treatment in connection with any tax matters, in each case, unless otherwise required by a “determination” within the
meaning of Section 1313(a) of the Code. The Stockholders shall have the right, in its sole discretion, to designate in writing on Exhibit B hereto to Parent at any time prior to the Exchange Time specific Owned Shares held by the
Stockholder that are intended to treated as Rollover Shares. 
 2.5 Structure. References to Parent in the foregoing provisions of
this Section 2 shall be deemed to refer to Topco, which receives the Rollover Shares and in turn contributes them, directly or indirectly, to Parent, as the context requires based on the holding company structure of Parent and the Sponsors;
provided, that, as of the Effective Time, both Parent and Topco shall be treated as domestic corporations for U.S. federal income tax purposes. 

2.6 Termination. Parent shall not be permitted terminate its obligations under this Section 2 without the written consent of the
Stockholder and Parent other than in accordance with Sections 4.3(a), Section 4.4 and Section 4.6 herein (it being understood that this Section 2 shall also be terminated upon any termination of this Agreement, including pursuant to
Section 3). 
 3. Termination. This Agreement shall terminate automatically and without further action upon the earliest to
occur of: (i) the valid termination of the Merger Agreement in accordance with its terms, (ii) the Effective Time, (iii) any amendment of the Merger Agreement, without the prior written consent of Stockholder, that imposes any
restriction on Stockholder’s right to receive the Per Share Price (other than immaterial restrictions), reduces the amount of the Per Share Price or changes the form of the Per Share Price (such amendment, an “Adverse
Amendment”) (such date, the “Termination Date”); provided that the provisions set forth in Sections 15 through 28 shall survive the termination of this Agreement; and provided further that the
termination of this Agreement shall not prevent any party hereto from seeking any remedies (at law or in equity) against any other party hereto for that party’s Willful Breach of this Agreement that may have occurred on or before such
termination. For the purpose hereof, “Willful Breach” means a material breach of this Agreement that is a consequence of an act or failure to act undertaken or omitted to be taken by or on behalf of the breaching party with the actual
knowledge that the taking of such act or failure to take such act would, or would reasonably be expected to, cause or constitute a breach of this Agreement. Notwithstanding anything to the contrary in this Agreement, Parent’s receipt of the
Company Termination Fee (if received) from or on behalf of the Company shall be the sole and exclusive remedy against the Stockholder or any of its respective former, current or future direct or indirect equity holders, general or limited partners,
controlling persons, stockholders, members, managers, directors, officers, employees, agents, affiliates or assignees (excluding the Company and its Subsidiaries) for any breach or failure to perform the Stockholder’ obligations under
Section 4.1 hereof. In addition, notwithstanding anything to the contrary in this Agreement, the aggregate liability of the Stockholder in connection with any Willful Breach of this Agreement shall not exceed $3,270,540.00; provided,
however that the aggregate liability of the Stockholder under this Agreement shall be increased to (but shall not exceed) the amount of the Parent Termination Fee that becomes payable to the Company by Parent, if and only if the Stockholder’s
Willful Breach of the Stockholder’s obligations under this Agreement caused the Parent Termination Fee to become payable by Parent to the Company under 

  
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the express terms of the Merger Agreement. The Stockholder, such Stockholder’s affiliated fund entities and its and their respective directors, officers and employees shall be deemed
“Representatives” of the Company for purposes of Section 5.4 of the Merger Agreement and, for the avoidance of doubt, nothing herein (including in the preceding sentence) shall in any way limit the Company’s liability under the
Merger Agreement with respect to any breach of the Merger Agreement (including Section 5.4 thereof). 
 4. Certain Covenants.

 4.1 Acquisition Proposals. 

(a) From and after the date hereof until the Termination Date, the Stockholder hereby covenants and agrees that, except as expressly
contemplated pursuant to this Agreement, the Stockholder shall not, and shall cause its managers, directors, officers, employees, consultants, agents, attorneys, representatives and advisors (collectively, “Representatives”) not to,
directly or indirectly (i) solicit, initiate, propose or induce the making, submission or announcement of, or knowingly encourage, facilitate or assist, any offer, inquiry, indication of interest or proposal that constitutes, or is reasonably
expected to lead to, an Acquisition Proposal; (ii) furnish to any Person or Group (other than Parent, Merger Sub or any of their respective Representatives in their capacity as such) any non-public
information relating to the Company or any of its Subsidiaries or afford to any Person or Group (other than Parent, Merger Sub or any of their respective Representatives in their capacity as such) access to the business, properties, assets, books,
records or other non-public information, or to any personnel, of the Company or any of its Subsidiaries, in any such case in connection with any Acquisition Proposal or with the intent to induce the making,
submission or announcement of, or to knowingly encourage, facilitate or assist, an Acquisition Proposal or the making of any offer, inquiry, indication of interest or proposal that constitutes or is reasonably expected to lead to an Acquisition
Proposal; (iii) participate or engage in discussions or negotiations with any Person or Group with respect to an Acquisition Proposal or with respect to any inquiries from third Persons relating to any offer, indication of interest or proposal
relating to an Acquisition Proposal (other than informing such Persons of the provisions contained in this Section 4.1); (iv) approve, endorse or recommend any offer, inquiry, indication of interest or proposal that constitutes, or would
reasonably expected to lead to, an Acquisition Proposal; (v) enter into any letter of intent, memorandum of understanding, merger agreement, acquisition agreement or other Contract (whether written, oral, binding or non-binding) relating to an Acquisition Proposal or Acquisition Transaction; or (vi) authorize or commit to do any of the foregoing. Notwithstanding anything to the contrary in this Section 4.1, the
Stockholder may, participate or engage in discussions or negotiations with, and furnish information and data to, any Person or Group or their respective Representatives that have delivered to the Company a bona fide written Acquisition Proposal, if
and only if, the Company Board (acting upon the recommendation of the Company Special Committee) or the Company Special Committee has made a Qualified Acquisition Proposal Determination with respect to such Acquisition Proposal in accordance with
Section 5.4(b) of the Merger Agreement. 
 (b) Until the Expiration Time, the Stockholder (solely in its capacity as a stockholder of
the Company) shall notify Parent promptly and, in any event, within 24 hours following any discussion or negotiations with any person in connection with the last sentence of Section 4.1(a). Such notice must include (A) the identity of the
Person or Group making such 

  
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proposal and (B) a summary of the discussions or negotiations, including the material terms and conditions of any proposal (including with respect to the Stockholder’s potential
ownership stake in the Company (or a successor entity) following such transaction) and, if in writing, a copy thereof. Thereafter, the Stockholder must keep Parent reasonably informed, on a prompt basis (and in any event within 24 hours), of the
status of any such discussions or negotiations, including by providing a summary of economic terms thereof (including with respect to the Stockholder’s potential ownership stake in the Company (or a successor entity) following such transaction)
and copies of all written materials sent to or from the Stockholder or any of its Representatives relating thereto. Notwithstanding the foregoing, the Stockholder shall not be required to notify Parent of any discussions or negotiations to the
extent the Company has notified Parent thereof. 
 4.2 Transfers. Beginning on the date hereof until the Termination Date, the
Stockholder hereby covenants and agrees that, except as expressly contemplated pursuant to this Agreement, (a) the Stockholder shall not, directly or indirectly (i) tender any Covered Shares into any tender or exchange offer,
(ii) offer, sell, transfer, assign, exchange, pledge, hypothecate, encumber, or otherwise dispose of (collectively, “Transfer”) or enter into any contract, option, agreement, understanding or other arrangement with respect to
the Transfer of, any Covered Shares or beneficial ownership, voting power or any other interest thereof or therein (including by operation of law), (iii) grant any proxies or powers of attorney, deposit any Covered Shares into a voting trust or
enter into a voting agreement with respect to any Covered Shares that is inconsistent with this Agreement, (iv) take an action that would reasonably be expected to prevent or materially impair or materially delay the consummation of the
transactions contemplated by this Agreement or the Merger Agreement or (v) commit or agree to take any of the foregoing actions. Any Transfer in violation of this Section 4.2 shall be void ab initio. Notwithstanding anything to the
contrary in this Agreement, Stockholder may Transfer any or all of the Covered Shares, in accordance with applicable Law, to Stockholder’s Affiliates; provided, that prior to and as a condition to the effectiveness of such Transfer, each Person
to whom any of such Covered Shares or any interest in any of such Covered Shares is or may be transferred shall have executed and delivered to Parent a counterpart of this Agreement pursuant to which such Person shall be bound by all of the terms
and provisions of this Agreement. In addition, any Transfer of Covered Shares shall be permitted from and after the Requisite Stockholder Approval is obtained under the Merger Agreement so long as, after giving effect to such Transfer, the
Stockholders retain in the aggregate a number of Owned Shares at least equal to the Rollover Shares. Notwithstanding anything herein to the contrary, in no event shall the Sjouwerman Foundation, Inc. or any entity owned by it be treated as an
Affiliate of Stockholder for any purpose of this Agreement or will the shares owned by the Sjouwerman Foundation, Inc. be treated as beneficially owned by the Stockholder. 

4.3 Regulatory Matters. 

(a) Subject to Section 4.4, the Stockholder shall, and shall use their reasonable best efforts to cause their Affiliates to, use their
reasonable best efforts, consistent with the time frames set forth in Section 6.4 of the Merger Agreement, to supply and provide information that, to such Stockholder’s knowledge, is complete and accurate in all material respects to any
Governmental Authority requesting such information in connection with filings or notifications under, or relating to, applicable laws that are required or advisable as a result of, or pursuant to, the Merger Agreement and the related financings and
transactions, including, without limitation, information required or requested to be provided to any antitrust, financial or national 

  
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security regulatory authorities in connection with any approvals reasonably sought in connection with the consummation of the Merger (collectively, the “Regulatory Filings” and
the, “Regulatory Disclosures”, respectively). If any Governmental Authority seeks to prevent the consummation of the transactions contemplated by the Merger Agreement based on the HSR Act or any other Antitrust Laws or based on any
other required approval, consent, notice or filing with a Governmental Authority and such actions by the Governmental Authority relate to the activities or investments of such Stockholder or its Affiliates (solely for purposes of this
Section 4, an “Affiliate” of the Stockholder shall include any portfolio company in which such Stockholder or any of its Affiliates has made a debt or an equity investment), then if Parent in good faith reasonably determines that such
actions by the Governmental Authority will not be resolved sufficiently in advance of the Termination Date, Parent may provide written notice of that determination to the Stockholder, and Parent may elect to terminate the obligations under
Section 2 and Section 4.6 of this Agreement (in which case the Stockholder’s obligations under the Equity Commitment Letter shall also automatically terminate) and, in that context, the Stockholder shall be entitled to receive the Per
Share Price under the Merger Agreement with respect to its shares of Common Stock; provided, however that Parent shall not terminate the Equity Commitment Letter or the obligations under Section 2 of this Agreement pursuant to this
Section 4.3(a) without first obtaining alternative financing arrangements which provide Parent with funds in an amount equal to the Rollover Amount; provided that such alternative financing arrangements (i) provide Parent with
sufficient funds, when added to the proceeds of the Equity Financing, Debt Financing and other sources of readily available liquidity of Parent, Merger Sub, the Company and the Company’s Subsidiaries on the Closing Date, to fund the Required
Amount and (ii) do not impose new or additional conditions to the receipt of such financing relative to the Commitment Letters that could impair or delay the Closing. Parent shall promptly provide the Company with a copy of any definitive
commitment letter or other documentation providing for such alternative financing arrangement. Notwithstanding anything to the contrary herein, the Stockholder may designate any Regulatory Disclosures that contain sensitive, legally privileged, or
confidential information in respect of the Stockholder or any of its Affiliates as exclusive to the Stockholder and the Stockholder may provide that any such sensitive, legally privileged, or confidential information may only be provided on a
counsel-only basis or directly to the applicable Governmental Authority requesting such information. The Stockholder shall not make any filings, or notifications in connection with the Merger pursuant to any Antitrust Laws without Parent’s
prior written consent (not to be unreasonably withheld, delayed or conditioned). Parent or the Company shall not file any Regulatory Filings that contain information with respect to the Stockholder or its affiliates without first providing the
Stockholder and its counsel a reasonable opportunity to review and comment thereon, and will give good faith consideration to all reasonable additions, deletions or changes suggested by the Stockholder and its counsel. 

