First Amendment to the Loan and Security Agreement, dated October 21, 2021, by and between the Company and City National Bank

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of December 30, 2021, by and between City National Bank (“Bank”) and Backblaze, Inc., a Delaware corporation (“Borrower”).

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

2.1Section 1.1 (Definitions). The following terms and their respective definitions set forth in Section 1.1 are deleted in their entirety:

2.2Section 1.1 (Definitions). With respect to the definition of “Permitted Investment” in Section 1.1, the references to “one (1) year” in clauses (i), (ii), and (iii) are amended to refer instead to “three (3) years” in each respective clause.

2.3Section 2.1 (Credit Extensions). With respect to Section 2.1(b)(iv), the phrase “3:00 p.m. Pacific time, on the Business Day the Advance is to be made” is amended to state instead “12:00 p.m. Pacific time, at least one (1) Business Day prior to the Business Day the Advance is to be made.”

1.4Section 3.2 (Conditions Precedent to all Credit Extensions). With respect to Section 3.2, the “and” at the end of clause (c) is deleted, the “.” at the end of clause (d) is deleted and replaced by “; and”, and new clause (e) is added as follows:

(e) Borrower shall transfer cash collateral to the standing pledged account at Bank in an amount equal to at least one hundred percent (100%) of the amount requested for each Advance.

1.5Section 6.10 (Minimum Adjusted EBITDA). Section 6.10 is amended in its entirety and replaced with the following:

2.6 Section 6.11 (Minimum Leverage Ratio). Section 6.11 is amended in its entirety and replaced with the following:

2.7Exhibit B (Loan Advance/Paydown Request Form). The Loan Advance/Paydown Request Form is amended in its entirety and replaced with the Loan Advance/Paydown Request Form in the form of Exhibit B attached hereto.

2.8Exhibit D (Compliance Certificate). The Compliance Certificate is amended in its entirety and replaced with the Compliance Certificate in the form of Exhibit D attached hereto.

5.Ratification of Perfection Certificate. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of October 21, 2021, and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Bank in such Perfection Certificate have not changed (other than as set forth in written notices to Bank), as of the date hereof.

6.Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

7.Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

8.Electronic Execution of Documents. Each party hereto may execute this Amendment by electronic means and recognizes and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof.

9.Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment.