# EDGAR Filing Document

**Accession Number:** 0002096362
**File Stem:** 0001493152-26-018924
**Filing Date:** 2026-4
**Character Count:** 1817591
**Document Hash:** f941e2c90e20c7e96abbc91ca7a092a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-018924.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001493152-26-018924

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIAI Holdings Corp
- **CENTRAL INDEX KEY:** 0002096362
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 334103471
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292963
- **FILM NUMBER:** 26894769

**BUSINESS ADDRESS:**
- **STREET 1:** 17304 PRESTON ROAD, SUITE 520
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252
- **BUSINESS PHONE:** (214) 935-9840

**MAIL ADDRESS:**
- **STREET 1:** 17304 PRESTON ROAD, SUITE 520
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252

?xml version='1.0' encoding='ASCII'?

**As Filed with the Securities and Exchange Commission on April 24, 2026.**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 5**

**to**

**FORM S-1**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**AIAI HOLDINGS CORPORATION**

(Exact name of registrant as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation or organization)

(Primary Standard Industrial Classification Code Number)

**33-4103471**

(I.R.S. Employer Identification Number)

**17304 Preston Road, Suite 520**

**Dallas, TX 75252**

**(214) 935-9853**

(Address, including zip code, and telephone number,

including area code, of registrant's principal executive offices)

**Todd Furniss**

**Chief Executive Officer**

**17304 Preston Road, Suite 520**

**Dallas, TX 75252**

**(214) 935-9853**

(Name, address, including zip code, and telephone number,

including area code, of agent for service)

***Copies to:***

**Kenneth L. Betts, Esq.**

**Egan Nelson LLP**

**2911 Turtle Creek Boulevard, Suite 1100**

**Dallas, Texas 75219**

Approximate date of commencement of proposed sale to public: **As soon as practicable after this registration statement becomes effective.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: **☒**

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED APRIL 24, 2026

PRELIMINARY PROSPECTUS

69,483,430 SHARES

**AIAI Holdings** **Corporation**

**Common Stock**

This prospectus relates to the registration of the resale of up to 69,483,430 shares, or the Shares, of our Class A common stock, or the common stock, by our stockholders identified in this prospectus, or the Registered Stockholders, in connection with our direct listing, or the Direct Listing, on the Nasdaq Global Market, or Nasdaq. Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten by any investment bank. The Registered Stockholders may elect to sell their Shares covered by this prospectus, as and to the extent they may determine. If the Registered Stockholders choose to sell their Shares, we will not receive any proceeds from the sale of such Shares. We have engaged RBW Capital Partners, LLC as our financial advisor, or the Advisor, to advise and assist us we respect to certain matters relating to the Direct Listing.

No public market for our common stock currently exists, and our shares of common stock have a limited history of trading in private transactions. At the time of the Direct Listing, we will have issued an aggregate of up to 27,472,430 shares of our common stock in private placements in connection with the acquisition of our portfolio companies at a per share price of $20.00. For more information, see "*Business—Recent Acquisitions.*" Recent sales of our common stock or securities convertible into our common stock in private transactions may have little or no relation to the opening public price of the Shares on Nasdaq or the subsequent trading price of shares of our common stock on Nasdaq. For more information, see "*Sale Price History of Our Capital Stock*."

Further, the listing of our common stock on Nasdaq, without a firm-commitment underwritten offering, is a novel method for commencing public trading in shares of our common stock and, consequently, the trading volume and price of shares of our common stock may be more volatile than if shares of our common stock were initially listed in connection with an initial public offering underwritten on a firm-commitment basis.

On the day that the Shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that the Shares are "ready to trade." Once the Advisor has notified Nasdaq that the Shares are ready to trade, Nasdaq will confirm the Current Reference Price for the Shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of the Shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our shares of common stock will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. The Registered Stockholders will not be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will be issued 808,560 shares of our common stock in connection with and at the time of the Direct Listing and such shares are not being registered under this prospectus, and the Advisor is a not Registered Stockholder. The Advisor will determine when the Shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see the section "*Plan of Distribution*" of this prospectus.

We have applied to list our common stock on the Nasdaq Global Market under the symbol "AIAI*.*" We expect our Class A common stock to begin trading on Nasdaq on or about [___], 2026.

If our Nasdaq application is not approved or we otherwise determine that we will not be able to secure the listing of our Class A common stock on Nasdaq, we will not complete this Direct Listing. This listing is a condition to the offering. No assurance can be given that our Nasdaq application will be approved and that our common stock will ever be listed on Nasdaq. If our listing application is not approved by Nasdaq, we will not be able to consummate the offering and we will terminate this Direct Listing.

Upon completion of this offering, our founder, John P. Rochon, will beneficially own all of our issued and outstanding shares of Class B common stock, each of which has 10 votes per share, which will constitute approximately 50.1% of the voting power of our outstanding voting securities, and therefore, we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. We do not intend to rely on any exemptions from the corporate governance requirements that are available to controlled companies.

We are an "emerging growth company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so in future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*."

Investing in shares of our common stock involves a high degree of risk. See the "*Risk Factors*" section of this prospectus beginning on page 8 for the risks and uncertainties you should consider before investing in our common stock.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

**Prospectus dated [____], 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#sq_001) | i |
| [PROSPECTUS SUMMARY](#sq_002) | 1 |
| [RISK FACTORS](#sq_004) | 8 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#ab_001) | 58 |
| [INDUSTRY, MARKET, AND OTHER DATA](#a_001) | 59 |
| [USE OF PROCEEDS](#a_002) | 59 |
| [DIVIDEND POLICY](#a_003) | 60 |
| [BUSINESS](#a_005) | 60 |
| [MANAGEMENT](#a_006) | 79 |
| [CORPORATE GOVERNANCE](#aak_002) | 83 |
| [EXECUTIVE COMPENSATION](#ol_001) | 86 |
| [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS](#aak_001) | 89 |
| [CAPITALIZATION](#me_001) | 108 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#sd_002) | 109 |
| [DESCRIPTION OF CAPITAL STOCK](#sd_004) | 132 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#sd_005) | 135 |
| [SALE PRICE HISTORY OF OUR CAPITAL STOCK](#ab_002) | 137 |
| [CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#sd_003) | 137 |
| [PRINCIPAL AND Registered STOCKHOLDERS](#o_001) | 138 |
| [CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK](#me_002) | 150 |
| [PLAN OF DISTRIBUTION](#sd_006) | 154 |
| [LEGAL MATTERS](#sd_007) | 156 |
| [EXPERTS](#sd_008) | 156 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#sd_009) | 156 |
| [INDEX TO FINANCIAL STATEMENTS](#sd_010) | 157 |

---

You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission. Neither we nor any of the Registered Stockholders have authorized anyone to provide any information different from, or in addition to, the information contained in this prospectus and in any free writing prospectuses we have prepared or that have been prepared on our behalf or to which we have referred you. Neither we nor any of the Registered Stockholders take responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The Registered Stockholders are offering to sell, and seeking offers to buy, their Shares only under the circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date, regardless of the time of delivery of this prospectus or of any sale of our common stock. Our business, financial condition, results of operations and prospects may have changed since such date.

For investors outside the United States: Neither we nor any of the Registered Stockholders have done anything that would permit the use of or possession or distribution of this prospectus or any related free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of the Shares by the Registered Stockholders and the distribution of this prospectus outside the United States.

**ABOUT THIS PROSPECTUS**

This prospectus is a part of a registration statement on Form S-1 that we filed with the SEC using a "shelf" registration or continuous offering process. Under this shelf registration process, the Registered Stockholders may, from time to time, sell common stock covered by this prospectus in the manner described in the section titled "*Plan of Distribution*." Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus, including the section titled "*Plan of Distribution*." You may obtain this information without charge by following the instructions under the section titled "*Where You Can Find Additional Information*" appearing elsewhere in this prospectus. You should read this prospectus and any prospectus supplement before deciding to invest in our common stock.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed or will be filed as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described under "*Where You Can Find Additional Information*."

i

**PROSPECTUS SUMMARY**

*This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all the information you should consider before investing in our common stock. You should read this entire prospectus carefully, including the sections entitled "Risk Factors," "Cautionary Note Regarding Forward-Looking Information" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the financial statements and the related notes of the company and two of our Portfolio Companies (as defined below) included elsewhere in this prospectus, before making an investment decision. Some of the statements in this prospectus constitute forward-looking statements. See the section titled "Cautionary Note Regarding Forward-Looking Information." Unless the context otherwise requires, the terms "AIAI," "the company," "we," "us," and "our" in this prospectus refer to AIAI Holdings Corporation and our consolidated subsidiaries, which initially consist solely of our Portfolio Companies, as hereinafter defined.*

**Overview**

AIAI was formed for the purpose of creating an AI-powered ecosystem through acquiring and scaling companies that have high potential for increased operating results through the integration of our Artificial Intelligence, or AI into their operations. We are not simply an investment vehicle—we seek to improve the operating performance of our subsidiaries through the application of our proprietary AI. The AI that we will apply to the companies that we acquire will be licensed to us by Messier 42 LLC, or M42, a company controlled by our founder, John P. Rochon, immediately prior to the effective date, or the Effective Date, of the Registration Statement of which this prospectus forms a part. See "*Business—License Agreement.*" AIAI will identify, acquire, and, where appropriate, consolidate high potential, AI-adjacent companies through a thorough evaluation framework that looks beyond conventional metrics. Our unique assessment methodology is designed to identify hidden value that traditional approaches miss, creating opportunities for increased stockholder returns. We expect to generate value through strong leadership coupled with technological integration, and unlocking synergies between AI and operations that remain invisible to traditional approaches. By combining complementary capabilities, we create solutions that are greater than the sum of their parts.

The global technological landscape is experiencing a fundamental shift as the industry reaches the critical threshold where AI transforms from a promising technology to a transformative force. Through our access to M42's proprietary integrated AI, we expect to be able to capitalize on what we see as the convergence of advanced AI, mature computing infrastructure, and market readiness. AIAI's strategic thesis rejects the siloed application of AI and instead focuses on building an integrated ecosystem where specialized capabilities amplify each other across multiple verticals such as construction, healthcare, defense, blockchain data infrastructure, digital assets, and government services.

Our operating strategy is based on the premise that we anticipate generating a higher usage rate for our AI technology through applying it directly to the operations of our wholly-owned subsidiaries, which we believe will create greater stockholder value. We expect to implement this process through the acquisition of companies with AI integration potential as opposed to the generally accepted industry practice of marketing, selling and negotiating individual license agreements with multiple unrelated clients. By creating a captive client base through targeted entity acquisitions, consisting of those that we that acquire immediately prior to the Effective Date and those we acquire thereafter, we expect to be able to implement our AI solutions in a shorter time period (which we anticipate will take four to six months following the acquisition of the target entity) as compared to the significantly longer time required to establish a third-party licensing arrangement which in our experience can last as long as or more than 24 months to complete the full integration process. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—AIAI Holdings Corporation—Overview." Additionally, we believe our acquisition versus licensing strategy will result in a reduced execution risk and lower pursuit costs than negotiating third-party technology licenses. A study conducted by Everest Research stated that 90% of all successful AI pilot projects were never implemented.

AIAI is not just participating in the evolution of the "cognitive revolution," it is helping to shape it. By integrating diverse companies into a cohesive AI ecosystem, the company expects to unlock value traditional models cannot replicate. We expect to build a shared intelligence layer across our portfolio to build reusable profiles of people, processes, and industries to predict outcomes and deepen relationships. The company anticipates developing reusable profiles of how individuals think and behave, applying common analytical methods across businesses, detecting cross-company patterns invisible to single datasets, and recommending progressions of products matching individual needs. For example, in construction bidding, the system will analyze project history, team psychometrics, and procurement data to produce accurate estimates with quantified confidence factors, accounting for how project type, geography, and team composition affect delivery, thereby helping firms avoid unsustainable low bids. We believe the creation of a shared knowledge base differentiates our model from traditional AI models that typically operate in isolation, being trained for specific tasks within single companies or domains and thereby only creating siloed solutions.

With a clear vision, robust portfolio, and actionable roadmap, AIAI believes it is poised to redefine industries and deliver significant value to its stockholders. Our licensed AI brings together the branches of mathematics, science, and engineering in a loosely coupled software platform that we believe can be applied to reveal undiscerned patterns and intelligence almost anywhere.

We believe the following characteristics set us apart from our competitors:

● Proven Management Team: John P. Rochon, the Chairman of our Board of Directors, along with the members of our management team, bring a track record of an aggregate of over 100 years of successful technology implementation and business transformation, generating consistent returns through the acquisition, reorganization and disposition of approximately 350 separate companies across multiple industry segments.

● Accelerated Implementation: Through the acquisition of the companies to which our AI will be implemented rather than engaging in what are frequently protracted licensing negotiations, we expect to be able to more rapidly implement our AI solutions than our competitors.

● M42 Behavioral, Math, and Science AI Platform: The M42 AI Technology, to which the company has access through a license agreement with M42, provides us such analytic tools as predictive modeling and pattern recognition, as well as many other proprietary AI fields to identify opportunities invisible to traditional analytics. See "*Business—License Agreement."* 

● Cross-Vertical Perspective: Our acquisition strategy identifies target entities in multiple industry sectors, allowing the company to combine diverse capabilities to create synergistic value at industry intersections.

● Shared Experiences of and Lessons Learned by Portfolio Company Management: As the management teams of our Portfolio Companies complete implementation of our licensed AI technology, they will be able to share their experiences and lessons learned with the leadership of our future acquisitions which should facilitate accelerated implementation of the AI and improvements in operations.

● Ethical AI Leadership: Our operating strategy prioritizes responsible development with transparent, human-centric solutions.

**Acquisition Strategy**

Our portfolio will be a deliberately curated ecosystem, not a random collection of assets. Our target investment is one that fits within our "CURA" parameters, consisting of companies that solve complex, urgent, and/or administrative problems. Our strategy targets companies with proprietary technologies and cross-vertical potential, which are analyzed using the following criteria:

● Comprehensive Technology Assessment: We conduct a thorough evaluation of technological capabilities to ensure alignment with our ecosystem orientation, analyzing the integration potential, adaptive capacity, and complementary capabilities of a target.

● Strategic Fit Assessment: We assess the strategic alignment to deliver long-term success, analyzing the cultural alignment, leadership adaptability, and long-term ecosystem contribution of a target. Essential to this evaluation is the ability to retain the existing management team of the target and our assessment of its ability to improve operations through the application of our AI technology.

● Due Diligence and Valuation: Our due diligence review incorporates both the traditional financial assessment and the application of our unique ecosystem perspective, quantifying the synergies and developing integration roadmaps to incorporate ecosystem value into pricing of a target. We will focus on companies with financial statements that have been audited in accordance with the auditing standards of the American Institute of Certified Public Accountants, or AICPA, and have annual EBITDA of at least $10 million.

● "Halo Effect" Integration: We apply our proprietary methodology for capability enhancement and ecosystem integration, assessing the enhanced capabilities, holistically, of a target, focusing on amplification rather than disruption.

We expect to concentrate on industry sectors that we believe have high potential for both financial returns and societal impact. Our initial focus will be on the following industries:

● Construction

● Healthcare

● Manufacturing

● Financial services

● Energy and natural resources

● Blockchain data infrastructure

● Digital assets

● Defense contracting

We employ a systematic approach to portfolio development and optimization, through the application of the following guidelines:

● Gap Analysis and Acquisition Prioritization. We continuously evaluate our portfolio to identify capability gaps and acquisition opportunities through periodic ecosystem assessments to ensure alignment between current capabilities and strategic objectives.

● Build versus Buy. We apply a structured framework to determine when to develop capabilities internally as opposed to acquiring new companies, focusing on a number of factors, including technological complexity and development timeframes compared to market requirements.

● Geographic Expansion. We evaluate the need to expand into new geographic areas based on balancing the prospective market opportunities against the operational considerations of expanding into new markets.

● Portfolio Optimization. We continuously evaluate our portfolio to maximize the overall ecosystem value through, among other things, comparing regular performance assessments against strategic and financial objectives.

**Recent Acquisitions**

Immediately prior to the Effective Date, AIAI will acquire all of the issued and outstanding equity interests of the companies listed below. The consideration payable for these entities will be up to 27,472,430 shares of our common stock, as set forth in the table below, issued at a per share price of $20.00.

Pursuant to the terms of the acquisition agreements for each of these companies, the companies will continue to be operated by their existing management teams or management we specifically designate. Additionally, in the case of CCCI and Constellation, AIAI has agreed to make certain post-closing capital contributions for working capital and capital expenditure purposes and in the case of CCCI and Vanguard, AIAI has agreed to extinguish certain, if any, indebtedness, in each case pursuant to annual budgets agreed to by the management teams of AIAI and those acquired companies. These companies are referred to collectively in this prospectus as the "Portfolio Companies."

---

| | |
|:---|:---|
| **Portfolio Company** | **Aggregate Shares Issued ($20.00/share)** |
| C.C. Carlton Industries, Ltd. | 16550000<sup>(1)</sup> |
| Constellation Network, Inc. | 4757430<sup>(2)</sup> |
| gTC MediGuide LP | 2565000 |
| AI Research Corporation | 2500000 |
| Vanguard Healthcare Solutions, LLC | 600000<sup>(3)</sup> |
| Bond Street Limited, LLC | 500000 |

---

1. Subject
 to adjustment based on amount of debt in existence as of closing. This number of Shares
 assumes that there is no post-closing adjustment for the extinguishment by the company of
 any of CCCI's indebtedness.

2. At
 the closing of the acquisition of Constellation, the company will issue options to acquire
 an additional 3,753,570 Shares to the Constellation equity holders (the "Constellation
 Options").

&nbsp;&nbsp;&nbsp;&nbsp;3. An
 additional 1,200,000 shares of our Class A common stock are issuable to the Vanguard equity
 holders if certain EBITDA thresholds are met post-closing. This number of Shares assumes
 that there is no post-closing adjustment for the extinguishment by the company of any of
 Vanguard's indebtedness.

**Our Portfolio**

The following companies will be acquired by AIAI immediately prior to the Effective Date. The company's initial portfolio will exemplify its ecosystem acquisition strategy.

● C.C. Carlton Industries, Ltd. (CCCI): CCCI specializes in providing full-scope civil construction, project management and estimating services. CCCI has served Central Texas for over 30 years and has extensive experience with single family subdivisions, multi-family subdivisions, apartments, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects.

● Constellation Network, Inc. (Constellation): Constellation is a digital evidence ecosystem that provides products and services to create a trust-based exchange for a communications bridge, which includes multiple revenue streams across hardware, software, and enterprise divisions. Constellation is advancing its mission to produce provable guarantees on the world's data by applying its blockchain protocol to the U.S. military's digital infrastructure.

● gTC MediGuide LP (MediGuide): MediGuide provides a comprehensive suite of healthcare services, including (1) telehealth services, (2) Medical Second Opinion (MSO) that connects patients to the appropriate Top 50 healthcare provider in the world and their leading specialists, (3) preventive health programs for proactive care, and (4) Medical Treatment Abroad (MTA). MediGuide partners with approximately 120 multi-national companies covering approximately two million people in over 150 countries and delivers services in over 80 languages.

● AI Research Corporation (AIR): AIR uniquely focuses on the foundational and game changing inventive new math and science required to overcome obstacles which have restricted scientists from Advanced Artificial Intelligence applications envisioned by U.S. Defense, National Security, and a multitude of commercial advanced applications.

● Vanguard Healthcare Solutions, LLC (Vanguard): Vanguard and its subsidiaries collaborate with physician and healthcare providers, offering consulting services that improve patient experiences, streamline operations, and enhance healthcare delivery. The services provided by Vanguard include case management services to accident victims, advisory services to clinics, medical equipment supply services, and training programs.

● Bond Street Limited, LLC (Bond Street): Bond Street is a buildup platform company that uses its selling advantage to market scanners, software, copiers, printers, and subscription-based services. Bond Street also remarkets a large selection of high-tech hardware mega-brands in a business-to-business and business-to-consumer by the largest industry OEMs.

**Future Acquisitions**

We expect our portfolio to continue to evolve and increase to capitalize on emerging opportunities and optimize overall ecosystem value. Our management and acquisition teams maintain a deep, broad network of relationships among key market participants. We believe these relationships and our research-driven origination methods provide us access to off-market opportunities that may not be available to our competitors.

In executing our acquisition strategy, we will integrate newly-acquired entities through the application of a structured yet flexible approach to technological and operational integration, enabling consistent execution while accommodating the unique characteristics of each business. This model balances autonomy with collaboration, leveraging a shared AI platform and cross-vertical data synergies to create adaptive intelligence. This model consists of three stages:

● Foundation: In this initial phase, we set the groundwork for AI success, emphasizing data readiness, pilot projects, and governance structures to deliver responsible innovation from the start.

● Acceleration: In the second phase, we seek to broaden and intensify the adoption of AI by the AIAI companies through integrating AI systems into core processes, establishing robust data, and driving cross-functional alignment.

● Transformation: In the final phase, AI will be deeply embedded in every facet of the Portfolio Companies, and AIAI will leverage cross-company synergies.

**Our Opportunity**

We believe that the current stage of the evolution of the cognitive revolution marks an inflection point where AI transitions from a promising tool to a transformative force. This AI revolution represents a transformative opportunity in how businesses operate. The market in which we expect to compete includes, among others, the following elements:

● The Global AI Market: According to Precedence Research, the global AI market is to projected to increase from $638.2 billion in 2024 to $1,807.8 billion in 2030, representing an 18.6% compound annual growth rate. Precedence Research also projects the US AI market will increase from $146.1 billion in 2024 to $415.8 billion in 2030.

● Implementation Opportunity: According to a report from SAP, average global businesses will spend $26.8 million on AI in 2025, which is projected to deliver a return on investment (ROI) of 16%.

SAP also reports that there remain issues with strategic adoption of AI. Most AI investment is reported to be piecemeal (44%), based on department-led prioritization (32%), or ad hoc (15%). Only 9% of businesses are investing based on strategic, holistic prioritization. We believe this fragmented adoption of AI further supports our strategy of acquiring entire companies and applying our AI on an enterprise-wide basis.

The AI landscape is hypercompetitive, with rapid innovation cycles and high capital barriers. Traditional approaches, such as siloed R&D and linear roadmaps, are expected to struggle against AIAI's ecosystem strategy, which focuses on value optimization through integration rather than direct development. We anticipate this positioning will create measurable advantages for AIAI, including rapid market responsiveness, multidimensional value creation, and reduced risk through strategic synergy.

**Acquisition Pipeline**

Our executive management and acquisition team maintains a deep, broad network of relationships among a wide range of market participants, including owners and lenders. We believe these relationships, along with active participation from our board members and the management teams of the Portfolio Companies and research-driven origination methods, provide us access to multiple acquisition opportunities, many of which may not be available to any competitor. As a result of the significant need for liquidity among an ever-increasing number of privately held companies, many of which fall within our investment criteria, we believe there will be an ample supply of attractive acquisitions in the future.

In the normal course of our business, we will regularly evaluate the market for companies that fit within our investment criteria to identify potential acquisition targets. As of the date of this prospectus, we are evaluating potential acquisitions with an aggregate of approximately $1.5 billion in EBITDA that we have identified as warranting future investment consideration after initial review. As of the date of this prospectus, we have neither entered into letters of intent nor purchase agreements with respect to any potential acquisitions nor have we begun a comprehensive due diligence review with respect to any of these companies. Accordingly, we do not believe that the acquisition of any of the companies under evaluation is probable as of the date of this prospectus. Following the completion of the Offering, we will aggressively resume discussions with our pipeline of potential acquisitions which we had paused in anticipation of engaging in the Offering and expect rapid progress.

**Our Licensed Technology**

We will enter into a license agreement with M42 immediately prior to the effective time of the Registration Statement of which this prospectus forms a part pursuant to which the company will be granted exclusive use of the M42 integrated Behavioral (Psychometric) (PAI) and Mathematics and Science AI (together, the "M42 AI Technology") within the designated field of use. See "*Business—License Agreement*." Additionally, as of the date of this prospectus, we indirectly own approximately 5.4% of the outstanding equity of M42. See *"Business—Our Assets."*

This proprietary technology represents what we believe is an advance in how machines can understand and predict human behavior and includes certain fundamental building blocks of Math and Science designed to rapidly deploy industry independent AI solutions. A crucial but often overlooked aspect of AI is Psychometric AI's capability for making non-obvious inferences about behavioral patterns and future actions. Most AI systems available today, outside of the technology that we are licensing from M42, are based on Machine Learning, or ML. ML includes things like generative AI—the kind of AI that can write text, draw pictures, or predict outcomes based on patterns derived from huge amounts of past data. These systems need to be "prompted" by human beings and usually learn through a trial-and-error process guided by people. The technology we are licensing works very differently. It is built on a deep base of mathematics and science inside a flexible platform that combines both PAI and traditional AI. Instead of relying mostly on ML, our licensed technology uses many different branches of computer science and AI that work together, learning from both data and behavior. This allows it to study people, markets, or companies and figure out what works best—often in hours or days instead of months. See "Business—Our Technology."

The core principle of our licensed AI technology is that true advanced artificial intelligence should be rooted in mathematics and science but always interpreted through the lens of human experience. Unlike conventional AI, which in our experience often focuses narrowly on modeling historic data, PAI is engineered to capture and incorporate signals derived from observed or expressed text, actions, or visual and verbal queues that are fundamental and essential human attributes. This allows the PAI to interpret and thus mimic or mirror these human attributes. Mainstream AI, which is built on machine learning, statistics, and deterministic algorithms, excels at pattern recognition and language processing, but often produces outputs that lack depth, context, or genuine understanding. M42's PAI, by contrast, delivers more nuanced, creative, and human-like results on top of the rich Math and Sciences. Our licensed AI is designed "with the end in mind," integrating the mathematical and scientific fields to create a platform that is designed to measure up to the full breadth and depth of human intelligence.

**License Agreement**

Under the License Agreement, M42 will grant us a license for exclusive use of the M42 AI Technology, consisting of data sources, object code, along with industry specific template applications which are directly applicable to several of the aforementioned applications, within the designated "field of use." As a result, M42 may not, and will cause its affiliates (other than AIAI) not to, use or exploit the licensed AI within the field of use or compete with our company within our field of use. "Field of use" is defined under the License Agreement to mean the use of the licensed AI in a business model substantially similar to our company's business model, which includes creating and operating an AI-powered ecosystem to scale companies across multiple industry segments with the expectation of improving operating results through the application of the licensed AI technology. In addition, the License Agreement prohibits M42 from providing services or solutions to any person identified in writing by us to M42 as potential acquisition targets. Pursuant to the License Agreement, we will issue approximately 25,137,000 Shares to M42 as consideration for the perpetual use of the licensed technology. In addition, we are entering into a Technology Services Agreement with M42 concurrently with the License Agreement under which we have agreed to pay M42 a fee of 3% of our annual revenues in consideration for ongoing development work, including, among other things, any operational elements, features and functional design specifications as requested by our company. We have no further payment obligations under the License Agreement. The License Agreement permits us to sublicense the technology to and through our Portfolio Companies subject to the same terms as the License Agreement, and the sublicenses shall revert back to us in the event that a Portfolio Company is sold or that the License Agreement is terminated. The License Agreement is perpetual but may be terminated by M42 for "Cause," which is defined to include, among other things, the bankruptcy of AIAI and AIAI's breach of a material term of the contract that is not cured within the applicable cure period.

**Summary of Risk Factors**

Our business is subject to numerous risks and uncertainties that you should consider before investing in our common stock. The risks are described more fully below and include, but are not limited to, risks related to the following:

***Summary of Risks Relating to our Business and Operations***

● We have no operating history or established financial sources.

● We are subject to the risks, uncertainties, and difficulties
frequently encountered by companies in their early stage of development.

● Our business depends on our ability to attract new Portfolio
Companies.

● We may not be aware of characteristics of or deficiencies
in the operations or assets on the companies we acquire.

● We may be unable to identify and complete acquisitions of
additional Portfolio Companies that meet our investment criteria.

● If we fail to manage our growth effectively, our expenses
could increase more than expected, our revenue may not increase proportionately or at all, and we may not be able to execute on our business
strategy.

● Our acquisition activities may pose risks that could harm
our business.

● We are highly dependent on the key personnel of AIAI and
the management teams of each of the Portfolio Companies.

● Our management team has limited public company experience.

● We will need to continue to expand the size of our organization,
and we may experience difficulties in managing this growth, which could disrupt our operations.

● Unfavorable market and economic conditions may have serious
adverse consequences on our business, financial condition, results of operations stock price, and prospects.

● If our information technology systems or data, or those
of third parties upon which we rely, are or were compromised, we could experience adverse consequences.

● Our employees, independent contractors, consultants, or
commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements
and insider trading, which could have a material adverse effect on our business.

● We face intense competition and could lose acquisition opportunities
to our competitors.

● If
 we fail to respond to rapid technological changes, extend our AI applicability, or develop new features and functionality, or
 ability to remain competitive could be impaired.

***Summary of Risks Related to Industry Verticals***

*Construction*

● If we are unable to accurately estimate the overall risks, requirements, or costs when we bid on or negotiate a contract that is ultimately
awarded to us, we may achieve a lower than anticipated profit or incur a loss on the contract.

● Our operations are subject to hazards that may cause personal injury or property damage.

● Supply chain disruptions may adversely affect our operations.

● Adverse weather conditions may cause construction delays, which could slow the completion of our contracts.

● Increased costs of labor and material may adversely affect our business.

● Adverse economic conditions that impact consumer spending may materially affect our business.

● Our results of operation fluctuate from quarter to quarter and year to year as they are affected, among other things, by the seasonal
nature of the construction industry.

*Healthcare*

● If reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to obtain or
deliver services, our business could be harmed.

● The federal government and several states have enacted laws restricting the amount out-of-network providers can charge and recover
for their services.

● We may receive reimbursement for virtual services that is less than for comparable in-person services.

● Failure to timely or accurately bill for our services could have a negative impact on our revenue.

● Adverse findings from inspections, reviews, audits, and investigations could have a negative impact on our business.

● Our healthcare business depends on our ability to effectively implement our AI to maintain the uninterrupted operation and data integrity
of our information technology and other business operations.

● If we fail to cost-effectively develop widespread brand awareness and maintain our reputation, our business could suffer.

● We conduct business in a heavily regulated industry and if we fail to comply with these laws and regulations, we could incur penalties
or be required to make significant changes to our operations.

*Digital Assets*

● Our digital assets business is subject to the risks of natural disasters, power outages, telecommunications failures, public health
crises, and similar events and to human-made problems such as cyberattacks.

● The growth of the digital asset market is subject to a variety of factors and may not grow as we expect.

● The characterization of a digital asset as a "security" could subject us to additional regulatory oversight.

● Future developments regarding the treatment of digital assets for U.S. and foreign tax purposes could adversely impact our business.

● Our customers' funds and digital assets may fail to be adequately safeguarded by us or the third-party providers upon whom we
rely.