(b) Each Stockholder hereto represent, warrant and covenant to Parent and to the Company that, to such Stockholder’s knowledge:
(i) none of the information supplied in writing by such Stockholder specifically for inclusion or incorporation by reference in the Regulatory Disclosures will contain a material misstatement of fact or a material omission of fact necessary to
make the information provided not misleading and (ii) it does not permit any entity under the “control” (defined in Section 721 of the Defense Production Act, as amended, including all implanting regulations thereof) of a
People’s Republic of China national, or any entity under the control of a Russian Federation national, to obtain through any Affiliate, control with respect to the Company.  

  
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 4.4 Limitations of Regulatory Disclosures. Notwithstanding the foregoing or anything
to the contrary in this Agreement, none of the provisions of this Agreement shall be construed as requiring the Stockholder to (i) make available to Parent any of its internal investment committee materials or analyses or, other than Regulatory
Disclosures, any information which the Stockholder considers to be commercially sensitive information or which is otherwise held subject to an obligation of confidentiality; and (ii) with respect to any Regulatory Disclosures, provide, or cause
to be provided or agree or commit to provide information where the sharing of such information as contemplated would be prohibited by applicable laws applicable to the Stockholder or its Affiliates or any judgment or order issued by any court of
competent jurisdiction or other legal or regulatory restraint or prohibition applicable to or imposed upon it or its Affiliates. If the Stockholder fails to provide any information referred to in this Section 4.4, and as a result of such
failure, the applicable Governmental Authority denies any regulatory approval or receipt of approval is reasonably expected, in Parent’s good faith determination after consultation with its Antitrust Law advisors, to be materially delayed, then
Parent may elect to terminate the obligations under Section 2 and Section 4.6 of this Agreement (in which case the Stockholder’s obligations under the Equity Commitment Letter shall also automatically terminate) and, in that context,
the Stockholder shall be entitled to receive the Per Share Price under Merger Agreement with respect to its shares of Common Stock; provided, however that Parent shall not terminate the Equity Commitment Letter or the obligations under
Section 2 of this Agreement pursuant to this Section 4.4 without first obtaining alternative financing arrangements which provide Parent with funds in an amount equal to the Rollover Amount; provided that such alternative financing
arrangements (i) provide Parent with sufficient funds, when added to the proceeds of the Equity Financing, Debt Financing and other sources of readily available liquidity of Parent, Merger Sub, the Company and the Company’s Subsidiaries on
the Closing Date, to fund the Required Amount and (ii) do not impose new or additional conditions to the receipt of such financing relative to the Commitment Letters that could impair or delay the Closing. Parent shall promptly provide the
Company with a copy of any definitive commitment letter or other documentation providing for such alternative financing arrangement. 
 4.5
Conversion. Not later than eleven (11) days prior to the record date for the stockholder vote to approve the transactions contemplated by the Merger Agreement, Sponsor shall deliver to the Company the notice contemplated by Article V,
Section A of the Amended and Restated Certificate of Incorporation of the Company to immediately convert all of their respective shares of Class B Common Stock into shares of Class A Common Stock. After the date on which Sponsor converts
its Class B Common Stock into Class A Common Stock, and in any event not later than ten (10) days prior to the record date for the stockholder vote to approve the transactions contemplated by the Merger Agreement, the Stockholder
shall deliver to the Company the notice contemplated by Article V, Section A of the Amended and Restated Certificate of Incorporation of the Company to immediately convert all of its Rollover Shares from shares of Class B Common Stock into
shares of Class A Common Stock (the “Conversion”) 
 4.6 Consents. Parent agrees that it shall not enter into
any amendment to the Merger Agreement that is materially adverse to the Reinvestment Shareholders, excluding Sponsor (such parties, the “Requisite Shareholders”) without the prior written consent of the Requisite Shareholders
holding 66 % of the Rollover Shares held by all Requisite Shareholders (such consent not to be unreasonably withheld, conditioned or delayed); provided, that for purposes of this Section 4.6, “materially adverse” shall be
measured with respect to the Requisite Shareholders 

  
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solely in their capacities as investors with Parent in the transactions contemplated by the Merger Agreement and without regard to their existing ownership stake or employment or other role in
the Company or any consideration they will receive in connection with the Merger; provided, further, that any increase to the Per Share Price that applies to all Stockholders shall not be considered materially adverse to the Requisite Shareholders
and no consent shall be required under this Section 4.6 for any such increase to the Per Share Price. The Requisite Shareholders shall respond with reasonable promptness to any requests for consent pursuant to this Section 4.6, including
at any time where one or more of the parties hereto has asserted that this Agreement has been terminated but the validity of such termination is disputed and such dispute has not been resolved by agreement of the parties or a final, non-appealable order of a court of competent jurisdiction. If any Requisite Shareholder engages in discussions or negotiations with any Person or Group with respect to an Acquisition Proposal or with respect to any
inquiries from third Persons relating to a potential Acquisition Proposal, in each case in breach of Section 5.4 of the Merger Agreement, then this Section 4.6 shall immediately terminate and no such consent shall be required. In the event
that any Requisite Shareholder fails to consent to an amendment to the Merger Agreement pursuant to this Section 4.6, the parties hereto agree that Parent may (but is not required to) terminate this Agreement if it has first obtained
alternative financing arrangements which provide Parent with funds in an amount equal to the Rollover Amount; provided that such alternative financing arrangements (i) provide Parent with sufficient funds, when added to the proceeds of
the Equity Financing, Debt Financing and other sources of readily available liquidity of Parent, Merger Sub, the Company and the Company’s Subsidiaries on the Closing Date, to fund the Required Amount and (ii) do not impose new or
additional conditions to the receipt of such financing relative to the Commitment Letters that could impair or delay the Closing. Parent shall promptly provide the Company with a copy of any definitive commitment letter or other documentation
providing for such alternative financing arrangement. 
 5. Proxy Statement; Schedule 13e-3 and
Schedule 13D. 
 (a) Promptly (but in no event later than 20 Business Days) after the execution of the Merger Agreement, the Company
will prepare (with Parent’s reasonable cooperation) and file with the SEC a preliminary proxy statement to be sent to the stockholders in connection with the Company Stockholder Meeting (the proxy statement, including any amendments or
supplements, the “Proxy Statement”). The Company, Parent and the Stockholder shall cooperate to, concurrently with the preparation and filing of the Proxy Statement, jointly prepare and file with the SEC a Rule 13e-3 Transaction Statement on Schedule 13e-3 (such transaction statement, including any amendment or supplement thereto, the “Schedule
13-e3”) relating to the transactions contemplated by the Merger Agreement. The Stockholder will provide information reasonably requested by the Company or Parent in connection with the preparation of
the Schedule 13e-3. To the Knowledge of the Stockholder, the information supplied by the Stockholder for inclusion or incorporation by reference in the Proxy Statement, the Schedule 13e-3 or any Other Required Parent Filings will not, at the time that such information is provided, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Promptly after the execution of this Agreement, Parent and the Stockholder shall cooperate to prepare and file with the SEC
one or more disclosure statements on Schedule 13D or amendments or supplements thereto, as applicable (such disclosure statements, including any amendments or supplements thereto, the “Schedule 13Ds”) relating to

  
 10 

 
the Merger Agreement and this Agreement and the transactions contemplated hereby and thereby. The Company will not file the Proxy Statement with the SEC without first providing the Stockholder
and its counsel a reasonable opportunity to review and comment thereon, and the Company will give good faith consideration to all reasonable additions, deletions or changes suggested by the Stockholder or its counsel. The Company and Parent shall
(i) provide the Stockholder and its counsel a reasonable opportunity to review drafts of the Schedule 13e-3 prior to filing the Schedule 13e-3 with the SEC and
(ii) consider in good faith all comments thereto reasonably proposed by the Stockholder, its outside counsel and its other Representatives. Parent and the Stockholder shall (i) provide each other, the Company and their respective counsel a
reasonable opportunity to review drafts of the Schedule 13Ds prior to filing the Schedule 13Ds with the SEC and (ii) consider in good faith all comments thereto reasonably proposed by the other parties, the Company, their outside counsel and
their other Representatives. 
 (b) Assistance. Parent, Sponsor and the Stockholder will use its reasonable best efforts to furnish
all information concerning such Party and its controlled Affiliates to the other parties that is reasonably necessary for the preparation and filing of the Proxy Statement and the Schedule 13e-3, and provide
such other assistance, as may be reasonably requested by such other Party to be included therein and will otherwise reasonably assist and cooperate with the other in the preparation, filing and distribution of the Proxy Statement and the Schedule 13e-3 and the resolution of any comments to either received from the SEC. 
 6. Representations and
Warranties of the Stockholder. Each of Sjouwerman Enterprises and, only where applicable, Stockholder Investor, hereby individually represent and warrant to Parent and the Company as follows: 

6.1 Due Authority. Sjouwerman Enterprises is a legal entity duly organized, validly existing and in good standing under the Laws of its
jurisdiction of formation. Stockholder has the capacity and individual power and authority necessary to execute and deliver this Agreement and to perform its obligations hereunder. The Stockholder has all requisite corporate or other similar power
and authority and has taken all corporate or other similar action necessary (including approval by the board of directors or applicable corporate bodies) to execute, deliver, comply with and perform its obligations under this Agreement in accordance
with the terms hereof and to consummate the transactions contemplated hereby, and no other action on the part of or vote of holders of any equity securities of Sjouwerman Enterprises is necessary to authorize the execution and delivery of,
compliance with and performance by the Stocckholder of this Agreement. This Agreement has been duly executed and delivered by the Stockholder and, assuming the due execution and delivery of this Agreement by all of the other parties hereto,
constitutes a legal, valid and binding agreement of the Stockholder enforceable against the Stockholder in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other similar Laws affecting or relating to creditors’ rights generally. 
 6.2 No Conflict. The execution and delivery of,
compliance with and performance of this Agreement by the Stockholder do not and will not (i) conflict with or result in any violation or breach of any provision of the certificate of formation or operating agreement or similar organizational
documents of the Stockholder (if applicable), (ii) conflict with or result in a violation or breach of any applicable Law, (iii) require any consent by any Person under, constitute 

  
 11 

 
a default, or an event that, with or without notice or lapse of time or both, would constitute a default under, or cause or permit the termination, cancellation or acceleration of any right or
obligation or the loss of any benefit to which the Stockholder is entitled, under any Contract binding upon the Stockholder, or to which any of its properties, rights or other assets are subject or (iv) result in the creation of a lien (other
than Permitted Liens) on any of the properties or assets (including intangible assets) of the Stockholder, except in the case of clauses (i), (ii), (iii) and (iv) above, any such violation, breach, conflict, default, termination, acceleration,
cancellation or loss that would not, individually or in the aggregate, reasonably be expected to restrict in any material respect, prohibit or impair in any material respect the consummation of the Merger or the performance by the Stockholder of its
obligations under this Agreement. 
 6.3 Consents. No consent, approval, order or authorization of, or registration, declaration or
filing with, any Governmental Authority or any other Person, is required by or with respect to the Stockholder in connection with the execution and delivery of this Agreement or the consummation by the Stockholder of the transactions contemplated
hereby, except (a) as required by the rules and regulations promulgated under the Exchange Act, the Securities Act, or state securities, takeover and “blue sky” laws, (b) compliance with any applicable requirements of the HSR Act
and any applicable foreign Antitrust Laws, (c) the applicable rules and regulations of the SEC or any applicable stock exchange or (d) as would not, individually or in the aggregate, reasonably be expected to restrict in any material
respect, prohibit, impair in any material respect or materially delay the consummation of the Merger or the performance by the Stockholder of its obligations under this Agreement. 

6.4 Ownership of the Owned Shares. 

(a) The Stockholder is, as of the date hereof, the record and beneficial owner of the Owned Shares, all of which are free and clear of any
liens, other than those created by this Agreement or arising under applicable securities laws or the Investors’ Rights Agreement (as defined herein). The Stockholder has the full legal right, power and authority to deliver the Rollover Shares
to Parent pursuant to Section 2. The Stockholder does not own, of record or beneficially, any shares of capital stock of the Company, or other rights to acquire shares of capital stock of the Company, in each case other than the Owned Shares.
The Stockholder has the sole right to dispose of the Owned Shares, and none of the Owned Shares is subject to any pledge, disposition, transfer or other agreement, arrangement or restriction, except as contemplated by this Agreement and the
Investors’ Rights Agreement. As of the date hereof, the Stockholder has not entered into any agreement to Transfer any Owned Shares and no person has a right to acquire any of the Owned Shares held by the Stockholder. 

