Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 3

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 3
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ant’s
Common Stock, subject to the vesting schedule (the “Vesting Schedule”) as follows:

    ●
    (i) in connection with the financial performance for the fiscal year
ended June 30, 2024:

    (A) 700,000 Earnout Shares will be issued to Original Foxx Shareholders
on a pro rata basis if and only if the Registrant’s audited consolidated financial statements for the fiscal year ended June 30,
2024 (“2024 Registrant Audited Financial Statements”), prepared in accordance with the Generally Accepted Accounting Principles
of the United States (“U.S. GAAP”) and filed with the SEC on Form 10-K by the Registrant after Closing, reflect revenue of
the Registrant for the fiscal year ended June 30, 2024 (the “Registrant 2024 Revenue”) no less than $67,000,000 (including
$67,000,000) and less than $84,000,000 (excluding $84,000,000);

    (B) 1,400,000 Earnout Shares
    will be issued to Original Foxx Shareholders on a pro rata basis if and only if the Registrant 2024 Revenue reflected in the 2024 Registrant
    Audited Financial Statements is no less than $84,000,000 (including $84,000,000) and less than $100,000,000 (excluding $100,000,000);

    (C) 2,100,000 Earnout Shares
    will be issued to Original Foxx Shareholders on a pro rata basis if and only if the Registrant 2024 Revenue reflected in the 2024 Registrant
    Audited Financial Statements is no less than $100,000,000 (including $100,000,000);

provided,
however, that the Earnout Shares will be issued and delivered pursuant to one paragraph from (i)(A)-(i)(C) above only once; and

    ●
    (ii) In connection with the financial performance for the fiscal year
ended June 30, 2025:

    (A) 700,000 Earnout Shares will be issued to Original Foxx Shareholders
on a pro rata basis if and only if the Registrant’s audited consolidated financial statements for the fiscal year ended June 30,
2025 (“2025 Registrant Audited Financial Statements”), prepared in accordance with U.S. GAAP and