***Summary of Risks Relating to this Offering and Ownership of Our Common Stock***

● The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.

● There is no current public market for our common stock and there can be no assurance that an active trading market will develop or
continue and the market price for our common stock may be volatile.

● The Advisor, which will own 808,560 Shares on the date of
 the Direct Listing, may have a conflict of interest.

● Future sales of common stock by the Registered Stockholders could cause our share price to decline.

● We are an emerging growth company, and the reduced disclosure requirements applicable to such companies may make our stock less attractive
to investors.

● John Rochon, the chairman of our Board of Directors, will control us
 following the offering, and his interests may conflict with ours or yours.

● If securities or industry analysts do not publish research
 or publish unfavorable or inaccurate research about our business, our common stock price and trading volume could decline.

**Corporate Information**

We were incorporated in the State of Delaware in July 2024 as MXLII Corporation. On November 3, 2025, we changed our name to AIAI Holdings Corporation. Our principal executive offices are located at 17304 Preston Road, Suite 520, Dallas, Texas 75252, and our telephone number is (214) 935-9853. Our website address is www.aiaiholdings.com. The information contained on, or that can be accessed through, our website is not incorporated by reference into, and is not part of, this prospectus or any other report or document that we file with or furnish to the SEC. Investors should not rely on such information when deciding whether to purchase our common stock.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we are eligible to take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies and may elect to take advantage of other exemptions from reporting requirements in our future filings with the Securities Exchange Commission ("SEC"). In particular, in this prospectus, these exemptions include:

● presenting only two years of audited consolidated financial statements and only two years of related selected financial data and Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure in our registration statement of which this prospectus forms a part;

● reduced disclosure about our executive compensation arrangements;

● exemption from the requirements to hold non-binding advisory votes on executive compensation ("Say on Pay");

● extended transition periods for complying with new or revised accounting standards;

● exemption from the auditor attestation requirement in the assessment of our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"); and

● the auditor not being required to comply with the requirement in Public Company Accounting Oversight Board Auditing Standard 3101, *The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion*, to communicate critical audit matters in the auditor's report.

We may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of this offering or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.235 billion in annual revenue, we have more than $700 million in market value of our stock held by non-affiliates (and we have been a public company for at least 12 months and have filed one annual report on Form 10-K) or we issue more than $1 billion of non-convertible debt securities over a three-year period. We may choose to take advantage of some, but not all, of the available exemptions. We have taken advantage of certain reduced reporting obligations in this prospectus. Further, pursuant to Section 107 of the JOBS Act, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock, and our consolidated financial statements may not be comparable to the consolidated financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock*" which describes that we are an emerging growth company, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.

**RISK FACTORS**

*Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and accompanying notes, before deciding to invest in our common stock. Our business, financial condition, results of operations, or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material. If any of the risks actually occur, our business, financial condition, results of operations, and prospects could be adversely affected. In that event, the trading price of our common stock could decline, and you could lose part or all of your investment.*

**Risks Related to our Business and Operations, including the Portfolio Companies**

***We have no operating history or established financial sources.***

We have no operating history and you should not rely on the past performance of other investment programs sponsored by affiliates of our founder to predict our future results. We were formed on July 19, 2024. As of the time of the Direct Listing, we have only acquired the assets, including the Portfolio Companies, as described under the caption "*Business—Our Assets."* Moreover, we do not have any established financing sources. If our capital sources are insufficient to support our operations, we will not be successful.

As a result of our limited operating history and the fact that as of the date of this prospectus our AI technology has not been applied to the operations of any of the Portfolio Companies, our ability to forecast our future results of operations is limited and subject to a number of uncertainties. A number of factors could cause our growth rate to be adversely impacted, including any reduction in the acceptance of our AI, increased competition, reduction in our overall market, our inability to accurately forecast demand for our AI, or our failure, for any reason, to capitalize on growth opportunities. We will encounter uncertainties frequently experienced by growing companies in rapidly changing industries, such as the risks and uncertainties described herein. If our assumptions regarding these risks and uncertainties, which we use to plan our business, are incorrect or change, or if we do not address these risks successfully, our business would be harmed.

***You should consider our prospects in light of the risks, uncertainties, and difficulties frequently encountered by companies that are, like us, in their early stage of development.***

You should consider our prospects in light of the risks, uncertainties, and difficulties frequently encountered by companies that are, like us, in their early stage of development. To successfully implement our business strategy, we must, among other things:

● Identify and acquire additional Portfolio Companies that further our growth strategy;

● Increase the awareness of the AIAI name within the industry segments that we are targeting for investment;

● Attract, integrate, motivate, and retain qualified personnel to manage our day-to-day operations;

● Respond to competition for our Portfolio Companies and our targeted investments; and

● Continue to build and expand our operations structure to support our business.

● We cannot guarantee that we will succeed in achieving these goals, and our failure to do so could cause you to lose all or a portion of your investment.

***Our business depends on our ability to attract new Portfolio Companies.***

To increase our revenue, we will need to attract and acquire additional Portfolio Companies. Our success will depend to a substantial extent on the widespread understanding and acceptance of our AI. Although the demand for artificial intelligence and its applications has increased in recent years, the market for these applications has continued to evolve.

***Our business strategy depends on achieving revenue growth from anticipated increases in operating results from the application of our AI technology to the operations of the Portfolio Companies.***

Our business strategy depends on achieving revenue growth from anticipated near-term increases in the operating results of our Portfolio Companies resulting from the application of our AI technology to their business operations. As a result, any delay in or failure to the complete implementation of our AI technology within the operations of our Portfolio Companies, or a weaker than anticipated improvement in such business operations from the application of our technology, could materially and adversely affect us and our growth prospects. Further, even if we are successful in fully integrating our technology into the business operations of our Portfolio Companies, the increases in operating results could be significantly less than our projections at the time of acquisition.

***We may not be aware of characteristics of or deficiencies in the operations or assets of the companies that we acquire, which could have a material adverse effect on our business.***

While we have established a robust due diligence review process for each of our acquisitions, newly acquired businesses may have characteristics or deficiencies unknown to us that could affect their valuation or revenue potential, and such companies may not ultimately perform to our expectations. We cannot assure you that the operating performance of any newly acquired companies will not decline under our management. Any characteristics or deficiencies in any newly acquired companies that adversely affect the value of the companies or their revenue-generation potential could have a material adverse effect on our results of operations and financial condition.

***We may be unable to identify and complete acquisitions of additional Portfolio Companies that meet our investment criteria, which may have a material adverse effect on our growth prospects.***

Our primary investment strategy involves the acquisition of companies with high potential for increased operating results through the application of AI. These activities require us to identify suitable acquisition candidates that meet our investment criteria and are compatible with our growth strategies. We may not be able to acquire companies identified as potential acquisition opportunities. Our ability to acquire companies on favorable terms, or at all, may expose us to the following significant risks:

● we may incur significant costs and divert management attention in connection with evaluating and negotiating potential acquisitions, including ones that we are subsequently unable to complete;

● even if we enter into agreements for the acquisition of companies, these agreements will be subject to conditions to closing, which we may be unable to satisfy; and

● we may be unable to finance any given acquisition on favorable terms or at all.

If we are unable to acquire companies on favorable terms, or at all, our financial condition, results of operations, cash flows, and our ability to pay dividends on, and the per share trading price of our common stock, could be adversely affected. In addition, failure to identify or complete acquisitions of suitable companies could limit our growth.

***If we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase proportionately or at all, and we may not be able to execute on our business strategy.***

We expect that the number of our Portfolio Companies will increase significantly over the next couple of years. To manage our anticipated future growth effectively, we must maintain and enhance our financial and accounting systems and our IT infrastructure. Failure to effectively manage our growth could also lead us to over-invest or under-invest in development and operations, result in or exacerbate weakness in our infrastructure, systems, or controls give rise to operational mistakes, financial losses, loss of productivity or business opportunities, and result in loss of employees and reduced productivity of remaining employees. Our growth may also require significant capital expenditures. As we expand and make related upfront capital expenditures, our margins may be reduced until we recognize growth, if any, resulting from such capital expenditures. If our management is unable to effectively manage our growth, our expenses may increase more than expected, our revenue may not increase or may grow more slowly than expected, and we may be unable to implement our business strategy, which would adversely affect our business, results of operations, and financial condition.

***Our acquisition activities may pose risks that could harm our business.***

As a result of our future acquisitions, we may be required to incur debt and expenditures and issue additional shares of our common stock to pay for the acquired companies. These acquisitions may dilute our stockholders' ownership interests, delay or prevent our profitability, and may expose up to risks such as:

● the possibility that we may not be able to successfully integrate any future acquisitions into the Portfolio Companies;

● the possibility that senior management may be required to spend considerable time negotiating agreements and integrating the acquired properties, diverting their attention from our other objectives;

● the possibility that we may not be able to retain key employees or maintain key business relationships of the acquired companies;

● the possibility that we may overpay for a company;

● the possibility that we will incur a disproportionate amount of increased operating expenses and cash requirements;

● the possible loss or reduction in value of an acquired company;

● the possibility that we may be unable to generate sufficient revenue from the acquired companies to meet our objectives in undertaking the acquisitions or even to offset the associated acquisition and

● the possibility of pre-existing undisclosed liabilities or operational failures regarding the acquired companies.

We cannot assure you that the price for any future acquisitions will be similar to the prices paid for the existing Portfolio Companies. If our revenue does not keep pace with our potential acquisition and expansion costs, we may incur net losses. There is no assurance that we will successfully overcome these risks or other problems encountered with acquisitions.

***We are highly dependent on the key personnel of AIAI and the management teams of each of the Portfolio Companies. If we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.***

Our ability to compete in the highly competitive industries in which we are engaged depends upon our ability to attract, motivate and retain highly qualified managerial personnel. We are highly dependent on the AIAI management and the management team of each of the Portfolio Companies. Although we have employment agreements with the senior executives of AIAI, substantially all of the key personnel of the Portfolio Companies do not have employment agreements and those that do exist provide for at-will employment, which means that any of our employees could leave our employment at any time, with or without notice. From time to time, there may be changes to the AIAI executive team resulting from new hires or departures of executives, which could disrupt our business. Additionally, we currently do not have "key person" insurance on any of our employees.

Recruiting and retaining qualified employees, consultants and advisors for our businesses also will be critical to our success. Competition for skilled personnel is intense and the turnover rate can be high. This competition for and scarcity of qualified talent may drive increases in compensation and benefits for skilled personnel. This may increase our human capital costs, and we may not be able to attract and retain personnel on acceptable terms given the competition among numerous technology companies and academic institutions for skilled individuals. The replacement of one or more AIAI executive officers or other key employees would likely involve substantial costs and may significantly delay or prevent the achievement of our business objectives. Our business would be harmed if we fail to adequately plan for the succession of our executives or if we fail to effectively recruit, integrate, retain, and develop key talent and align our talent with our business needs, which could have a material adverse effect on our business, financial condition, results of operations, stock price, and prospects.

To induce valuable employees to remain at our company, in addition to salary and cash incentives, we expect to provide stock grants that vest over time. The value to employees of these equity grants that vest over time may be significantly affected by movements in our stock price that are beyond our control and may at any time be insufficient to counteract more lucrative offers from other companies.

***Our management team has limited public company experience.***

Most of the members of our management team have limited public company experience. Our entire management team, as well as other of our personnel, will need to devote substantial time to compliance, and may not effectively or efficiently manage our transition into a public company. If we are unable to effectively comply with the regulations applicable to public companies or if we are unable to produce accurate and timely financial statements, which may result in misstatements that may be material in our financial statements or possible restatement of financial results, our stock price may be materially adversely affected. Any such failures could also result in litigation or regulatory actions by the SEC or other regulatory authorities, loss of investor confidence, delisting of our securities, harm to our reputation and diversion of financial and management resources from the operation of our business, any of which could materially adversely affect our business, financial condition, results of operations, and growth prospects. Additionally, the failure of a key employee to perform in his or her current position could result in our inability to continue to grow our business or to implement our business strategy.

***We will need to continue to expand the size of our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.***

As our acquisition and commercialization plans and strategies develop, and as we transition into operating as a public company, we expect to need additional managerial, operational, sales, marketing, financial and other personnel. Future growth would impose significant added responsibilities on members of management, including:

● identifying, recruiting, integrating, maintaining and motivating additional employees;

● managing our acquisition and development efforts effectively; and

● improving our operational, financial and management controls, reporting systems and procedures.

Our future financial performance and our ability to commercialize newly developed AI innovations will depend, in part, on our ability to effectively manage any future growth, and our management may also have to divert a disproportionate amount of its attention away from day-to-day activities in order to devote a substantial amount of time to managing these growth activities.

We currently rely, and for the foreseeable future will continue to rely, in substantial part, on certain independent organizations, advisors and consultants to provide certain services. We cannot assure you that the services of independent organizations, advisors and consultants will continue to be available to us on a timely basis when needed, or that we can find qualified replacements. In addition, if we are unable to effectively manage our outsourced activities or if the quality or accuracy of the services provided by consultants is compromised for any reason, our ability to apply our AI technology to Portfolio Companies may be delayed or terminated. We cannot assure you that we will be able to manage our existing consultants or find other competent outside contractors and consultants on economically reasonable terms, or at all.

***Our Chief Executive Officer, Todd Furniss, may experience conflicts of interest from engaging in outside business activities.***

The employment agreement with Mr. Furniss, our Chief Executive Officer, permits him to engage in certain designated external activities in addition to his obligations as our Chief Executive Officer. Mr. Furniss will, therefore, have a conflict of interest in allocating his time between his external obligations and his obligations to our company. We anticipate that Mr. Furniss engagement in these external activities will not require more than 15 hours a month, and accordingly, we believe that he will be able to devote substantially all of his working time to overseeing our operations. In addition, these outside duties do not conflict with or are otherwise competitive to AIAI's business.

***Unfavorable market and economic conditions may have serious adverse consequences on our business, financial condition, results of operations, stock price and prospects.***

Our results of operations could be adversely affected by general conditions in the global economy and in the global financial markets. A severe or prolonged economic downturn could result in a variety of risks to our business, including a reduced ability to raise additional capital when needed on acceptable terms, if at all. A weak or declining economy could also strain our suppliers, possibly resulting in supply disruption. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the economic climate and financial market conditions could adversely impact our business.

***If our information technology systems or data, or those of third parties upon which we rely, are or were compromised, we could experience adverse consequences resulting from such compromise, including, but not limited to, regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, loss of customers or sale, and other adverse consequences.***

In the ordinary course of our business, we may process, collect, store, and transmit proprietary, confidential, and sensitive data, including personal data, intellectual property, proprietary business information and trade secrets (collectively, sensitive information). We may rely upon third-party service providers and technologies to operate critical business systems to process sensitive information in a variety of contexts, including, without limitation, third-party providers of information technology infrastructure, cloud-based infrastructure, encryption and authentication technology, employee email, content delivery to customers, and other functions. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. We may share or receive sensitive information with or from third parties.

Cyber-attacks, malicious internet-based activity, and online and offline fraud are prevalent and continue to increase. These threats are becoming increasingly difficult to detect. These threats come from a variety of sources, including traditional computer "hackers," "hacktivists," threat actors, personnel (through theft or misuse), sophisticated nation states, and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties upon which we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyber-attacks, that could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our goods and services. We and the third parties upon which we rely may be subject to a variety of evolving threats, including, without limitation, social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, power grid disruptions and electrical service interruptions, earthquakes, fires, floods, tornadoes, and other similar threats. Ransomware attacks, including by organized criminal threat actors, nation-states, and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions in our operations, disruption of clinical trials, loss of data (including data related to clinical trials), and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Similarly, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties and infrastructure in our supply chain or our third-party partners' supply chains have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support us and our services.

Remote work has become more common and has increased risks to our information technology systems and data, as more of our employees and employees of third parties on which we rely utilize network connections, computers, and devices outside our premises or network, including working at home, while in transit and in public locations.

Future or past business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities' systems and technologies.

Any of the previously identified or similar threats could cause a security incident or other interruption. A security incident or other interruption could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to our sensitive information. A security incident or other interruption could disrupt our ability (and that of third parties upon whom we rely) to provide our services and products. For example, the loss of clinical trial data from completed or ongoing or planned clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data.

We may expend significant resources or modify our business activities (including our clinical trial activities) to try to protect against security incidents. Certain data privacy and security obligations may require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and sensitive information.

While we have established physical, electronic and organizational security measures to safeguard and secure our systems against security incidents, and rely on commercially-available systems, software, tools, and monitoring to provide security for our information technology systems and the processing, transmission and storage of digital information, there can be no assurance that these measures will be effective. We may be unable in the future to detect vulnerabilities in our information technology systems because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security incident has occurred. Despite our efforts to identify and address vulnerabilities, if any, in our information technology systems, our efforts may not be successful. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.

Applicable data privacy and security obligations may require us to notify relevant stakeholders of security incidents. Such disclosures are costly, and the disclosure or the failure to comply with such requirements could lead to adverse consequences. If we (or a third party upon whom we rely) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences. These consequences may include: government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing sensitive information (including personal data); litigation (including class claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant consequences may have negative impacts to our reputation and cause customers to stop using our products, deter new customers from using our products, and negatively impact our ability to grow and operate our business.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.

***Litigation arising in the ordinary course of business, including in connection with commercial disputes or employment claims, against us could be costly and time-consuming to defend.***

We are subject, and in the future may become subject from time to time, to legal proceedings and claims that arise in the ordinary course of business such as claims brought by our partners in connection with commercial disputes, consumer class action claims, employment claims made by our current or former employees or other claims or proceedings. Litigation may result in substantial costs, settlement and judgments and may divert management's attention and resources, which may substantially harm our business, financial condition and results of operations. Insurance may not cover such claims, may not provide sufficient payments to cover all of the costs to resolve one or more such claims and may not continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs, thereby leading analysts or potential investors to reduce their expectations of our performance, which could reduce the market price of our common stock.

***Our employees, independent contractors, consultants, or commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading, which could have a material adverse effect on our business.***

We are exposed to the risk of employee fraud or other misconduct. Misconduct by employees, independent contractors, consultants, or commercial partners could include intentional, reckless, negligent, or unintentional failures to comply with government regulations, comply with applicable fraud and abuse laws, provide accurate information to third parties, including governmental agencies, report financial information or data accurately, or disclose unauthorized activities to us. This misconduct could also involve the improper use or misrepresentation of information obtained in the course of conducting our business operations, which could result in litigation or regulatory sanctions and serious harm to our reputation. It is not always possible to identify and deter this type of misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations. In addition, we are subject to the risk that a person or government could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, financial condition, results of operations, stock price and prospects, including the imposition of significant civil, criminal and administrative penalties, damages, monetary fines, disgorgement, possible exclusion from participation in government programs, integrity oversight and reporting obligations to resolve allegations of non-compliance, imprisonment, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of our operations.

***We face intense competition and could lose acquisition opportunities to our competitors, which could adversely affect our business, financial condition and results of operations.***

The market for AI products is intensely competitive and characterized by rapid changes in technology, customer requirements, industry standards, and frequent new platform and application introductions and improvements. We anticipate continued competitive challenges from current competitors who may be able to provide services to potential acquisition candidates in a manner that is more cost effective and operationally attractive to management of these entities, and in many cases, these competitors are more established and enjoy greater resources than we do. We also expect competitive challenges from new entrants into the industry. If we are unable to anticipate or effectively react to these competitive challenges, our ability to continue to acquire companies which are receptive to the application of our AI could be reduced, and we could experience a decline in our growth rate and revenue that could adversely affect our business and results of operations.

Our main sources of current and potential competition fall into several categories:

● internal IT organizations that develop internal solutions and provide self-support for their enterprises;

● commercial enterprise and point solution software providers;

● open source software providers with data management, machine learning, and analytics offerings;

● public cloud providers offering discrete tools and micro-services with data management, machine learning, and analytics functionality;

● system integrators that develop and provide custom software solutions;

● legacy data management product providers; and

● strategic and technology partners who may also offer our competitors' technology or otherwise partner with them, including our strategic partners who may offer a substantially similar solution based on a competitor's technology or internally developed technology that is competitive with ours.

Many of our existing competitors have, and some of our potential competitors could have, substantial competitive advantages such as:

● greater name recognition, longer operating histories, and larger customer bases;

● larger sales and marketing budgets and resources and the capacity to leverage their sales efforts and marketing expenditures across a broader portfolio of products;

● broader, deeper, or otherwise more established relationships with technology, channel, and distribution partners and customers;

● wider geographic presence or greater access to larger customer bases;

● greater focus in specific geographies or industries;

● lower labor and research and development costs;

● larger and more mature intellectual property portfolios; and

● substantially greater financial, technical, and other resources to provide support, to make acquisitions, hire talent, and to develop and introduce new products.

In addition, some of our larger competitors have substantially broader and more diverse platform and application offerings and may be able to leverage their relationships with distribution partners and customers based on other products or incorporate functionality into existing products to gain business in a manner that discourages potential acquisition candidates from agreeing to be purchased by us. If we are unable to sufficiently differentiate our solutions from the integrated or bundled products of our competitors, such as by offering enhanced functionality, performance, or value, we may see a decrease in demand for our AI, which could adversely affect our business, operating results, and financial condition.

***If we fail to respond to rapid technological changes, extend our AI applicability, or develop new features and functionality, our ability to remain competitive could be impaired.***

The market for AI is characterized by rapid technological change and frequent new platform and application introductions and enhancements, changing customer demands, and evolving industry standards. The introduction of platforms and applications embodying new technologies can quickly make existing platforms and applications obsolete and unmarketable. The success of the application to the operations of our Portfolio Companies of any enhancements or improvements to our existing AI or any new applications depends on several factors, including timely completion, adequate quality testing, integration with existing technologies, and overall market acceptance.

Our ability to continue to attract additional Portfolio Companies will likely depend on our ability to enhance and improve our AI, to develop additional functionality and use cases, introduce new features and applications and interoperate across an increasing range of devices, operating systems, and third-party applications. Potential acquisition entities may require features and capabilities that our current AI does not have or may face use cases that our current AI does not address. We will invest significantly, through our license agreement with M42, in customizing and enhancing the AI to improve the quality and ease of the application of our AI to the business operations of our Portfolio Companies. There is no assurance that any enhancements to our AI will achieve those objectives. If these research and development investments do not accurately anticipate operational demand, we may be unable to acquire additional Portfolio Companies.

Any failure of our AI to be effectively applied to our existing or future Portfolio Companies could reduce the demand for our AI and, therefore, limit our ability to grow through the acquisition of additional Portfolio Companies. If we are unable to adapt our AI in a timely and cost-effective manner, our AI may become less marketable, less competitive, or obsolete, and our operating results may be adversely affected.

The introduction of new AI platforms and applications by competitors or the development of entirely new technologies to replace existing offerings could make our AI obsolete or adversely affect our business, results of operations, and financial condition. We may experience difficulties with software development, design, or marketing that could delay or prevent our development, introduction, or implementation of any new AI application experiences, features, or capabilities which may be required by existing or future Portfolio Companies. Any delays could result in adverse publicity, loss of revenue, or reduction in market acceptance, all of which could harm our business. Moreover, new productivity features for our AI may require substantial investment, and we have no assurance that such investments will be successful. If new entities do not widely adopt any new AI application features and capabilities, we may not be able to increase the number of Portfolio Companies.

***Our actual or perceived failure to comply with privacy, data protection and information security laws, regulations, and obligations could harm our business.***

Certain of our operations may subject us to numerous federal, state, local, and international laws and regulations regarding privacy, data protection, information security and the storing, sharing, use, processing, transfer, disclosure, and protection of personal information and other content, the scope of which is changing, subject to differing interpretations and may be inconsistent among countries, or conflict with other rules. We are also subject to the terms of our privacy policies and obligations to third parties related to privacy, data protection, and information security. We strive to comply with applicable laws, regulations, policies, and other legal obligations relating to privacy, data protection, and information security to the extent possible. However, the regulatory framework for privacy and data protection worldwide is, and is likely to remain, uncertain for the foreseeable future, and it is possible that these or other actual or alleged obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other rules or our practices.

The existing and emerging laws and regulations impose new and relatively burdensome obligations, and with substantial uncertainty over the interpretation and application of these and other laws and regulations, there is a risk that the requirements of these laws and regulations, or of contractual or other obligations relating to privacy, data protection, data use, or information security, are interpreted or applied in a manner that is, or is alleged to be, inconsistent with our management and processing practices, our policies or procedures, or the features of our AI. We may face challenges in addressing their requirements and making necessary changes to our policies and practices and may incur significant costs and expenses in an effort to do so. Although we endeavor to comply with our published policies, certifications, and documentation, we may at times fail to do so or may be perceived to have failed to do so. Moreover, despite our efforts, we may not be successful in achieving compliance if our employees or vendors fail to comply with our published policies and documentation. Additionally, if third parties we work with, such as developers, violate applicable laws or regulations or our policies, such violations may have an adverse effect on our business, Any failure or perceived failure by us to comply with our privacy policies, our privacy-, data protection-, data use-, or information security-related obligations to customers or other third parties or any of our other legal obligations relating to privacy, data protection, data use, or information security may result in governmental investigations or enforcement actions, litigation, claims, or public statements against us by consumer advocacy groups or others, and could result in significant liability or cause our customers to lose trust in us, which could have an adverse effect on our reputation and business. Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, and policies that are applicable to the businesses of our Portfolio Companies may limit the adoption and use of, and reduce the overall demand for, our AI.

Any significant change to applicable laws, regulations or industry practices regarding the collection, use, retention, security, or disclosure of our information, or regarding the manner in which the express or implied consent of customers for the collection, use, retention, or disclosure of such information is obtained, could increase our costs and require us to modify our AI, possibly in a material manner, which we may be unable to complete and may limit our ability to store and process data or develop new applications and features.

***Cybersecurity and data privacy incidents or breaches may inhibit our growth.***

The confidentiality and security of our information, and that of third parties, is critical to our business. Our services involve the transmission, use, and storage of information, which may be confidential or contain personally identifiable information. Any cybersecurity or data privacy incidents could have a material adverse effect on our results of operations and financial condition. While we maintain a broad array of information security and privacy measures, policies and practices, our networks may be breached through a variety of means, resulting in someone obtaining unauthorized access to our information, to information of our Portfolio Companies, or to our intellectual property; disabling or degrading service; or sabotaging systems or information. Unauthorized parties may also attempt to gain access to our systems or facilities, or those of our Portfolio Companies, through fraud or other forms of deceiving our employees, contractors, and vendors. Because the techniques used to obtain unauthorized access, or to sabotage systems, change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. We will continue to incur significant costs to continuously enhance its information security measures to defend against the threat of cybercrime. Any cybersecurity or data privacy incident or breach may result in:

● loss of revenue resulting from the operational disruption;

● loss of revenue or increased bad debt expense due to the inability to invoice properly or to customer dissatisfaction resulting in collection issues;

● loss of revenue due to loss of customers;

● material remediation costs to recreate or restore systems;

● material investments in new or enhanced systems in order to enhance our information security posture;

● reputational damage resulting in the failure to retain or attract additional Portfolio Companies;

● costs associated with potential litigation or governmental investigations;

● costs associated with any required notices of a data breach;

● costs associated with the potential loss of critical business data;

● difficulties enhancing or creating new products due to loss of data or data integrity issues; and

● other consequences of which we are not currently aware but would discover through the process of remediating any cybersecurity or data privacy incidents or breaches that may occur.

***Our brand, reputation and ability to attract and serve our Portfolio Companies are dependent in part upon the reliable performance of our technology.***

Our brand, reputation, and ability to attract and serve our Portfolio Companies are dependent in part upon the reliable performance of, and our ability to apply, our AI to operations of our Portfolio Companies and their ability to access our AI. Interruptions in our systems, whether due to system failures, computer viruses, physical or electronic break-ins, or other factors, could affect the security or availability of our AI. Problems with the reliability or security of our systems could harm its reputation. Damage to our reputation and the cost of remedying these problems could negatively affect our business, financial condition, and operating results.

**Risks Related to Industry Verticals**

**<u>Construction Risks which are applicable to the operations of C.C. Carlton Industries, Ltd.</u>**

***If we are unable to accurately estimate the overall risks, requirements, or costs when we bid on or negotiate a contract that is ultimately awarded to us, we may achieve a lower than anticipated profit or incur a loss on the contract.***

The majority of our construction revenue and backlog are derived from fixed unit price contracts, cost plus contracts, and lump sum contracts. The nature of our contracts, particularly those that are fixed-price, subjects us to risks associated with cost overruns, operating cost inflation and potential claims for liquidated damages. Fixed unit price contracts require us to provide materials and services at a fixed unit price based on approved quantities irrespective of our actual per unit costs. Lump sum contracts require that the total amount of work be performed for a single price irrespective of our actual per unit costs. We realize a profit on our contracts only if we accurately estimate our costs and then successfully control actual costs and avoid cost overruns, and our revenue exceed actual costs. If our cost estimates for a contract are inaccurate, or if we do not execute the contract within our cost estimates, then cost overruns may cause us to incur losses or cause the contract not to be as profitable as we expected. The final results under these types of contracts could negatively affect our business, financial condition, results of operations and cash flows.

The costs incurred and gross margin realized on our contracts can vary, sometimes substantially, from our original projections due to a variety of factors, including, but not limited to:

● on site conditions that differ from those assumed in the original bid or contract,

● failure to include required materials or work in a bid, or the failure to estimate properly the quantities or costs needed to complete a lump sum contract,

● contract or project modifications creating unanticipated costs not covered by change orders,

● failure by our suppliers, subcontractors, designers, engineers, joint venture partners, or customers to perform their obligations,

● delays in quickly identifying and taking measures to address issues which arise during contract execution,

● changes in availability, proximity and costs of materials, including steel, concrete, aggregates and other construction materials, as well as fuel and lubricants for our equipment,

● claims or demands from third parties for alleged damages arising from the design, construction or use and operation of a project of which our work is part,

● difficulties in obtaining required governmental permits or approvals,

● availability and skill level of workers in the geographic location of a project,

● citations issued by any governmental authority, including OSHA,

● unexpected labor conditions or work stoppages,

● changes in applicable laws and regulations,

● delays caused by weather conditions,

● fraud, theft or other improper activities by our suppliers, subcontractors, designers, engineers, joint venture partners or customers or our own personnel, and

● mechanical problems with our machinery or equipment.

Many of our contracts contain provisions that purport to shift some or all of the above risks from the customer to us, even in cases where the customer is partly at fault. Our experience has often been that public customers have been willing to negotiate equitable adjustments in the contract compensation or completion time provisions if unexpected circumstances arise. However, public customers may seek to impose contractual risk-shifting provisions more aggressively or there could be statutory and other legal prohibitions that prevent or limit contract changes or equitable adjustments, which could increase risks and adversely affect our business, financial condition, results of operations and cash flows.