(b) None of Stockholder or any of its respective directors, officers, general partners or Affiliates or, to the knowledge of Stockholder or
any of its Affiliates, any employees of Stockholders or any of its Affiliates has been an “interested stockholder” (as such term is defined in Article XII of the Charter) of the Company, in each case during the three years prior to the
date of this Agreement or, if Stockholder or any of its respective directors, officers, general partners or Affiliates does qualify as an “interested stockholder,” then such person was and has continued to be an “interested
stockholder” since prior to April 26, 2021. 

  
 12 

 6.5 Absence of Litigation. As of the date hereof, there is no legal action pending
against, or, to the knowledge of the Stockholder, threatened against the Stockholder that would reasonably be expected to prevent, materially or materially impair the ability of the Stockholder to perform its obligations under this Agreement. 

6.6 Investment. The Exchange Shares to be acquired by the Stockholders pursuant to this Agreement will be acquired for the
Stockholders’ own account and not with a view to, or intention of, distribution thereof in violation of any applicable state securities laws. Each Stockholder is an “accredited investor” within the meaning of Rule 501 of Regulation D
of the SEC. Each Stockholder is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Exchange Shares. Each Stockholder is able to bear the economic risk of its investment in the Exchange Shares
for an indefinite period of time because the Exchange Shares have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is
available. Each Stockholder has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Exchange Shares and has had access to such other information concerning Parent as such Stockholder has
requested. 
 6.7 Finders Fees. No broker, investment bank, financial advisor or other person is entitled to any broker’s,
finder’s, financial adviser’s or similar fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of such Stockholder. 

7. Representations and Warranties of the Company. The Company hereby represents and warrants to the Stockholder and Parent as follows:

 7.1 Due Authority. The Company is a legal entity duly incorporated, validly existing and in good standing under the Laws of its
jurisdiction of formation. The Company has all requisite corporate power and authority and has taken all corporate action necessary (including approval by the Company Board (acting on the recommendation of the Company Special Committee)) to execute,
deliver and perform its obligations under this Agreement in accordance with the terms hereof and no other corporate action by the Company or vote of holders of any class of the capital stock of the Company is necessary to approve and adopt this
Agreement. This Agreement has been duly executed and delivered by the Company and, assuming the due execution and delivery of this Agreement by all of the other parties hereto, constitutes a valid and binding agreement of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally. 

7.2 No Conflict. The execution, delivery and performance by the Company of this Agreement do not and will not, other than as provided
in the Merger Agreement with respect to the Merger and the other transactions contemplated thereby, (i) conflict with or result in any violation or breach of any provision of the certificate of incorporation or bylaws of the Company or the
similar organizational documents of any of its Subsidiaries, (ii) conflict with or result in a violation or breach of any applicable Law, (iii) require any consent by any Person under, constitute a default, or an event that, with or
without notice or lapse of time or both, would constitute a default under, or cause or permit the termination, cancellation or acceleration of any right or obligation or 

  
 13 

 
the loss of any benefit to which the Company and any of its Subsidiaries are entitled, under any Contract binding upon the Company or any of its Subsidiaries, or to which any of their respective
properties, rights or other assets are subject or (iv) result in the creation of a lien (other than Permitted Liens) on any of the properties or assets (including intangible assets) of the Company or any of its Subsidiaries, except in the case
of clauses (ii), (iii) and (iv) above, any such violation, breach, conflict, default, termination, acceleration, cancellation or loss that would not reasonably be expected to restrict, prohibit or impair the performance by the Company of its
obligations under this Agreement. 
 8. Representations and Warranties of Parent. Parent hereby represents and warrants to the
Stockholder and the Company as follows: 
 8.1 Due Authority. Parent is a legal entity duly incorporated, validly existing and in
good standing under the Laws of its jurisdiction of formation. Parent has all requisite corporate power and authority and has taken all corporate action necessary (including approval by the board of directors or applicable corporate bodies) to
execute, deliver and perform its obligations under this Agreement in accordance with the terms hereof and no other corporate action by Parent or vote of holders of any class of the capital stock of Parent is necessary to approve and adopt this
Agreement. This Agreement has been duly executed and delivered by Parent and, assuming the due execution and delivery of this Agreement by all of the other parties hereto, constitutes a valid and binding agreement of Parent enforceable against
Parent in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally. 

8.2 No Conflict. The execution, delivery and performance by Parent of this Agreement do not and will not, other than as provided in the
Merger Agreement with respect to the Merger and the other transactions contemplated thereby, (i) conflict with or result in any violation or breach of any provision of the certificate of incorporation or bylaws of Parent or the similar
organizational documents of any of its Subsidiaries, (ii) conflict with or result in a violation or breach of any applicable Law, (iii) require any consent by any Person under, constitute a default, or an event that, with or without notice
or lapse of time or both, would constitute a default under, or cause or permit the termination, cancellation or acceleration of any right or obligation or the loss of any benefit to which Parent and any of its Subsidiaries are entitled, under any
Contract binding upon Parent or any of its Subsidiaries, or to which any of their respective properties, rights or other assets are subject or (iv) result in the creation of a lien (other than Permitted Liens) on any of the properties or assets
(including intangible assets) of Parent or any of its Subsidiaries, except in the case of clauses (ii), (iii) and (iv) above, any such violation, breach, conflict, default, termination, acceleration, cancellation or loss that would not
reasonably be expected to restrict, prohibit or impair the performance by Parent of its obligations under this Agreement. 
 8.3
Consents. No consent, approval, order or authorization of, or registration, declaration or, (except as required by the rules and regulations promulgated under the Exchange Act, the Securities Act, or state securities, takeover and “blue
sky” laws) filing with, any Governmental Authority or any other Person, is required by or with respect to Parent in connection with the execution and delivery of this Agreement or the consummation by Parent of the transactions contemplated
hereby, except as would not, individually or in the aggregate, reasonably be expected to restrict, prohibit, impair or delay the consummation of the Merger or the performance by Parent of its obligations under this Agreement. 

  
 14 

 8.4 Absence of Litigation As of the date hereof, there is no legal action pending
against, or, to the knowledge of Parent, threatened against or affecting Parent that would reasonably be expected to prevent, materially delay or materially impair the ability of Parent to perform its obligations under this Agreement. 

8.5 Exchange Shares. The Exchange Shares, when issued to the Stockholders pursuant to the Exchange, will be duly authorized, validly
issued and outstanding, fully paid and non-assessable, and issued free and clear of any liens, other than those created by Governance Documents or arising under applicable securities laws. 

8.6 Transaction Documentation. As of the date of this Agreement, Parent has furnished to the Stockholder a true, correct and complete
copy of (i) the executed Merger Agreement and (ii) the executed Commitment Letters. 
 9. Stockholder Capacity. This
Agreement is being entered into by the Stockholder solely in its capacity as a record and/or beneficial owner of the Owned Shares, and nothing in this Agreement shall restrict or limit the ability of the Stockholder or any of its Affiliates or
Representatives who is a director or officer of the Company or any of the Company’s subsidiaries to take, or refrain from taking, any action in his or her capacity as a director or officer of the Company or any of its affiliates, including the
exercise of fiduciary duties to the Company or its stockholders, and any such action taken in such capacity or any such inaction shall not constitute a breach of this Agreement. 

10. Non-Survival of Representations, Warranties and Covenants. Other than the covenants and
agreements in Section 11 and Section 28, which shall survive, the representations, warranties and covenants contained herein shall not survive the Effective Time. 

11. Waiver of Appraisal and Dissenter Rights and Certain Other Actions. The Stockholder hereby irrevocably and unconditionally waives,
to the fullest extent of the Law, and agrees to cause to be waived and not to assert any appraisal rights, any dissenter’s rights and any similar rights under Section 262 of the DGCL or otherwise with respect to the Owned Shares with
respect to the Merger and the transactions contemplated by the Merger Agreement. 
 12. Other Agreements. Acting upon the unanimous
recommendation of the Company Special Committee and the approval of the Company Board, the Company hereby irrevocably waives, and shall not enforce, the obligations of the Stockholder and its Affiliates pursuant to Section 2.13 of the Amended
and Restated Investors’ Rights Agreement dated as of July 2, 2019 by and among the Company and those investors party thereto (as amended, the “Investors’ Rights Agreement”) with respect to any actions taken by the
Stockholder and/or their Affiliates in connection with this Agreement, the Merger Agreement and the transactions contemplated hereby and thereby, including the Exchange (and all other transactions incidental and related thereto) and the exercise of
any rights pursuant to this Agreement. 

  
 15 

 13. Certain Adjustments. In the event of a stock split, stock dividend or
distribution, or any change in the Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Common
Stock”, “Covered Shares”, “Rollover Shares” and “Owned Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which
any or all of such shares may be changed or exchanged or which are received in such transaction. 
 14. Further Assurances. The
Stockholder shall, from time to time, execute and deliver, or cause to be executed and delivered, such additional or further consents, documents and other instruments as Parent and the Company may reasonably request to the extent necessary to effect
the transactions contemplated by this Agreement. 
 15. Notices. All notices and other communications under this Agreement must be in
writing and will be deemed to have been duly delivered and received using one or a combination of the following methods: (i) four (4) Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid;
(ii) one (1) Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service; (iii) immediately upon delivery by hand; or (iv) on the date sent by email. In each case,
the intended recipient is set forth below: 
 if to Stockholder to: 

Sjouwerman Enterprises Limited Partnership 

144 Willadel Drive 
 Belleair, FL
33756 

	 	Attn:	 Sjoerd Sjouwerman 

	 	Email:	 [* * *] 

with a copy (which will not constitute notice) to: 

Moulton | Moore | Stella LLP 

Frank Gehry Building | 2431 Main Street, Suite C 

Santa Monica, California 90405 

	 	Attn:	 Adam Stella 

	 	 	 Jake Lloyd 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

if to Parent to: 
 c/o Vista
Equity Partners management, LLC 
 Four Embarcadero Center, 20th Floor 

San Francisco, California 94111 

	 	Attn:	 Rod Aliabadi 

	 	 	 Nick Prickel 

	 	 	 Christina Lema 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

	 	 	 [* * *] 

  
 16 

 with a copy (which will not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 

	 	Attention:	 Daniel Wolf, P.C. 

	 	 	 David M. Klein, P.C. 

	 	 	 Chelsea Darnell 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

	 	 	 [* * *] 

Kirkland & Ellis LLP 

555 California Street 
 San
Francisco, CA 94104 

	 	Attention:	 Stuart E. Casillas, P.C. 

	 	 	 Ari Levi 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

if to the Company (prior to the Effective Time) to: 

KnowBe4, Inc. 
 33 North Garden
Avenue, Suite 12000 
 Clearwater, Florida 33755 

	 	Attn:	 General Counsel 

	 	Email:	 [* * *] 

with a copy (which will not constitute notice) to: 

Wilson Sonsini Goodrich & Rosati 

Professional Corporation 
 1301
Avenue of the Americas, 40th Floor 
 New York, NY 10019-6022 

	 	Attn:	 Megan J. Baier 

	 	 	 Catherine V. Riley Tzipori 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

and 
 Wilson Sonsini
Goodrich & Rosati 
 Professional Corporation 

One Market Plaza 
 Spear Tower,
Suite 3300 
 San Francisco, CA 94105 

	 	Attn:	 Todd Cleary 

	 	Email:	 [* * *] 

  
 17 

 and 

Wilson Sonsini Goodrich & Rosati 

Professional Corporation 
 650
Page Mill Road 
 Palo Alto, CA 94304-1050 

	 	Attn:	 Douglas K. Schnell 

	 	Email:	 [* * *] 

with a copy (which will not constitute notice) to: 

Potter Anderson & Corroon LLP 

1313 North Market Street, 6th Floor 

Wilmington, DE 19801 

	 	Attn:	 Mark A. Morton 

	 	 	 Alyssa K. Ronan 

	 	Email:	 [* * *] 

	 	 	 [* * *] 

16. Interpretation. Where a reference in this Agreement is made to a section or exhibit, such reference shall be to a section of or
exhibit to this Agreement unless otherwise indicated. If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Unless the context of this Agreement
clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the singular as well as the plural forms of
such terms. The words “includes” or “including” shall mean “including without limitation,” the words “hereof,” “hereby,” “herein,” “hereunder” and similar terms in this Agreement
shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends and
such phrase shall not mean simply “if,” any reference to a Law shall include any rules and regulations promulgated thereunder, and any reference to any Law in this Agreement shall mean such Law as from time to time amended, modified or
supplemented. Each reference to a “wholly owned Subsidiary” or “wholly owned Subsidiaries” of a Person shall be deemed to include any Subsidiary of such Person where all of the equity interests of such Subsidiary are directly or
indirectly owned by such Person (other than directors qualifying shares, nominee shares or other equity interests that are required by law or regulation to be held by a director or nominee). 

