Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 571

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 571
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 by the Registrant without consideration.

Additionally,
the Original Foxx Shareholders would be entitled to receive “Earnout Shares”, which refer to 4,200,000 shares of our 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 would be issued to Original Foxx Shareholders
on a pro rata basis if and only if our audited consolidated financial statements for the fiscal year ended June 30, 2024 (“2024
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 us after Closing, would reflect our revenue for the fiscal year ended June 30, 2024
(the “2024 Revenue”) to be 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
    would be issued to Original Foxx Shareholders on a pro rata basis if and only if the Registrant 2024 Revenue reflected in the 2024 Audited
    Financial Statements would be 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
    would be issued to Original Foxx Shareholders on a pro rata basis if and only if the 2024 Revenue reflected in the 2024 Audited Financial
    Statements would be no less than $100,000,000 (including $100,000,000);

provided,
however, that the Earnout Shares would 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 would be issued to Original Foxx Shareholders
on a pro rata basis if and only if our audited consolidated financial statements for the fiscal year ended June 30,