***Our failure to meet the schedule or performance requirements of our contracts could adversely affect us.***

In most cases, our contracts require completion by a scheduled acceptance date. Failure to meet any such schedule could result in additional costs, penalties or liquidated damages being assessed against us, and these could exceed projected profit margins on the contract. Performance problems on existing and future contracts could cause actual results of operations to differ materially from those anticipated by us and could cause us to suffer damage to our reputation within the industry and among our customers.

**Our future growth depends, in part, on sales to government entities, which are subject to a number of challenges and risks.**

We derived approximately 85% and 72%, respectively, of our revenue from sales of our platform and products to federal, state, local, and foreign governments and public universities in fiscal 2024 and fiscal 2025, and a part of our growth strategy is to pursue successful procurement of government and other public sector contracts. Factors that could impede our ability to maintain or increase the amount of revenue derived from the public sector include:

● changes in fiscal or contracting policies;

● decreases in overall levels of government spending or available government funding;

● changes in government programs or applicable requirements;

● the adoption of new laws or regulations or changes to existing laws or regulations; and

● delays or changes in the government appropriations or other funding authorization processes.

The occurrence of any of the foregoing could cause governments, governmental agencies, and others in the public sector to delay or refrain from purchasing our platform and products or otherwise have an adverse effect on our business, operating results, and financial condition.

Additionally, the sale of our platform and products to the public sector is tied to budget cycles, and there are government requirements and authorizations that we may be required to meet. Further, we may be subject to audits and investigations relating to the contracts we enter into with the public sector, and violations could result in penalties and sanctions, including contract termination, refunding or forfeiting payments, fines and suspension, or debarment from future public sector business. Selling to these entities can be highly competitive, expensive, and time consuming, often requiring significant upfront time and expense. Public sector entities often require contract terms that differ from our standard arrangements and impose additional compliance requirements, require increased attention to pricing practices, or are otherwise time consuming and expensive to satisfy. For example, some of our government entity customers contract with us on the basis of our authorization under the U.S. Federal Risk and Authorization Management Program ("FedRAMP"), which has in the past required and may in the future require us to undertake additional actions and expense to ensure compliance. Public sector entities may also have statutory, contractual, or other legal rights to terminate contracts with us or our partners for convenience, for lack of funding, or due to a default, and any such termination may adversely impact our future results of operations. If we represent that we meet certain standards, authorizations (such as FedRAMP), or requirements and do not meet them, or if such authorizations are suspended or revoked, we could be subject to increased liability from our customers, investigation by regulators, or termination rights. Even if we do meet them, the additional costs associated with providing our service to public sector entities could harm our margins. Moreover, changes in underlying regulatory requirements could be an impediment to our ability to efficiently provide our service to public sector customers and to grow or maintain our customer base. Any of these risks related to contracting with public sector entities could adversely impact our future sales and results of operations or make them more difficult to predict.

***Our operations are subject to hazards that may cause personal injury or property damage. Failure to maintain safe work sites could subject us to liabilities and possible losses, which may not be covered by insurance.***

Construction and maintenance sites, plants and quarries are potentially dangerous workplaces subject to the usual hazards associated with providing construction and related services, and our employees and others are often put in close proximity with mechanized equipment, moving vehicles, chemical and manufacturing processes and highly regulated materials. Operating hazards can cause personal injury and loss of life, damage to or destruction of property, plant and equipment and environmental damage.

On many sites, we are responsible for safety and, accordingly, must implement safety procedures. If we fail to implement these procedures or if the procedures we implement are ineffective, we may suffer the loss of or injury to our employees or others, as well as expose ourselves to possible litigation. Despite having invested significant resources in safety programs and being recognized as an industry leader, a serious accident may nonetheless occur on one of our worksites. As a result, our failure to maintain adequate safety standards could result in reduced profitability or the loss of projects or customers and could have a material adverse impact on our business, financial condition, results of operations, and cash flows.

We maintain general liability and excess liability insurance, workers' compensation insurance, auto insurance and other types of insurance all in amounts consistent with our risk of loss and industry practice, but this insurance may not be adequate to cover all losses or liabilities that we may incur in our operations. Insurance liabilities are difficult to assess and quantify due to unknown factors, including the severity of an injury, the determination of our liability in proportion to other parties, the number of incidents not reported and the effectiveness of our safety program. If we were to experience insurance claims or costs above our estimates, we might be required to use working capital to satisfy these claims rather than to increase operations.

To the extent that we experience a material increase in the frequency or severity of accidents or workers' compensation and health claims, or unfavorable developments on existing claims, our results of operations and financial condition could be materially and adversely affected.

***Supply chain disruptions may adversely affect our operations.***

At times or in certain markets, we rely on third-party vendors and manufacturers to supply or transport many of the materials necessary for our operations. Disruptions, shortages or delays in the transportation of materials; price increases from suppliers or manufacturers; or inability to source needed materials have occurred and may continue to occur, which could adversely affect our results of operations, financial condition, cash flows and harm customer relationships. National and regional demand for cement and liquid asphalt may at times outpace the supply in the market. This imbalance creates a temporary shortage which may cause prices to increase faster than downstream products. Any material disruption at the facilities of our suppliers or otherwise within its supply chain, whether as a result of downtime, pandemic-related shutdowns, work stoppages or facility damage could prevent us from meeting customer demands or expected timelines, require us to incur unplanned capital expenditures, or cause other material disruptions to our operations, any of which could have a material adverse effect on our operations, financial position and cash flows. Further, supply chain disruptions can occur from events out of our control such as fires, floods, severe weather, natural disasters, environmental incidents or other catastrophes.

***Adverse weather conditions may cause construction delays, which could slow completion of our contracts and negatively affect our revenue and cash flows.***

Because all of our construction projects are built outdoors, work on our contracts is subject to unpredictable weather conditions. Severe weather events, such as tornadoes, hurricanes, rain, drought, ice and snowstorms, and high- and low- temperature extremes, occur in regions in which we operate and maintain infrastructure. Climate change could change the frequency and severity of these weather events, which may create physical and financial risks to our operations. Such risks could have an adverse effect on our financial condition, results of operations and cash flows. Increases in severe weather conditions or extreme temperatures may cause infrastructure construction projects to be delayed or canceled and limit resources available for such projects resulting in decreased revenue or increased project costs. In addition, drought conditions could restrict the availability of water supplies or limit the ability to obtain water use permits, inhibiting the ability to conduct operations. To date, our construction operations have not experienced any material impacts to their financial condition, results of operations or cash flows due to severe weather or the other physical effects of climate change.

The insurance industry may be adversely affected by severe weather events, which may impact availability of insurance coverage, insurance premiums and insurance policy terms.

***Increased costs of labor and materials may materially adversely affect our business, results of operations or financial condition.***

Higher than expected costs of labor and materials, including transportation costs related to increased fuel pricing, may adversely affect our ability to realize profits on our construction projects. Inflation, interest rate impacts on our suppliers' pricing, and supply chain failures are potential causes for such increased costs. It is difficult to accurately project these costs when bidding on a project, and there is no guarantee that we will be able to pass these higher costs on to our customers. As a result, an increase in such costs could have a material adverse effect on our business, results of operations, or financial condition.

Recent inflationary pressures have materially impacted our operations and may continue to do so in the future. Specifically, we have experienced delayed commencement dates on projects as we have had to revise budgets and proposals to account for the rising costs of labor and materials. Inflation has caused the prices of key construction materials, such as steel, lumber, and concrete, to rise substantially. These increased costs have made projects more expensive overall, which, in turn, could materially affect the number of new contracts awarded to us. Additionally, stronger lending requirements, elevated borrowing costs and increased financing rates have delayed our clients in securing construction loans, further impacting project timelines. While most of these inflationary costs are passed directly to the consumer as a pass-through cost, the cumulative effect of these delays and increased costs have and may continue to have a significant adverse impact on our profitability and cash flow, particularly if we are unable to fully recover these costs from our clients.

***Adverse economic conditions that impact consumer spending may materially affect our business.***

Our business, as well as the businesses of our partners, is significantly influenced by general economic conditions. Economic downturns, recessions, or periods of economic uncertainty can lead to reduced consumer spending, which may have a material adverse effect on our construction and development projects. During economic downturns, consumers often reduce spending, including on new homes and commercial properties. This reduction in consumer spending can lead to decreased demand for our construction and development services, resulting in lower revenues and profitability.

Economic conditions can also impact the availability and cost of financing for our projects. Tightened credit markets and higher interest rates can make it more difficult and expensive for us and our partners to secure the necessary funding for ongoing and future projects. This can delay or halt project development, further impacting our financial performance. Economic instability can lead to disruptions in the supply chain, affecting the availability and cost of materials and labor. Increased costs and delays in obtaining necessary resources can negatively impact project timelines and budgets, reducing our overall profitability. Economic conditions can also lead to increased market volatility, affecting property values and investment returns. Fluctuations in real estate markets can impact the valuation of our projects and the ability to sell or lease properties at favorable terms, further affecting our financial stability.

***Failure to maintain safe work sites could result in significant losses, which could materially affect our business and reputation.***

Because our employees and others are often in close proximity with mechanized equipment, moving vehicles, and chemical substances, our construction and maintenance sites are potentially dangerous workplaces. Therefore, safety is a primary focus of our business and is critical to our reputation and performance. Many of our clients require that we meet certain safety criteria to be eligible to work on the project. Unsafe work conditions, including OSHA violations, also can increase employee and subcontractor turnover, which increases project costs and therefore our overall operating costs. If we fail to implement safety procedures, implement ineffective safety procedures or fail to have adequate insurance policies in place, our employees and subcontractors could be injured, and we could be exposed to investigations and possible litigation. Our failure to maintain adequate safety standards through our safety programs could also result in reduced profitability or the loss of projects or clients and could have a material adverse impact on our financial position, results of operations, cash flows or liquidity.

***Our failure to meet the schedule or performance requirements of our contracts could adversely affect us.***

In most cases, our contracts require completion by a scheduled acceptance date. Failure to meet any such schedule, unless the result of non-fault issues such as force majeure, could result in additional costs, penalties or liquidated damages being assessed against us, and these could exceed projected profit margins on the contract. Performance problems on existing and future contracts, such as material shortages, changes to the scope of work or subcontractor performance, could cause actual results of operations to differ materially from those anticipated by us and could cause us to suffer damage to our reputation within the industry and among our clients.

***We could incur material costs and losses as a result of claims that our materials do not meet regulatory requirements or contractual specifications.***

We provide our customers with materials designed to comply with building codes or other regulatory requirements, as well as any applicable contractual specifications. If our materials do not satisfy these requirements and specifications, material claims may arise against us, our reputation could be damaged and, if any such claims are for an uninsured, non-indemnified or product-related matter, then resolution of such claim against us could have a material adverse effect on our financial condition, results of operations or liquidity.

***Our results of operations fluctuate from quarter to quarter and from year to year as they are affected, among other things, by the seasonal nature of the construction industry.***

Our results of operations experience substantial fluctuations from quarter to quarter and year to year. Any negative economic conditions that occur during the months of traditionally higher sales of a given product could have a disproportionate effect on our results of operations for the entire fiscal year. We may also make strategic decisions to deliver and invoice customers at certain dates to lower costs or improve supply chain efficiencies or may be forced to do so because of supply chain issues or disruption. As a result, our results of operations are likely to fluctuate significantly from period to period such that any historical results should not be considered indicative of the results to be expected for any future period. In addition, we incur significant additional expenses in the periods leading up to the beginning of new projects which may also result in fluctuations in our results of operations. Our annual and quarterly gross profit margins are also sensitive to a number of factors, many of which are beyond our control. This seasonality in revenues, expenses and margins, along with other factors that are beyond our control, including general economic conditions, changes in consumer preferences, weather conditions, including major weather events such as hurricanes, geopolitical uncertainty, the cost or availability of raw materials or labor, discretionary spending habits and currency exchange rate fluctuations, could materially adversely affect our business, results of operations or financial condition.

***We are subject to laws, rules and regulations regarding safety, health, environmental and noise pollution and other issues that could cause us to incur fines or penalties or increase our operating costs.***

We are subject to federal, state local, and municipal laws, rules and regulations in the United States regarding product safety, health, environmental and noise pollution and other issues that could cause us to incur fines or penalties or increase our operating costs, all of which could have a material adverse effect on our business, results of operations or financial condition. Namely, we are required to comply with the Occupational Safety and Health Act of 1970, which helps to ensure safe and healthy working conditions for workers by setting and enforcing standards and by providing training, outreach, education, and assistance. A failure to comply with, or compliance with, any such requirements or any new requirements could result in increased expenses to modify our products, or harm to our reputation, which could have a material adverse effect on our business, results of operations or financial condition.

**<u>Healthcare risks which are applicable to the operations of gTC MediGuide and Vanguard Healthcare Solutions</u>**

***We operate in a competitive industry, and if we are not able to compete effectively, our business, results of operations and financial condition would be harmed.***

The market for health care and the services related thereto is competitive. We compete in a highly fragmented market with direct and indirect competitors that offer varying levels of impact to key stakeholders such as patients, clinicians, payor partners, and primary care and other specialist physician partners. Our competitive success is contingent on our ability to address the needs of key stakeholders efficiently and with superior outcomes at scale compared with competitors. We compete across various segments within the health care market, including with respect to traditional health care providers and medical practices, technology platforms, care management and coordination, digital health, telehealth and health information exchange. Competition in our market involves changing technologies, evolving regulatory requirements and industry expectations, and changes in clinician and patient needs. If we are unable to keep pace with the evolving needs of our patients and clinicians and the evolving competitive landscape in a timely and efficient manner, demand for our services may be reduced and our business, financial condition and results of operations would be harmed.

Our competitors primarily include other medical and healthcare service providers that deliver care in-person or through virtual visits. Our indirect competitors also include episodic consumer-driven point solutions, such as in-person and virtual life coaching, digital therapy and support tools and other technologies related to health care services. In addition to established health providers, we may face additional competition from new market entrants, including major retailers that have recently begun to offer in-person and virtual health care in certain markets. Generally, practices, certain hospitals, and other outpatient health providers in the local communities we serve provide services similar to those we offer, and, in some cases, our competitors may offer a broader array of services, more flexible hours or more desirable locations to patients and outpatient health providers than ours, and may have larger or more specialized medical staffs to serve patients. Furthermore, health care consumers are now able to access patient satisfaction data, as well as standard charges for services, to compare competing outpatient health providers; if any of our centers or our affiliated practices achieve poor results (or results that are lower than our competitors') on patient satisfaction surveys, or if our standard charges are or are perceived to be higher than our competitors, we may attract fewer patients. Additional quality measures and trends toward clinical or billing transparency, including recently enacted price transparency rules that would require third-party payors to make their pricing information publicly available, may have a negative impact on our competitive position and patient volumes, as patients may prefer to use lower-cost health care providers if they deliver services that are perceived to be similar in quality to ours. Competition from specialized providers, medical practices, retailers, digital health companies and other parties could negatively impact our revenue and market share.

We may encounter competitors that have greater name recognition, longer operating histories or more resources than us. Further, our current or potential competitors may be acquired by third parties with greater available resources. As a result, our competitors may be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or patient or clinician requirements and may have the ability to initiate or withstand substantial price competition. In light of these factors, even if our model is more effective than those of our competitors, current or potential patients or clinicians may choose to turn to our competitors. If we are unable to successfully compete in the healthcare market, our business and prospects would be materially harmed.

***If reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to deliver services to our clients, our business could be harmed.***

Private third-party payors pay for the services that we provide to many of our clients. If any commercial third-party payors reduce their reimbursement rates or elect not to cover some or all of our services, our business, results of operations and financial condition may be harmed. Third-party payors may also elect to create narrow networks, which may exclude our clinicians. Our payor relationships generally operate across multiple independent regional contracts. Changes in reimbursement rates from these or other large commercial payors could adversely impact our business and results of operations.

Our commercial payor contracts are typically structured as fee-for-service arrangements, pursuant to which we, or our affiliated practices, collect the fees for patient services. Under these arrangements, we assume financial risks related to changes in the mix of insured and uninsured patients and patients covered by government-sponsored health care programs, third-party reimbursement rates and patient volume.

A portion of our revenue comes from government health care programs. Payments from federal and state government programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review and federal and state funding restrictions, each of which could increase or decrease program payments, as well as affect the cost of providing services to patients and the timing of payments. We are unable to predict the effect of recent and future policy changes on our operations. In addition, the uncertainty and fiscal pressures placed upon federal and state governments as a result of, among other things, deterioration in general economic conditions and the funding requirements from federal healthcare reform legislation, may affect the availability of taxpayer funds for Medicare and Medicaid programs. Changes in government health care programs may reduce the reimbursement we receive from them or private payors and could adversely impact our business and results of operations.

A substantial decrease in patient volume, an increase in the number of uninsured or underinsured patients or an increase in the number of patients covered by government health care programs, as opposed to commercial plans that have higher reimbursement levels, could reduce our profitability and adversely impact future growth. In addition, we may be unable to enter new payor contracts on favorable terms, or at all. In some cases, our revenue decreases if our volume or reimbursement decreases, but our expenses, including clinician compensation, may not decrease proportionately.

There has also been a recent trend in the healthcare sector of payors shifting to new models and value-based care arrangements. Changing legislation and other regulatory and executive developments have led to the creation of new models of care and other initiatives in both the government and private sector. Value-based care incentivizes health care providers to improve both the health and well-being of their patients while concurrently managing the medical expenses or "spend" of a particular population. Value-based care reimbursement models implemented by government health care programs or private third-party payors could materially change the manner in which mental health providers are reimbursed. Any failure on our part to adequately implement strategic initiatives to adjust to these marketplace developments could have a material adverse impact on our business.

A nominal number of our current contracts provide for incremental payments tied to the attainment of quality or performance metrics. If we fail to obtain these metrics in future periods, our revenue may decrease relative to past periods. In addition, we may enter into contracts in the future that may include parallel or full risk sharing for identified populations. These agreements would expose us to significant financial downside in the event that we are not able to improve outcomes and reduce total cost of care for the populations. These contracts may include components of medical spending, increasing the size of potential downside risk relative to traditional fee-for-service mental health spending.

***The federal government and several states have enacted laws restricting the amount out-of-network providers of services can charge and recover for such services.***

In December 2020, in connection with the Consolidated Appropriations Act of 2021, the No Surprises Act introduced national limitations on physician billing for certain services furnished by providers who are not in-network with the patient's self-insured health plan, individual or group health plan (including fully-insured plans) that will go into effect on January 1, 2022. In addition, several states where we conduct business have enacted or are considering similar laws that would apply to patients having state-regulated insurance. For example, Florida, Ohio and Texas have adopted their own balance billing laws that, in certain cases, prohibit out-of-network providers from billing patients in excess of in-network rates. These measures could limit the amount we can charge and recover for services we furnish where we or our clients have not contracted with the patient's insurer and therefore could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Moreover, these measures could affect our ability to contract with certain payors and under historically similar terms and may cause, and the prospect of these changes may cause, payors to terminate their contracts with us and our affiliated practices, further affecting our business, financial condition, results of operations and cash flows. There is also risk that additional legislation at the federal and state level will give rise to major third-party payors leveraging this legislation or related changes as an opportunity to terminate and renegotiate existing reimbursement rates.

***Financial pressures on patients, as well as economic conditions, may adversely affect our patient volume.***

We may be adversely affected by patients' unwillingness to pay for treatment by our clinicians. Higher numbers of unemployed individuals generally translate into more individuals without health care insurance to help pay for services, thereby increasing the potential for persons to elect not to seek treatment if they cannot afford to self-pay. Growth of patient receivables or deterioration in the ability to collect on these accounts, due to changes in economic conditions or otherwise, could have an adverse effect on our business, results of operations and financial condition. In addition, patients with high deductible insurance plans may be less likely to seek treatment as a result of higher expected out-of-pocket costs.

***We may receive reimbursement for virtual services that is less than for comparable in-person services, which would negatively impact revenue and results of operations.***

From time to time, we may operate in states that have not adopted laws related to parity between reimbursement rates for virtual services and in-person care. If we are not able to enter into regional payor contracts that provide for reimbursement parity between in-person and virtual services, private payors may not reimburse for virtual services at the same rates as in-person care for all patients within that market. Currently, our reimbursement rates for virtual services and in-person care are substantially similar. This is driven by contractual arrangements with our payor partners or payor policies. If we are not able to enter into or renew payor contracts on these terms or if payor policies change, we may receive reimbursement for virtual services that is less than comparable to in-person services in such states, which would negatively impact our revenue with respect to such markets, and as a result, our business, financial condition and results of operations.

***Failure to timely or accurately bill for our services could have a negative impact on our patient service revenue, bad debt expense and cash flow.***

Billing for our services is complex. The practice of providing mental health services in advance of payment or prior to assessing a patient's ability to pay for such services may have a significant negative impact on our patient service revenue, bad debt expense and cash flow. We bill numerous and varied payors, including self-pay patients and various forms of commercial insurance providers. Different payors typically have differing forms of billing requirements that must be met prior to receiving payment for services rendered. Self-pay patients and third-party payors may fail to pay for services even if they have been properly billed. Reimbursement to us is typically conditioned, among other things, on our providing the proper procedure and diagnosis codes. Incorrect or incomplete documentation and billing information could result in non-payment for services rendered or reduction in reimbursement. Additional factors that could complicate our billing include variation in coverage for similar services among various payors and the difficulty of adherence to specific compliance requirements, coding and various other procedures mandated by responsible parties. To the extent the complexity associated with billing for our services causes delays in our cash collections, we assume the financial risk of increased carrying costs associated with the aging of our accounts receivable as well as the increased potential for bad debt expense.

***We face inspections, reviews, audits and investigations under our commercial payor contracts and pursuant to federal and state programs. These audits could have adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition and reputation.***

We are subject to various inspections, reviews, audits and investigations to verify our compliance with applicable laws and regulations and any payor-specific requirements. Commercial payors and government programs reserve the right to conduct audits. We also periodically conduct internal audits and reviews of our regulatory compliance. An adverse inspection, review, audit or investigation could result in:

● refunding amounts we have been paid from payors;

● state or federal agencies imposing fines, penalties and other sanctions on us;

● temporary suspension of payment for new patients to the practice;

● decertification or exclusion from participation in one or more payor networks;

● self-disclosure of violations to applicable regulatory authorities;

● damage to our reputation;

● the revocation of a clinician's or a practice's license; and

● loss of certain rights under, or termination of, our contracts with commercial payors.

We have in the past and may in the future be required to refund amounts we have been paid and/or pay fines and penalties as a result of these inspections, reviews, audits and investigations. If adverse inspections, reviews, audits or investigations occur and any of the results noted above occur, it could have a material adverse effect on our business, financial condition and results of operations. Furthermore, the legal, document production and other costs associated with complying with these inspections, reviews, audits or investigations could be significant.

***Our healthcare business depends on our ability to effectively implement our AI to maintain the uninterrupted operation and data integrity of our information technology and other business systems.***

Our business is dependent on maintaining effective information systems as well as the integrity and timeliness of the data we use to serve our patients, support our clinicians and payor partners and operate our business. Because of the large amount of data that we collect and manage, it is possible that hardware failures or errors in our systems could result in data loss or corruption or cause the information that we collect to be incomplete or contain inaccuracies that our partners regard as significant. If our data were found to be inaccurate or unreliable due to fraud or other error, or if we, or any of the third-party vendors we engage, were to fail to maintain information systems and data integrity effectively, we could experience operational disruptions that may impact our patients and clinicians and hinder our ability to provide care to patients, retain and attract patients, establish reserves, report financial results timely and accurately and maintain regulatory compliance, among other things.

Our information technology strategy and execution are critical to our continued success. We must continue to invest in long-term solutions that will enable us to anticipate patient needs and expectations, enhance the patient experience, act as a differentiator in the market, protect against rapidly changing cybersecurity risks and threats, and keep pace with evolving privacy and security laws, requirements and regulations, including changes in payment regimes. Our success is dependent, in large part, on maintaining the effectiveness of existing technology systems and continuing to deliver and enhance technology systems that support our business processes in a cost-efficient and resource-efficient manner.

Increasing regulatory and legislative changes will place additional demands on our information technology infrastructure that could have a direct impact on resources available for other projects tied to our strategic initiatives for our technology platform. In addition, recent trends toward greater patient engagement in health care require new and enhanced technologies, including more sophisticated applications for mobile devices. Connectivity among technologies is becoming increasingly important. We must also develop new systems to meet current market standards and keep pace with continuing changes in information processing technology, evolving industry and regulatory standards and patient needs. Failure to do so may present compliance challenges and impede our ability to deliver care to patients in a competitive manner. Even if successful, there can be no assurance that additional development projects will not be needed or arise in the future or that we have the necessary resources to complete such development projects. Further, the technological advances of our competitors or future competitors may result in our technologies or future technologies become uncompetitive or obsolete. Our failure to effectively invest in, implement improvements to and properly maintain the uninterrupted operation and data integrity of our information technology and other business systems could adversely affect our results of operations, financial position, and cash flow.

***Clinicians***  ***and affiliated practices may become subject to medical liability claims, which could cause us to incur significant expenses and may require us to pay significant damages if not covered by insurance.***

Our business entails the risk of medical liability claims against us, our clinicians and our affiliated practices. Although we, our clinicians and our affiliated practices carry insurance covering medical malpractice claims in amounts that we believe are appropriate in light of the risks attendant to our business, successful medical liability claims could result in substantial damage awards that exceed the limits of our and our clinicians' insurance coverage. Our affiliated practices and clinicians carry professional liability insurance, and we separately carry a professional liability insurance policy, which covers medical malpractice claims. In addition, professional liability insurance is expensive and insurance premiums may increase significantly in the future, particularly as we expand our services. As a result, adequate professional liability insurance may not be available to our clinicians, our affiliated practices or to us in the future at acceptable costs or at all.

Any claims made against us that are not fully covered by insurance could be costly to defend against, result in substantial damage awards against us and divert the attention of our management and our affiliated medical group from our operations, which could have a material adverse effect on our business, financial condition and results of operations. In addition, any claims may adversely affect our business or reputation.

***If we fail to cost-effectively develop widespread brand awareness and maintain our reputation, or if we fail to achieve and maintain market acceptance for our health services, our business could suffer.***

We believe that developing and maintaining widespread awareness of our brand and maintaining our reputation for delivering high-quality care to patients is important to attract new patients and clinicians and maintain existing patients and clinicians. In addition, we have a growing number of strategic relationships with primary care and other specialist physician partners to develop our integrated care model and referral networks. Market acceptance of our services and patient acquisition depends on educating people, as well as payors and partners, as to the distinct features, ease-of-use, positive lifestyle impact, efficacy, quality and other perceived benefits of our platform as compared to alternatives. In particular, market acceptance is dependent on our ability to sufficiently saturate a particular geographic area to deliver care to local patients. The level of saturation required depends on the needs of the local market and the preferences of the patients in that market. Further, we rely on referrals and placed advertisements to spread brand awareness. Referrals are dependent on patients relaying positive experiences with our services and clinicians. If we are not successful in demonstrating to existing and potential patients, clinicians and payors the benefits of our platform, if we are not able to sufficiently saturate a market in convenient locations for patients, or if we are not able to achieve the support of payors and physician partners for our model and services, we could experience lower than expected patient retention. Further, the loss or dissatisfaction of patients or clinicians may substantially harm our brand and reputation, inhibit widespread adoption of our services, reduce our revenue, and impair our ability to attract or retain patients and clinicians.

Our brand promotion activities may not generate awareness or increase revenue and, even if they do, any increase in revenue may not offset the expenses we incur in building our brand. If we fail to successfully promote and maintain our brand, we may fail to attract or retain patients, clinicians, payors and physician partners necessary to realize a sufficient return on our brand-building efforts or to achieve the widespread brand awareness we seek.

***We conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, results of operations and financial condition.***

The U.S. healthcare industry is heavily regulated and closely scrutinized by federal and state governments. Comprehensive statutes and regulations govern the manner in which we provide and bill for services and collect reimbursement from governmental programs and private payors, our contractual relationships with affiliated clinicians, vendors and patients, our marketing activities and other aspects of our operations. Of particular importance are:

● the federal Ethics in Patient Referrals Act, commonly referred to as the Stark Law, that, unless one of the statutory or regulatory exceptions apply, prohibits physicians from referring Medicare or Medicaid patients to an entity for the provision of certain "designated health services" if the physician or a member of such physician's immediate family has a direct or indirect financial relationship (including an ownership interest or a compensation arrangement) with the entity, and prohibit the entity from billing Medicare or Medicaid for such designated health services. Sanctions for violating the Stark Law include denial of payment, civil monetary penalties, and exclusion from the federal health care programs. Failure to refund amounts received as a result of a prohibited referral on a timely basis may constitute a false or fraudulent claim and may result in civil penalties and additional penalties under the False Claims Act. The statute also provides for penalties for circumvention schemes;

● the federal Anti-Kickback Statute that prohibits the knowing and willful offer, payment, solicitation or receipt of any bribe, kickback, rebate or other remuneration for referring an individual, in return for ordering, leasing, purchasing or recommending or arranging for or to induce the referral of an individual or the ordering, purchasing or leasing of items or services covered, in whole or in part, by any federal health care program, such as Medicare and Medicaid. Remuneration has been interpreted broadly to be anything of value, and could include compensation, discounts or free marketing services. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it to have committed a violation. In addition, the government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the False Claims Act. Violations of the federal Anti-Kickback Statute may result in civil monetary penalties for each violation, plus up to three times the remuneration involved. Civil penalties for such conduct can further be assessed under the federal False Claims Act. Violations can also result in criminal penalties, including criminal fines and imprisonment of up to 10 years. Similarly, violations can result in exclusion from participation in government health care programs, including Medicare and Medicaid;

● the criminal health care fraud provisions of the federal Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), as amended by the Health Information Technology for Economic and Clinical Health Act ("HITECH"), and their implementing regulations, which we collectively refer to as HIPAA, and related rules that prohibit knowingly and willfully executing a scheme or artifice to defraud any health care benefit program or falsifying, concealing or covering up a material fact or making any material false, fictitious or fraudulent statement in connection with the delivery of or payment for health care benefits, items or services. Similar to the federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute or specific intent to violate it to have committed a violation;

● HIPAA, and its implementing regulations, which also imposes certain regulatory and contractual requirements regarding the privacy, security and transmission of protected health information ("PHI");

● the federal False Claims Act that imposes civil and criminal liability on individuals or entities that knowingly submit false or fraudulent claims for payment to the government or knowingly making, or causing to be made, a false statement in order to have a false claim paid, including qui tam or whistleblower suits;

● the federal Civil Monetary Penalties Law prohibits, among other things, the offering or transfer of remuneration to a Medicare or state health care program beneficiary if the person knows or should know it is likely to influence the beneficiary's selection of a particular provider, practitioner, or supplier of services reimbursable by Medicare or a state health care program, unless an exception applies;

● reassignment of payment rules that prohibit certain types of billing and collection practices in connection with claims payable by the Medicare or Medicaid programs;

● similar state law provisions pertaining to Anti-Kickback, self-referral and false claims issues, some of which may apply to items or services reimbursed by any third party payor, including commercial insurers or services paid out-of-pocket by patients;

● state laws that prohibit general business corporations, such as us, from practicing medicine, controlling physicians' medical decisions or engaging in some practices such as splitting fees with physicians and psychologists;

● the Federal Trade Commission Act and federal and state consumer protection, advertisement and unfair competition laws, which broadly regulate marketplace activities and activities that could potentially harm consumers;

● laws that regulate debt collection practices as applied to our debt collection practices;

● a provision of the Social Security Act that imposes criminal penalties on health care providers who fail to disclose or refund known overpayments;

● federal and state laws that prohibit providers from billing and receiving payment from Medicare and Medicaid for services unless the services are medically necessary, adequately and accurately documented, and billed using codes that accurately reflect the type and level of services rendered;

● risks related to employing or contracting with individuals or entities that are sanctioned or excluded from participation in government health care programs;

● the Federal Substance Abuse Confidentiality Regulations known as 42 C.F.R. Part 2;

● federal and state laws and policies that require health care providers to maintain licensure, certification or accreditation to provide physician and other professional services, to enroll and participate in the Medicare and Medicaid programs, to report certain changes in their operations to the agencies that administer these programs, as well as state insurance laws; and

● state and federal statutes and regulations that govern workplace health and safety.