17. Entire Agreement. This Agreement (along with the documents referenced herein) and the Merger Agreement collectively constitute the
entire agreement, and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the parties hereto, with respect to the subject matter hereof. 

  
 18 

 18. No Third-Party Beneficiaries. This Agreement shall be binding upon and inure
solely to the benefit of the parties hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 19. Governing Law; Waiver of Jury Trial. This Agreement is governed by and
construed in accordance with the Laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause or permit the application of laws
of any jurisdictions other than those of the State of Delaware. Each of the parties (i) irrevocably consents to the service of the summons and complaint and any other process (whether inside or outside the territorial jurisdiction of the Chosen
Courts) in any Legal Proceeding arising out of or relating to this Agreement, for and on behalf of itself or any of its properties or assets, in accordance with Section 15 or in such other manner as may be permitted by applicable Law, but
nothing in this Section 19 will affect the right of any party to serve legal process in any other manner permitted by applicable Law; (ii) irrevocably and unconditionally consents and submits itself and its properties and assets in any
Legal Proceeding to the exclusive general jurisdiction of the Chosen Courts in the event that any dispute or controversy arises out of or relates to this Agreement; (iii) irrevocably and unconditionally agrees that it will not attempt to deny
or defeat such personal jurisdiction by motion or other request for leave from any Chosen Court; (iv) agrees that any Legal Proceeding arising out of or relating to this Agreement will be brought, tried and determined only in the Chosen Courts;
(v) waives any objection that it may now or hereafter have to the venue of any such Legal Proceeding in the Chosen Courts or that such Legal Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and
(vi) agrees that it will not bring any Legal Proceeding arising out of or relating to this Agreement in any court other than the Chosen Courts. Each of the parties agrees that a final judgment in any Legal Proceeding in the Chosen Courts will
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE PURSUANT TO THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING (WHETHER FOR
BREACH OF CONTRACT, TORTIOUS CONDUCT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND AGREES THAT (a) 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; (b) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER;
(c) IT MAKES THIS WAIVER VOLUNTARILY; AND (d) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19. 

  
 19 

 20. Assignment; Successors. Other than as provided herein, neither this Agreement nor
any of the rights, interests or obligations under this Agreement (including those set forth in Section 2.1(a)) may be assigned or delegated, in whole or in part, by operation of Law or otherwise, by any party hereto without the prior written
consent of the other parties hereto, and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the
parties hereto and their respective successors and assigns. 
 21. Enforcement. The parties hereto agree that irreparable damage for
which monetary damages, even if available, would not be an adequate remedy would occur in the event that the parties hereto do not perform the provisions of this Agreement (including any party hereto failing to take such actions that are required of
it hereunder in order to consummate this Agreement) in accordance with its specified terms or otherwise breach such provisions. The parties hereto acknowledge and agree that (a) the parties hereto will be entitled, in addition to any other
remedy to which they are entitled at law or in equity, to an injunction, specific performance and other equitable relief to prevent breaches (or threatened breaches) of this Agreement or to enforce specifically the terms and provisions hereof,
(b) the parties hereto will not assert that a remedy of monetary damages would provide an adequate remedy for such breach and (c) the right of specific enforcement is an integral part of the transactions contemplated hereby and without
that right, none of the Company, Parent or the Stockholder would have entered into this Agreement. 
 22.
Non-Recourse. This Agreement may only be enforced against, and any Action based upon, arising out of, or related to this Agreement, or the negotiation, execution or performance of this Agreement, may
only be brought against the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. No past, present or future director, officer, employee, incorporator,
manager, member, general or limited partner, stockholder, equityholder, controlling person, Affiliate, agent, attorney or other Representative of any party hereto or any of their successors or permitted assigns or any direct or indirect director,
officer, employee, incorporator, manager, member, general or limited partner, stockholder, equityholder, controlling person, Affiliate, agent, attorney, Representative, successor or permitted assign of any of the foregoing (each, a “Non-Recourse Party”), shall have any liability to the Stockholder, Parent or the Company for any obligations or liabilities of any party under this Agreement or for any Legal Proceeding (whether in tort,
contract or otherwise) based on, in respect of or by reason of the transactions contemplated hereby or in respect of any written or oral representations made or alleged to be made in connection herewith. 

23. Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to
effect the intent of the parties hereto. The parties hereto further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and
other purposes of such void or unenforceable provision. 
 24. Counterparts. This Agreement and any amendments hereto may be executed
in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto, it being
understood that all parties hereto need not sign the same counterpart. Any such counterpart, to the extent delivered by electronic delivery, will be 

  
 20 

 
treated in all manners and respects as an original executed counterpart and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. No party hereto may raise the use of an electronic delivery to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the use of an electronic delivery, as a defense to the
formation of a contract, and each party hereto forever waives any such defense, except to the extent such defense relates to lack of authenticity. 

25. Amendment; Waiver. This Agreement may be amended by the parties hereto, and the terms and conditions hereof may be waived, only by
an instrument in writing signed on behalf of each of the parties hereto, or, in the case of a waiver, by an instrument signed on behalf of the party waiving compliance. No failure or delay on the part of a party in the exercise of any right or
remedy hereunder shall impair such right or power or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude any other or
further exercise thereof or of any other right or power. 
 26. No Presumption Against Drafting Party. The Company, Parent and the
Stockholder acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law or any legal decision that would require
interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived. 
 27.
Company Special Committee Approval. Notwithstanding any provision to the contrary, no amendment or waiver of any provision of this Agreement shall be made by the Company or the Company Board without first obtaining the approval of the Company
Special Committee. The Company Special Committee shall direct enforcement by the Company of any provisions of this Agreement against the Stockholder. 

28. Expenses. In the event the Merger is consummated, Parent or the Surviving Corporation will bear (a) all the reasonable fees,
expenses and disbursements of legal, financial, tax, accounting, advisory, valuation or other advisors or consultants engaged by or on behalf of Vista Equity Partners Fund VII, L.P. (“Vista Fund VII”), Vista Equity Partners Fund
VIII, L.P. or Parent (including, without limitation, Vista Consulting Group, LLC (“VCG”)) incurred in connection with the transactions contemplated by this Agreement and the Merger Agreement (collectively, “Third Party
Advisor Fees and Expenses”), (b) all fees (including commitment fees and original issue discounts), costs and expenses of lenders, investment banks and other debt financing sources in connection with arranging debt financing (such fees and
expenses, together with the Third Party Advisor Fees and Expenses, collectively, the “Fees and Expenses”) and (c) all reasonable fees, expenses and disbursements of legal or tax advisors engaged by or on behalf of the
Stockholder, solely to the extent in connection with the separate representation of the Stockholder in connection with the transactions contemplated by this Agreement and the Merger Agreement which Parent or the Surviving Corporation shall pay or
cause to be paid only at the Closing or the consummation of the Exchange, as applicable; provided that, notwithstanding anything to the contrary and for the avoidance of doubt, nothing in clause (c) shall be deemed to override or conflict with
the terms and provisions of that certain Engagement Letter entered into as of September 28, 2022 by and among the Company, Sjoerd Sjouwerman and various other parties thereto (the “Engagement Letter”), including the
Company’s covenant to pay, or 

  
 21 

 
commitment to cause one or more of its affiliates to pay, the Fees and Expenses (each as defined in the Engagement Letter) in full. In the event that the Merger is not consummated, each party to
this Agreement will bear its own fees and expenses, including fees, expenses and disbursements of legal, financial, tax, accounting, advisory, valuation or other advisors or consultants. 

29. No Agreement until Executed. This Agreement shall not be effective unless and until the Company Board has approved, for purposes of
any applicable anti-takeover laws and regulations, and any applicable provision of the Amended and Restated Certificate of Incorporation of the Company, the Merger Agreement, the Support Agreements and the transactions contemplated by the Merger
Agreement, including the Merger. 
 30. No Ownership Interest. Except as expressly provided in Section 2 with respect to the
Rollover Shares, nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or incidence of ownership of or with respect to any Covered Shares. All ownership and economic benefits of and relating to the
Covered Shares shall remain vested in and belong to the Stockholder. 
 [Signature pages follow] 

  
 22 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

					
	SJOUWERMAN ENTERPRISES LIMITED PARTNERSHIP
		
	By:	 	Sjouwerman Management, LLC, its General Partner
			
		 	By:	 	/s/ Sjoerd Sjouwerman
		 		 	Sjoerd Sjouwerman, Manager
			
		 	By:	 	/s/ Rebecca Weiss
		 		 	Rebecca Weiss, Manager

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

	
	 SJOERD SJOUWERMAN
  

	 /s/ Sjoerd Sjouwerman

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

			
	 ORANJE HOLDCO, LLC

		
	By:	 	/s/ Nicholas Prickel
		 	Name: Nicholas Prickel
		 	Title: Vice President

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
on the date and year first above written. 
  

			
	 KNOWBE4, INC.

		
	By:	 	/s/ Sjoerd Sjouwerman
		 	Name: Sjoerd Sjouwerman
		 	Title: Chief Executive Officer

