On June 27, 2022, Lerer Hippeau Acquisition Corp. issued an unsecured promissory note (the “Note”) in the amount of up to $650,000 to its sponsor, LHAC Sponsor LLC, a Delaware limited liability company (the “Payee”). The proceeds of the Note, which may be drawn down from time to time until the Maturity Date (as defined below), will be used for costs and expenses related to a Business Combination (as defined below) transaction and for general working capital purposes.

The Note bears interest at the lowest short-term Applicable Federal Rate (within the meaning of Internal Revenue Code Section 1274) in effect as of the date the Note was issued and is payable in full upon the earlier to occur of March 9, 2023, which is the date that is 24 months from the closing of the Company's initial public offering of its securities, or if the period of time that the Company has to consummate a Business Combination is extended as a result of an amendment to its Amended and Restated Certificate of Incorporation, the latest date of such extended period, and the date on which the Company consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. A failure to pay the principal amount outstanding and any and all interest earned thereon on the Maturity Date or the commencement of a voluntary or involuntary bankruptcy action will be deemed an event of default, in which case the Note may be accelerated. Prior to the Company's first payment of all or any portion of the Full Balance of the Note in cash, the Payee has the option to convert all, but not less than all, of the Full Balance of the Note into private placement shares (the “Conversion Shares”), equal to: the Full Balance of the Note being converted, divided by (y) $10.00, rounded up to the nearest whole number of shares.

The Conversion Shares would be identical to the shares issued by the Company to the Payee in the private placement that was consummated in connection with the Company's initial public offering. The Payee would be entitled to certain registration rights relating to the Conversion Shares.