Because of the breadth of these laws and the need to fit certain activities within one of the statutory exceptions and safe harbors available, it is possible that some of our business activities could be subject to challenge under one or more of such laws. Achieving and sustaining compliance with these laws may prove costly. Failure to comply with these laws and other laws can result in civil and criminal penalties such as fines, damages, overpayment recoupment, loss of enrollment status and exclusion from the Medicare and Medicaid programs. The risk of our being found in violation of these laws and regulations is increased by the fact that many of them have not been fully interpreted by the regulatory authorities or the courts, and their provisions are sometimes open to a variety of interpretations. Our failure to accurately anticipate the application of these laws and regulations to our business or any other failure to comply with regulatory requirements could create liability for us and negatively affect our business. Any action against us for violation of these laws or regulations, even if we successfully defend against it, could cause us to incur significant legal expenses, divert our management's attention from the operation of our business and result in adverse publicity.

To enforce compliance with the federal laws, the U.S. Department of Justice and the U.S. Department of Health and Human Services ("HHS") Office of Inspector General ("OIG") have continued their scrutiny of health care providers, which has led to a number of investigations, prosecutions, convictions and settlements in the healthcare industry. Dealing with investigations can be time- and resource-consuming and can divert management's attention from the business. Any such investigation or settlement could increase our costs or otherwise have an adverse effect on our business. In addition, because of the potential for large monetary exposure under the federal False Claims Act, which provides for treble damages and mandatory minimum penalties per false claim or statement, health care providers often resolve allegations without admissions of liability for significant and material amounts to avoid the uncertainty of treble damages that may be awarded in litigation proceedings. Such settlements often contain additional compliance and reporting requirements as part of a consent decree, settlement agreement or corporate integrity agreement. Given the significant size of actual and potential settlements, it is expected that the government will continue to devote substantial resources to investigating health care providers' compliance with the health care reimbursement rules and fraud and abuse laws.

We are, and may in the future be, a party to various lawsuits, demands, claims, qui tam suits, governmental investigations and audits (including investigations or other actions resulting from our obligation to self-report suspected violations of law) and other legal matters, any of which could result in, among other things, substantial financial penalties or awards against us, mandated refunds, substantial payments made by us, required changes to our business practices, exclusion from future participation in Medicare, Medicaid and other health care programs and possible criminal penalties, any of which could have a material adverse effect on our business, results of operations, financial condition and cash flows and materially harm our reputation.

The laws, regulations and standards governing the provision of health care services may change significantly in the future. We cannot assure you that any new or changed health care laws, regulations or standards will not materially adversely affect our business. We cannot assure you that a review of our business by judicial, law enforcement, regulatory or accreditation authorities will not result in a determination that could adversely affect our operations.

***Regulations related to health care are constantly evolving. To the extent regulations are revised, particularly with respect to state licensure laws, our ability to provide virtual service across regions will be hampered.***

In a regulatory climate that is uncertain, our operations may be subject to direct and indirect adoption, expansion or reinterpretation of various laws and regulations. Compliance with these future laws and regulations may require us to change our practices at an undeterminable and possibly significant initial monetary and recurring expense. These additional monetary expenditures may increase future overhead, which could have a material adverse effect on our results of operations and our ability to provide virtual services in certain jurisdictions. Areas of government regulation that, if changed, could be costly to us include: rules governing the practice of medicine by physicians; laws relating to licensure requirements for psychiatrists and other licensed mental health professionals; laws limiting the corporate practice of medicine and professional fee-splitting; laws governing the issuance of prescriptions in an online setting; cybersecurity and privacy laws; and laws and rules relating to the distinction between independent contractors and employees.

In addition, a few states have imposed different, and, in some cases, additional, standards regarding the provision of services virtually. The unpredictability of this regulatory landscape means that sudden changes in policy regarding standards of care and reimbursement are possible. If a successful legal challenge or an adverse change in the relevant laws were to occur, and we were unable to adapt our business model accordingly, our operations in the affected jurisdictions would be disrupted, which could have a material adverse effect on our business, financial condition and results of operations. If we are required to adapt our business model, we may be limited to only in-person services, which may have a material adverse effect on our business, financial condition and results of operations.

***The impact of healthcare reform legislation and other changes in the healthcare industry and in health care spending on us is currently unknown, but may harm our business.***

Our revenue is dependent on the healthcare industry and could be affected by changes in health care spending, reimbursement and policy. The healthcare industry is subject to changing political, regulatory and other influences. The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (the "Affordable Care Act" or the "ACA") in 2010 made major changes in how health care is delivered and reimbursed, and increased access to health insurance benefits to the uninsured and underinsured population of the United States.

Since its enactment, there have been judicial and Congressional challenges to certain aspects of the ACA as well as efforts to repeal or replace certain aspects of the ACA. Since the enactment of the Tax Cuts and Jobs Act of 2017, there have been additional amendments to certain provisions of the ACA, and it is possible that the then-current administration and Congress will likely continue to seek to modify or build on certain provisions of the ACA. We continue to evaluate the effect that the ACA and its possible modification or repeal and replacement has on our business. It is uncertain the extent to which any such changes may impact our business or financial condition. In addition to these legal challenges, the then-current administration may advance new healthcare policy goals and objectives through statute, regulation and executive order.

Other legislative changes to provider reimbursement have been proposed and adopted since the ACA was enacted. These changes include aggregate reductions to Medicare payments to providers of up to 2% per fiscal year pursuant to the Budget Control Act of 2011 (known as Medicare sequestration) and subsequent extensions, which began in 2013 and will remain in effect through 2029 unless additional Congressional action is taken. In January 2013, the American Taxpayer Relief Act of 2012 was signed into law, which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments to providers from three to five years. New laws may result in additional reductions in Medicare and other health care funding, which may materially adversely affect customer demand and affordability for our products and, accordingly, the results of our financial operations.

Such changes in the regulatory environment may also result in changes to our payor mix that may affect our operations and revenue. In addition, certain provisions of the ACA authorize voluntary demonstration projects, which include the development of bundling payments for acute, inpatient hospital services, physician services and post-acute services for episodes of hospital care. Further, the ACA may adversely affect payors by increasing medical costs generally, which could have an effect on the industry and potentially impact our business and revenue as payors seek to offset these increases by reducing costs in other areas. Certain of these provisions are still being implemented and the full impact of these changes on us cannot be determined at this time.

Uncertainty regarding future amendments to the ACA as well as new legislative proposals to reform health care and government insurance programs, along with the trend toward managed health care in the United States, could result in reduced demand and prices for our services. We expect that additional state and federal health care reform measures will be adopted in the future, any of which could limit the amounts that federal and state governments and other third party payors will pay for health care products and services, which could adversely affect our business, financial condition and results of operations.

***If our or our vendors' security measures fail or are breached and unauthorized access to our employees', patients' or partners' data is obtained, our systems may be perceived as insecure, we may incur significant liabilities, including through private litigation or regulatory action, our reputation may be harmed, and we could lose patients and partners.***

Our business involves the storage and transmission of proprietary information and sensitive or confidential data, including personal information of employees and others, as well as the PHI of our patients. Several laws and regulations require us to keep this information secure. Because of the extreme sensitivity of the information we store and transmit, the security features of our and our third-party vendors' computer, network and communications systems infrastructure are critical to the success of our business. We cannot be sure that our security features and processes or that our vetting and oversight of third parties will be sufficient. We also exercise limited control over third-party vendors, which increases our vulnerability to problems with the technology and information services they provide. Determined threat actors would likely be able to penetrate our security or the security of our vendors with enough skills, resources, and time. A breach or failure of our or our third-party vendors' network, hosted service providers or vendor systems could result from a variety of circumstances and events, including third-party action, employee negligence or error, malfeasance, computer viruses, cyber-attacks by computer hackers such as denial-of-service and phishing attacks, nation-state attacks, political protests, failures during the process of upgrading or replacing software and databases, power outages, hardware failures, telecommunication failures, user errors or catastrophic events. Information security risks have generally increased in recent years because of the proliferation of new technologies and the increased sophistication and activities of perpetrators of cyber-attacks. We are also dependent on a technology supply chain that involves many third parties, some of whom may not be known to us, and each of these companies may also be a source of potential risk to our patients, operations and reputation. Hackers and data thieves are increasingly sophisticated and operating large-scale and complex automated attacks, including on companies within the healthcare industry. As cyber threats continue to evolve, we and our third-party vendors may be unable to anticipate all potential threats. We may be required to expend additional resources to further enhance our information security measures and/or to investigate and remediate any information security vulnerabilities. If our or our third-party vendors' security measures fail or are breached, it could result in unauthorized persons accessing sensitive patient data (including PHI), a loss of or damage to our data, or an inability to access data sources, process data or provide our services to our patients. A security incident may even remain undetected for an extended period, and we or our third-party vendors may be unable to anticipate such threats and attacks or implement adequate preventive measures. Such failures or breaches of our or our third-party vendors' security measures, or our or our third-party vendors' inability to effectively resolve such failures or breaches in a timely manner, could severely damage our reputation, adversely affect patient, provider or investor confidence in us, and reduce the demand for our services from existing and potential patients. In addition, we could face litigation, damages for contract breach, monetary penalties or regulatory actions for violation of applicable laws or regulations and incur significant costs to comply with applicable data breach notification laws and to implement remedial measures to prevent future occurrences and mitigate past violations. Although we maintain insurance covering certain security and privacy damages and related expenses, we may not carry insurance or maintain coverage sufficient to compensate for all liability and in any event, insurance coverage would not address the reputational damage that could result from a security incident.

Our Board of Directors will be briefed periodically on cybersecurity and risk management issues, and we will implement a number of processes to avoid cyber threats and to protect privacy. However, the processes we have implemented in connection with such initiatives may be insufficient to prevent or detect improper access to confidential, proprietary or sensitive data, including personal data. In addition, the competition for talent in the data privacy and cybersecurity space is intense, and we may be unable to hire, develop or retain suitable talent capable of adequately detecting, mitigating or remediating these risks. Our failure to adhere to, or successfully implement processes in response to, evolving cybersecurity threats and changing legal or regulatory requirements in this area could result in legal liability or damage to our reputation in the marketplace.

Should an attacker gain access to our network or the network of our third-party vendor, including by way of example, using compromised credentials of an authorized user, we are at risk that the attacker might successfully leverage that access to compromise additional systems and data. Certain measures that could increase the security of our systems, such as data encryption (including data at rest encryption), heightened monitoring and logging, scanning for source code errors or deployment of multi-factor authentication, take significant time and resources to deploy broadly, and such measures may not be deployed in a timely manner or be effective against an attack. As cybersecurity threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. The inability to implement, maintain and upgrade adequate safeguards could have a material adverse effect on our business.

Our information systems must be continually updated, patched and upgraded to protect against known vulnerabilities. The volume of new vulnerabilities has increased markedly, as has the criticality of patches and other remedial measures. In addition to remediating newly identified vulnerabilities, previously identified vulnerabilities must also be continuously addressed. Accordingly, we are at risk that cyber-attackers exploit these known vulnerabilities before they have been addressed. Due to the systems and platforms that we operate, the increased frequency at which vendors are issuing security patches to their products, the need to test patches and, in some cases, coordinate with clients and vendors, before they can be deployed, we continuously face the substantial risk that we cannot deploy patches in a timely manner. These risks can be heightened as we acquire and work to integrate additional centers. We are also dependent on third-party vendors to keep their systems patched and secure in order to protect our information systems and data. Any failure related to these activities and any breach of our information systems could result in significant liability and have a material adverse effect on our business, reputation and financial condition.

***Our use and disclosure of PII, including PHI, is subject to federal and state privacy and security regulations, and our failure to comply with those regulations or to adequately secure such information we hold could result in significant liability or reputational harm and, in turn, substantial harm to our affiliated practices, affiliated clinicians, patient base and revenue.***

The privacy and security of personally identifiable information, or PII, stored, maintained, received or transmitted electronically is a major issue in the United States. While we strive to comply with all applicable privacy and security laws and regulations, as well as our own posted privacy policies, legal standards for privacy, including but not limited to "unfairness" and "deception," as enforced by the Federal Trade Commission and state attorneys general, continue to evolve and any failure or perceived failure to comply may result in proceedings or actions against us by government entities or others, or could cause us to lose customers, which could have a material adverse effect on our business. Recently, there has been an increase in public awareness of privacy issues in the wake of revelations about the activities of various government agencies and in the number of private privacy-related lawsuits filed against companies. Any allegations about us, our affiliated practices or our affiliated clinicians with regard to the collection, processing, use, disclosure, or security of PII or other privacy-related matters, even if unfounded and even if we are in compliance with applicable laws, could damage our reputation and harm our business.

We also publish statements to our patients and stakeholders that describe how we handle and protect personal information. If federal or state regulatory authorities or private litigants consider any portion of these statements to be untrue or misleading, we may be subject to claims of deceptive practices, which could lead to significant liabilities and consequences, including, without limitation, costs of responding to investigations, defending against litigation, settling claims and complying with regulatory or court orders.

Numerous foreign, federal and state laws and regulations govern collection, dissemination, use and confidentiality of personally identifiable health information, including state privacy and confidentiality laws (including state laws requiring disclosure of breaches) and HIPAA.

HIPAA establishes a set of basic national privacy and security standards for the protection of PHI, by health plans, health care clearinghouses and certain health care providers, referred to as covered entities, and the business associates with whom such covered entities contract for services, which includes us. Certain of our entities and affiliated practices are covered entities, while our management service entities are business associates.

HIPAA requires covered entities and business associates to develop and maintain policies and procedures with respect to PHI that is used or disclosed, including the adoption of administrative, physical and technical safeguards to protect such information. HIPAA also implemented the use of standard transaction code sets and standard identifiers that covered entities must use when submitting or receiving certain electronic health care transactions, including activities associated with the billing and collection of health care claims.

HIPAA imposes mandatory penalties for certain violations. Penalties for violations of HIPAA and its implementing regulations include civil monetary penalties per violation, subject to annual maximums. However, a single breach incident can result in violations of multiple standards, which could result in significant fines. A person who knowingly obtains or discloses individually identifiable health information in violation of HIPAA may face a criminal fine and up to one-year of imprisonment. The criminal penalties increase if the wrongful conduct involves false pretenses or the intent to sell, transfer, or use identifiable health information for commercial advantage, personal gain, or malicious harm. HIPAA also authorizes state attorneys general to file suit on behalf of their residents. While HIPAA does not create a private right of action allowing individuals to sue us in civil court for violations of HIPAA, its standards have been used as the basis for duty of care in state civil suits such as those for negligence or recklessness in the misuse or breach of PHI. Any such penalties or lawsuits could harm our business, financial condition, results of operations and prospects.

In addition, HIPAA mandates that the Secretary of Health and Human Services ("HHS") conduct periodic compliance audits of HIPAA covered entities or business associates for compliance with the HIPAA Privacy and Security Standards. It also tasks HHS with establishing a methodology whereby harmed individuals who were the victims of breaches of unsecured PHI may receive a percentage of the Civil Monetary Penalty fine paid by the violator.

HIPAA further requires that patients be notified of any unauthorized acquisition, access, use or disclosure of their unsecured PHI that compromises the privacy or security of such information, with certain exceptions related to unintentional or inadvertent use or disclosure by employees or authorized individuals. HIPAA specifies that such notifications must be made "without unreasonable delay and in no case later than 60 calendar days after discovery of the breach." If a breach affects 500 patients or more, it must be reported to HHS without unreasonable delay, and HHS will post the name of the breaching entity on its public website. Breaches affecting 500 patients or more in the same state or jurisdiction must also be reported to the local media. If a breach involves fewer than 500 people, the covered entity must record it in a log and notify HHS at least annually. We have experienced minor breaches of PHI in the ordinary course of business, but none have involved more than 500 individuals. Further, the HHS Office for Civil Rights ("OCR") published a proposed rule in January of 2021, which, among other things calls for greater care coordination and an individual's rights to access patient records. The proposed rule specifically encourages the disclosure of PHI when needed to help individuals experiencing substance use disorder, serious mental illness and in emergency circumstances. The proposed rule is subject to a regulatory suspension announced by the Biden administration and we do not know when (or if) the final rule will be published or whether there may be additional changes to the regulations, but when it is, we will need to evaluate and potentially update our HIPAA regulatory programs and documentation to comply with such requirements.

Additionally, we may be required to comply with the Federal Substance Abuse Confidentiality Regulations known as 42 C.F.R. Part 2. In July 2020, new regulations overhauled these laws to better align with HIPAA and make other updates to facilitate better coordination of care in response to the opioid epidemic. The federal government could initiate criminal charges for violations of Part 2, which include $500 for the first offense; and $5,000 for all subsequent offenses and seek fines up to $5,000 per violation for individuals and $10,000 per violation for organizations. Under the CARES Act, Congress also gave HHS the authority to issue civil money penalties for violations of Part 2, ranging from $100 to $50,000 per violation depending on the level of culpability.

Further, the U.S. federal government and various states and governmental agencies have adopted or are considering adopting various laws, regulations and standards regarding the collection, use, retention, security, disclosure, transfer and other processing of sensitive and personal information. For example, California implemented the California Confidentiality of Medical Information Act, that imposes restrictive requirements regulating the use and disclosure of health information and other personally identifiable information. These laws and regulations are not necessarily preempted by HIPAA, particularly if a state affords greater protection to individuals than HIPAA. Where state laws are more protective, we have to comply with the stricter provisions. In addition to fines and penalties imposed upon violators, some of these state laws also afford private rights of action to individuals who believe their personal information has been misused. There are many other state-based data privacy and security laws and regulations that may impact our business. All of these evolving compliance and operational requirements impose significant costs that are likely to increase over time, may require us to modify our data processing practices and policies, divert resources from other initiatives and projects and could restrict the way services involving data are offered, all of which may adversely affect our results of operations. Certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to sensitive and personal information than federal, international or other state laws, and such laws may differ from each other, which may complicate compliance efforts. State laws are changing rapidly and there is discussion in Congress of a new federal data protection and privacy law to which we may be subject.

The interplay of federal and state laws may be subject to varying interpretations by courts and government agencies, creating complex compliance issues for us and our clients and potentially exposing us to additional expense, adverse publicity and liability. Further, as regulatory focus on privacy issues continues to increase and laws and regulations concerning the protection of personal information expand and become more complex, these potential risks to our business could intensify. Changes in laws or regulations associated with the enhanced protection of certain types of sensitive data, such as PHI or PII, along with increased customer demands for enhanced data security infrastructure, could greatly increase our cost of providing our services, decrease demand for our services, reduce our revenue and/or subject us to additional liabilities.

In addition to the applicable federal and state laws, we are also subject to PCI DSS, a self-regulatory standard that requires companies that process payment card data to implement certain data security measures. If we or our payment processor fail to comply with the PCI DSS, we may incur significant fines or liability and lose access to major payment card systems. Our systems are subject to annual review under the PCI DSS requirements, and we have historically had, may now have, and may have in the future have items that require improvement. Industry groups may in the future adopt additional self-regulatory standards by which we are legally or contractually bound.

Because of the breadth of these laws and the narrowness of their exceptions and safe harbors, it is possible that our business activities can be subject to challenge under one or more of such laws. The scope and enforcement of each of these laws is uncertain and subject to rapid change in the current environment of health care reform. Federal, state and foreign enforcement bodies have recently increased their scrutiny of interactions between health care companies and health care providers, which has led to a number of investigations, prosecutions, convictions and settlements in the healthcare industry. Any such investigations, prosecutions, convictions or settlements could result in significant financial penalties, damage to our brand and reputation, and a loss of customers, any of which could have an adverse effect on our business.

**<u>Blockchain Industry and Technology risk which are applicable to the operations of Constellation Network</u>**

***If we do not compete effectively in our target markets, our business, financial condition, and results of operations could be adversely affected.***

The blockchain industry is highly innovative, rapidly evolving, and characterized by significant competition, experimentation, changing customer needs, frequent introductions of new products and services, and subject to uncertain and evolving industry and regulatory requirements. We compete against a number of companies operating both within the United States and abroad, and both those that focus on traditional financial services and those that focus on blockchain-based services.

Further, the recent change in administration has led to a more favorable federal regulatory environment for digital assets, which has encouraged more traditional technology companies to enter the digital asset industry. Such companies may have significantly greater financial, technical, marketing and other resources than we do, which may allow them to more efficiently identify and capitalize upon opportunities and trends, transition and adapt their products and services, and devote greater resources to marketing and advertising, all of which could adversely affect our ability to compete effectively.

Despite this regulatory shift, our competition to date includes companies, in particular those located outside the United States, who are not required to or do not comply with the same regulatory compliance standards as us or who are subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions. The business models of such competitors rely on or benefit from being unregulated or only regulated in a small number of lower compliance jurisdictions, whilst also offering their products in highly regulated jurisdictions, including the United States, without necessarily complying with the relevant regulatory requirements in such jurisdictions.

We also intend to expend significant managerial, operational, and compliance costs to meet the legal and regulatory requirements applicable to us in the United States and other jurisdictions in which we operate. Such costs are expected increased as we expanded our products and services that we offer. We expect to continue to incur significant costs to satisfy our legal and compliance obligations, which our unregulated or less regulated competitors have not had to and will not incur.

Many innovative start-up companies and larger companies have made, and continue to make, significant investments in research and development in blockchain technology, and we expect these companies to continue to develop similar or superior products and technologies that compete with us. Further, more traditional technology and data infrastructure businesses may choose to offer blockchain-based services in the future as the industry gains adoption. Our current and potential competitors may establish cooperative relationships among themselves or with third parties that may further enhance their resources.

Our existing competitors have, and our potential competitors are expected to have, various competitive advantages over us, such as:

● greater name recognition, longer operating histories, larger customer bases, and larger market shares;

● larger sales and marketing budgets and organizations;

● greater customer support resources;

● greater resources to make acquisitions;

● larger and more mature intellectual property portfolios; and

● operations in certain jurisdictions with lower compliance costs and greater flexibility to explore new product offerings.

If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, financial condition, and results of operations could be adversely affected.

***Any negative publicity regarding digital asset industry may have an outsized negative effect on consumer confidence.***

As is the case with other novel technology, compared to more established and well-known industries, any negative publicity regarding blockchain technology and digital assets companies could have an outsized negative effect on confidence in blockchain technology. For example, since the inception of blockchain technology, there have been incidents of smart contract developers acting maliciously and misappropriating funds, and numerous digital asset businesses and platforms have been sued, investigated, or shut down due to fraud, illegal activities, the sale or issuance of unregistered securities, manipulative practices, business failure, and cyberattacks or security breaches. In addition, the energy usage and environmental impact of certain blockchains have attracted considerable attention, which could potentially create a negative consumer sentiment and perception of digital assets.

***Adverse economic conditions and geopolitical events may adversely affect our digital asset business.***

Our performance is subject to general economic conditions and their impact on blockchain technology adoption, digital assets and our customers. The United States and other key international economies have experienced cyclical downturns from time to time in which economic activity declined resulting in lower consumption rates, restricted credit, reduced profitability, weaknesses in financial markets, bankruptcies, and overall uncertainty with respect to the economy. The impact of general economic conditions on the digital assets ecosystem is highly uncertain and dependent on a variety of factors, including market adoption of stablecoins and other digital assets, global trends in the blockchain economy, central bank monetary policies, and other events beyond our control. Geopolitical developments, such as the current conflict between Russia and Ukraine and related economic and other retaliatory measures taken by the United States, the European Union, and others, the ongoing Israel-Hamas conflict, trade wars, tariffs imposed by the new administration, and foreign exchange limitations can also increase the severity and levels of unpredictability globally and increase the volatility of global financial and digital asset markets. Our business, results of operations, financial condition, and prospects may be materially and adversely affected by any negative impact on the global economy and digital assets market resulting from the conflicts in Ukraine or the Middle East, new trade policies including tariffs, or any other geopolitical tension or general adverse economic condition.

***Our business is subject to the risks of natural disasters, power outages, telecommunications failures, public health crises and similar events, and to interruptions by human-made problems such as war, terrorism, cyberattacks, government shutdowns and other actions, which may impact the demand for our products or services.***

Events beyond our control may damage our ability to maintain our platform and provide services to our customers. Such events include, but are not limited to, hurricanes, earthquakes, fires, floods, and other natural disasters, pandemics, power outages, telecommunications failures, and similar events. Because we rely heavily on our servers, computer and communications systems, and the internet to conduct our business and provide high-quality service to our customers, disruptions could harm our ability to effectively run our business. Moreover, our customers, partners, and other service providers face similar risks, which could directly or indirectly impact our business, financial condition, and results of operations. This means that an outage of our platform could result in our system being unavailable for a significant period of time. Terrorism, cyberattacks, and other criminal, tortious, or unintentional actions could also give rise to significant disruptions to our operations. In addition, the long-term effects of climate change on the global economy and in particular our industry are unclear; however, we recognize that there are inherent climate-related risks wherever business is conducted. Examples include drought and water scarcity, warmer temperatures, wildfires, and air quality impacts and power shutoffs associated with wildfire prevention. In addition, acts of war and other armed conflicts, disruptions in global trade, travel restrictions, quarantines, terrorism, government shutdowns and other civil, political, and geopolitical unrest could cause disruptions in our business, including, but not limited to, our business with the federal government, and lead to interruptions, delays, or loss of critical data. All of the foregoing could adversely affect our business, financial condition, and results of operations.

***The future development and growth of blockchain technology is subject to a variety of factors that are difficult to predict and evaluate. If the blockchain industry does not grow as we expect, our business, financial condition, and results of operations could be adversely affected.***

The first implementation of blockchain technology occurred in 2008 and remains in the early stages of development. As such, the technology has not been widely adopted, particularly by incumbent technology companies, so demand for the technology remains limited. Though we believe that the anticipated benefits of blockchain technology will create such demand, there can be no assurance that this will occur, or if it does occur, that it will be in the near term.

The further growth and development of blockchain networks, and the protocols, applications and digital assets bult thereon, represent a new and evolving paradigm that is subject to a variety of factors that are difficult to evaluate, including:

● many blockchain networks have limited operating histories and are still in the process of developing and making significant decisions that will affect the design, functionality, and governance of their respective blockchain networks, any of which could adversely affect their adoption;

● many blockchain networks are in the process of implementing software upgrades and other changes to their protocols, which could introduce software bugs, security risks, or adversely affect the respective networks;

● several large networks, including Bitcoin and Ethereum, are developing new features to address fundamental speed, scalability, and energy usage issues. If these issues are not successfully addressed, or are unable to receive widespread adoption, the overall blockchain industry could be adversely affected;

● security issues, software bugs, and software errors have been identified with many blockchain networks, some of which have been exploited by malicious actors. Any weaknesses identified with a blockchain network could adversely affect its speed, security, and adoption. If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the compute or staking power on a blockchain network, as has happened in the past, it may be able to manipulate transactions, which could cause financial losses to digital asset holders, damage the network's reputation and security, and adversely affect its value;

● the emergence of quantum computing and its potential for shortening the time required by governments, criminals, and unauthorized third parties to factor and derive the very large seed numbers (e.g., private keys) associated with current blockchain networks poses a future risk to current approaches to blockchain cryptography that protect many digital assets from theft or loss;

● the development of new technologies for mining, such as improved application-specific integrated circuits (commonly referred to as ASICs), or changes in industry patterns, such as the consolidation of mining power in a small number of large mining farms, could reduce the security of blockchain networks;

● if rewards and transaction fees for miners or validators on any particular blockchain network are not sufficiently high to attract and retain miners or validators, a particular network's security and speed may be adversely affected, increasing the likelihood of a malicious attack;

● if the costs of electricity, environmental restrictions, and regulations make it uneconomic for miners to operate or maintain blockchain networks, the overall security and efficiency of blockchain networks may be adversely affected, potentially impacting their reliability and attractiveness to users and investors;

● the governance of many decentralized blockchain networks and protocols is by voluntary consensus and open competition, and many developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular blockchain network or protocols, a lack of incentives for developers to maintain or develop the network, and other unforeseen issues, any of which could result in unexpected or undesirable errors, bugs, or changes, or stymie such network or protocol's utility and ability to respond to challenges and grow;

Various other technical issues have also been uncovered from time to time that have or could have resulted in disabled functionalities, exposure of certain users' personal information, theft of users' assets, and other negative consequences, and which required resolution with the attention and efforts of their global miner, user, and development communities. If any such risks or other risks materialize, and in particular if they are not resolved, the development and growth of blockchain technology may be significantly affected and, as a result, our business, financial condition, and results of operations could be adversely affected.

The blockchain industry as a whole has been characterized by rapid changes and innovations and is constantly evolving. Although it has experienced significant growth in recent years, the slowing or stopping of the development, general acceptance and adoption and usage of blockchain technology and digital assets may adversely impact our business, financial condition, and results of operations.

***Our products and services contain third-party open-source software components. Failure to comply with the terms of the underlying open-source software licenses could harm our business.***

Our products and services contain software modules licensed to us by third-party authors under "open-source" licenses. We also make certain of our own software available to customers for free under various open-source licenses. Use and distribution of open-source software may entail greater risks than use of third-party commercial software, as open-source licensors generally do not provide support, warranties, indemnification, or other contractual protections regarding infringement claims or the quality of the code. In addition, the public availability of such software may make it easier for others to compromise our products and services.

Some open-source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the type of open-source software we use or grant other licenses to our intellectual property. If we combine our proprietary software with open-source software in a certain manner, we could, under certain open-source licenses, be required to release the source code of our proprietary software to the public. This would allow our competitors to create similar offerings with lower development effort and time and ultimately could result in a loss of our competitive advantages. Alternatively, to avoid the public release of the affected portions of our source code, we could be required to expend substantial time and resources to reengineer some or all of our software.