 [Signature Page to Support Agreement]amendment09012022

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT  THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT  AGREEMENT (this “First Amendment”) is entered into as of September 1, 2022 by and among  VILLAGE SUPER MARKET, INC., a corporation organized under the laws of the State of  New Jersey (“Village”), VILLAGE SUPER MARKET OF NJ, L.P., a limited partnership  organized under the laws of the State of New Jersey (“Village NJ”), VILLAGE  SUPERMARKET OF MARYLAND LLC, a limited liability company organized under the  laws of the State of Maryland (“Village MD”), VILLAGE SUPER MARKET OF PA, LLC, a  limited liability company organized under the laws of the Commonwealth of Pennsylvania  (“Village PA”), VSM NEW MARKETS, LLC, a limited liability company organized under the  laws of the State of New Jersey (“VSM New Markets”), VSM GOURMET, LLC, a limited  liability company organized under the laws of the State of New York (“VSM Gourmet”), VSM  NY HOLDINGS LLC, a limited liability company organized under the laws of the State of New  York (“VSM Fairway”), GREATER MORRISTOWN RESTAURANT, LLC, a limited  liability company organized under the laws of the State of New Jersey (“VSM Morristown”),  HANOVER AND HORSEHILL DEVELOPMENT LIMITED LIABILITY COMPANY, a  limited liability company organized under the laws of the State of New Jersey (“Hanover”),  DELILAH PROPERTIES LLC, a limited liability company organized under the laws of the  State of New Jersey (“Delilah”), FIRE BRANDS INNOVATION LLC, a limited liability  company organized under the laws of the State of New Jersey (“Fire Brands”), VSM NY  DISTRIBUTION LLC, a limited liability company organized under the laws of the State of  New York (“VSM Distribution”) and VILLAGE GALLOWAY SHOPPING CENTER LLC,  a limited liability company organized under the laws of the State of New Jersey (“Galloway” and  collectively with Village, Village NJ, Village MD, Village PA, VSM New Markets, VSM  Gourmet, VSM Fairway, VSM Morristown, Hanover, Delilah, Fire Brands, VSM Distribution,  the "BorrowerTM), and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Bank”).  RECITALS  Whereas, the Borrower and Bank entered into a certain Amended and Restated Credit  Agreement dated as of January 28, 2022 (as amended, replaced, restated, modified and/or  extended from time to time, the “Credit Agreement”); and    Whereas, Borrower and Bank have agreed to modify the terms of the Credit Agreement  as set forth in this First Amendment.  Now, therefore, in consideration of the Bank’s continued extension of credit and the  agreements contained herein, the parties agree as follows:  AGREEMENT     1) ACKNOWLEDGMENT OF BALANCE. Borrower acknowledges that the most recent  statement of account sent to the Borrower with respect to the Obligations is correct.  1  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4   ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .     ST ENDMENT  ENDED D TED EDIT EE ENT     IS ST ENDMENT  ENDED D TED EDIT  EE ENT is irst endment”)  t red t  s f t ber , 22  d ong  I GE ER ARKET, C.,  r oration nized der e s f e t te f  e  y i l ge”), I GE ER RKET F J, . .,  i it d rt ership  nized der e s f e t te f e  r y ill ge J”), I GE  ARKET F RYLAND C,  i it d i ilit  pany nized der e  s f e t te f aryland  ill ge D”), I GE ER RKET F , C,   i it d i ilit  pany nized der e s f e monwealth f nsylvania  i l ge ”),   ARKETS, C,  i it d i ilit  pany nized der e  s f e t te f e  r y “  e  arkets”),  URMET, C,  i it d  ilit  pany nized der e s f e t te f e  ork “  ourmet”),    LDINGS C,  i it d i ilit  pany nized der e s f e tate f e   ork “  ai ay”), EATER RRIS N URANT, C,  i it d  ilit  pany nized der e s f e t te f e  y “  orrist wn”),  OVER D RSEHI L P ENT I ED I I Y PANY,   i it d i ilit  pany nized der e s f e t te f ew y anover”),  I AH PERTIES C,  i it d i ilit  pany nized der e s f e  t te f e  r y elilah”), E NDS N ATION C,  i it d i ilit   pany nized der e s f e t te f e  y ire rands”),    I TI N C,  i it d i ilit  pany nized der e s f e tate f  e  ork “  istri ti n”) d I GE AY PING TER C,   i it d i ilit  pany nized der e s f e tate f e  r y al ay” d  ll ti ely ith i lage, i l ge J, ill ge D, ill ge , S  e  arkets, S   ourmet, S  i ay, S  o rist n, anover, elilah, ire rands, S  istri ution,  e o rower"), d E LS O NK, I NAL CIATION e ank”).    I LS    hereas, e orr er d ank t red t   rtain ended d estated redit  gree ent ted s f ary 8, 22 s ended, l ced, t ted, odified d/or  t ded  e  e, e redit gr ement”); d  hereas, orr er d ank e r ed  odify e s f e redit gree ent  s t rth  is irst mendment.  ow, refore,  sideration f e ank’s ti ed t sion f dit d e  ents tai ed rein, e rties ree s l s:    EE ENT    ) LEDGMENT F ANCE. orr er ledges at e ost nt  e ent f unt nt  e orr er ith ect  e bligati ns  rect.  

 

2) DEFINITIONS. The definitions in the Credit Agreement shall be and hereby are modified  as follows:  @ The terms used herein and not otherwise defined or modified herein shall have the  meanings ascribed to them in the Credit Agreement. The terms used herein and not otherwise  defined or modified herein or defined in the Credit Agreement shall have the meanings ascribed  to them by the Uniform Commercial Code as enacted in State of New Jersey.  (b) The following definitions in Section 8.2 of the Credit Agreement are hereby  deleted and are replaced to read as follows:  “Advances” shall mean and include the Revolving Advances as well as the Letters of  Credit, the Term Loan, the Converted Term Loan, the Galloway Term Loan and the 2022 Term  Loan.  “Contract Rate” shall mean, as applicable, the Revolving Interest Rate, the Term Loan  Rate, the Converted Term Loan Rate, the Galloway Term Loan Rate and the 2022 Term Loan  Rate.  “Loans” shall mean, collectively, the Revolving Advances, the Term Loan, the Converted  Term Loan, the Galloway Term Loan and the 2022 Term Loan.     “Note” shall mean, collectively, the Revolving Credit Note, the Term Note, the Converted  Term Note, the Galloway Term Note and the 2022 Term Loan.  (© The following definitions are hereby added to Section 8.2 of the Credit  Agreement to read as follows in alphabetical order:  “2022 Term Loan” shall mean the Advances made pursuant to Section 1.3(c) of this  Agreement.    “2022 Term Loan Advance Date” shall mean September 1, 2022.  “2022 Term Loan Amount” shall mean $10,000,000.  “2022 Term Loan Conditions” shall have the meaning ascribed to it in Section 3 of the  First Amendment.  “2022 Term Loan Maturity Date” shall mean the first Business Day of September, 2029.  “2022 Term Loan Rate” shall mean an interest rate per annum equal to the sum of (i) the  greater of the SOFR Average (30-Day SOFR Average) and zero percent (0.00%) plus (ii) one  and thirty-five hundredths of one percent (1.35%).  “2022 Term Note” shall mean the promissory note described in Section 1.3(c)(i) hereof.  2  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4 September 1, 2029.    ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   ) FINITIONS.  he fi iti ns  e redit gree ent all e d r y re odified  s l s:  (a) he s ed rein d t r ise fi ed r odified rein all e e  eanings ri ed    e redit gr ement.  he s d rein d t r ise  fi ed r odified rein r fi ed  e redit gree ent all ve e eanings ri ed     e nif r  o mercial ode s acted  tate f e  rsey.    ) he ing fi iti ns  ecti n .  f e redit gree ent re r y  l ted d re l ed  d s l s:    dvances” a l ean d l e e evolving dvances s ell s e e ters f  redit, e er  oan, e onverted er  an, e all ay er  an d e 22 er   an.    ontract ate” a l ean, s plicable, e evolving t rest ate, e er  an  ate, e onverted er  an ate, e all ay er  an ate d e 22 er  an  ate.    oans” a l ean, ll cti ely, e evolving dvances, e er  oan, e onverted  er  oan, e all ay er  an d e 22 er  oan.     ote” all ean, ll ctively, e evolving redit ote, e er  ote, e onverted  er  ote, e all ay er  ote d e 22 er  oan.    c) he ing fi iti ns re r y ed  ecti n .  f e redit  gree ent  d s s  abetical r er:    2  er   an”  all  ean  e  dvances  ade  rs ant    ecti n  . (c)  f  is  gr ement.  2 er  an dvance ate” a l ean t ber , 2.   2 er  an mount” a l ean , 00, 0.     2  er  an  onditions”  a l  ve  e  eaning  ri ed       ecti n    f e  irst endment.     22 er  an aturity ate” a l ean e t usine s ay f t ber, 29.    2 er  an ate” all ean  rest t  r  ual  e  f ) e  r ater f e FR verage ay FR verage) d ro r ent ) l s i) e  d i -fi e dredths f e r ent ).  2 er  ote” a l ean e i sory te scri ed  ecti n . (c)(i) reof.    

 

  3  Wells/Village – First Amendment to A&R Credit Agreement  4870-0648-3753, v. 5  “Applicable Termination Date” shall mean, as applicable, the Termination Date, the Term  Loan Maturity Date, the Converted Term Loan Maturity Date, the Galloway Term Loan Maturity  Date and/or the 2022 Term Loan Maturity Date.      “First Amendment” shall mean that certain First Amendment to Amended and Restated  Credit Agreement dated as of the First Amendment Closing Date by and among the Borrower  and the Bank.     “First Amendment Closing Date” shall mean as of September 1, 2022.    “Term Loans” shall mean, as applicable, collectively and individually, the Term Loan, the  Converted Term Loan, the Galloway Term Loan and/or the 2022 Term Loan.  “Term Loan Rates” shall mean, as applicable, collectively and individually, the Term Loan  Rate, the Converted Term Loan Rate, the Galloway Term Loan Rate and the 2022 Term Loan  Rate.  3) MODIFICATIONS.  The Credit Agreement shall be and hereby is modified as follows:    (a) The following Subsection (c) is hereby added to Section 1.3 of the Credit  Agreement to read as follows:    “(c)     2022 Term Loan.     (i) 2022 Term Loan.  Bank hereby agrees to make a term loan to Borrower in a  principal amount equal to the 2022 Term Loan Amount (“2022 Term Loan”). Borrower's  obligation to repay the 2022 Term Loan shall be evidenced by a certain promissory note dated  the First Amendment Closing Date, as modified from time to time in form and substance  attached as Exhibit A to the First Amendment (“2022 Term Note”).    (ii) Repayment.  The 2022 Term Loan shall be repayable in eighty four (84) equal  consecutive monthly principal installments based on a seven (7) year amortization schedule as  more fully set forth on Schedule 1 attached to the 2022 Term Note, the first eighty three (83) of  which shall be in the amount of $119,047.62 plus accrued interest commencing on the first Business  Day of October, 2022, and continuing on the first Business Day of each month thereafter, with an  eighty fourth (84th) and final payment of any unpaid balance of principal and interest payable on  the first Business Day of September, 2029, and subject to mandatory prepayment and acceleration  upon the occurrence of an Event of Default herewith or earlier termination of this Agreement  pursuant to the terms hereof. Notwithstanding anything to the contrary herein, the 2022 Term Loan  is due and payable in full if the Revolving Line of Credit is not extended beyond the applicable  Termination Date.    (iii) Prepayment.  Borrower may prepay principal on the 2022 Term Loan solely in  accordance with the provisions of the terms and conditions set forth herein including, but not  limited to, Section 1.8 herein.”      

 

(b) Section 1.4 of the Credit Agreement is hereby amended by the addition of the  following subsection (Vv) to be added in numerical order in the second sentence of Subsection (a)  to read as follows:  “and (v) with respect to the 2022 Term Loan, the 2022 Term Loan Rate”  (© Section 1.4(b) of the Credit Agreement is hereby amended to read in its entirety  as follows:  “(b) Default Interest. The Bank shall have the option in its sole and absolute discretion  to have the outstanding principal balance of each Loan bear interest at an increased rate per  annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%)  above the rate of interest from time to time applicable to such Loan (the “Default Rate”) (i) from  and after the Applicable Termination Date; (ii) from and after the date prior to the Applicable  Termination Date when all principal owing hereunder becomes due and payable by acceleration  or otherwise; and/or (iii) upon the occurrence and during the continuance of any Event of  Default.”  (d) The second sentence of Section 1.4(l) of the Credit Agreement is hereby amended  to read in its entirety as follows:  “If the foregoing Inability Determination or Illegality Determination relates to SOFR Average  (30-Day SOFR Average) for any Interest Period, then any outstanding principal balance of the  Notes bearing interest determined in relation to SOFR Average for any affected Interest Period  shall bear interest at a fluctuating rate per annum determined in relation to the SOFR Average in  effect from time to time, plus the applicable margin as set forth in the definitions of the Term  Loan Rates, from the date of such Inability Determination or such Illegality Determination until  Bank revokes such Inability Determination or notifies Borrower that the circumstances giving  rise to such lllegality Determination no longer exist, as applicable; provided, however, that, with  respect to any outstanding principal balance of the Loans bearing interest determined in relation  to SOFR Average for any affected Interest Period, no such determination of interest shall take  effect during any applicable Interest Period as a result of an Inability Determination.”  (e) The initial clause of the first sentence of Section 1.8(a) of the Credit Agreement is  hereby amended to read in its entirety as follows:  “(a) Borrower may prepay principal on the Loans at any time and in the minimum amount of  Five Hundred Thousand and 00/100 Dollars ($500,000);  4) Section 1.8(b) of the Credit Agreement is hereby amended to read in its entirety  as follows:  “(b) Application of Prepayments. If principal under any of the Term Loans is payable in more  than one installment, then any prepayments of principal shall be applied to the most remote  principal installment or installments then unpaid.”  4  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4   ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   ) ecti n .  f e redit gree ent  r y ended  e diti n f e  ing section )  e ed  erical r er  e nd t ce f bsection )   d s l s:     d ) ith ect  e 22 er  an, e 22 er  an ate”    c) ecti n . (b) f e redit gree ent  r y ended  d   tir ty  s l s:     ) efault t rest.  he ank all e e ti n   le d solute i reti n   e e t t ding i cipal l ce f ch an ar rest t  n sed t  r   puted  e sis f  -day ear, t al ys sed) ual  r r ent )  ve e te f rest  i e  e pli able  h oan e efault ate”) )   d ft r e plicable er ination ate; )  d t r e te ri r  e plicable  er ination ate hen l i cipal ing nder es e d able  elerati n  r r ise; d/or i) on e rrence d ri g e ti ance f y vent f  efault.”    ) he nd t ce f cti n . (l) f e redit gree ent  r y ended   d   tir ty s l s:    If e oing bilit  et r ination r lle lit  eter ination t s  FR verage  ay FR verage) r y rest eriod, n y t t ding i cipal l ce f e  otes ari g rest t ined  t n  FR verage r y ted I rest ri d  all ar rest t  t ati g t  r  t ined  t n  e FR verage   ct  e  e, l s e pli able argin s t rth  e fi iti ns f e er   an ates,  e te f ch bilit  et r ination r ch Ille lit  et r ination til  ank kes ch I bilit  eter ination r tifies orr er at e rc stances i i g    ch Ille lit  eter ination  er ist, s plicable; vided, ever, at, ith  ect  y t t ding cipal l ce f e ans ari g rest t ined  t n   FR verage r y ted rest riod,  ch t ination f rest all e  ct ri g y pli able rest ri d s  ult f  I bility eter ination.”    ) he itial se f e st t ce f ecti n . (a) f e redit gree ent   r y ended  d   tir ty s l s:    a) orr er ay ay i cipal  e ans t y e d  e i u  ount f  i e  undred ousand d / 00 o lars , );”    (f) ecti n . (b) f e redit gree ent  r y ended  d   tir ty  s l s:    )     plication f ayments.   i cipal der y f e er  ans  able  ore  n e ent, n y ents f cipal all e plied  e ost ote  i cipal ent r ents n paid.”    

