As previously disclosed, in September 2021, Local Bounti Corporation (the “Company”), along with certain subsidiaries of the Company, and Cargill Financial Services International Inc. (“Cargill Financial”) entered into (a) a credit agreement (the “Original Senior Credit Agreement”) and (b) a subordinated credit agreement (the “Original Subordinated Credit Agreement” and, together with the Original Senior Credit Agreement, the “Original Credit Agreements”). Also as previously disclosed, in March 2022 and August 2022, the Company, along with certain subsidiaries of the Company and Cargill Financial, entered into that certain First Amendment to Credit Agreements and Subordination Agreement and that Second Amendment to Credit Agreements, respectively, to amend the Original Credit Agreements (as amended, the “Credit Agreements”). On December 30, 2022, the Company, along with certain subsidiaries of the Company, entered into a Third Amendment to Credit Agreements (the “Third Amendment”) with Cargill Financial to further amend the Credit Agreements.

The Third Amendment (i) reduces the amount of cash required to be held in the debt service reserve account for the Credit Agreements by approximately $10.0 million; (ii) modifies the payment date of regularly scheduled interest and principal payments and certain other payments under the Credit Agreements from the last Business Day of the applicable quarter to the first Business Day of the subsequent quarter; (iii) allows for the payment in kind of the quarterly interest payment due and payable for the quarter ending December 31, 2022; and (iv) implements a capital expenditures covenant which limits capital expenditures to existing projects and restricts aggregate capital expenditures for existing projects in excess of amounts set forth in the applicable construction budget to $1,000,000 in any fiscal year. The aggregate amount of outstanding loans and undrawn commitments under the Credit Agreements remains at $170.0 million (plus interest paid in kind). On January 6, 2023, the Company, along with certain subsidiaries of the Company, entered into a Fourth Amendment to Credit Agreements (the “Fourth Amendment”) with Cargill Financial to further amend the Credit Agreements, as amended by the Third Amendment.

The Fourth Amendment reduces the minimum liquidity covenant in each of the Credit Agreements from $20.0 million to $11.0 million (or $10.0 million following a qualified offtake arrangement).