Although we monitor our use of open-source software to avoid subjecting our products and services to conditions we do not intend, we have not recently conducted an extensive audit of our use of open-source software and, as a result, there can be no assurance that our processes for controlling our use of open-source software in our products and services are, or will be, effective. If we are held to have breached or failed to fully comply with all the terms and conditions of an open-source software license, we could face litigation, infringement, or other liability. We may also be required to seek costly licenses from third parties to continue providing our offerings on terms that are not economically feasible, to reengineer our products or services, to discontinue or delay the provision of our offerings if reengineering could not be accomplished on a timely basis, or to make generally available, in source code form, our proprietary code.

Moreover, the terms of many open-source licenses have not been interpreted by U.S. or foreign courts. As a result, there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute our products and services. From time to time, there have been claims challenging the ownership of open-source software against companies that incorporate open-source software into their solutions. As a result, we could be subject to lawsuits by parties claiming ownership of what we believe to be open-source software.

***The status of a particular digital asset, including our own native digital asset, as a "security" in any relevant jurisdiction is subject to a high degree of uncertainty and if we are unable to properly characterize a digital asset or product offering, or if the regulatory framework with respect to digital assets changes, we may be subject to regulatory scrutiny, inquiries, investigations, fines, and other penalties, which may adversely affect our business, operating results, and financial condition.***

The SEC and its staff, under previous administrations, have taken the position that a range of digital assets, products and services fall within the definition of a "security" under the U.S. federal securities laws. Despite the SEC being the principal federal securities law regulator in the United States, whether or not an asset, product or service is a security or the offering thereof constitutes a securities offering under federal securities laws currently depends on the application of various judicial precedents interpreting the definition of a "security" under the U.S. federal securities laws. The application of the relevant judicial precedents requires a highly complex, fact-driven analysis. Accordingly, whether any given digital asset, product or service may ultimately be deemed to be a security is uncertain and difficult to predict notwithstanding the conclusions of the SEC or any conclusions we may draw based on our risk-based assessment regarding the likelihood that a particular digital asset, product or service could be deemed a "security" or "securities offering" under applicable laws. Adding to the complexity, the SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve.

With limited exception, the SEC and its staff generally do not provide advance guidance of the status of any particular digital asset, product or service as a security or the offering or sale thereof as a securities offering. For example, the SEC's Strategic Hub for Innovation and Financial Technology published a framework for analyzing whether any given digital asset is a security in April 2019. The SEC staff has also issued certain no-action letters and has brought various enforcement actions and entered into settlements with numerous digital asset economy participants alleging that certain digital assets or digital asset related products or services constituted a securities offering. However, these statements, framework and settled enforcement actions are not rules or regulations of the SEC, and are not binding on the SEC or courts. For instance, on April 5, 2025, then-acting SEC Chair Mark Uyeda announced that the SEC is conducting a review of the April 2019 digital asset security framework and other related guidance issued between 2019 and 2022 to determine whether to rescind or modify such guidance. There is therefore no certainty as to whether particular digital assets, products or services are securities or whether the offering of any such digital assets, products or services constitutes a securities offering or implicates a security offering, in each case under the U.S. federal securities laws. Moreover, the SEC and the Commodity Futures Trading Commission (the "CFTC") and their senior officials have, at times, taken conflicting positions in public statements and enforcement actions as to whether a particular digital asset is a security. Furthermore, the views of the SEC and its staff in this area have evolved over time, and, at times, have appeared contradictory.

Additionally, the Securities Act does not preempt U.S. state law with respect to determining whether a digital asset, product or service is a security. Each state has the right to enforce its own securities laws and may ultimately determine that a digital asset, product or service is a security even if the SEC has elected not to pursue enforcement or it or its staff have given assurances that it would not do so, or a digital asset, product or service is otherwise excluded from the meaning of a security at the federal level.

If any of the digital assets we hold were considered a security, U.S. exchanges that list such digital assets will either have to register as a national securities exchange or de-list such digital assets. The delisting of these digital assets would have a significantly adverse impact on the liquidity of such digital assets, which would likely have a material adverse impact on our ability to generate revenue by selling digital assets we hold.

***Litigation, regulatory actions, and compliance issues could subject us to significant fines, penalties, judgments, remediation costs, negative publicity, changes to our business model, and requirements resulting in increased expenses.***

Our business is subject to increased risks of litigation and regulatory actions due to several factors and from various sources, including the highly regulated nature of the digital assets industry and the focus of state and federal enforcement agencies on this sector. The evolving regulatory landscape, with heightened scrutiny and enforcement, further exacerbates these risks.

From time to time, we have been and expect to be involved in, or the subject of, reviews, requests for information, investigations and proceedings (both formal and informal) by state and federal governmental agencies and other self-regulatory organizations, regarding our business activities and our qualifications to conduct our business in certain jurisdictions, which could subject us to significant fines, penalties, obligations to change our business practices and other requirements resulting in increased expenses and diminished earnings, in the event of negative findings arising from these reviews. Our involvement in any such matter also could cause significant harm to our reputation and divert management attention from the operation of our business, even if the matters are ultimately determined in our favor. Moreover, any settlement, or any consent order or adverse judgment in connection with any formal or informal proceeding or investigation by a government agency, may prompt litigation or additional investigations or proceedings as other litigants or other government agencies begin independent reviews of the same activities.

In addition, a number of participants in the digital assets industry have been the subject of: (i) putative class action lawsuits; (ii) state attorney general actions and other state regulatory actions; (iii) federal regulatory enforcement actions, including, among others, actions relating to alleged unfair, deceptive or abusive acts or practices; and (iv) violations of state licensing and money transmission

In addition, from time to time, through our operational and compliance controls, we identify compliance and other issues that require us to make operational changes and, depending on the nature of the issue, may result in financial remediation to impacted customers. These self-identified issues and voluntary remediation payments could be significant, depending on the issue and the number of customers impacted, and could generate litigation or regulatory investigations that subject us to additional risk.

***Our interactions with a blockchain may expose us to SDN or blocked persons and new legislation or regulation could adversely impact our business or the market for digital assets.***

The Office of Financial Assets Control ("OFAC") of the U.S. Department of Treasury requires us to comply with its sanction program and not conduct business with persons named on its specially designated nationals ("SDN") list. However, because of the pseudonymous nature of blockchain transactions we may inadvertently and without our knowledge engage in transactions with persons named on OFAC's SDN list. Our policy prohibits any transactions with such SDN individuals, and while we have internal procedures in place, we may not be adequately capable of determining the ultimate identity of the individual or entity with whom we transact with respect to selling cryptocurrency assets or providing access to our blockchain technology. We are unable to predict the nature or extent of new and proposed legislation and regulation affecting the blockchain industry, or the potential impact of the use of digital assets by SDN or other blocked or sanctioned persons, which could have material adverse effects on our business and our industry more broadly. Further, we may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties as a result of any regulatory enforcement actions, all of which could harm our business and reputation.

***The characteristics of crypto assets have been, and may in the future continue to be, exploited to facilitate illegal activity such as fraud, money laundering, tax evasion and ransomware scams; if any of our customers do so or are alleged to have done so, it could adversely affect us.***

Digital assets and the blockchain industry are relatively new and, in many cases, lightly regulated or largely unregulated. Some types of digital assets have characteristics, such as the speed with which digital assets transactions can be conducted, the ability to conduct transactions without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions, the irreversible nature of certain digital asset transactions and encryption technology that anonymizes these transactions, that make digital assets particularly susceptible to use in illegal activity such as fraud, money laundering, tax evasion and ransomware scams. Two prominent examples of blockchain-based software that accepted digital assets from illegal activities include Tornado Cash and Samurai Wallet, two decentralized "mixers" that facilitated the obfuscation of digital assets procured from illegal activities. The developers of these two mixers have been charged and convicted of federal crimes relating to the use of Tornado Cash and Samurai Wallet. Furthermore, U.S. regulators, including the SEC, CFTC, and Federal Trade Commission, as well as non-U.S. regulators, have taken legal action against persons alleged to be engaged in Ponzi schemes and other fraudulent schemes involving digital currencies. In addition, the FBI has noted the increasing use of digital currency in various ransomware and romance scams.

While we believe that our risk management and compliance framework, which includes thorough reviews we conduct as part of our due diligence process, is reasonably designed to detect any such illicit activities conducted by our potential or existing customers, we cannot ensure that we will be able to detect any such illegal activity in all instances. Because the speed, irreversibility and anonymity of certain digital asset transactions make them more difficult to track, fraudulent transactions may be more likely to occur. We or our potential banking counterparties may be specifically targeted by individuals seeking to conduct fraudulent transfers, and it may be difficult or impossible for us to detect and avoid such transactions in certain circumstances. If one of our customers (or in the case of digital asset exchanges, their customers) were to engage in or be accused of engaging in illegal activities using digital assets, we could be subject to various fines and sanctions, including limitations on our activities, which could also cause reputational damage and adversely affect our business, financial condition and results of operations.

***A large portion of our operating cash flow is derived from the sale of digital assets.***

The sale of digital assets that we hold constitutes a large portion of our operating cash flow. If the prices of the digital assets that we hold decreases, our ability to fund our operations could be materially impacted. Similarly, if liquidity in the digital assets that we hold decreases, or if we become unable to access that liquidity due to regulatory issues, the loss of exchange accounts or the absence of counterparties to transact with in private transactions, our ability to generate operating cash flows could be materially impacted.

***A large portion of our assets are concentrated in a single digital asset, our native Constellation digital asset.***

Our native Constellation digital asset comprises a large portion of our digital asset treasury and of our assets overall. As such, a decline in the price of our native digital asset could have a significant and adverse impact on our ability to generate revenue from the sale of our native digital asset, which in turn would have a material adverse effect on our business and financial condition. Similar, a decline in the liquidity for our native digital asset, or in our ability to access such liquidity, could have a significant and adverse impact on our ability to generate revenue from the sale of our native digital asset, which in turn would have a materially adverse effect on our business.

***The prices of digital assets are extremely volatile, and price fluctuations may adversely impact the value of digital assets that we hold.***

Digital assets have historically experienced high levels of volatility far in excess of that experienced in fiat currencies or publicly-traded equity securities. A number of factors contribute to changes in digital asset prices and volatility, including changes in the supply and demand for a particular digital asset, regulatory actions, market sentiment, macroeconomic factors, utility of a particular digital asset, and idiosyncratic events such as exchange outages or commentary on social media. We are exposed to price volatility with respect to the digital assets we own. A decline in price may require us to take an impairment charge on our digital assets, and a decline in the value of the digital assets we hold in higher concentrations, including our native Constellation digital asset, may have a larger adverse impact on our operating results in any given period. Volatility in the value of digital assets or other market factors may limit our ability to convert digital assets into fiat currency at attractive prices or at all.

***The loss or destruction of private keys required to access any digital assets we hold may be irreversible.***

Digital assets are generally controllable only by the possessor of the unique private key relating to the digital wallet in which the digital assets are held. While blockchain protocols typically require public addresses to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the digital assets held in such a wallet. To the extent that any of the private keys relating to wallets containing digital assets is lost, destroyed, or otherwise compromised or unavailable, and no backup of the private key is accessible, we will be unable to access the digital assets held in the related wallet. Further, we cannot provide assurance that our wallet will not be hacked or compromised. Digital assets, wallets and blockchain networks have been, and may in the future be, subject to cyberattacks or security breaches, hacking, or other malicious activities. Any loss of private keys relating to, or hack or other compromise of, digital wallets used to store our digital assets could adversely our ability to access or sell our digital assets and subject us to significant financial losses in addition to losing customer trust in us and our products.

***Digital assets held by us are not subject to FDIC or SIPC protections and are not insured.***

We do not hold our digital assets with a banking institution or a member of the Federal Deposit Insurance Corporation ("FDIC") or the Securities Investor Protection Corporation ("SIPC") and, therefore, our digital assets are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. Further the digital assets held by us are not insured. Therefore, a loss may be suffered with respect to our digital assets which is not covered by insurance and for which no person is liable in damages, which could adversely affect our operations and financial condition.

***The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard-setting bodies.***

The accounting rules and regulations that we must comply with are complex and subject to interpretation by the Financial Accounting Standards Board (the "FASB"), the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results and may even affect the reporting of transactions completed before the announcement or effectiveness of a change.

Further, there have been limited precedents for the financial accounting of digital assets and related valuation and revenue recognition considerations. As such, there remains significant uncertainty on how companies should account for stablecoin and other digital asset transactions, value, and related revenue. Additionally, on January 21, 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for digital assets, and on January 23, 2025 the SEC repealed Staff Accounting Bulletin 121 and issued Staff Accounting Bulletin 122 – further evidencing the shifting landscape for digital asset accounting. Uncertainties in or changes to regulatory or financial accounting standards could result in the need to change our accounting methods and/or restate our financial statements and impair our ability to provide timely and accurate financial information, which could adversely affect our financial statements, result in a loss of investor confidence, and more generally impact our business, results of operations, financial condition, and prospects.

***Future developments regarding the treatment of digital assets for U.S. and foreign tax purposes could adversely impact our business, financial condition, and results of operations.***

Due to the new and evolving nature of digital assets and the absence of comprehensive tax guidance with respect to digital asset products and transactions, many significant aspects of the U.S. and foreign tax treatment of transactions involving digital assets, such as the purchase and sale of digital assets, the wrapping or bridging of digital assets, and the provision of staking rewards and other digital asset incentives and rewards products, are uncertain, and it is unclear whether, when and what guidance may be issued in the future on the treatment of digital asset transactions for U.S. and foreign tax purposes.

In 2014, the U.S. Internal Revenue Service (the "IRS") released Notice 2014-21, discussing certain aspects of "virtual currency" for U.S. federal income tax purposes and, in particular, stating that such virtual currency is "property," is not "currency" for purposes of the rules relating to foreign currency gain or loss, and may be held as a capital asset. From time to time, the IRS has released other notices and rulings relating to the tax treatment of virtual currency or digital assets reflecting the IRS's position on certain issues. The IRS has not addressed many other significant aspects of the U.S. federal income tax treatment of digital assets and related transactions.

There continues to be uncertainty with respect to the timing, character and amount of income inclusions for various digital asset transactions. Although we believe our treatment of digital asset transactions for federal income tax purposes is consistent with existing positions from the IRS and/or existing U.S. federal income tax principles, because of the rapidly evolving nature of digital asset innovations and the increasing variety and complexity of digital asset transactions and products, it is possible the IRS and various U.S. states may disagree with our treatment of certain digital asset transactions for U.S. tax purposes, which could adversely affect our customers and the vitality of our business. Similar uncertainties exist in the foreign markets in which we operate with respect to direct and indirect taxes, and these uncertainties and potential adverse interpretations of tax law could impact the amount of tax we and our non-U.S. customers are required to pay, and the vitality of our platforms outside of the United States.

There can be no assurance that the IRS, the U.S. state revenue agencies, local U.S. tax authorities or foreign tax authorities will not alter their respective positions with respect to digital assets in the future or that a court would uphold the treatment set forth in existing positions. It also is unclear what additional tax authority positions, regulations, or legislation may be issued in the future on the treatment of existing digital asset transactions and future digital asset innovations under U.S. federal, U.S. state or local, or foreign tax law. Any such developments could result in adverse tax consequences for holders of digital assets and could have an adverse effect on the value of digital assets and the broader blockchain industry. Future technological and operational developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital assets for U.S. and foreign tax purposes. The uncertainty regarding tax treatment of digital asset transactions impacts our customers, and could impact our business, both domestically and abroad.

**Risks Related to Our Intellectual Property which are applicable both to the consolidated operations of AIAI and the individual operations of AI Research**

***If we are unable to obtain, maintain and protect our intellectual property rights for application to our Portfolio Companies, or if our intellectual property rights are inadequate, our competitive position could be harmed.***

Our commercial success will depend in part on our ability to obtain and maintain our intellectual property protection in the United States and other countries with respect to our technology, including the AI that we have licensed from M42. We may also rely in part on trade secret, copyright, and trademark laws, and confidentiality, licensing, and other agreements with employees and third parties, all of which offer only limited protection. We seek to protect our proprietary position by filing and prosecuting intellectual property applications in the United States and abroad related to our technology. The steps we take to protect our proprietary rights may not be adequate to preclude misappropriation of our proprietary information or infringement of our intellectual property rights, both inside and outside of the United States.

Further, the examination process may require us or M42, as applicable, to narrow the claims for any intellectual property applications, which may significantly limit the scope of the protection that may be obtained if these applications issue. Any such applications may not result in patents or copyrights being issued that protect the applicable intellectual property, in whole or in part, or which effectively prevent others from commercializing competitive products. The rights that may be granted under any issued patents or copyrights may not provide us with the proprietary protection or competitive advantages we are seeking. Even if our applications are issued, they may not be issued in a form that will provide us with any meaningful protection, prevent competitors from competing with us or otherwise provide us with any competitive advantage. If we are unable to obtain and maintain protection for our technology or if the scope of the protection obtained is not sufficient, our competitors could develop and commercialize technology similar or superior to ours in a non-infringing manner, and our ability to successfully commercialize our existing and future technologies may be adversely affected.

In addition, the intellectual property prosecution process is expensive, time-consuming and complex, and we may not be able to file, prosecute, maintain, enforce or license all necessary or desirable intellectual property applications at a reasonable cost or in a timely manner. Although we will enter into non-disclosure and confidentiality agreements with parties who have access to confidential or proprietary technology, such as our employees, employees of the Portfolio Companies, collaborators, and other third parties, any of these parties may breach the agreements and disclose such technology, thereby jeopardizing our ability to seek protection. It is also possible that we or M42 will fail to identify patentable aspects of our research and development efforts in time to obtain any patent protection.

Any pending applications cannot be enforced against third parties practicing the inventions claimed in such applications unless and until a patent or copyright has been issued relating to such applications with a claim that covers infringing third-party activity. Because the issuance of a patent or copyright is not conclusive as to its inventorship, scope, validity, or enforceability, issued patents may be challenged in the courts or patent offices in the United States and abroad, including through opposition proceedings, derivation proceedings, post-grant review, *inter partes* review, post-grant review, derivation proceedings, interference proceedings or litigation. Such proceedings may result in the loss of protection, the narrowing of claims in such patents or the invalidity or unenforceability of such patents, which could limit our or M42's ability to stop others from using or commercializing similar or identical technology, or limit the duration of the protection for our technology. Protecting against the unauthorized use of our intellectual property rights is expensive, time-consuming, difficult and in some cases may not be possible. In some cases, it may be difficult or impossible to detect third-party infringement or misappropriation of our intellectual property rights, even in relation to issued patent or copyright claims, and proving any such infringement may be even more difficult. If we and M42 are unable to obtain, maintain, and protect the intellectual property our competitive advantage could be harmed, and it could result in a material adverse effect on our business, financial condition, results of operations, stock price and prospects.

***If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties, including the License Agreement, or otherwise experience disruptions to our business relationships with our licensors, we could lose intellectual property rights that are important to our business.***

As of the date of this prospectus, we have entered into the License Agreement and may in the future need to obtain licenses from others to advance our acquisition activities. These license agreements are expected to impose customary use and development restrictions and other obligations on us. In spite of our efforts, our licensors might conclude that we have materially breached our obligations under such license agreements and might therefore terminate the license agreements, thereby removing or limiting our ability to develop and commercialize the technology covered by the intellectual property under any such license agreements. If the License Agreement, or any such other licenses, were to be terminated, or if the underlying intellectual property protections were to fail to provide the intended exclusivity, competitors or other third parties would have the freedom to seek regulatory approval of, and to market, technology identical to ours and we may be required to cease our commercialization of our technology. Any of the foregoing could have a material adverse effect on our competitive position, business, financial conditions, results of operations, and prospects.

Moreover, disputes may arise regarding intellectual property subject to a licensing agreement, including:

● the scope of rights granted under the license agreement and other interpretation-related issues and our respective compliance therewith;

● the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;

● the sublicensing of rights under any collaborative development relationships;

● any diligence obligations under the license agreement and what activities satisfy those diligence obligations;

● the inventorship and ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us and our partners; and

● the priority of invention of proprietary technology.

In addition, the License Agreement and any other agreements under which we may license intellectual property or technology from third parties are complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology, or increase what we believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. Moreover, if disputes over the intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements on commercially acceptable terms, we may be unable to successfully commercialize the technology, including the application of the licensed AI to our Portfolio Companies, which could have a material adverse effect on our business, financial conditions, results of operations, and prospects.

***If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology could be adversely affected.***

In addition to seeking intellectual property protection, we also rely on other proprietary rights, including protection of trade secrets, know-how and confidential and other proprietary information. To maintain the confidentiality of trade secrets and proprietary information, we enter into confidentiality agreements with our employees, consultants, collaborators, contractors, and other third parties who have access to our technology. However, we may not obtain these agreements in all circumstances, and individuals with whom we have these agreements may not comply with their terms. In addition, we cannot be certain that our technology and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our technology or independently develop substantially equivalent information and techniques. In the event of unauthorized use or disclosure of our proprietary information, these agreements, even if obtained, may not provide meaningful protection, particularly for our trade secrets or other confidential information. To the extent that our employees, consultants, or contractors use technology or know-how owned by third parties in their work for us, disputes may arise between us and those third parties as to the rights in related inventions.

Adequate remedies may not exist in the event of unauthorized use or disclosure of our confidential information including a breach of our confidentiality agreements. Enforcing a claim that a party illegally disclosed or misappropriated confidential information is difficult, expensive, and time consuming, and the outcome is unpredictable. In addition, some courts in and outside of the United States are less willing or unwilling to protect certain types of confidential information. If any of our confidential information were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us. The disclosure of our trade secrets or the independent development of our trade secrets by a competitor or other third party would impair our competitive position and may materially harm our business, financial condition, results of operations, stock price and prospects.

***Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could harm our business.***

Our commercial success depends on our ability to apply our AI to our Portfolio Companies without infringing, misappropriating or otherwise violating the intellectual property and proprietary rights of third parties. We may become party to, or threatened with, adversarial proceedings or litigation regarding intellectual property rights with respect to our current and any other future technology, including interference proceedings, post-grant review, *inter partes* review and derivation proceedings before the United States Patent and Trademark Office (or similar proceedings in foreign jurisdictions). Third parties may assert infringement or other intellectual property claims against us based on existing patents or patents that may be granted in the future. As the application of AI continues to expand and more patents are issued, the risk increases that we may be subject to claims of infringement of the patent rights of third parties. If we are found to infringe a third party's intellectual property rights, and we are unsuccessful in demonstrating that such intellectual property rights are invalid or unenforceable, we could be required to obtain a license from such third party to continue applying our AI to our Portfolio Companies. However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our competitors and other third parties access to the same technologies licensed to us, and it could require us to make substantial licensing and royalty payments. In addition, in any such proceeding or litigation, we could be found liable for significant monetary damages, including treble damages and attorneys' fees, if we are found to have willfully infringed a patent or other intellectual property right. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations, stock price and prospects. Any claims by third parties that we have misappropriated their confidential information or trade secrets could have a similar material adverse effect on our business. Defense of these claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of employee resources from our business.

Parties making claims against us may be able to sustain the costs of complex intellectual property litigation more effectively than we can because they have substantially greater resources. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation or administrative proceedings, there is a risk that some of our confidential information could be compromised by disclosure. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have material adverse effect on our ability to raise additional funds or otherwise have a material adverse effect on our business, results of operations, financial condition and prospects.

***We may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful and have a material adverse effect on the success of our business.***

Competitors may infringe our intellectual property or misappropriate or otherwise violate our intellectual property rights. Litigation may be necessary in the future to enforce or defend our intellectual property rights, to protect our trade secrets, or to determine the validity and scope of our own intellectual property rights or the proprietary rights of others. If we were to initiate legal proceedings against a third party to enforce our intellectual property rights, the defendant could counterclaim that any existing intellectual property protection is invalid and/or unenforceable. In intellectual property litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. The outcome following legal assertions of invalidity and unenforceability is unpredictable. Our licensed intellectual property, and any we own in the future, may become involved in priority or other intellectual property related disputes. Also, third parties may initiate legal proceedings against us to challenge the validity or scope of our owned or licensed intellectual property rights. These proceedings can be expensive and time consuming. Many of our current and potential competitors have the ability to dedicate substantially greater resources to conduct intellectual property related litigations or proceedings than we can. We may not have sufficient financial or other resources to conduct such litigation or proceedings adequately. Accordingly, despite our efforts, we may not be able to prevent third parties from infringing upon or misappropriating our intellectual property. Litigation and other intellectual property related proceedings could result in substantial costs and diversion of management resources, which could harm our business and financial results. In addition, in an infringement proceeding, a court may decide that a patent licensed to us is invalid or unenforceable, or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology in question. An adverse result in any litigation or other intellectual property-related proceeding could put some or all of our intellectual property rights at risk of being invalidated, held unenforceable, or interpreted narrowly.

Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation in the United States, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments in any such proceedings. If securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of shares of our common stock, and could have a material adverse effect on our ability to raise necessary funds. Any of the foregoing may have a material adverse effect our business, financial condition, results of operations, stock price and prospects.

***If we fail to comply with our obligations in the License Agreement and any other intellectual property licenses and funding arrangements with third parties, we could lose rights that are important to our business.***

It is possible that M42 may conclude that we have materially breached the License Agreement and might therefore terminate the agreement, thereby removing our ability to apply the AI to our Portfolio Companies. If the License Agreement is terminated, or if the underlying intellectual property protection fails to provide the intended market exclusivity, competitors would have the freedom to seek regulatory approval of, and to market, AI technology similar or identical to ours. Moreover, if the License Agreement is terminated, M42 may be able to prevent us from utilizing the technology covered by the agreement. If we breach the agreement and do not adequately cure such breach, the rights in the technology licensed to us under the License Agreement will revert to M42 at no cost to M42. This could have a material adverse effect on our competitive business position, our financial condition, our results of operations, and our business prospects.

The resolution of any contract interpretation disagreement that may arise under the License Agreement could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology, or increase what we believe to be our financial or other obligations under the agreement, either of which could have a material adverse effect on our business, financial condition, results of operations, and prospects. Moreover, if disputes over intellectual property that we have previously applied to our Portfolio Companies or impair our ability to maintain such application on commercially acceptable terms, we may be unable to continue to operate our Portfolio Companies in the manner in which they had been previously operated, which could have a material adverse effect on our business, financial conditions, results of operations, and prospects.

**Risks Related to this Offering and Ownership of Our Common Stock**

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.***

This is not an underwritten initial public offering of common stock. This listing of our common stock on Nasdaq differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

● There are no underwriters engaged on a firm-commitment basis. Consequently, prior to the opening of trading on Nasdaq, there will be no traditional book building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of trading of our common stock on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an initial public offering underwritten on a firm-commitment basis. Moreover, there will be no underwriters engaged on a firm-commitment underwritten basis assuming risk in connection with the initial resale of shares of our common stock. In an initial public offering underwritten on a firm-commitment basis, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the market price of shares. Given that there will be no underwriters' option to purchase additional shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our common stock during the period immediately following the listing. See also "— *Our common stock currently has no public market. An active trading market may not develop or continue to be liquid and the market price of our shares of common stock may be volatile*."

● There is not a fixed number of shares of common stock available for sale. Therefore, there can be no assurance that any Registered Stockholders or other existing stockholders will sell any or all of their common stock and there may initially be a lack of supply of, or demand for, our common stock on Nasdaq. Alternatively, we may have a large number of Registered Stockholders or other existing stockholders who choose to sell their common stock in the near term resulting in an oversupply of our common stock, which could adversely impact the public price of our common stock once listed on Nasdaq and thereafter.

● The Registered Stockholders or other existing stockholders have entered into contractual lock-up agreements or other contractual restrictions on transfer of only a portion of their shares of Common Stock. In a firm-commitment underwritten initial public offering, it is customary for an issuer's officers, directors, and most of its other stockholders to enter into a 180-day contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Consequently, any of our stockholders, including our directors and officers who own our common stock and other significant stockholders, may sell any or all of their common stock at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in a significant volume in a short period of time following our listing, it may result in an oversupply of our common stock in the market, which could adversely impact the public price of our common stock.

Such differences from a firm-commitment underwritten initial public offering could result in a volatile trading price for our common stock and uncertain trading volume, which may adversely affect your ability to sell any common stock that you may purchase.

***Our common stock currently has no public market. An active trading market may not develop or continue to be liquid and the market price of shares of our common stock may be volatile.***

We expect our common stock to be listed and traded on Nasdaq. Prior to the listing on Nasdaq, there has not been a public market for any of our securities, and an active market for our common stock may not develop or be sustained after the listing, which could depress the market price of shares of our common stock and could affect the ability of our stockholders to sell our common stock. In the absence of an active public trading market, investors may not be able to liquidate their investments in our common stock. An inactive market may also impair our ability to raise capital by selling shares of our common stock, our ability to motivate our employees through equity incentive awards, and our ability to acquire other companies by using shares of our common stock as consideration.

In addition, we cannot predict the prices at which our common stock may trade on Nasdaq following the listing of our common stock. The opening trading price of our common stock may be unrelated to historical sales prices of our common stock and the market price of our common stock may fluctuate significantly in response to various factors, some of which are beyond our control. In particular, as this listing is taking place through a novel process that is not a firm-commitment underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on Nasdaq. On the day that the shares of our common stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that the shares of our common stock are ready to trade, Nasdaq will confirm the Current Reference Price for the shares of our common stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of shares of our common stock on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. The Advisor will determine when the shares of our common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the open until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see "*Plan of Distribution*."

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold shares of common stock to the public as there would be in a firm-commitment underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers.

Consequently, upon listing on Nasdaq, the public price of our common stock may be more volatile than in a firm-commitment underwritten initial public offering and could decline significantly and rapidly.

Furthermore, because of our novel listing process on Nasdaq, Nasdaq's rules for ensuring compliance with its initial listing standards, such as those requiring a valuation or other compelling evidence of value, are untested. In the absence of a prior active public trading market for our common stock, if the price of our common stock or our market capitalization falls below those required by Nasdaq's eligibility standards, we may not be able to satisfy the ongoing listing criteria and may be required to delist.

In addition, because of our novel listing process, individual investors, retail or otherwise, may have greater influence in setting the opening public price and subsequent public prices of our common stock on Nasdaq and may participate more in our initial trading than is typical for a firm-commitment underwritten initial public offering. These factors could result in a public price of our common stock that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our common stock and an unsustainable trading price if the price of our common stock significantly rises upon listing and institutional investors believe our common stock is worth less than retail investors, in which case the price of our common stock may decline over time. Further, if the public price of our common stock is above the level that investors determine is reasonable for our common stock, some investors may attempt to short our common stock after trading begins, which would create additional downward pressure on the public price of our common stock. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our common stock and cause volatility in the trading price of our common stock. In addition, demand for our common stock may be adversely affected by any actual or perceived damage to our public reputation or brand recognition.