 

(9) Section 1.9(a) of the Credit Agreement is hereby amended by the  substitution of “the Term Loans” for the phrase “the Term Loan, the Converted Term Loan  and/or the Galloway Term Loan” where it appears.  4) CONDITIONS TO ADVANCING THE 2022 TERM LOAN.  @ The obligation of the Bank hereunder to advance the 2022 Term Loan to the  Borrower is subject to the satisfaction of the following restrictions and conditions precedent  delivered prior to the First Amendment Closing Date, unless the Bank agrees to extend such date  due to the timing of the delivery of various items of due diligence set forth herein below,  (collectively, the “2022 Term Loan Conditions”):  (i) The Bank shall have received fully executed copies of the First Amendment, the  2022 Note and such other documents as Bank shall require;  (i) ~~ The Bank shall have received a Closing Certificate from the Borrower;  (iii) ~~ The Bank shall have received an Omnibus Certificate from the Borrower; and  (iv) The Borrower shall satisfy and/or deliver to the Bank such documentation,  certificates and/or other terms and conditions, as reasonably required by the Bank.  All of the foregoing shall be evidenced by and subject to the terms of the Loan Documents  as Bank shall reasonably require, all in form and substance satisfactory to Bank. Borrower shall  pay to Bank immediately upon demand the full amount of all charges, costs and expenses (to  include fees paid to third parties and all allocated costs of Bank personnel), expended or incurred  by Bank in connection with any of the foregoing security, including without limitation, filing  and recording fees and costs of appraisals, audits and title insurance.  5) RELEASE. Borrower and its representatives, successors and assigns hereby jointly and  severally, knowingly and voluntarily RELEASE, DISCHARGE and FOREVER WAIVE and  RELINQUISH any and all claims, demands, obligations, liabilities, defenses, affirmative  defenses, setoffs, counterclaims, actions and causes of action of whatsoever kind or nature,  whether known or unknown, which it has, may have or might have or may assert now or in  the future against Bank directly or indirectly, arising out of, based upon or in any manner  connected with any transaction, event, circumstance, action, failure to act or occurrence of  any sort or type, in each case related to, arising from or in connection with the Credit  Agreement and/or any other Loan Document, whether known or unknown, and which  occurred, existed, was taken, permitted or begun prior to the First Amendment Closing Date.  The Borrower hereby acknowledges and agrees that the execution of this First Amendment  by Bank shall not constitute an acknowledgment of or an admission by Bank of the existence  of any such claims or of liability for any matter or precedent upon which liability may be  asserted.  6) NO WAIVER OF DEFAULTS. This First Amendment does not constitute (a) a waiver of,  or a consent to, (i) any provision of the Credit Agreement or any other Loan Document  5  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4   ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   g) ecti n . (a) f e redit gree ent  r y ended  e  stit ti n f e er  oans” r e rase t e er  an, e onverted er  an  d/or e all ay er  oan” here  pears.     ) NDITIONS  ANCING E 22  AN.      (a) he li ati n f e ank nder  ance e 22 er  an  e  orr er  ject  e t ti n f e ing s d diti ns dent  li ered ri r  e irst endment l sing ate, le s e ank rees  t d ch te  e  e i i g f e li ery f ri us te s f e i ce t rth rein l ,  ll cti ely, e 22 er  an onditions”):  ) he ank all e i ed ll  cuted pies f e irst endment, e  22 ote d ch t er ents s ank all uire;    i) he ank all ve i ed  l sing ertificate  e o rower;     ii) he ank all ve i ed  nibus ertifi ate  e o rower; d    ) he orr er all ti f  d/or li er  e ank ch cumen ation,  rti tes d/or t er s d nditions, s ably ired  e ank.     ll f e oing all e i ced  d ject  e s f e an ocuments  s ank all ably uire, l   d st nce t t ry  ank.  orr er all  y  ank ediately on and e l ount f l arges, sts d enses   e s id  ird rties d l ated sts f ank r nel), ended r rred   ank  nection ith y f e oing curity, n i g it out i itati n,   d r ing s d sts f praisals, dits d  r nce.    ) LEASE.  orr er d  r sentatives, ce sors d i ns r y i tl  d  erally, ingly d luntarily EASE, RGE d EVER AIVE d  I UISH y d l i s, ands, li ations, ilities, fenses, ative  fenses, t fs, nterclai s, t ns d ses f ti n f hatsoever i d r ture,  hether n r nown, hich  as, ay ve r ight e r ay sert  r   e t re ainst ank i ctly r irectly, i g t f, sed on r  y a ner  nected ith y saction, ent, c stance, ti n, i re  t r u rence f  y rt r e,  ch se t d , g  r  nection ith e redit  gree ent d/or y t er an ocument, hether n r nown, d hich  cu red, isted, as en, r i ted r un ri r  e irst endment l sing ate.  he orr er r y ledges d rees at e ecution f is irst endment   ank all t nstitute  ledgment f r  i sion  ank f e i t ce  f y ch s r f i ilit  r y atter r dent on hich i ilit  ay e  erted.  )  AIVER F FAULTS.  his irst endment es t nstitute )  aiver f,  r  sent , ) y visi n f e redit gree ent r y t er an ocument  

 

except as expressly stated in this First Amendment, if applicable, or (ii) any present or future  violation of, or Default or Event of Default under, any provision of the Credit Agreement or  any other Loan Document, or (b) a waiver of Bank’s right to insist upon future compliance  with each term, covenant, condition and provision of the Credit Agreement or any other Loan  Document. The Borrower hereby acknowledges and agrees that failure to comply with any  terms and/or conditions set forth herein shall be an Event of Default under the Credit  Agreement and the other Loan Documents.  7) ACKNOWLEDGMENTS. Borrower acknowledges and represents that:  @ the Credit Agreement and the other Loan Documents, as amended hereby, are in  full force and effect without any defense, claim, counterclaim, right or claim of set-off;  (b) to the best of its knowledge, no default by the Bank in the performance of its  duties under the Credit Agreement or the other Loan Documents has occurred;  (© all representations and warranties of the Borrower contained herein, in the Credit  Agreement and in the other Loan Documents are true and correct in all material respects as of  this date, except for any representation or warranty that specifically refers to an earlier date;  (d) No Material Adverse Effect has occurred during the period commencing on the  Closing Date through and including the First Amendment Closing Date;  (e) Borrower has taken all necessary action to authorize the execution and delivery of  this First Amendment; and  0) this First Amendment is a modification of an existing obligation and is not a  novation.  8) EFFECT ON THE LOAN AGREEMENT. Upon the effectiveness of this First  Amendment:  @) each reference in the Credit Agreement to “this Agreement,” “hereunder,”  “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Agreement  as amended hereby;  (b) all references in the other Loan Documents to the Credit Agreement shall mean  and be a reference to the Credit Agreement as amended hereby; and  (©) except as specifically amended herein, the Credit Agreement, and all other  documents, instruments and agreements executed and/or delivered in connection therewith, shall  remain in full force and effect, and are hereby ratified and confirmed.  9) MISCELLANEOUS. This First Amendment shall be construed in accordance with and  governed by the laws of the State of New Jersey, without reference to that state’s conflicts of  law principles. This First Amendment, the Credit Agreement and the other Loan Documents  constitute the sole agreement of the parties with respect to the subject matter thereof and  supersede all oral negotiations and prior writings with respect to the subject matter thereof.  No amendment of this First Amendment, and no waiver of any one or more of the provisions  hereof shall be effective unless set forth in writing and signed by the parties hereto. The  6  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4   ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   cept s re sly t d  is irst endment,  plicable, r i) y sent r t re  i lati n f, r efault r vent f efault der, y visi n f e redit gree ent r  y t er an ocument, r )  aiver f ank’s t  sist on t re pliance  ith ch , enant, ndition d visi n f e redit gree ent r y t er an  ocument.  he rr er r y ledges d rees at i re  ply ith y  s d/or diti ns t rth rein all e  ent f efault der e redit  gree ent d e t er an ocuments.  ) OWLEDGMENTS.  orr er ledges d r sents at:  (a) e redit gree ent d e t er an ocuments, s ended reby, re   l r e d ct it out y fense, i , nterclai , t r  f t-o f;  )  e st f  ledge,  fault  e ank  e ance f   ties der e redit gree ent r e t er an ocuments s cu red;  c) l ntati ns d a ranties f e orr er tai ed rein,  e redit  gree ent d  e t er an ocuments re e d rect  l aterial ects s f  is ate, cept r y r sentation r a ranty at ecifica ly rs   rlier ate;  ) o aterial dverse ffect s cu red ri g e ri d mencing n e  l sing ate gh d n i g e irst endment l sing ate;  ) orr er s en l essary ti n  t orize e ecution d li ery f  is irst endment; d  (f) is irst endment   odification f  isti g li ati n d  t   vation.    ) CT N E AN REEMENT.  pon e t e s f is irst  endment:  (a) h ce  e redit gree ent  t is greement,” r under,”  ereof,” erein” r ords f e port a l ean d e  ce  e oan gree ent  s ended reby;     ) l ces  e t er an ocuments  e redit gree ent all ean  d e  ce  e redit gree ent s ended r by; d  c) cept s ecifica ly ended rein, e redit gr ement, d l t er  cuments, n ru ents d ents cuted d/or li ered  nection r ith, all  ain  l rce d ffect, d re r y d d fi ed.    ) I LLANEOUS.  his irst endment all e str ed  r ance ith d  erned  e a s f e tate f e  rsey, it out ce  at t ’s nflicts f   ciples.  his irst endment, e redit gree ent d e t er an ocuments  nstitute e le ent f e rties ith ect  e ject a ter r of d  ersede l ral otiati ns d ri r riti gs ith ect  e bject atter reof.  o endment f is irst endment, d  aiver f y e r ore f e isi ns  reof all e cti e le s t rth  riti g d ed  e rties reto.  he  

 

illegality, unenforceability or inconsistency of any provision of this First Amendment shall  not in any way affect or impair the legality, enforceability or consistency of the remaining  provisions of this First Amendment, the Credit Agreement or the other Loan Documents.  This First Amendment, the Credit Agreement and the other Loan Documents are intended to  be consistent. However, in the event of any inconsistencies among this First Amendment,  the Credit Agreement and/or any of the other Loan Documents, the terms of the Credit  Agreement as modified by this First Amendment shall control. The parties hereto shall  execute and deliver such additional documents and take such additional action as may be  necessary or desirable to effectuate the provisions and purposes of this First Amendment.  This First Amendment may be executed in any number of counterparts and by the different  parties on separate counterparts. Each such counterpart shall be deemed an original, but all  such counterparts shall together constitute one and the same agreement.  10) Waiver of Jury Trial. To the fullest extent permitted by applicable law, Borrower  hereby irrevocably waives any right to trial by jury of any claim, demand, action or  cause of action arising under this First Amendment or in any way connected with or  related or incidental to the dealings of the parties hereto in respect of this First  Amendment or the transactions contemplated hereby, in each instance whether now  existing or hereafter arising and whether in contract, tort, equity or otherwise.  [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4 7  ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   lle ality, enforceab lity r n sist cy f y vision f is irst endment all  t  y ay ct r pair e ality, f rceability r sist cy f e aining  isi ns f is irst endment, e redit gree ent r e t er an ocuments.   his irst endment, e redit gree ent d e t er an ocuments re n ed   e nsistent.  owever,  e ent f y n sist ncies ong is irst endment,  e redit gree ent d/or y f e t er an ocuments, e s f e redit  gree ent s odified  is irst endment all ntrol. he rties reto all  ecute d li er ch diti nal ents d e ch diti nal ti n s ay e  essary r sir ble  t ate e isi ns d r oses f is irst endment.  his irst endment ay e cuted  y ber f nterparts d  e i r nt  rties  arate unterparts.  ach ch nterpart all e ed  ri inal, t l  ch nterparts all ether nstitute e d e e r ent.  ) aiver f ry rial.  o e l st t nt i ted y plicable , rro er  y rr bly aives y t  ial  ry f y i , and, ti n r  se f ti n i i g der is irst endment r  y ay nected ith r  t d r ental  e ali gs f e rties reto  ect f is irst  endment r e sactions t plated reby,  ch ce hether   i ti g r reafter i i g d hether  tract, rt, uity r erwise.     R I DER F IS E IN I LLY FT NK]  

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED  CREDIT AGREEMENT]  IN WITNESS WHEREOF, the undersigned have signed and sealed this First Amendment  the day and year first above written.  BORROWER:  ATTEST: VILLAGE SUPER MARKET, INC.      Name: G; Hiurthy  Title; General Cousel     WITNESS: VILLAGE SUPER MARKET OF NJ, L.P.  By: Village Super Market, Inc.,  a New Jersey corporation, its General Partner       By  Nam¢: JOHN VAN ORDEN  Title: Chief Financial Officer     WITNESS: VILLAGE SUPERMARKET OF MARYLAND LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member  \                   By! By:  Name: a. HEC Namef JOHN VAN ORDEN  Title: General Coop Title: Chief Financial Officer  [SIGNATURE PAGE TO FOLLOW]  8  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753.v. 4 

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED  CREDIT AGREEMENT]  WITNESS: VILLAGE SUPER MARKET OF PA, LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member     By:  Name/ JOHN VAN ORDEN  Title: Chief Financial Officer        WITNESS: VSM NEW MARKETS, LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member           By: By:  Name: seh J. Mecar Name: JOHN VAN ORDEN  Title: Cenerd Coonsd Title: Chief Financial Officer  WITNESS: VSM GOURMET, LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member      By: By:  Name: 3. Haring Name JOHN VAN ORDEN  Title: Geserdh Guns Title: Chief Financial Officer     [SIGNATURE PAGE TO FOLLOW]  9  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753,v 4 

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED  CREDIT AGREEMENT]  WITNESS:     WITNESS:  WITNESS:     By:  Name: . Car  Title: Genera) Goonsel  VSM NY HOLDINGS LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member        Namet JOHN VAN ORDEN  Chief Financial Officer  GREATER MORRISTOWN RESTAURANT, LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member     By:  Name: JOHN VAN ORDEN  Title: Chief Financial Officer     HANOVER AND HORSEHILL DEVELOPMENT  LIMITED LIABILITY COMPANY  By: Village Super Market, Inc.,  a New Jersey corporation, its Manager  By: JOA wd A IN  Name¥YJOHN VAN ORDEN  Title: Chief Financial Officer  [SIGNATURE PAGE TO FOLLOW]  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753,v. 4 

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED  WITNESS:     WITNESS:  By:  Name Daniel TRC  Title: General Coyne  WITNESS:  CREDIT AGREEMENT]  DELILAH PROPERTIES LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member     By:  Name: JOHN VAN ORDEN  Title: Chief Financial Officer         FIRE BRANDS INNOVATION LLC     VSM NY DISTRIBUTION LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member  Byd FAIS  Name; JOHN VAN ORDEN  Title: Chief Financial Office  VILLAGE GALLOWAY SHOPPING  CENTER LLC  By: Village Super Market, Inc.,  By:  Na  a New Jersey corporation, its sole  member  mei, JOHN VAN ORDEN  QdNl~  Title: Chief Financial Officer  [SIGNATURE PAGE TO FOLLOW]  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753.v. 4 

 

[SIGNATURE PAGE TO FIRST AMENDMENT TO AMENDED AND RESTATED  CREDIT AGREEMENT]  BANK:  WELLS FARGO BANK,     12  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753,v. 4 

 

Exhibit A  2022 Term Note  See Attached  13  Wells/Village — First Amendment to A&R Credit Agreement  4870-0648-3753, v. 4   ells/Vi lage – irst endment  R redit gree ent  0-0648-3753, .   xhibit       22 er  ote    ee tt ched  

 

  1  Wells/Village – 2022 Term Note  4863-4805-9689, v. 3  2022 TERM NOTE  Wells Fargo Bank, National Association    $10,000,000 As of September 1, 2022   Roseland, New Jersey     This 2022 Term Note (this “Note”) is executed and delivered under and pursuant to the  terms of that certain Amended and Restated Credit Agreement dated as of January 28 2022, as  amended by that certain First Amendment to Amended and Restated Credit Agreement dated of  even date herewith (as amended, restated, supplemented or modified from time to time, the “Credit  Agreement”) by and between among VILLAGE SUPER MARKET, INC., a corporation  organized under the laws of the State of New Jersey (“Village”), VILLAGE SUPER MARKET  OF NJ, L.P., a limited partnership organized under the laws of the State of New Jersey (“Village  NJ”), VILLAGE SUPERMARKET OF MARYLAND LLC, a limited liability company  organized under the laws of the State of Maryland  (“Village MD”), VILLAGE SUPER  MARKET OF PA, LLC, a limited liability company organized under the laws of the  Commonwealth of Pennsylvania (“Village PA”), VSM NEW MARKETS, LLC, a limited  liability company organized under the laws of the State of New Jersey (“VSM New Markets”),  VSM GOURMET, LLC, a limited liability company organized under the laws of the State of  New York (“VSM Gourmet”), VSM NY HOLDINGS LLC, a limited liability company  organized under the laws of the State of New York (“VSM Fairway”), GREATER  MORRISTOWN RESTAURANT, LLC, a limited liability company organized under the laws  of the State of New Jersey (“VSM Morristown”), HANOVER AND HORSEHILL  DEVELOPMENT LIMITED LIABILITY COMPANY, a limited liability company  organized under the laws of the State of New Jersey (“Hanover”), DELILAH PROPERTIES  LLC, a limited liability company organized under the laws of the State of New Jersey  (“Delilah”), FIRE BRANDS INNOVATION LLC, a limited liability company organized under  the laws of the State of New Jersey (“Fire Brands”), VSM NY DISTRIBUTION LLC, a limited  liability company organized under the laws of the State of New York (“VSM Distribution”) and  VILLAGE GALLOWAY SHOPPING CENTER LLC, a limited liability company organized  under the laws of the State of New Jersey (“Galloway” and collectively with Village, Village NJ,  Village MD, Village PA, VSM New Markets, VSM Gourmet, VSM Fairway, VSM Morristown,  Hanover, Delilah, Fire Brands, VSM Distribution, the "Borrower"), and WELLS FARGO  BANK, NATIONAL ASSOCIATION ("Bank"). Capitalized terms not otherwise defined herein  shall have the meanings provided in the Credit Agreement.     FOR VALUE RECEIVED, Borrower hereby promise to pay to the order of the Bank, at  the office of the Bank located at 190 River Road, 1st Floor, Summit, New Jersey 07901 or at such  other place as the Bank may from time to time designate to Borrower in writing:     (i)  the principal sum of TEN MILLION AND 00/100 DOLLARS ($10,000,000) in eighty  four (84) equal consecutive monthly principal installments based on a seven (7) year amortization  schedule as more fully set forth on Schedule 1 attached hereto, the first eighty three (83) of which  shall be in the amount of $119,047.62 plus accrued interest commencing on the first Business Day  of October, 2022, and continuing on the first Business Day of each month thereafter, with an  eighty fourth (84th) and final payment of any unpaid balance of principal and interest payable on  the first Business Day of September, 2029, and subject to mandatory prepayment and acceleration  

 

upon the occurrence of an Event of Default under the Credit Agreement or earlier termination of  the Credit Agreement pursuant to the terms thereof;  (i) interest on the principal amount of this Note from time to time outstanding until such  principal amount is paid in full at the applicable 2022 Term Loan Rate in accordance with the  provisions of the Credit Agreement. In no event, however, shall interest exceed the maximum  interest rate permitted by law. Upon and after the occurrence of an Event of Default, and during  the continuation thereof, interest shall be payable at the Default Rate in accordance with the Credit  Agreement; and  (iif) notwithstanding anything to the contrary herein, in the Credit Agreement and/or in any  other Loan Document, all outstanding principal and interest hereunder which is due and payable in  full if the Revolving Line of Credit is not extended beyond the applicable Termination Date.  This Note is a “2022 Term Note” referred to in the Credit Agreement, and is entitled to the  benefits of the Credit Agreement and the other Loan Documents and is subject to all of the  agreements, terms and conditions therein contained.  This Note is subject to mandatory prepayment, and may be voluntarily prepaid, in whole or  in part, in each case pursuant to the terms and conditions set forth in the Credit Agreement.  If an Event of Default under Subsection 6.1(f) or 6.1(h) of the Credit Agreement shall  occur, then this Note shall immediately become due and payable, without notice, together with  reasonable attorneys’ fees if the collection hereof is placed in the hands of an attorney to obtain or  enforce payment hereof. If any other Event of Default shall occur under the Credit Agreement or  any of the other Loan Documents, which is not cured within any applicable grace period, then this  Note may, as provided in the Credit Agreement, be declared to be immediately due and payable,  without notice, together with reasonable attorneys’ fees, if the collection hereof is placed in the  hands of an attorney to obtain or enforce payment hereof.  Bank may at any time pledge or assign all or any portion of its rights under the Credit  Agreement or the other Loan Documents (including any portion of this Note) to any of the twelve  (12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C.  Section 341. No such pledge or assignment or enforcement thereof shall release Bank from its  obligations under the Credit Agreement or any of the other Loan Documents.  Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether  voluntary, involuntary or by operation of law, of all or any interest in any real property securing  this Note, if any, or upon the occurrence of any Event of Default, the holder of this Note, at the  holder's option, may declare all sums of principal and interest outstanding hereunder to be  immediately due and payable without presentment, demand, notice of nonperformance, notice of  protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the  obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and  terminate. Borrower shall pay to the holder immediately upon demand the full amount of all  payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include  outside counsel fees), expended or incurred by the holder in connection with the enforcement of  the holder's rights and/or the collection of any amounts which become due to the holder under this  Note whether or not suit is brought, and the prosecution or defense of any action in any way  2  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3      ells/Vi lage – 22 er  ote  3-4805-9689, .   on e rence f  ent f efault der e redit gree ent r rlier ination f  e redit gree ent rsuant  e s reof;      i)  rest  e cipal ount f is ote  e  e t t ding til ch  cipal ount  id  l t e pli able 22 er  an ate  r ance ith e  isi ns f e redit gr ement. I   ent, ever, all rest eed e axi u   rest t  r i ted  .  pon d t r e urrence f  ent f efault, d ri g  e ti uation reof, rest all  able t e efault ate  r ance ith e redit  gr ement; d     i)  t it st ding t ing  e ntrary rein,  e redit gree ent d/or  y  t er an ocument, l t t ing ri cipal d rest nder hich  e d able   l  e evolving i e f redit  t t ded nd e pli able er ination ate.     his ote   2 er  ote” r d   e redit gr ement, d  titl d  e  nefits f e redit gree ent d e t er an ocuments d  bject  l f e  r ents, s d nditi ns rein ntained.       his ote  bject  andatory ent, d ay e luntarily paid,  hole r   art,  ch se rs ant  e s d diti ns t rt   e redit gr ement.      I   vent f efault der bsection . (f) r . (h) f e redit gree ent all  cur, n is ote all i ediately e e d able, it out tice, ether ith  able eys’ s  e ll ti n r of  l ed  e ds f  y  tain r  f rce ent reof.  I  y t er ent f efault all cur der e redit gree ent r  y f e t er an ocuments, hich  t red ithin y pli able ce ri d, n is  ote ay, s i ed  e redit gr ement, e clared  e ediately e d able,  it out tice, et er ith able eys’ s,  e ll ti n r of  l ed  e  ds f  y  tain r f rce ent reof.     ank ay t y e ge r i n l r y rti n f  ts der e redit  gree ent r e t er an ocuments in i g y rti n f is ote)  y f e elve  ) deral eserve anks nized der ecti n  f e deral eserve ct,  . .C.  ecti n 1.  o ch ge r ent r ent r of all se ank    li ati ns der e redit gree ent r y f e t er an ocuments.  pon e le, sfer, othecation, ent r t er brance, hether  luntary, n l ntary r  erati n f , f l r y rest  y al erty uring  is ote,  y, r on e rrence f y ent f efault, e l er f is ote, t e  lder's tion, ay clare l s f cipal d rest t t ding nder  e  ediately e d able it out t ent, and, tice f perf r ance, ti e f  r test, test r tice f i onor, l f hich re re sly aived  o rower, d e  li ation,  y, f e l er  t d y rt er dit nder all ediately ase d  inate. orr er all y  e l er ediately on and e l ount f l  ents, ances, arges, sts d enses, i g able eys' s  e  tsi e unsel es), ended r rred  e l er  nection ith e ent f  e lder's ts d/or e ll cti n f y ounts hich e e  e l er der is  ote hether r t it  ught, d e s cution r f nse f y ti n  y ay  