The public price of our common stock following the listing also could be subject to wide fluctuations in response to the risk factors described in this prospectus and others beyond our control, including:

● changes in the industries in which we operate;

● variations in our operating performance and the performance of our competitors in general;

● actual or anticipated fluctuations in our quarterly or annual operating results;

● publication of research reports by securities analysts about us or our competitors or the industries in which we operate;

● the public's reaction to our press releases, our other public announcements and our filings with the SEC;

● our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market;

● additions and departures of key personnel;

● changes in laws and regulations affecting our business;

● commencement of, or involvement in, litigation involving us;

● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

● the volume of shares of our common stock available for public sale; and

● general economic and political conditions such as recessions, interest rates, fuel prices, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism.

In addition, securities exchanges have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner often unrelated to the operating performance of those companies. These fluctuations may be even more pronounced in the trading market for our common stock shortly following the listing of our common stock on Nasdaq as a result of the supply and demand forces described above. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business, results of operations and financial condition.

***We are pursuing a novel method for going and being public, and as a result, the trading price and volume of our shares of Class A common stock may be more volatile than that of a company that completed a traditional initial public offering (IPO)***

Very few companies have completed a direct listing to date. The novelty of the direct listing process, combined with the absence of underwriters to manage the initial distribution and stabilize the aftermarket, may contribute to increased volatility in our stock price. The stock price is purely dependent on market demand and supply, which may be less predictable than in an underwritten offering, or IPO. The market for our Shares could also be less liquid than companies using traditional methods. Investor perception of our brand may be influenced by increased volatility in and less predictability of our stock price as well as general market conditions. Adverse perception of our brand may affect our stock price in ways unrelated to our underlying business performance.

***The Advisor, which will own 808,560 shares of our common stock on the date of the Direct Listing, may have a conflict of interest.***

Given RBW Capital Partners' dual role as our financial advisor under Nasdaq direct listing rules and its status as a stockholder may present a conflict of interest. A conflict of interest situation can arise when a person or an entity has interests that may make it difficult to perform its work objectively and effectively. Conflicts of interest may also arise if a person or entity receives personal benefits as a result of their position. Nasdaq will determine the Current Reference Price of our common stock in the Direct Listing in consultation with the Advisor in its capacity as our financial advisor. The Advisor will determine when the shares of our common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing, and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. We have agreed to issue the Advisor 808,560 Shares at the time of the Direct Listing. As the Advisor will receive substantial benefits as a result of the Direct Listing, the existence of such financial interests may result in a conflict of interest on the part of the Advisor between what it may believe is best for the Company and its stockholders and what it may believe is best for itself.

**Limitations on investors' ability to trace their shares to this registration statement may preclude claims under Sections 11 and 12 of the Securities Act, potentially reducing our liability exposure and limiting investors' remedies.**

In connection with this direct listing, we are registering up to 69,483,430 Shares, all of which may be sold into the public market, that were issued in prior transactions without registration in reliance on exemptions from registration under the Securities Act. There are an additional 830,560 unregistered shares, which together with any other unregistered shares of our Class A common stock, are "restricted securities" under Rule 144 of the Securities Act and are not being offered or sold as part of this offering.

The ability for purchasers of a security in the public market to bring a claim under Section 11 of the Securities Act requires that the security purchased be traceable to the allegedly defective registration statement. In *Slack Technologies, LLC v. Pirani*, 598 U.S. 759 (2023), the U.S. Supreme Court held that Section 11 applies only to shares that are actually issued pursuant to the registration statement. The U.S. Court of Appeals for the Ninth Circuit, in its 2025 opinion on remand, confirmed that the tracing requirement applies in the context of direct listings and that tracing shares to a registration statement is particularly difficult where registered and unregistered shares begin trading at the same time.

Unlike the circumstances in *Slack Technologies v. Pirani* (cited above), where registered and unregistered securities were available for purchase at the same time, the unregistered shares will not be simultaneously available for resale at the time of this offering. These restricted securities may only be resold in compliance with Rule 144 or another applicable exemption, which requires, among other conditions, a minimum six-month holding period for securities acquired from us or our affiliates. In addition, because we will become subject to the reporting requirements of the Exchange Act for the first time upon effectiveness of this offering, Rule 144(c)(1) requires that current public information about us be available for at least 90 days before any sales of restricted securities may be made under Rule 144. As a result, restricted securities held by existing shareholders will not be eligible for resale under Rule 144 until at least 90 days after we become a reporting company, and then only if all other Rule 144 requirements are satisfied.

However, once restricted securities become eligible for resale under Rule 144, it may become difficult for purchasers to trace whether shares they acquire in the secondary market were originally sold as part of this registered offering or were restricted securities later resold in compliance with Rule 144. If questions arise about the pedigree of shares, purchasers may face difficulties establishing that they acquired securities registered pursuant to this direct listing. Accordingly, if you purchase our common stock in the open market following this direct listing, you may not be able to assert claims under Section 11 or Section 12(a)(2) of the Securities Act for any material misstatements or omissions in this registration statement or related prospectus. This limitation may reduce the potential remedies available to investors, limit recovery in the event of a violation of the federal securities laws, and adversely affect the market price of our common stock. Moreover, because our potential liability under the Securities Act may be reduced as compared to a traditional IPO, investors may face greater risk in the event of inaccurate or incomplete disclosures.

***Future sales of common stock by the Registered Stockholders and other existing stockholders could cause our share price to decline.***

We currently expect our common stock to be listed and traded on Nasdaq. Prior to listing on Nasdaq, there has been no public market for our common stock and there has not been a sustained history of trading in our common stock in "over-the-counter" markets. While our common stock may be sold after our listing on Nasdaq by the Registered Stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 under the Securities Act, unlike a firm-commitment underwritten initial public offering, there can be no assurance that any Registered Stockholders or other existing stockholders will sell any of their shares of common stock and there may initially be a lack of supply of, or demand for, common stock on Nasdaq. As described herein, certain shares of our common stock outstanding as of the date hereof will be registered under this registration statement. There can be no assurance that the Registered Stockholders and other existing stockholders will not sell all of their shares of common stock, resulting in an oversupply of our common stock on Nasdaq. In the case of a lack of supply of our common stock, the trading price of our common stock may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our common stock if they are unable to purchase a block of our common stock in the open market due to a potential unwillingness of our existing stockholders to sell a sufficient amount of common stock at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our common stock, the market for our common stock may be more volatile without the influence of long-term institutional investors holding significant amounts of our common stock. In the case of a lack of market demand for our common stock, the trading price of our common stock could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our common stock may not initially develop or be sustained, which could significantly depress the public price of our common stock and/or result in significant volatility, which could affect your ability to sell your shares of common stock.

***You may be diluted by future issuances of preferred stock or additional common stock in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.***

We have adopted an amended and restated certificate of incorporation which authorizes us to issue shares of common stock and options, rights, warrants and appreciation rights relating to our common stock for the consideration and on the terms and conditions established by our Board of Directors in its sole discretion. We could issue a significant number of shares of common stock in the future in connection with investments or acquisitions. Any of these issuances could dilute our existing stockholders, and such dilution could be significant. Moreover, such dilution could have a material adverse effect on the market price for the shares of our common stock.

The future issuance of shares of preferred stock with voting rights may adversely affect the voting power of the holders of shares of our common stock, either by diluting the voting power of our common stock if the preferred stock votes together with the common stock as a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a separate class vote, even if the action were approved by the holders of our shares of our common stock.

The future issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive.

***Because we have no obligation to pay cash dividends on our common stock, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.***

We currently intend to retain a substantial portion of available funds and any future earnings to fund the future acquisitions and to provide capital for the growth of our business. Any determination to declare dividends will be made at the discretion of our Board of Directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our Board of Directors may deem relevant. Our future ability to pay cash dividends on our common stock may also be limited by the terms of any future debt securities or credit facility. As a result, capital appreciation, if any, of the common stock you purchase in this offering will be your sole source of gain for the foreseeable future.

***We are an emerging growth company, and the reduced disclosure requirements applicable to emerging growth companies may make our common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including (i) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (ii) having the option of delaying the adoption of certain new or revised financial accounting standards, (iii) reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements and (iv) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions until such time that we are no longer an emerging growth company. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. Further, pursuant to Section 107 of the JOBS Act, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) December 31, 2030, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated tiler" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common stock held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

It is possible that some investors will fund our common stock less attractive as a result of the foregoing, which may result in a less active trading market for our common stock and higher volatility in our stock price.

***John Rochon, the Chairman of our Board of Directors, will control us, and his interests may conflict with ours or yours.***

Immediately following this offering, an investment entity controlled by John Rochon, the chairman of our Board of Directors, will beneficially own 100% of our Class B Common Stock, representing approximately 50.1% of the voting power held after this offering and will, therefore, control the vote of all matters submitted to a vote of our stockholders, which will enable him to control the election of the members of our Board of Directors and other corporate decisions. Accordingly, for such period of time, Mr. Rochon will have significant influence with respect to our management, business plans, and policies, including the appointment and removal of our officers, decisions on whether to raise future capital and amending our charter and bylaws, which govern the rights attached to our common stock. In particular, during this period, Mr. Rochon will be able to cause or prevent a change of control of us or a change in the composition of our Board of Directors and could preclude any unsolicited acquisition of us. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of common stock as part of a sale of us and ultimately might affect the market price of our common stock.

Mr. Rochon, through voting agreements, also controls the operations of M42, which will license the AI technology to us pursuant to the License Agreement. Mr. Rochon and his affiliates, including M42, engage in a broad spectrum of business activities. In the ordinary course of their business activities, Mr. Rochon and his affiliates may engage in activities where their interests conflict with our interests or those of our other stockholders. Our amended and restated certificate of incorporation to be effective in connection with the closing of this offering will provide that none of Mr. Rochon, any of his affiliates, or any director who is not employed by us or its affiliates will have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate. Mr. Rochon also may pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, Mr. Rochon may have an interest in pursuing acquisitions, divestitures, and other transactions that, in his judgment, could enhance his investment, even though such transactions might involve risks to our stockholders.

***Upon listing of our shares on Nasdaq, we will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, we will qualify for exemptions from certain corporate governance requirements. If we elect to utilize one or more of these exemptions, you will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements.***

After completion of this offering, Mr. Rochon will continue to control a majority of the voting power of our outstanding common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under these rules, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:

● the requirement that a majority of our Board of Directors consist of independent directors;

● the requirement that we have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and corporate governance and compensation committees.

Although we have no current intention to utilize one or more of these exemptions following this offering, if we ultimately determine to do so you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***Investors in this offering may never obtain a return on their investment.***

The declaration, amount and payment of any future dividends on shares of our common stock will be at the sole discretion of our Board of Directors, which may take into account general and economic conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, the implications of the payment of dividends by us to our stockholders or by our subsidiaries to us, and any other factors that our Board of Directors may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of any future outstanding indebtedness we or our subsidiaries incur. Therefore, any return on investment in our common stock is solely dependent upon the appreciation of the price of our common stock on the open market, which may not occur. See "Dividend Policy."

***If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, our common stock price and trading volume could decline.***

The trading market for our shares will be influenced, in part, by the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. Securities and industry analysts do not currently, and may never, publish research on our Company. If no securities or industry analysts commence coverage of our Company, the trading price of our shares would likely be negatively impacted. In the event securities or industry analysts initiated coverage, and one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume to decline. Moreover, if one or more of the analysts who cover us downgrade our stock, or if our results of operations do not meet their expectations, our share price could decline.

***Provisions of our amended and restated certificate of incorporation and bylaws may delay or prevent a take-over that may not be in the best interests of our stockholders.***

In addition to the ownership by Mr. Rochon of a controlling percentage of our common stock, provisions of our amended and restated certificate of incorporation and bylaws may be deemed to have anti-takeover effects, which include, among others, authorizing the issuance of shares of preferred stock which will have such rights and preferences determined from time to time by our Board of Directors. Our Board of Directors may, without stockholder approval (except as may be required under Nasdaq rules), issue additional preferred shares with dividends, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of our common stock.

***Our amended and restated certificate of incorporation provides for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, (i) the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, (c) any action arising pursuant to any provision of the General Corporation Law of the State of Delaware, or the DGCL, our certificate of incorporation or our bylaws or (d) any action asserting a claim governed by the internal affairs doctrine and (ii) to the fullest extent permitted by law, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act, including all causes of action asserted against any defendant to such complaint. Pursuant to our planned amended and restated certificate of incorporation, any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock will be deemed to have had notice of and consented to the forum selection clause in our planned amended and restated certificate of incorporation described in this paragraph.

The foregoing provision would not preclude stockholders that assert claims under the Exchange Act from bringing such claims in federal court, to the extent that the Exchange Act confers exclusive federal jurisdiction over such claims, subject to applicable law.

We believe our choice of forum provision may benefit us by providing increased consistency in the application of Delaware law by chancellors and judges particularly experienced in resolving corporate disputes, efficient administration of cases on a more expedited schedule relative to other forums and protection against the burdens of multi-forum litigation. However, our choice of forum provision may impose additional litigation costs on stockholders in pursuing claims and may limit a stockholder's ability to bring a claim in a judicial forum that it believes to be favorable for disputes with us or any of our directors, officers or other employees, which may discourage lawsuits with respect to such claims. In addition, while the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the choice of forum provision, and there can be no assurance that such provision will be enforced by a court in those other jurisdictions. If a court were to find the choice of forum provision in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business and financial condition.

**General Risk Factors**

***We will incur significantly increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate governance practices.***

As a public company, we will incur significant legal, accounting, and other expenses that we would not be required to incur as a private company. We will be subject to the reporting requirements of the Exchange Act, which will require, among other things, that we file with the SEC annual, quarterly, and current reports with respect to our business and financial condition. In addition, the Sarbanes-Oxley Act, as well as rules subsequently adopted by the SEC and Nasdaq to implement provisions of the Sarbanes-Oxley Act, impose significant requirements on public companies, including requiring establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Further, in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) was enacted. There are significant corporate governance and executive compensation related provisions in the Dodd-Frank Act that require the SEC to adopt additional rules and regulations in these areas such as "say on pay" and proxy access. Emerging growth companies are exempted from certain of these requirements, but we may be required to implement these requirements sooner than budgeted or planned and thereby incur unexpected expenses. Stockholder activism, the current political environment and the current high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and impact the manner in which we operate our business in ways we cannot currently anticipate.

We expect the rules and regulations applicable to public companies to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. If these requirements divert the attention of our management and personnel from other business concerns, they could have a material adverse effect on our business, financial condition, and results of operations. The increased costs will decrease our net income or increase our net loss and may require us to reduce costs in other areas of our business or increase the prices of our products or services. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our Board of Directors, our board committees or as executive officers.

***If we fail to maintain proper and effective internal controls over financial reporting our ability to produce accurate and timely financial statements could be impaired.***

We are required to maintain internal controls over financial reporting. After this offering is completed, we must perform certain system and process design evaluation and testing of the effectiveness of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 10-K filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. This will require that we incur substantial additional professional fees and internal costs to expand our accounting and finance functions and that we expend significant management efforts. Prior to this offering, we have never been required to test our internal controls within a specified period and, as a result, we may experience difficulty in meeting these reporting requirements in a timely manner.

If we are not able to comply with certain requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, or if we are unable to maintain proper and effective internal controls over financial reporting, we may not be able to produce timely and accurate financial statements. If that were to happen, our investors could lose confidence in our reported financial information, the market price of our stock could decline and we could be subject to sanctions or investigations by the SEC, Nasdaq or other regulatory authorities.

These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. For example, our directors or executive officers could inadvertently fail to disclose a new relationship or arrangement causing us to fail to make a required related party transaction disclosure. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in all control systems, misstatements due to error or fraud may occur and not be detected.

***Changes in tax laws or exposure to additional income tax liabilities could affect our future profitability.***

Factors that could materially affect our future effective tax rates include but are not limited to:

● changes in tax laws or the regulatory environment;

● changes in accounting and tax standards or practices;

● changes in the composition of operating income by tax jurisdiction; and

● our operating results before taxes.

Because we do not have any history of operating at our present scale and have significant expansion plans, our effective tax rate may fluctuate in the future. Future effective tax rates could be affected by operating losses in jurisdictions where no tax benefit can be recorded under U.S. GAAP, changes in the composition of earnings in countries with differing tax rates, changes in deferred tax assets and liabilities, or changes in tax laws.

***We have identified material weaknesses in the internal control over financial reporting of one of our Portfolio Companies and may identify additional material weaknesses in the future. Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud If we fail to establish and maintain effective internal controls over financial reporting, our operating results and our ability to operate our business could be harmed.***

Our company has not previously been required to document and test its internal controls over financial reporting, nor has management been required to certify the effectiveness of its internal controls, and our auditors have not been required to opine on the effectiveness of its internal control over financial reporting. Similarly, our company has not been subject to the SEC's internal control reporting requirements. Upon the completion of this offering, we will become subject to the periodic reporting requirements of the Exchange Act. We must design our disclosure controls and procedures to reasonably assure that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

In connection with the audits of CCCI, for the years ended December 31, 2025, 2024 and 2023, CCCI and its independent public accountants identified material weaknesses in CCCI's internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses that CCCI and its public accountants identified in CCCI's financial statements occurred because CCCI was a private company had maintained a complement of resources with various levels of accounting knowledge, experience, and expertise that were not commensurate with its prospective public reporting needs. These material weaknesses relate to the lack of formal control over design and implementation, including those over information technology general control, and the lack of a sufficient complement of personnel within the financial and accounting function with an appropriate degree of knowledge, experience, and training.

We are initiating various remediation efforts, but we cannot reasonably estimate the cost of such remediation plan at this time. We can give no assurance that such efforts will remediate these material weaknesses relating to internal control over financial reporting or that additional material weaknesses in CCCI's internal control over financial reporting will not be identified in the future.

We may discover weaknesses in our system of internal financial and accounting controls and procedures that could result in a material misstatement of our financial statements. Our internal control over financial reporting will not prevent or detect all errors and all fraud. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

***Failure to build our finance infrastructure and improve our accounting systems and controls could impair our ability to comply with the financial reporting and internal controls requirements for publicly traded companies.***

As a public company, we will operate in an increasingly demanding regulatory environment, which requires us to comply with the Sarbanes-Oxley Act, the regulations of the Nasdaq Global Market, the rules and regulations of the SEC, expanded disclosure requirements, accelerated reporting requirements and more complex accounting rules. Company responsibilities required by the Sarbanes-Oxley Act include establishing corporate oversight and adequate internal control over financial reporting and disclosure controls and procedures. Effective internal controls are necessary for us to produce reliable financial reports and are important to help prevent financial fraud. After this offering is completed, we must perform system and process evaluation and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 10-K filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. Prior to this offering, we have never been required to test our internal controls within a specified period and, as a result, we may experience difficulty in meeting these reporting requirements in a timely manner.

We anticipate that the process of building our accounting and financial functions and infrastructure will require significant additional professional fees, internal costs and management efforts. For example, we expect that we will need to implement and expand our systems and processes to enhance and streamline the management of our financial, accounting, human resources and other functions.

However, such systems will likely require us to complete many processes and procedures for the effective use of the systems, which may result in substantial costs. Any disruptions or difficulties in implementing or using these systems could adversely affect our controls and harm our business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion of management attention. In addition, we may discover additional weaknesses in our system of internal financial and accounting controls and procedures that could result in a material misstatement of our financial statements. Our internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud will be detected.

If we are not able to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, or if we are unable to implement proper and effective internal controls, we may not be able to produce timely and accurate financial statements. If we cannot provide reliable financial reports or prevent fraud, our business and results of operations could be harmed, investors could lose confidence in our reported financial information and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.

***Future changes in financial accounting standards or practices may cause adverse and unexpected revenue fluctuations and adversely affect our reported results of operations.***

Future changes in financial accounting standards may cause adverse, unexpected revenue fluctuations and affect our reported financial position or results of operations. Financial accounting standards in the United States are constantly under review and new pronouncements and varying interpretations of pronouncements have occurred with frequency in the past and are expected to occur again in the future. As a result, we may be required to make changes in our accounting policies. Those changes could affect our financial condition and results of operations or the way in which such financial condition and results of operations are reported. We intend to invest resources to comply with evolving standards, and this investment may result in increased general and administrative expenses and a diversion of management time and attention from business activities to compliance activities.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that can involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

● the implementation of our business model and strategic plans and the timing, progress and results of our acquisition program;

● our ability to compete with existing and new competitors in existing and new markets and products;

● unanticipated technology needs and developments and our ability to address those needs and developments;

● our expectations regarding our ability to meet existing performance obligations and maintain the operations of our Portfolio Companies;

● our ability to integrate new and enhanced technology into our existing and developing ecosystem;

● the rate and degree of market acceptance of our acquisition and operating strategy;

● the increased expenses associated with being a public company;

● our ability to meet expectations regarding revenue, cost of revenue and operating expenses and our ability to maintain future profitability;

● our ability to establish or maintain collaborations or strategic relationships;

● our competitive position; and

● the sufficiency of our cash and cash equivalents to meet our liquidity needs.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of risks, uncertainties and assumptions described in the section titled "*Risk Factors*" and elsewhere in this prospectus. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein until after we distribute this prospectus, whether as a result of any new information, future events or otherwise.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

**INDUSTRY, MARKET, AND OTHER DATA**

Unless otherwise indicated, estimates and information contained in this prospectus concerning our industry and the market in which we operate, including our general expectations, market position, market opportunity, and market size, are based on industry publications and reports generated by third-party providers, other publicly available studies, and our internal sources and estimates. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we have compiled, extracted, and reproduced industry data from external sources, including third-party, industry, or general publications, we have not independently verified the accuracy or completeness of the data contained in such sources. Similarly, while we believe our management estimates to be reasonable, they have not been verified by any independent sources. Forecasts and other forward-looking information with respect to industry are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus. See the section titled "*Cautionary Note Regarding Forward-Looking Statements*."

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "*Risk Factors*" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**USE OF PROCEEDS**

The Registered Stockholders may, or may not, elect to sell shares of our common stock covered by this prospectus. To the extent any Registered Stockholder chooses to sell shares of our common stock covered by this prospectus, we will not receive any proceeds from any such sales of our common stock. For more information, see "*Principal and Registered Stockholders*."

**DIVIDEND POLICY**

We currently intend to pay quarterly cash dividends to the holders of our Class A common stock, commencing with the first full fiscal quarter following the first anniversary of date of this prospectus. While we currently intend to distribute 25% of our operating cash flow less working capital and capital expenditure requirements, which we refer to herein as "Free Cash Flow," to the holders our Class A common stock on a quarterly basis, the determination as to the declaration and payment of dividends will be at the discretion of our Board of Directors. We will not pay any dividends on the shares of our Class B common stock. Any such determination will depend upon our business prospects, operating results, financial condition, capital requirements, general business conditions, and other factors that our Board of Directors may deem relevant. The funds available for distribution, if any, will be net of the funds that are required to fund the operating costs of our business, including, without limitation, costs incurred to identify and acquire additional Portfolio Companies and capital contributions made to our subsidiaries to fund working capital and capital expenditures.

**BUSINESS**

**General**

AIAI was formed for the purpose of creating an AI-powered ecosystem through acquiring, and scaling companies that have high potential for increased operating results through the integration of our AI into their operations. We are not simply an investment vehicle—we seek to improve the operating performance of our Portfolio Companies through application of our proprietary AI. The AI that we will apply to the companies that we acquire will be licensed to us by M42, a company controlled by our founder, John P. Rochon, immediately prior to the effective date, or the Effective Date, of the Registration Statement of which this prospectus forms a part. See "—*License Agreement*." AIAI identifies, acquires, and, where appropriate, consolidates high potential, AI-adjacent companies through a thorough evaluation framework that looks beyond conventional metrics. Our unique assessment methodology is designed to identify hidden value that traditional approaches miss, creating opportunities for increased stockholder returns. We expect to generate value through technological integration, unlocking synergies between AI and operations that remain invisible to traditional approaches. By combining complementary capabilities, we create solutions that are greater than the sum of their parts.

The global technological landscape is experiencing a fundamental shift as the industry reaches the critical threshold where AI transforms from a promising technology to a transformative force. Through our access to the integrated proprietary M42 AI Technology, we expect to be able to capitalize on the convergence of advanced AI, mature computing infrastructure, and market readiness. AIAI's strategic thesis rejects the siloed application of AI and instead focuses on building an integrated ecosystem where specialized capabilities amplify each other across multiple verticals such as construction, healthcare, defense, blockchain data infrastructure, digital assets, and government services.

Our operating strategy is based on the premise that we anticipate generating a higher usage rate for our AI technology through applying it directly to our Portfolio Companies, which we believe will create greater stockholder value. We expect to implement this process through the acquisition of companies with AI integration potential as opposed to the generally accepted industry practice of marketing, selling, and negotiating individual license agreements with multiple unrelated clients. By creating a captive client base through targeted entity acquisitions, consisting of those that we acquire immediately prior to the Effective Date and those we acquire thereafter, we expect to be able to implement our AI solutions in a shorter time period (which we anticipate to be four to six months following the identification of an acquisition candidate) as compared to significantly longer time required to establish a third party licensing arrangement, which in our experience can last as long as 24 months to complete integration process. Additionally, we believe this strategy will result in a reduced execution risk and lower pursuit costs than negotiating third-party technology licenses.

AIAI is not just participating in the evolution of the "Cognitive Revolution," it is helping to shape it. By integrating diverse companies into a cohesive AI ecosystem, the company expects to unlock value traditional models cannot replicate. With a clear vision, robust portfolio, and actionable roadmap, AIAI believes it is poised to redefine industries and deliver significant value to its stockholders. Our AI brings together the branches of mathematics, science, and engineering in a loosely coupled software platform that we believe can be applied to reveal undiscerned patterns and intelligence almost anywhere.

**What Sets Us Apart**

We believe the following characteristics set us apart from our competitors:

● Proven Management Team: Mr. Rochon, the Chairman of our Board of Directors, along with the members of our management team, bring a track record of over 100 years of successful technology implementation and business transformation, generating consistent returns through the acquisition, reorganization and disposition of approximately 350 separate companies across multiple industry segments.

● Accelerated Implementation: Through the acquisition of companies to which our AI will be implemented rather than engaging in what are frequently protracted licensing negotiations, we expect to be able to more rapidly implement our AI solutions than our competitors.

● M42 Behavioral AI Platform: The M42 AI Technology, to which the company has access through a license agreement with M42, provides us such analytic tools as predictive modeling and pattern recognition, in addition to many other proprietary AI fields to identify opportunities invisible to traditional analytics. See "*—License Agreement."* 

● Cross-Vertical Perspective: Our acquisition strategy identifies target entities in multiple industry sectors, allowing the company to combine diverse capabilities to create synergistic value at industry intersections.

● Shared Experiences of and Lessons Learned by Portfolio Company Management: As the management teams of our Portfolio Companies complete the implementation of our licensed AI technology, they will be able to share their experiences and lessons learned with the leadership of our future acquisitions which should facilitate accelerated implementation of the AI and improvements in operations.

● Ethical AI Leadership: Our operating strategy prioritizes responsible development with transparent, human-centric solutions.

**Our Opportunity**

We believe that the current stage of the evolution of the Cognitive Revolution marks an inflection point where AI transitions from a promising tool to a transformative force. This AI revolution represents a transformative opportunity in how businesses operate. The market in which we expect to compete includes, among others, the following elements:

● The Global AI Market: According to Precedence Research, the global AI market is to projected to increase from $638.2 billion in 2024 to $1,807.8 billion in 2030, representing an 18.6% compound annual growth rate. Precedence Research also projects the US AI market will increase from $146.1 billion in 2024 to $415.8 billion in 2030.

● Implementation Opportunity: According to a report from SAP, average global businesses will spend $26.8 million on AI in 2025, which is projected to deliver a return on investment (ROI) of 16%.

SAP also reports that there remain issues with strategic adoption of AI. Most AI investment is reported to be piecemeal (44%), based on department-led prioritization (32%), or ad hoc (15%). Only 9% of businesses are investing based on strategic, holistic prioritization. We believe this fragmented adoption of AI further supports our strategy of acquiring entire companies and applying our AI on an enterprise-wide basis.

The AI landscape is hypercompetitive, with rapid innovation cycles and high capital barriers. Traditional approaches, such as siloed R&D and linear roadmaps, are expected to struggle against AIAI's ecosystem strategy, which focuses on value optimization through integration rather than direct development. We anticipate this positioning will create measurable advantages for AIAI, including rapid market responsiveness, multidimensional value creation, and reduced risk through strategic synergy.

**Growth Strategy**

***General***

Our growth strategy consists of multiple dimensions, beginning with our acquisition strategy. We will actively identify and acquire companies demonstrating strong potential for AI-driven enhancement, focusing on organizations with strong underlying business fundamentals and clear opportunities for value creation through AI implementation. Our target investment is one that fits within our "CURA" parameters, consisting of companies that solve complex, urgent, and/or administrative problems. Our portfolio is and will be a deliberately curated ecosystem, not a random collection of assets. Our strategy targets companies with proprietary technologies and cross-vertical potential, which are analyzed using the following criteria:

● Comprehensive Technology Assessment: We conduct a thorough evaluation of technological capabilities to assess alignment with our ecosystem orientation, analyzing the integration potential, adaptive capacity, and complementary capabilities of a target.

● Strategic Fit Assessment: We assess the strategic alignment to deliver long-term success, analyzing the cultural alignment, leadership adaptability, and long-term ecosystem contribution of a target.

● Due Diligence and Valuation: Our due diligence review incorporates both the traditional financial assessment and the application of our unique ecosystem perspective, quantifying the synergies and developing integration roadmaps to incorporate ecosystem value into pricing of a target.

● "Halo Effect" Integration: We apply our proprietary methodology for capability enhancement and ecosystem integration, assessing the enhanced capabilities, holistically, of a target, focusing on amplification rather than disruption.

Our market expansion efforts will extend beyond our current operational footprint through carefully planned geographic expansion and sector development initiatives. We will enter into new markets through a combination of operations and strategic partnerships, always maintaining our commitment to rapid implementation and value creation. In each new market, we will establish comprehensive regulatory compliance frameworks and adapt our implementation methodologies to address local requirements and cultural considerations. We expect that this approach will enable us to maintain our accelerated implementation timeline even as we expand into new regions and sectors.

***Targeted Industry Segments***

We expect to concentrate on industry sectors that we believe have high potential for both financial returns and societal impact. Our initial focus will be on the following industries:

● Construction

● Healthcare

● Manufacturing

● Financial services

● Energy

● Blockchain-based data infrastructure

● Digital assets

● Defense contracting

Set forth below are descriptions of the reasons why we our focusing our acquisition activities are certain targeted industries segments or verticals and how we believe our AI can assist operating performance.

*Healthcare*

The healthcare industry is not only essential for individual well-being—it is also a major driver of the global economy. Healthcare represents a significant portion of GDP, supporting millions of jobs and determining government policy.

The constant demand for more efficient and dynamic technology to manage persistent growth fuels investment and job creation, making healthcare one of the most resilient sectors even during economic downturns. However, the financial side of the industry isn't without its challenges. High costs and significant fraud, waste, and abuse drain healthcare professionals, providers, and patients.