 

related to this Note, including without limitation, any action for declaratory relief, whether  incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any  of the foregoing incurred in connection with any bankruptcy proceeding (including without  limitation, any adversary proceeding, contested matter or motion brought by Bank or any other  person) relating to Borrower or any other person or entity.  Should more than one person or entity sign this Note as a Borrower, the obligations of  each such Borrower shall be joint and several.  The effective date of this Note shall be the date that Bank has accepted this Note and all  conditions to the effectiveness of the Credit Agreement have been fulfilled to Bank's satisfaction.  Notwithstanding the occurrence of the effective date of this Note, Bank shall not be obligated to  extend credit under this Note until all conditions to each extension of credit set forth in the Credit  Agreement have been fulfilled to Bank's satisfaction.  This Note shall be construed and enforced in accordance with the laws of the State of New  Jersey.  Borrower expressly waives any presentment, demand, protest, notice of protest, or notice of  any kind except as expressly provided in the Credit Agreement.  [SIGNATURE PAGE TO FOLLOW]  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3    3  ells/Vi lage – 22 er  ote  3-4805-9689, .   t d  is ote, i g it out i itati n, y ti n r cl rat ry lief, hether  rred t e l r pe late el,   it ti n eeding r r ise, d n i g y  f e oing rred  nection ith y kruptcy eding in i g it out  i itati n, y ersary ceeding, tested a ter r otion ght  ank r y t er  rson) t g  orr er r y t er r n r tity.  ould ore n e rs n r tit  n is ote s  o rower, e li ati ns f  ch ch orr er all e int d eral.    he cti e te f is ote all e e ate at ank s epted is ote d l  diti ns  e t e s f e redit gree ent ve en lfill d  ank's t ction.  ot ithstanding e u rence f e cti e ate f is ote, ank all t e li ated   t d dit der is ote til l diti ns  ch t sion f dit t rth  e redit  gree ent e en lfil d  ank's t ction.     his ote all e str ed d f rced  r ance ith e s f e t te f e   rsey.     orr er re sly aives y t ent, and, r test, ti e f r test, r ti e f  y i d cept s re sly i ed  e redit gr ement.       SIGN RE E  OW]  

 

[SIGNATURE PAGE TO 2022 TERM NOTE]  ATTEST: VILLAGE SUPER MARKET, INC.       By:  Namey/ JOHN VAN ORDEN  Title: Chief Financial Officer     VILLAGE SUPER MARKET OF NJ, L.P.  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its General Partner  By:  nl Cin VAN ORDEN  Title: Chief Financial Officer  VILLAGE SUPERMARKET OF MARYLAND LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member  By: il DN LA I~  Name: Darke J. Name JOHN VAN ORDEN  Title: Generel isi] Title: Chief Financial Officer     [SIGNATURE PAGE TO FOLLOW]  Wells/Village ~ 2022 Term Note  4863-4805-9689, v. 3 

 

[SIGNATURE PAGE TO 2022 TERM NOTE]  VILLAGE SUPER MARKET OF PA, LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member     By:  Name: JOHN VAN ORDEN  Title: Chief Financial Officer      VSM NEW MARKETS, LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member  By: { LON) h) Pal  Name:lJOHN VAN ORDEN  Title: Chief Financial Officer     VSM GOURMET, LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member      By:  Name: JOHN VAN ORDEN  Title: Chief Financial Officer  [SIGNATURE PAGE TO FOLLOW]  Wells/ Village — 2022 Term Note  4863-4805-9689.v 3 

 

[SIGNATURE PAGE TO 2022 TERM NOTE]  VSM NY HOLDINGS LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member      By:  Name:  Title: Chief Financial Officer        GREATER MORRISTOWN RESTAURANT, LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member  By Lo, So LA  Name: {JOHN VAN ORDEN  Title: Chief Financial Officer  HANOVER AND HORSEHILL DEVELOPMENT  LIMITED LIABILITY COMPANY  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Manager  By:  Name:/JOHN VAN ORDEN  Title: Chief Financial Officer     [SIGNATURE PAGE TO FOLLOW]  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3 

 

[SIGNATURE PAGE TO 2022 TERM NOTE]  DELILAH PROPERTIES LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member      By:  Name: 1OHN VAN ORDEN  Title: Chief Financial Officer        FIRE BRANDS INNOVATION LLC      By:  Name: JOHN VAN ORDEN  Title: Manager      VSM NY DISTRIBUTION LLC  WITNESS: By: Village Super Market, Inc.,  a New Jersey corporation, its Sole Member      By:  Name  Title:          OHN VAN ORDEN  Chief Financial Officer     WITNESS: VILLAGE GALLOWAY SHOPPING CENTER  LLC  By: Village Super Market, Inc.,  a New Jersey corporation, its sole member  By: 00  Namej JOHN VAN ORDEN  Title: Chief Financial Officer  Wells/ Village — 2022 Term Note  4863-4805-9689, v. 3 

 

The Note will be paid in the principal amounts plus accrued interest on the dates as shown  below:  Payment Due Date  SCHEDULE 1  (Term Note Amortization Schedule)  SCHEDULE 1 TO PROMISSORY NOTE  Oct 03, 2022  Nov 01, 2022  Dec 01, 2022  Jan 03, 2023  Feb 01, 2023  Mar 01, 2023  Apr 03, 2023  May 01, 2023  Jun 01, 2023  Jul 03, 2023  Aug 01, 2023  Sep 01, 2023  Oct 02, 2023  Nov 01, 2023  Dec 01, 2023  Jan 02, 2024  Feb 01, 2024  Mar 01, 2024  Apr 01, 2024  May 01, 2024  Jun 03, 2024  Jul 01, 2024  Aug 01, 2024  Sep 03, 2024  Oct 01, 2024  Nov 01, 2024  Dec 02, 2024  Jan 02, 2025  Feb 03, 2025  Mar 03, 2025  Apr 01, 2025  May 01, 2025  Jun 02, 2025  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3  Principal Payment Due  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62    8  ells/Vi lage – 22 er  ote  3-4805-9689, .   DULE      ote ortization edule)    DULE   ISS RY TE  he ote ill e id  e i cipal ounts l s r ed rest  e tes s n  l :  ent ue ate ri cipal ent ue  ct 3, 22 , 47.62  ov 1, 22 , 47.62  ec 1, 22 , 47.62  n 3, 23 , 47.62  b 1, 23 , 47.62  ar 1, 23 , 47.62  pr 3, 23 , 47.62  ay 1, 23 , 47.62  n 1, 23 , 47.62  l 3, 23 , 47.62  ug 1, 23 , 47.62  ep 1, 23 , 47.62  ct 2, 23 , 47.62  ov 1, 23 , 47.62  ec 1, 23 , 47.62  n 2, 24 , 47.62  b 1, 24 , 47.62  ar 1, 24 , 47.62  pr 1, 24 , 47.62  ay 1, 24 , 47.62  n 3, 24 , 47.62  l 1, 24 , 47.62  ug 1, 24 , 47.62  ep 3, 24 , 47.62  ct 1, 24 , 47.62  ov 1, 24 , 47.62  ec 2, 24 , 47.62  n 2, 25 , 47.62  b 3, 25 , 47.62  ar 3, 25 , 47.62  pr 1, 25 , 47.62  ay 1, 25 , 47.62  n 2, 25 , .   

 

Jul 01, 2025  Aug 01, 2025  Sep 02, 2025  Oct 01, 2025  Nov 03, 2025  Dec 01, 2025  Jan 02, 2026  Feb 02, 2026  Mar 02, 2026  Apr 01, 2026  May 01, 2026  Jun 01, 2026  Jul 01, 2026  Aug 03, 2026  Sep 01, 2026  Oct 01, 2026  Nov 02, 2026  Dec 01, 2026  Jan 04, 2027  Feb 01, 2027  Mar 01, 2027  Apr 01, 2027  May 03, 2027  Jun 01, 2027  Jul 01, 2027  Aug 02, 2027  Sep 01, 2027  Oct 01, 2027  Nov 01, 2027  Dec 01, 2027  Jan 03, 2028  Feb 01, 2028  Mar 01, 2028  Apr 03, 2028  May 01, 2028  Jun 01, 2028  Jul 03, 2028  Aug 01, 2028  Sep 01, 2028  Oct 02, 2028  Nov 01, 2028  Dec 01, 2028  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62    9  ells/Vi lage – 22 er  ote  3-4805-9689, .   l 1, 25 , 47.62  ug 1, 25 , 47.62  ep 2, 25 , 47.62  ct 1, 25 , 47.62  ov 3, 25 , 47.62  ec 1, 25 , 47.62  n 2, 26 , 47.62  b 2, 26 , 47.62  ar 2, 26 , 47.62  pr 1, 26 , 47.62  ay 1, 26 , 47.62  n 1, 26 , 47.62  l 1, 26 , 47.62  ug 3, 26 , 47.62  ep 1, 26 , 47.62  ct 1, 26 , 47.62  ov 2, 26 , 47.62  ec 1, 26 , 47.62  n 4, 27 , 47.62  b 1, 27 , 47.62  ar 1, 27 , 47.62  pr 1, 27 , 47.62  ay 3, 27 , 47.62  n 1, 27 , 47.62  l 1, 27 , 47.62  ug 2, 27 , 47.62  ep 1, 27 , 47.62  ct 1, 27 , 47.62  ov 1, 27 , 47.62  ec 1, 27 , 47.62  n 3, 28 , 47.62  b 1, 28 , 47.62  ar 1, 28 , 47.62  pr 3, 28 , 47.62  ay 1, 28 , 47.62  n 1, 28 , 47.62  l 3, 28 , 47.62  ug 1, 28 , 47.62  ep 1, 28 , 47.62  ct 2, 28 , 47.62  ov 1, 28 , 47.62  ec 1, 28 , .   

 

Jan 02, 2029  Feb 01, 2029  Mar 01, 2029  Apr 02, 2029  May 01, 2029  Jun 01, 2029  Jul 02, 2029  Aug 01, 2029  Sep 04, 2029  Wells/Village — 2022 Term Note  4863-4805-9689, v. 3  10  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  119,047.62  Remaining Balance      ells/Vi lage – 22 er  ote  3-4805-9689, .   n 2, 29 , 47.62  b 1, 29 , 47.62  ar 1, 29 , 47.62  pr 2, 29 , 47.62  ay 1, 29 , 47.62  n 1, 29 , 47.62  l 2, 29 , 47.62  ug 1, 29 , 47.62  ep 4, 29 e aining l

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