At the intersection of economics and care delivery lies the debate over efficiency, access, and sustainability. Behavioral AI improves healthcare delivery, streamlines patient interactions, and enhances predictive analytics. Whether that is helping healthcare professionals to improve care or assisting insurance partners to eliminate fraud, waste, and abuse, we believe behavioral AI helps provide better care for less.

There is an increasing urgency to transform the healthcare sector, to streamline its processes, to severely curb the drain of fraud, waste, and abuse and to engage the insightfulness of AI to advance one of the most critical, yet bloated, sectors to a much higher level of technical insight and responsiveness. Healthcare fraud, waste and abuse is well documented in the United States. Our AI can assist in identifying patterns of these activities and can help to reduce the underlying crimes while saving money and allowing for a contingent recovery of fraudulent payments.

*Manufacturing*

The manufacturing industry is a major driver of economic development, serving as both a major employer and a powerful engine for national growth. It encompasses everything from heavy industries like steel and automotive production to high-tech sectors such as electronics and precision equipment. Manufacturing doesn't just produce goods, it acts as the backbone of the economic system that delivers those goods.

Economically, manufacturing plays a key role in exports, GDP, and job creation. It provides a wide range of employment opportunities, from skilled labor and machine operators to engineers and logistics professionals. As countries compete in global markets, advanced manufacturing techniques like AI have become central to staying efficient and cost-effective.

Helping to improve worker safety, eliminating extraneous waste from human blindspots, and reducing overall overhead by taking on heavy cognitive loads through automation, behavioral AI is a force multiplier for the manufacturing industry, another industrial revolution. Through leveraging the power of AI, manufacturing can stay more stable and cost-efficient, providing a competitive edge in a shifting global landscape.

*Financial Services*

The financial services sector is crucial in the global economy. Companies across all industries require access to capital to drive growth, implement cost-saving initiatives, and invest in innovative practices. In addition, companies turn to advisors to give expertise guidance in an extremely complex economic landscape. In this process, companies can find themselves foundering when critical decisions made by advisors are designed to primarily benefit themselves, rather than the companies.

Utilizing deep experience and specialized teams of advisors, along with a focus on profound solutions across a broad field of industries, we expect to provide direction and investment to not only help companies scale and improve revenues, but to undergo transformative change through access to sophisticate technologies and seasoned leadership. From treasury management functions to holdings of crypto currency, we expect to provide ground-up advisory services to financial services entities acquired in the future.

In a landscape that is increasingly uncertain and ruthless, establishing trusted advisory partnerships is more important than ever. What we expect to deliver is more than just capital—we anticipate providing deep insight and clarity to empower companies to not only navigate short-term complexity but to emerge transformed, stronger, smarter, and better equipped for sustained growth.

*Energy and Natural Resources*

As global energy demand continues to rise, the need for reliable energy solutions has never been more critical. It is absolutely crucial to national policies as well as economic stability. The energy sector is largely responsible for the continued operation and expansion of substantially all other industry segments.

We anticipate concentrating on the acquisition of midstream energy companies. These companies operate in the intermediate phase of the oil and gas industry, providing transportation, storage, and wholesale marketing of crude oil and natural gas. These companies play a crucial role in ensuring the continuous flow of energy resources from upstream producers to downstream end users and are crucial to the energy supply chain, linking raw resource extraction with refined product distribution.

Facing challenges such as price instability, government regulation, reliance on infrastructure, and a constantly growing demand, companies are under pressure to constantly innovate and sharpen their practices to find a competitive edge, not only domestically, but globally. This economic environment is ripe for transformation through the strategic use of behavioral AI that can help mitigate risk, optimize operations, and provide stability. By observing how operators interact with complex systems, it helps spot inefficiencies, reduce the chance of costly errors, and improve safety.

The energy sector plays a bedrock role in the global economy. It supports millions of jobs, drives investment, and influences all other operations. Through radical technology and innovative leadership, we aim to revolutionize the energy sector to provide greater stability and profitability.

*Defense Contracting*

The defense industry remains one of the most strategically important and economically significant sectors in the world. As a cornerstone of national security and technological progress, it consistently receives strong government backing, making it one of the most resistant sectors to economic downturns.

Behavioral AI revolutionizes how defense institutions make decisions, manage operations, and assess threats. By analyzing human interaction patterns and unlocking deep insights, behavioral AI reveals a hidden frontier in the defense field.

As global threats shift into asymmetric and digital dangers, the need for advanced solutions rises.

By aligning capital with visionary leadership and breakthrough technologies, we can help shape the future of global security.

***Portfolio Development***

We employ a systematic approach to portfolio development and optimization, through the application of the following guidelines:

● Gap Analysis and Acquisition Prioritization. We continuously evaluate our portfolio to identify capability gaps and acquisition opportunities through periodic ecosystem assessments to ensure alignment between current capabilities and strategic objectives.

● Build versus Buy. We apply a structured framework to determine when to develop capabilities internally as opposed to acquiring new companies, focusing on a number of factors, including technological complexity and development timeframes compared to market requirements.

● Geographic Expansion. We evaluate the need to expand into new geographic areas based on balancing the prospective market opportunities against the operational considerations of expanding into new markets.

● Portfolio Optimization. We continuously evaluate our portfolio to maximize the overall ecosystem value through, among other things, comparing regular performance assessments against strategic and financial objectives.

***Selection and Integration***

Our evaluation of potential acquisitions is implemented through the application of a comprehensive due diligence plan, consisting of the following elements. The goal of our due diligence review is to assess the efficacy of the application of our AI to the operations of the target so that we acquire only those companies whose operations can be significantly enhanced through our AI and that fit into our overall operational ecosystem.

*Understanding the Target's Operational Foundation and Product Strategy*

We begin our analysis by reviewing the target' mission statement, product offerings, and services to understand the company's operational and product focus. We then examine the target markets to gauge operational demands and product applicability. We also interview key management of the target to explore team organization, workflow management, operational priorities and product strategies. Finally, we assess current products and services for readiness to scale.

*Evaluating Technical Capabilities and Infrastructure*

We then assess the technical systems and infrastructure supporting the target's AI functionality, product delivery, and scalability potential. During this process, we examine any AI technologies currently used for reliability and accuracy to assess any impediments to the application of our AI to the target's existing operations. We also investigate the target's data collection and management processes to evaluate consistent functionality and product performance. Finally, we assess the target's overall expertise in AI, including certain tools required for the application of our AI to the target's operations. This allows us to determine what additional personnel will be needed in order for the target to realize the full effect of our AI.

*Reviewing Operational Execution, Team Capabilities, and Product Delivery*

We then evaluate how the target executes its operations and the management team's ability to maintain AI functionality and their capacity to deliver and productize services. During this process, we assess the management team's operational and product development expertise. We also review resource management to evaluate efficiency in supporting product operations. Additionally, we examine the customer support process for functional reliability and service delivery and conduct a security audit to confirm product integrity.

*Assessing Operational Resilience, Risks, and Product Stability*

Our next step is to determine the resilience of operations, any risks to AI functionality, product stability by evaluating, among other things, technical risk impacting product reliability, dependency on a single or limited number of resources or suppliers, and prior product or service performance.

*Planning for Operational Integration and Product Enhancement*

Our due diligence process also includes an evaluation of the steps that will need to be taken, post-acquisition, to ensure the smooth integration of our AI into the target's existing and contemplated operations with the goal of enhancing functionality and productization. This process includes, among other things, evaluating the feasibility of integrating our AI into the target's existing information technology systems, identifying key personnel to be retained, aligning customer support and workflows to enhance product or service delivery, and data and database integration.

**Recent Acquisitions**

Immediately prior to the Effective Date, AIAI will acquire all of the issued and outstanding equity interests of the companies listed below. The consideration payable for these entities will be the Portfolio Company Shares, as set forth in the table below, issued at a per share price of $20.00.

Pursuant to the terms of the acquisition agreements for each of these companies, the companies will continue to be operated by their existing management teams. In the case of CCCI and Constellation, AIAI has agreed to make certain post-closing capital contributions for working capital and capital expenditure purposes and, in the case of CCCI and Vanguard. to extinguish certain, if any, indebtedness, in each case pursuant to annual budgets agreed to by the management teams of AIAI and each of the acquired companies.

---

| | |
|:---|:---|
| **Portfolio Company** | **Aggregate Shares Issued ($20.00/share)** |
| C.C. Carlton Industries, Ltd. | 16550000<sup>(1)</sup> |
| Constellation Network Inc. | 4757430<sup>(2)</sup> |
| gTC MediGuide LP | 2565000 |
| AI Research Corporation | 2500000 |
| Vanguard Healthcare Solutions LLC | 600000<sup>(3)</sup> |
| Bond Street Limited LLC | 500000 |

---

1. Subject
 to adjustment based on amount of debt in existence as of closing. This number of Shares
 assumes there is no post-closing adjustment for the extinguishment by the company of any
 of CCCI's indebtedness.

2. At
 the closing of the acquisition of Constellation, the company will issue the Constellation
 Options to acquire an additional 3,753,570 Shares to the Constellation equity holders.

&nbsp;&nbsp;&nbsp;&nbsp;3. An
 additional 1,200,000 shares of common stock are issuable to the Vanguard equity holders if
 certain EBITDA thresholds are met post-closing. This number of Shares assumes there is
 no post-closing adjustment for the extinguishment by the company of any of Vanguard's
 indebtedness,

**Our Assets**

***Our Portfolio Companies***

The following companies will be acquired by AIAI immediately prior to the Effective Date. The company's initial portfolio will exemplify its ecosystem acquisition strategy.

● **C.C. Carlton Industries, Ltd. (CCCI):** CCCI has served Central Texas for over 30 years. It specializes in providing full-scope Civil Construction, Project Management, and Estimating services. With a bonding capacity of $200 million and $50 million on any one job, it has extensive experience with single family subdivisions, multi-family subdivisions, apartments, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects. Its estimating department uses estimating software that allows CCCI to provide bids in a very timely manner and with a high level of accuracy.

● **Constellation Network, Inc. (Constellation):** Constellation is a digital evidence ecosystem that provides products and services to create a trust-based exchange for a communications bridge which includes multiple revenue streams across hardware, software, and enterprise divisions. Constellation is advancing its mission to produce provable guarantees on the world's data by applying its blockchain protocol to, among other things, the U.S. military's digital infrastructure.

● **GTC MediGuide LP (MediGuide):** MediGuide provides a comprehensive suite of healthcare services, including (1) telehealth services, (2) Medical Second Opinion (MSO) that connects patients to appropriate Top 50 healthcare provider in the world and their leading specialists, (3) preventative health programs for proactive care, and (4) Medical Treatment Abroad (MTA). MediGuide bridges gaps in specialized care, particularly in regions with limited access to top-tier expertise, by facilitating global second opinions and access to over 50 renowned medical centers, without providing direct medical opinions or diagnoses itself. MediGuide also offers an online Preventative Health Program that enables secure and convenient annual screenings, allowing for early illness detection and better health outcomes, with the flexibility to complete screenings at home or work. MediGuide arranges virtual consultations for primary care, specialty care, and chronic disease management, ensuring insured individuals have timely access to healthcare professionals for a wide range of medical concerns. MediGuide's International Concierge Services ensure seamless medical treatment abroad by managing pre-treatment procedures like MSO in the insured's home country and providing local assistance when the insured arrives at world-leading medical centers for care. MediGuide partners with insurance companies to offer medical second opinions, international concierge, and digital health services to policyholders, generating stable, long-term revenue through per-policyholder fees.

● **AI Research Corporation (AIR):** Established in December 2018, AIR has uniquely focused on the foundational and game changing inventive new math required to leap over roadblocks which have limited and prevented scientists from Advanced Artificial Intelligence applications envisioned in US Defense, National Security, and a multitude of commercial advanced applications. AIR's foundational IP enables real-time edge analytics and distributed collaborative sensing. AIR's technology distributes the edge equipment payload and computational payload, while leveraging non-monotonic reasoning and ability to turn exponentially complex and explosive computations into a simple polynomic time calculation. What previously required a single large stationary heavy piece of equipment or computer can now be broken into parts and integrated across small edge devices, such as drones, in real time, thereby improving sensing by orders of magnitude. Immediate applied use cases include healthcare, oil, gas, and aquafer discovery, along with rare earth metals, critical metals and precious metals, as well as mapping deep ground with penetrating subsurface imagery of infrastructure and oceanic deep-water.

● **Vanguard Healthcare Solutions, LLC (Vanguard):** Vanguard and its subsidiaries collaborate with physicians and healthcare providers, offering consulting services that improve patient experiences, streamline operations, and enhance healthcare delivery. Vanguard primarily generates revenue through its subsidiary, Pathways Injury Consultants (Pathways), which offers case management services to accident victims by referring them to medical professionals and attorneys, particularly in cases where doctors may be unwilling to testify in accident-related legal proceedings. In addition to Pathways, Vanguard offers advisory services to clinics, supply medical equipment, and provide training programs. Through these initiatives, Vanguard helps improve the operational efficiency and effectiveness of healthcare providers, generating revenue through service fees, referral income, equipment sales, course fees, and attorney subscriptions.

● **Bond Street Limited, LLC (Bond Street):** Geoffrey Hinton, the godfather of artificial intelligence, holds the view that AI starts with pixels, progresses through analytics, and downloads back to pixels. AI demands vast amounts of data including numbers, words, and symbols all be transmitted or uploaded as pixels. Once collected by scanning and uploading data, the outputs from the analytics must return to pixels again which can be conveyed, shared, downloaded and printed back into potential actions described presented in pixels. A unique build-up platform company with significant potential, Bond Street has a special selling advantage and uses it to market scanners, software, copiers, printers, and subscription-based services. Bond Street also remarkets a large selection of high-tech hardware mega-brands in a business to business, and business to consumer environment. These remarketing efforts are financially supported and sponsored by the largest industry OEMs. Bond Street enjoys top security clearance from the U.S. government and supplies the Pentagon, House of Representatives and Senate as well as other high security government clients like the FBI and other agencies with a strong focus on the securitization of sensitive compartmented information. Bond Street is advantaged as a service disabled veterans operated small business (SDVOSB) and also has the prized Schedule 36 (MAS) status permitting government sponsored purchases across a broad range of products and services. This Multiple Award Schedule (MAS) provides federal agencies with solutions to modernize offices, reduce operational costs, and free up resources in order to focus on core mission activities. Bond Street's salesforce is comprised of approximately 1,300 sales representatives managed by nearly 90 sales partners across 108 offices and serves as an essential avenue to the consumer for its product partners' offline and online products and services.

***Investment in M42***

Immediately prior to the effective date of the Registration Statement of which this prospectus forms a part, AIAI will also own approximately 65,200 shares of Series A preferred stock issued by Messier Blocker Corporation ("Blocker Corp."), an entity that owns approximately 6.3% of the issued and outstanding equity of M42. The Blocker Corp. preferred stock pays an annual dividend of 3% and has a liquidation preference of $5,000 per share. The Blocker Corp. preferred stock ranks senior to the common stock of Blocker Corp. and all other classes or series of capital stock issued by Blocker Corp. unless the terms of such stock expressly provide that it ranks senior to or on parity with the preferred stock. The holders of the Blocker Corp. preferred stock do not have any right to convert the preferred stock into any other equity issued by either Blocker Corp. or M42, and preferred stock is not redeemable at either the option of the holders or Blocker Corp.

**Major Subsidiaries**

***C.C. Carlton Industries, Ltd.***

*General*

Founded in 1993, C.C. Carlton Industries, Ltd. (CCCI) is a well-established civil construction company based in Texas, specializing in delivering full-scope civil construction, project management, and estimating services. With over 30 years of experience serving Texas, CCCI focused on civil construction services and established a strong reputation for excellence in the construction industry. Our services include clearing, site preparation, excavation, wet utility installation, dry utility installation, lift and pump stations, water treatment plants, concrete structures, streets and parking lots. Additionally, our landscaping division offers irrigation, revegetation, aquatic plantings, and custom wall construction. Backed by our deep industry expertise and proven estimating processes, CCCI has designed and managed a diverse range of projects, such as single-family subdivisions, multi-family subdivisions, apartments, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects.

CCCI is dedicated to fostering long-term relationships with our clients, driven by our commitment to transparency, ethical practices, and adherence to the highest standards of quality. Our team of experienced professionals works collaboratively to deliver innovative solutions tailored to meet the unique needs of each project, ensuring customer satisfaction and project success. As CCCI continues to grow and adapt to the evolving construction landscape, remains committed to enhancing our capabilities and expanding our service offerings, positioning ourselves as a leader in the civil construction sector in Central Texas.

CCCI expects the strong demand for our services will continue, driven by (i) population growth in Texas resulting in public and private development, (ii) state and local government funding, and (iii) the need to repair and upgrade infrastructures. CCCI is prequalified to perform Texas Department of Transportation work, which gives us enhanced credibility and competitive advantage in a region where public infrastructure is expanding rapidly. As of December 31, 2025 and 2024, CCCI's remaining performance obligation backlog was $158.9 million and $136.4 million, respectively.

*Operations*

CCCI primarily derives revenue from fixed-price contracts in the civil construction sector with a focus on construction of site utilities, roads, bridges, and concrete structures in Texas. CCCI specializes in providing full-scope civil construction, project management, and estimating services, including but not limited to wet and dry utility installation, paving and concrete structures, site clearing and grading, lift and pump stations, and treatment plants. Additionally, our landscaping division offers irrigation, revegetation, aquatic plantings, and custom wall construction. This diverse expertise is essential for executing a variety of projects, including single-family subdivisions, multi-family subdivisions, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects with efficiency and scalability.

CCCI recognizes revenue over time as work is completed, typically using an input measure such as costs incurred to date relative to total estimated costs at completion to measure progress. Costs that do not depict progress toward satisfaction of the performance obligation are included in contract costs but may not result in revenue being recognized, such as significant re-work.

*Trends and Key Factors Affecting Performance*

CCCI believes its future performance will be influenced by a number of factors, including those described in the section titled "Risk Factors" and elsewhere in this prospectus as well as the factors described below. While each of these factors presents significant opportunities for us, these factors also pose challenges that CCCI must successfully address in order to sustain the growth of our business and enhance our results of operations.

Weather, Natural Disasters, and Emergencies

The performance of our operation in a given period can be impacted by adverse weather conditions, severe weather events, natural disasters or other emergencies, which include, among other things, heavy or prolonged snowfall, icing, or rainfall, hurricanes, tropical storms, tornadoes, floods, extreme temperatures, wildfires, and pandemics. These conditions and events can negatively impact our financial results due to, among other things, the termination, deferral or delay of projects, reduced productivity and exposure to significant liabilities. See "*Risk Factors*—*Risks Related to Industry Verticals—Construction.*"

Seasonality

Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year, because cold, snowy or wet conditions can create challenging working environments that are more costly for our customers or cause delays on projects. This may alter our construction schedules and can create variability in our revenues, profitability and the required number of employees. Second and third quarter revenues are typically the highest of the year, as a greater number of projects are underway and operating conditions, including weather, are normally more accommodating.

CCCI's Ability to Obtain New Projects and Manage Existing Projects

CCCI bids on projects that it believes offer an opportunity to meet our profitability objectives or that offer the opportunity to enter promising new markets. Our purpose-built engineering estimating software allows us to provide bids in a timely manner with high-level of data accuracy. The potential customers often conduct rigorous competitive processes for awarding contracts. CCCI will potentially face strong competition and pricing pressures for any additional contract awards from other government agencies, and CCCI may be required to qualify or continue to qualify under various multiple award task order contract criteria. See "*Risk Factors—Risks Related to Industry Verticals—Construction."*

CCCI is subject to variation in scope and cost of projects from our original projections. In certain circumstances, CCCI seeks to collect or assert claims against customers, engineers, consultants, subcontractors or others involved in a project for additional costs exceeding the contract price or for amounts not included in the original contract price. Our experience has often been that customers have been willing to negotiate equitable adjustments to the contract compensation or completion time provisions if unexpected circumstances arise. However, this process may result in disputes over whether the work performed is beyond the scope of the work included in the original project plans and specifications or, if the customer agrees that the work performed qualifies as extra work, the price that the customer is willing to pay for the extra work. See "*Risk Factors—Risks Related to Industry Verticals—Construction*."

Our costs primarily consist of payroll, equipment, materials, and other project related expenses. Our contracts are typically fixed price, and if CCCI is unable to accurately estimate the overall risks, requirements or costs when it bids on or negotiate a contract that is ultimately awarded to us, CCCI may achieve a lower than anticipated profit or incur a loss on the contract due to higher than estimated costs. Additionally, our costs and profitability can be adversely affected by factors such as inflation, tariffs, supply chain and other operational inefficiencies. Our future growth also depends on our ability to accurately estimate and control construction costs, a major part of which consists of implementing AIAI's Artificial Intelligence in our engineering, estimating, and operational processes going forward. Also, our labor and training expenses may increase as a result of a shortage in the supply of skilled personnel. CCCI strives to minimize exposure to labor and material price increases in our project bids and the manner in which its executes its work. In our fixed price contracts, CCCI attempts to insulate ourselves from the unfavorable effects of inflation, when possible, by incorporating escalating wage and price assumptions into our construction cost estimates, by obtaining firm fixed price quotes from major subcontractors and material suppliers, by securing purchase commitments for materials early in the project schedule and by including contingency for these risks in our bid price. Construction and other materials used in our construction activities are generally available locally from multiple sources. See "Risk Factors."

CCCI'sAbility to Obtain Bonding Will Have a Material Impact on Its Business

CCCI is often required to provide surety bonds securing our performance under our contracts. Our ability to obtain surety bonds primarily depends on our working capital, past performance, capitalization, credit rating, management expertise, overall capacity of the surety market and other factors. If CCCI is unable to obtain reasonably priced surety bonds in the future, it could significantly affect our ability to be awarded new contracts and could, consequently, have a material adverse effect on its business, results of operations and financial condition.

***Constellation Network, Inc.***

*General*

Since its founding in 2017, Constellation Network, Inc. (Constellation) has established credibility across both public and private sectors through the development and validation of its Hypergraph network technology. Constellation has successfully delivered secure, scalable, and verifiable decentralized infrastructure to the U.S. Department of Defense, completing one of the first government contracts to demonstrate applied decentralized infrastructure for data assurance. These achievements underscore Constellation's ability to bridge cutting-edge blockchain innovation with mission-critical enterprise and government use cases.

*Business and Technology*

Constellation operates as a multi-layer organization developing applications, software, and hardware that leverage its native decentralized network, the Hypergraph blockchain. Hypergraph is designed for compatibility with existing digital workflows, providing a flexible foundation for modern, data-driven systems. Constellation's Hypergraph network is a distributed ledger framework designed to support multiple independent application-specific environments in parallel. Rather than functioning as a single monolithic blockchain, the Hypergraph network provides a shared coordination and settlement layer that enables distinct networks, built on Constellation's Hypergraph, to define and execute their own validation logic, data structures, and transaction types while anchoring their results to a common network for ordering and finality. Each application-specific blockchain deployed on the Hypergraph network submits cryptographically verifiable summaries of activity of the network's coordination layer. This architecture allows different applications to process data concurrently without competing for block space, while still benefitting from shared security and interoperability. The Hypergraph network does not impose a single execution model or use case, and it is designed to accommodate a wide range of data-driven applications.

Through Constellation OS ("Constellation Open Source"), Constellation provides developer tools, APIs, and software components that integrate open-source technologies with the Hypergraph to modernize enterprise systems. These tools enable developers to issue digital assets, create decentralized application-specific networks, integrate digital wallets, and verify custom data streams. Hypergraph's microservice-based architecture supports a wide range of business logic and data use cases, offering scalability and interoperability beyond traditional linear blockchains.

*Digital Evidence Platform*

Constellation's Digital Evidence platform is a proprietary solution designed to bring verifiable data integrity to the big data sector. Built on the Constellation Open Source framework, Digital Evidence combines Constellation's decentralized network technology with enterprise-grade tools for data verification, auditability, and automation.

Unlike conventional data assurance systems, Digital Evidence provides a multi-tenant, scalable framework that enables organizations to verify and exchange data with cryptographic certainty. The platform addresses the growing demand for trusted, audit-ready data exchange across high-security and data-intensive industries, including mobility, Internet of Things (IoT), real-world assets, communications, artificial intelligence, healthcare, and finance.

As concerns over data privacy, cybersecurity, and the reliability of centralized systems continue to rise, Constellation's proprietary approach delivers decentralized, cryptographically secured, and scalable data solutions that modernize and transform enterprise and government data infrastructures with verifiable automation.

*Strategic Position and Outlook*

Constellation's core technology and ecosystem development strategy position us to capitalize on the increasing demand for secure, interoperable, and verifiable data systems. Constellation continues to develop commercial partnerships and integrations that extend its Hypergraph technology into real-world, revenue-generating applications.

Constellation believes that its architecture - combining blockchain-grade security, enterprise composability, and AI integration - will play a critical role in the evolution of trusted digital infrastructure across both public and private sectors. Our licensed AI technology is expected to catalyze the blockchain-based verification and audit capabilities provided by Constellation. Under this model, our AI platform is intended to function as an application-layer interface that assists our Portfolio Companies in interpreting data, generating insights, and supporting operational decision making within their own environments. Constellation's role in these solutions is to provide a distributed ledger layer that can be used to cryptographically anchor records related to data provenance, policy enforcement, and AI-generated outputs. This enables verifiable audit trails and accountability without embedding AI logic into the network protocol or storing sensitive underlying data on-chain. Any such AI-enabled solutions would be deployed at the application or enterprise level for specific use cases, such as compliance monitoring, data governance, or operational analytics and would not participate in participate in transaction validation, network security, or protocol governance.

*Operations*

Constellation generates revenue through multiple streams including government contracts, blockchain infrastructure services and fees, digital asset sales, hardware and SaaS subscription revenue through its retail analytics platform, and data verification services through emerging enterprise products like Digital Evidence. Constellation's technological framework allows custom blockchain deployments with the ability to incorporate licensing fee structures and traditional SaaS subscriptions.

Constellation's operations are characterized into the following principal areas:

Digital asset operations

● Rewards (Node, Transaction Fees and Staking): Constellation earns rewards by operating validator nodes and participating in blockchain staking activities. Revenue is recognized when performance obligations are satisfied, typically upon block validation or receipt of rewards. Rewards are measured at fair value using the quoted price of the related digital asset at contract inception, which generally aligns with reward receipt date. Subsequent changes in fair value are recorded as gains or losses on digital assets when realized, not as revenue.

Digital evidence data validation services

● Non-Recurring Engineering Fees: Constellation earns a non-recurring engineering fees for customized features, services, and software. Revenue is recognized based on milestone completion tied to development of the deliverables.

Retail analytics technology

● Dor subscription revenue: Subscription revenue is generated from providing access to Constellation's proprietary retail analytics platform ("Dor"). Customers pay a fixed fee for access, with revenue recognized over time on a straight-line basis throughout the subscription term, typically one year.

● Equipment sales revenue: Constellation earns revenue from the sale of foot-traffic monitoring hardware, recognized at a point in time, upon delivery to the customer.

Blockchain infrastructure and Web3 services

● Government & network licensing income: Constellation earns revenue from government contracts and network licensing arrangements. These agreements generally require Constellation to provide access to its blockchain protocol, related development services, or licenses for use over a specified period. Revenue is recognized as the underlying services are provided or when control of the licensed rights transfers to the customer, which may be over time or at a point in time depending on contract terms. Payments are typically received in advance or in installments based on milestones specified in the agreement. Amounts received in advance of performance are recorded as deferred revenue until the performance obligation is satisfied.

**Future Acquisitions**

We expect our portfolio to continue to evolve and grow to capitalize on emerging opportunities and optimize overall ecosystem value. Our management and acquisition teams maintain a deep, broad network of relationships among key market participants. We believe these relationships and our research-driven origination methods provide us access to off-market opportunities that may not be available to our competitors.

In executing our acquisition strategy, we will integrate newly-acquired entities through the application of the AIAI integration model, which provides a structured yet flexible approach to technological and operational integration, enabling consistent execution while accommodating the unique characteristics of each business. This model balances autonomy with collaboration, leveraging a shared AI platform and cross-vertical data synergies to create adaptive intelligence. This model consists of three stages:

● Foundation: In this initial phase, we set the groundwork for AI success, emphasizing data and IT readiness, pilot projects, and governance structures to deliver responsible innovation from the start.

● Acceleration: In the second phase, we seek to broaden and intensify the adoption of AI by the AIAI companies through integrating AI systems into backend, operational, and core processes, establishing robust data analysis and action, and driving cross-functional alignment.

● Transformation: In the final phase, AI is deeply embedded in every facet of the AIAI portfolio companies through leveraging cross-company synergies, deepening and extending each business while leaping forward through AI more rapidly and effectively.

**Acquisition Pipeline**

Our executive management and acquisition team maintains a deep, broad network of relationships among a wide range of market participants, including owners and lenders. We believe these relationships, along with active participation from our board members and the Portfolio Company management teams and our research-driven origination methods, provide us access to multiple acquisition opportunities, many of which may not be available to any of our competitors. As a result of the significant need for liquidity among an ever-increasing number of privately held companies, many of which fit within our investment criteria, we believe there will be an ample supply of attractive acquisitions in the future.

In the normal course of our business, we will regularly evaluate the market for companies that fit within our investment criteria to identify potential acquisition targets. As of the date of this prospectus, we are evaluating potential acquisitions with an aggregate of approximately $1.5 billion in EBITDA that we have identified as warranting future investment consideration after initial review. As of the date of this prospectus, we have neither entered into letters of intent nor purchase agreements with respect to any potential acquisitions nor have we begun a comprehensive due diligence review with respect to any of these companies. Accordingly, we do not believe that the acquisition of any of the companies under evaluation is probable as of the date of this prospectus. Following the completion of the Offering, we will aggressively resume discussions with our pipeline of potential acquisitions which we had paused in anticipation of engaging in the Offering and expect rapid progress.

**Our Licensed Technology**

We will enter into a license agreement with M42 immediately prior to the effective time of the Registration Statement of which this prospectus forms a part pursuant to which the company will be granted exclusive use of the integrated M42 Behavioral (Psychometric) and Mathematics and Science AI (together, the "M42 AI Technology") within the designated field of use. See "*—License Agreement."* Additionally, on the effective date of the Registration Statement of which this prospectus forms a part, we will indirectly own approximately 5.4% of the outstanding equity of M42. This proprietary technology represents what we believe is an advance in how machines can understand and predict human behavior over and includes certain fundamental building blocks of Math and Science designed to rapidly deploy industry independent AI solutions. A crucial but often overlooked aspect of AI is Psychometric AI (PAI) with its powerful capability for making non-obvious inferences about behavioral patterns and future actions. Most AI systems available today, outside of the technology we are licensing from M42, are based on Machine Learning, or ML. ML includes things like generative AI—the kind that can write text, draw pictures, or predict outcomes based on patterns derived from huge amounts of past data. These systems need to be "prompted" by human beings and usually learn through trial-and-error process guided by people. The technology we are licensing works very differently. It is based on a deep base of math and science inside a flexible platform that combines PAI and standard AI. Instead of relying mostly on ML, our system uses many different branches of computer science and AI that work together, learning from both data and behavior. This allows it to study people, markets, or companies and figure out what works best—often in hours or days instead of months.

The key difference is that traditional ML mainly copies or imitates what it is taught, following preset rules that limit what it can do. The AI technology that we are licensing, on the other hand, is built on a foundational capability known as "nonmonotonic reasoning," an approach that distinguishes it meaningfully from conventional AI systems. While most AI systems require a precisely defined objective and operate within fixed rules, our licensed technology takes a more sophisticated approach: it can work with incomplete or imperfect information, update its assumptions as new data becomes available, and adapt its reasoning in real time — much as an experienced human decision-maker would. This is not an incremental improvement. It represents a fundamentally different architecture, one capable of handling the dynamic, evolving data environments that characterize real-world operations. The practical implications are significant across several high-value sectors:

● <u>Autonomous systems</u>. The technology can adjust operating decisions in response to changing conditions (weather, unexpected obstacles, route changes) without requiring human intervention or reprogramming.

● <u>Healthcare</u>. It can move beyond standardized protocols to develop continuously optimized, individualized care plans that evolve with a patient's real-time data, test results, and changing health profile.

● <u>Any data-intensive domain</u>. Wherever the knowledge base evolves over time, this system learns and recalibrates continuously, whether operating semi-supervised or fully autonomously.

Human intervention and goal-setting remain integral to the technology at the design and deployment stages. Initial objectives, constraints, and operational parameters are defined by human operators prior to deployment, and the system reasons and adapts within those boundaries. The nonmonotonic reasoning capability does not replace human judgment in setting those boundaries — it enables the system to pursue defined goals more effectively in dynamic environments than rule-based systems can. Ongoing human oversight may be configured based on the use case: some deployments may operate with minimal real-time human involvement once objectives are established, while others may incorporate human review at defined decision points. The technology does not autonomously redefine its own objectives; goal-setting authority remains with the deploying organization. The core value proposition is adaptability at scale. By continuously refining its own assumptions and weightings as new information is introduced, the system delivers increasingly accurate outputs over time — without requiring constant human oversight or retraining. This positions us to offer solutions that improve with use, creating durable competitive differentiation.

The core principle of our licensed technology is that true advanced artificial intelligence should be rooted in mathematics but always interpreted through the lens of human experience. Unlike conventional AI, which in our experience often focuses narrowly on modeling historic data, PAI is engineered to capture and incorporate signals derived from observed or expressed text, actions, or visual and verbal queues that are fundamental and essential human attributes. This allows the PAI to interpret and thus mimic or mirror these human attributes. Mainstream AI, which is built on machine learning, statistics, and deterministic algorithms, excels at pattern recognition and language processing, but often produces outputs that lack depth, context, or genuine understanding. M42's PAI, by contrast, delivers more nuanced, creative, and human-like results on top of the rich Math and Sciences. Our licensed AI is designed "with the end in mind," integrating hundreds of mathematical and scientific fields to create a platform that measures up to the full breadth and depth of human intelligence.

**License Agreement**

Under the License Agreement, M42 will grant us a license for the exclusive use of the M42 AI Technology, consisting of data sources, object code, and APIs, along with industry specific template applications which are directly applicable to several of the aforementioned applications, within the designated "field of use." As a result, M42 may not, and will cause its affiliates (other than AIAI) not to, use or exploit the licensed AI technology or compete with our company within the field of use. "Field of use" is defined under the License Agreement to mean use of the M42 AI Technology in a business model substantially similar to our company's business model, which includes creating and operating an AI-powered ecosystem to scale companies across multiple industry segments with the expectation of improving operating results through the application of the licensed AI technology. In addition, the License Agreement prohibits M42 from providing services or solutions to any person identified in writing by us to M42 as potential acquisition targets. Pursuant to the License Agreement, we issued approximately 25,137,000 Shares to M42 as consideration for the perpetual use of the licensed technology. In addition, we are entering into a Technology Services Agreement with M42 concurrently with the License Agreement under which we have agreed to pay M42 an annual fee of 3% of our annual revenues in consideration for ongoing development work, including, among other things, any operational elements, features and functional design specifications as requested by our company. We have no further payment obligations under the License Agreement. The License Agreement permits us to sublicense the technology to and through our Portfolio Companies subject to the same terms as the License Agreement, and the sublicense shall revert back to us in the event that a Portfolio Company is sold or that the License Agreement is terminated. The License Agreement is perpetual but may be terminated by M42 for "Cause," which is defined to include, among other things, the bankruptcy of AIAI and AIAI's breach of a material term of the contract that is not cured within the applicable cure period.

**The Application of AI to Specific Industry Segments**

Set forth below are examples we believe demonstrate how the application of AI to companies in the industry segments that we are targeting should be able to improve their operations.

***Construction***

AI is reshaping the construction industry by enhancing efficiency, safety, and sustainability, particularly in the use of heavy equipment and broader operations, as described below:

● **Autonomous Heavy Equipment**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI enables autonomous or semi-autonomous
 operation of heavy machinery like excavators, bulldozers, and cranes. Equipment manufacturers
 are developing AI-driven equipment that uses sensors, cameras, and GPS for precise navigation
 and task execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Autonomous dozers can perform
 repetitive tasks like grading with minimal human intervention, reducing labor costs and risk
 while improving precision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Increases productivity, reduces
 human error, and enhances safety by limiting operator exposure to hazardous conditions.

● **Predictive Maintenance for Equipment**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI analyzes data from IoT sensors on
 heavy equipment to predict maintenance needs before failures occur. Machine learning models
 identify patterns in wear, vibration, or temperature to schedule timely repairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: AI systems can monitor equipment
 health in real-time, alerting operators to potential issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Increases operational utilization,
 minimizes downtime, extends equipment lifespan, and reduces repair costs.

● **Site Planning and Optimization**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered software like Autodesk's
 BIM 360 uses machine learning to optimize construction site layouts, equipment placement,
 and material flows. Digital twins simulate equipment usage to streamline workflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: AI can determine the most efficient routes for heavy equipment to reduce fuel consumption and time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Boosts project efficiency, reduces costs, and lowers environmental impact.

● **Safety Monitoring**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI integrates with drones,
 cameras and wearables to monitor construction sites in real-time, detecting unsafe behaviors
 or conditions around heavy equipment. Computer vision identifies risks like workers in blind
 spots or equipment malfunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Smartvid.io uses AI to analyze site footage and flag safety hazards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Reduces accidents, ensures compliance with safety regulations, and protects workers.

● **Resource and Equipment Allocation**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI algorithms optimize the scheduling
 and allocation of heavy equipment based on project timelines, weather conditions, and resource
 availability. Machine learning predicts equipment demand across multiple sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: AI platforms like ALICE optimize crane usage by analyzing project schedules and site constraints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Improves resource efficiency, reduces idle time, and accelerates project delivery.

● **Robotics and Automation**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered robots, such as those
 developed by Built Robotics, automate tasks like bricklaying, concrete pouring, or rebar
 tying, working alongside heavy equipment. These robots use AI to adapt to site conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Robotic arms on excavators can perform precise digging tasks in confined spaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Enhances productivity, reduces labor shortages, and improves precision.

● **Environmental Impact Reduction**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI optimizes equipment usage to
 minimize fuel consumption and emissions. Machine learning models analyze operational data
 to recommend eco-friendly practices, like hybrid or electric heavy equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Volvo's AI-driven hybrid excavators adjust power usage based on task requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Supports sustainability goals, reduces carbon footprint, and complies with environmental regulations.

● **Training and Simulation**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered virtual reality (VR)
 and augmented reality (AR) systems train operators on heavy equipment in simulated environments
 and may allow them to be operated remotely. Machine learning tailors training to individual
 skill levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: CM Labs' Vortex simulators use AI to replicate real-world equipment handling scenarios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Improves operator skills, reduces training costs, and enhances safety.

● **Cost Estimation and Project Management**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI tools analyze historical data
 and real-time inputs to provide accurate cost estimates for equipment usage and project timelines.
 Platforms like Togal, use AI to automate quantity takeoffs and equipment planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Improves budgeting accuracy, reduces cost overruns, and enhances project profitability.

● **Drones and AI for Site Monitoring**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drones equipped with AI analyze aerial
 footage to track equipment usage, monitor progress, and detect issues like material shortages
 or equipment inefficiencies as well as perform site security monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: DroneDeploy's AI processes site imagery to provide actionable insights for equipment management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Enhances oversight, improves decision-making, and reduces delays.

*Challenges and Considerations:*

● **High Initial Costs**: Implementing AI technologies requires significant investment in equipment, software, and training.

● **Data Integration**: AI relies on quality data, which can be challenging to aggregate from disparate construction systems.

● **Workforce Adaptation**: Workers need training to operate AI-driven equipment and adapt to new workflows.

● **Cybersecurity**: Connected equipment is vulnerable to cyberattacks, requiring robust security measures.

*Future Potential:*

● **Full Automation**: Advancements in AI could lead to fully automated construction sites where heavy equipment operates with minimal human oversight.

● **Ai-Driven Design**: Generative AI could optimize equipment designs for specific construction tasks, improving efficiency.

● **Sustainability**: AI could further reduce waste and energy use, aligning with global net-zero goals.

***Medical***

AI is significantly transforming the U.S. medical vertical, enhancing patient care, operational efficiency, and innovation across healthcare systems. Below are key ways AI is making a positive impact, tailored to the U.S. context:

● **Enhanced Diagnostics and Early Detection**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered tools analyze medical
 imaging (e.g., X-rays, MRIs, CT scans) with high accuracy to detect conditions like cancer,
 cardiovascular diseases, and neurological disorders earlier than traditional methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Google Health's AI model for breast cancer screening outperforms radiologists in detecting abnormalities, as shown
in studies with U.S. healthcare providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Improves patient outcomes, reduces misdiagnosis rates, and lowers treatment costs
through early intervention.

● **Personalized Medicine and Treatment Plans**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI analyzes genetic data, medical
 histories, and lifestyle factors to tailor treatments for individual patients. Machine learning
 models predict responses to drugs or therapies, optimizing outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: IBM Watson Health's oncology platform helps U.S. hospitals like Memorial Sloan Kettering design personalized cancer
treatments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Increases treatment efficacy, reduces adverse effects, and supports precision medicine initiatives, a growing focus in U.S.
healthcare.

● **Administrative Efficiency and Cost Reduction**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI automates tasks like medical
 coding, billing, and appointment scheduling, reducing administrative burdens on healthcare
 providers. Natural language processing (NLP) streamlines electronic health record (EHR) management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Nuance's AI-powered clinical
 documentation, saves physicians hours on paperwork.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Cuts operational costs, allows clinicians to focus on patient care,
and improves hospital profitability.

● **Predictive Analytics for Population Health**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI models analyze large datasets
 (e.g., EHRs, insurance claims) to predict disease outbreaks, identify high-risk patients,
 and optimize resource allocation. This is critical for managing chronic diseases, which affect
 many of U.S. adults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Epic Systems' AI tools help U.S. health systems like Kaiser Permanente predict patient readmissions for conditions
like heart failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Reduces hospital readmissions, improves preventive care, and supports value-based care models.

● **Telemedicine and Virtual Health Assistants**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered chatbots and virtual
 assistants provide 24/7 patient support, triaging symptoms, and guiding patients to appropriate
 care. This is vital in the U.S., where telehealth usage continues to increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Babylon Health's AI chatbot, used by some U.S. providers, assesses symptoms and connects patients to telehealth services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Expands access to care in rural areas, reduces ER overcrowding, and enhances patient
engagement.

● **Drug Discovery and Development**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI accelerates drug discovery by
 simulating molecular interactions and identifying promising compounds, reducing the time
 and cost of bringing drugs to market (average: $2.6 billion, 12 years in the U.S.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Pfizer uses AI platforms like Atomwise to identify potential treatments for diseases like Alzheimer's.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Speeds up innovation, addresses unmet medical needs, and strengthens the U.S. pharmaceutical industry.

● **Surgical Assistance and Robotics**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-powered robotic systems assist
 surgeons with precision and minimally invasive procedures, improving outcomes and reducing
 recovery times. Computer vision guides instruments in real-time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Intuitive Surgical's da Vinci system, widely used in U.S. hospitals, leverages AI for procedures like prostatectomies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Enhances surgical accuracy, reduces complications, and shortens hospital stays.

● **Mental Health Support**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI-driven tools analyze speech
 patterns, social media activity, or wearable data to detect mental health issues like depression
 or anxiety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Woebot, an AI chatbot, provides cognitive behavioral therapy (CBT) to U.S. patients, improving access to mental health support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Addresses therapist shortages, reduces stigma, and supports early intervention.

● **Fraud Detection and Cybersecurity**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AI detects fraudulent claims and
 billing patterns in the U.S. healthcare system, which loses $100 billion annually to fraud.
 AI also strengthens cybersecurity for patient data, critical under HIPAA regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: Optum's AI tools analyze Medicare claims to flag anomalies for investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Saves costs, protects patient privacy (data breaches cost $10.1 million per incident in 2024), and ensures trust in healthcare
systems.

● **Health Equity and Access**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ai identifies disparities in care delivery by analyzing demographic and socioeconomic data, helping providers address inequities.
AI-driven language models also improve communication with non-English-speaking patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Example: AI tools at Cleveland Clinic target underserved populations to improve access to screenings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impact: Reduces health disparities, aligns with U.S. policy
goals, and improves outcomes for marginalized groups.

*Challenges and Considerations:*

● **Regulatory Compliance**: AI systems must adhere to FDA regulations and HIPAA, which can slow adoption (e.g., only 300 AI medical devices were FDA-approved by 2024).

● **Bias in AI Models**: Inaccurate or biased datasets can exacerbate inequities, as seen in early COVID-19 AI tools underperforming for minority groups.

● **Cost and Integration**: High implementation costs and interoperability issues with legacy systems hinder scalability.

● **Ethical Concerns**: Patient privacy and AI decision transparency remain critical, with 60% of Americans expressing distrust in AI healthcare applications (2023 Pew survey).

*Future Potential:*

● **AI-Driven Public Health**: Enhanced AI could predict and manage pandemics, building on lessons from COVID-19, where AI models forecasted case surges.

● **Wearable Integration**: AI could leverage data from wearables for real-time health monitoring and chronic disease management.

● **Policy Support**: U.S. initiatives like the 2023 Executive Order on AI safety may accelerate trustworthy AI adoption in healthcare.

**Employees**

We currently have two employees, and immediately following the effective date of the Registration Statement of which this prospectus forms a part, we will have 16 full-time employees across our administration, acquisition, implementation, marketing, and administrative functions. None of our employees will be subject to a collective bargaining agreement or represented by a trade or labor union. We consider our relationship with our employees to be good. Our human capital strategy focuses on attracting, developing, and retaining exceptional talent across all areas of our organization. We have developed comprehensive training programs to ensure our employees maintain the highest levels of expertise in our technology and implementation methodologies.

**Properties**

We do not currently own any properties. We will lease the space at which our corporate headquarters are located.

**Government Regulation**

The regulatory environment in which we and our Portfolio Companies operate requires careful attention to multiple frameworks and requirements. We maintain comprehensive compliance programs addressing data privacy regulations, including GDPR, CCPA, and HIPPA, as well as sector-specific requirements in healthcare, financial services, and other regulated industries, Our technology incorporates privacy protection and security measures from the ground up, enabling us to comply with applicable requirements while delivering effective solutions. We also actively monitor and participate in the development of AI-specific regulations and standards, aligning our technology and implementation practices with emerging regulatory requirements.

**Legal Proceedings**

We are not currently involved in any legal proceedings; however, we may in the future be involved in actual and/or threatened legal proceedings, claims, investigations, and government inquiries arising in the ordinary course of our business, including legal proceedings, claims, and governmental inquiries involving intellectual property, data privacy, and data protection, consumer protection, securities, employment, contractual rights, civil rights infringement, false or misleading advertising or other legal and/or regulatory proceedings relating to our business.

**Competition** 

Our acquisition-focused business model faces competition from multiple sources that may impede our ability to identify and successfully acquire target companies or realize anticipated operational improvements and revenue growth.

***Competitive Landscape***

We compete with several categories of market participants:

*Software and AI Platform Providers*. The growing availability of AI-powered solutions from enterprise software vendors, specialized AI vendors, technology platforms, cloud providers, and emerging technology firms operating on a license or SaaS basis may enable companies to improve operations independently, potentially reducing the pool of attractive acquisition targets, impacting a potential target company's willingness to be acquired, or diminishing the incremental we can deliver to acquired companies.

*Internal Development Efforts*. Organizations that could be acquisition targets may choose to build proprietary AI and data platforms internally rather than being open to acquisition. These internal efforts typically involve combinations of custom development, open-source software, packaged enterprise solutions, and significant IT resources. Companies pursuing internal development may view their technology initiatives as core strategic assets, making them less receptive to acquisition or reducing the operational improvements we can achieve post-acquisition.

*Private Equity and Strategic Acquirers*. We compete with other acquisition-focused entities, including private equity firms, strategic corporate buyers, and special purpose acquisition companies (SPACs), for attractive acquisition targets. Many of these competitors have substantially greater financial resources, broader industry networks, more established track records, and may offer higher valuations or more attractive deal terms. Some competitors are developing or acquiring their own operational improvement capabilities, including AI-driven solutions.

*Consulting and Services Firms*. Management consultancies, IT services providers, and system integrators offer operational improvement services to companies using third-party or proprietary AI technologies. These firms may engage with potential acquisition targets in ways that either improve their operations (reducing our potential value creation) or establish relationships that make acquisition more difficult.

*Government Contractors and System Integrators*. Particularly for targets serving government or regulated industries, we face competition from established contractors and integrators with existing relationships, security clearances, and compliance frameworks that may be difficult to replicate.

***Competitive Factors and Challenges***

While we believe we generally compete favorably with our competitors, our ability to compete successfully depends on numerous factors, many of which are outside our control:

*Acquisition Capabilities*. Our success depends on identifying suitable targets matching our CURA parameters, negotiating favorable terms, securing financing, and completing transactions efficiently. Competitors with greater financial resources, higher risk tolerance, or more flexible acquisition criteria may outbid us or move more quickly.

*Technology Differentiation*. The differentiation, effectiveness, and uniqueness of the proprietary technology we are licensing, compared to alternatives available to potential targets through software and AI providers, internal development, or consulting engagements. Additionally, the rapid pace of AI innovation means that our technological advantages may diminish as competitors develop similar or superior capabilities.

*Integration and Execution*. Our ability to successfully acquire targeted companies and implement our AI solutions to achieve projected operational efficiencies and revenue growth, compared to alternatives pursued by targets or offered by competitors. Integration failures or slower-than-expected results could damage our reputation and competitive position.

*Pricing and Returns*. The acquisition prices we pay, integration or implementation costs we incur, and returns we generate compared to alternatives available to selling shareholders and relative to our cost of capital. Competitive pressure on acquisition valuations may compress our margins and returns.

*Relationships and Deal Flow*. Our network of relationships with intermediaries, industry participants, and potential sellers compared to competitors with longer operating histories, larger transaction volumes, or stronger brand recognition in specific industries or geographies.

*Financial and Operational Scale*. Many competitors have greater financial resources to fund larger acquisitions or portfolio strategies, absorb integration failures, and outbid us for attractive targets. Larger competitors can also spread fixed costs across broader portfolios.

*Market Position and Brand*. Established competitors often have stronger brand recognition, longer operating histories, larger customer bases for their technologies, and more extensive case studies demonstrating successful outcomes. This may make potential acquisition targets more receptive to their approaches.

*Geographic and Industry Reach*. Some competitors have broader geographic presence, deeper relationships in specific industries or regions, and better access to potential acquisition targets in certain markets.

*Technology and Intellectual Property*. Certain competitors possess larger patent portfolios, more mature technology platforms, or greater R&D resources. Some competitors benefit from lower development costs due to geographic advantages or greater ability to attract technical talent.

*Sales and Distribution*. Technology vendors and consulting firms often have established sales forces, partner networks, and customer relationships that provide advantages in accessing potential targets or establishing relationships that complicate our acquisition strategies.

*Risks Related to Our Competitive Position*

If we cannot compete successfully, we may experience difficulty executing our business strategy:

*Target Scarcity and Valuation Pressure*. Increased competition for acquisition targets meeting our criteria could reduce deal flow, inflate acquisition prices, or force us to accept less favorable terms, potentially reducing returns and limiting our growth.

*Technology Obsolescence*. Rapid advances in AI technology could render the technology that we are licensing less competitive, requiring significant additional investment to maintain our value proposition or reducing the operational improvements we can deliver to acquired companies.

*Implementation Challenges*. If competitors develop superior implementation methodologies or technologies, or if our efforts underperform relative to expectations or alternatives, our ability to attract future sellers and justify acquisition valuations may be impaired.

*Reputational Risk*. Failed acquisitions, implementation difficulties, or underperformance relative to competitors could damage our reputation with potential sellers, financing sources, and other stakeholders critical to our strategy.

*Intellectual Property Limitations.* While our licensed technology is protected through trade secrets and/or proprietary information agreements, these protections have inherent limitations. Trade secrets may be independently discovered or reverse-engineered by competitors. Patents have finite terms, may be challenged or invalidated, and may not prevent competitors from developing non-infringing alternatives. The licensing arrangement itself creates dependency on our relationship with M42. Competitors developing their own intellectual property may not face these constraints.

Our competitive position ultimately depends on continuous innovation, successful execution of our acquisition strategy, and our ability to demonstrate superior returns compared to alternative uses of capital and alternative operational improvement approaches available to potential acquisition targets.

**MANAGEMENT**

**Directors, Executive Officers and Director Nominees**

The following table provides information regarding our directors, officers and director nominees as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| Name | Age | Position |
| John P. Rochon, Ph.D. | 74 | Chairman of the Board |
| Todd A. Furniss | 66 | Chief Executive Officer and Director |
| Stephanie Liebman | 56 | Executive Vice President and Chief Financial Officer |
| Kenneth Betts | 69 | Executive Vice President and General Counsel |
| Barbara Barton Weiszhaar | 62 | Senior Vice President and Chief Accounting and Tax Officer |
| Eric L. Affeldt | 68 | Director Nominee |
| Guy Thomas Cosentino | 66 | Director Nominee |
| Jeffrey F. Glajch | 63 | Director Nominee |
| Melvin Greer, Ph.D. | 66 | Director Nominee |
| Doohi Lee, MD | 66 | Director Nominee |
| Jeanne L. Phillips | 72 | Director Nominee |
| Donald M. Remy | 59 | Director Nominee |
| Andrew Schaap | 53 | Director Nominee |

---

Each of our directors will hold office until the fourth annual meeting of our stockholders following the date of this prospectus and thereafter will hold office until the next annual meeting of our stockholders or, in either case, until his or her successor has been elected and qualified or until his or her death resignation, or removal. Our executive officers are appointed by our Board of Directors and hold office until their death, resignation, or removal from office.

***Directors***

**John P. Rochon, Ph.D.**

John P. Rochon, Ph.D., is the founder of AIAI and the Founder of, and served as the Chairman of M42, a strategic investment firm focused on deep tech and life sciences, since 2020. He is a highly accomplished American businessman, investor, and philanthropist with more than four decades of success across finance, operations, business planning, marketing, political strategy, and private equity. By the age of 40, he served as Chairman and CEO of Mary Kay Inc., where he led the successful leveraged buyout ("LBO") of the company, one of the most notable private transactions in the early era of consumer-focused LBOs. Over the course of his career, he has led or participated in more than 350 business transactions across a wide range of industries.

Mr. Rochon is the founder of Richmont Capital Partners, a private investment and business holding company, and the Rochon Family Office, a multi-billion-dollar single-family office headquartered in Dallas, Texas.

In addition to his investment and board work, Mr. Rochon is actively involved in philanthropic initiatives focused on preventing sexual violence and child trafficking, including funding advanced Psychometric AI, driven behavioral pattern detection programs through the Rochon Family Trust.

He holds a B.Sc. from the University of Toronto (University College) and an MBA from the University of Toronto (Rotman School of Management) and conducted Ph.D. coursework at the University of Texas at Dallas. Mr. Rochon holds Doctor of Philosophy degrees from three universities with technology research profiles: Kiev National University, the Royal Academy of Economics and Technology (Switzerland), and WSB University (Poland). We believe that Mr. Rochon's extensive knowledge of AI technology and his extensive corporate and leadership experience as the founder of our company and M42 qualify him to serve on our Board of Directors.

Mr. Rochon was the Chief Executive Officer and Chairman of the Board of JRjr33, Inc., which filed a voluntary petition for bankruptcy protection under Chapter 11 of the United States Code in 2018.

**Todd A. Furniss**

Todd A. Furniss is a seasoned executive, private equity investor, and healthcare strategist with over 35 years of global experience spanning operations, consulting, and investment across the Americas, Europe, and Asia. He is the Founder of, and has been CEO of gTC Group, a private equity firm focused on middle-market healthcare and business services companies, since 2011 Mr. Furniss also leads TFIP Group, a private equity firm focused on middle-market services companies.

Mr. Furniss also leads TFIP Group, a healthcare research firm dedicated to developing and advocating for improvements to the U.S. healthcare system to make it more accessible, less complex, and more affordable. He is a published author (The 60% Solution: Rethinking Healthcare), a recognized thought leader on healthcare and public policy, and a frequent media contributor.

Mr. Furniss is a co-founder of PlumTree Partners, a private equity firm launched in 2008, was the President and COO of the Everest Group, a consulting and research firm, and an executive at EDS, where he led large-scale business development initiatives and M&A strategies totaling over $6.5 billion.

He serves on multiple boards, including Parkland Health, where he chairs the Audit Committee, and Denison Ministries, and has a long-standing commitment to civic and charitable causes.

Mr. Furniss holds a Juris Doctor from George Mason University School of Law and a B.A. in Political Science from Old Dominion University. We believe that Mr. Furniss' experience as an entrepreneur and venture capitalist, as well as his experience as a corporate leader and co-founder of our company, qualify him to serve on our Board of Directors.

**Jeffrey F. Glajch**

Jeffrey F. Glajch is a veteran corporate finance leader with a proven track record of driving financial strategy, operational efficiency, and enterprise growth across global industrial and specialty chemical companies. He served as Chief Financial Officer of Orion S.A. from April 2022 until December 2025, where he oversaw corporate finance, investor relations, risk management, IT and corporate sustainability. Prior to that, Mr. Glajch served as the Chief Financial Officer of Graham Corporation from March 2009 until April 2022.

Mr. Glajch has held senior financial leadership roles at companies including Graham Corporation, Air Products, Great Lakes Chemical, Fisher Scientific, and Walt Disney World Co., with experience spanning both public and private enterprises. His strategic and operational oversight has supported growth initiatives across North America and international markets. He has extensive experience in business development, IT and Human Resources.

In addition to his executive responsibilities, Mr. Glajch has been active on multiple advisory boards such as the Colorado State University Finance Department. He is also involved in organizations supporting individuals with disabilities.

Mr. Glajch holds an MBA from Purdue University, a MS in Administrative Science from Johns Hopkins University, a MS in Chemical Engineering from Clarkson University, and a B.S. in Chemistry from Carnegie Mellon University. We believe that Mr. Glajch's financial expertise, as well as his experience as the financial officer of multiple entities, including the chief financial officer of a public company, qualify him to serve on our Board of Directors.

**Andrew Schaap**

Andrew Schaap is a seasoned executive and digital infrastructure innovator with more than 25 years of leadership experience across data centers, IT, private equity, and real estate. He has served as the CEO of Aligned Data Centers since June 20, 2017, where he leads one of North America's fastest-growing data center platforms, delivering adaptive and sustainable infrastructure solutions for hyperscale and enterprise clients. Under his leadership, the company has achieved over 65x growth, completed international acquisitions, and executed multi-billion-dollar capital raises, while championing environmental and operational efficiency.

Prior to joining Aligned, Mr. Schaap spent over a decade at Digital Realty Trust (NYSE: DLR), where he served as Senior Vice President and led global client-driven builds and major international transactions across Asia-Pacific. His earlier roles include executive positions at Sterling Network Services and Sysix Technologies.

Mr. Schaap currently serves on the boards of DC Delta, Aligned Data Centers, and the Infrastructure Masons Advisory Council, and is a mentor with Great Minds in STEM, promoting diversity and access in technology education. He also advises the SMU Lyle School of Engineering, where he helped launch the world's first Master's program in Datacenter Systems Engineering.

He holds a B.A. in Business Administration and Marketing from Cornerstone University and has completed executive programs in Negotiation and Management Training at Harvard University. We believe Mr. Schaap's extensive corporate and leadership experience, including executive positions at numerous entities, coupled with his private equity experience, qualify him to serve on our Board of Directors.

**Honorable Donald M. Remy**

The Honorable Donald M. Remy is a respected leader in public service, corporate governance, and legal affairs, with a distinguished career spanning government, law, sports, and business. He is the Founder and CEO of The Remy Group, a consulting firm advising global clients on strategy, compliance, and leadership development. Secretary Remy has served in his current capacity since April 2023.

From 2021 to 2023, Secretary Remy served as the 9th Deputy Secretary of the U.S. Department of Veterans Affairs. As Chief Operating Officer, Remy oversaw a $325 billion budget and led the largest integrated healthcare, benefits, and memorial affairs systems in the United States.

He previously served as Deputy Assistant Attorney General at the U.S. Department of Justice; Assistant General Counsel of the U.S. Army; Senior Vice President, Deputy General Counsel, and Chief Compliance Officer of Fannie Mae; Chief Operating Officer and Chief Legal Officer at the NCAA; and partner at Latham & Watkins and O'Melveny & Myers, specializing in complex litigation and regulatory matters.

Remy currently serves on several corporate and nonprofit boards, including The Mayo Clinic, AlixPartners, Granicus, Verus, and The Congressional Award. He is a recipient of the U.S. President's Lifetime Achievement Award and has been recognized by Forbes, Savoy, Financial Times, and Black Enterprise as one of the most influential figures in law, business, and sports.

He earned his undergraduate degree from Louisiana State University and his law degree, *cum laude*, from Howard University School of Law. Remy served as an officer in the United States Army and was awarded the National Defense Service Medal and the Meritorious Service Medal. We believe that Mr. Remy's extensive corporate and leadership experience, including the unique perspective that he brings as the former Deputy Secretary of the U.S. Department of Veteran Affairs, qualifies him to serve on our Board of Directors.

**Doohi Lee, MD**

Dr. Doohi Lee is a board-certified physician and nationally recognized leader in regenerative medicine, cosmetic surgery, and laser therapies. As Founder and Medical Director of Advanced Surgical Arts in Plano, Texas, he integrates minimally invasive surgical techniques with advanced biologics such as stem cells, PRP, and exosomes to promote healing and natural aesthetic outcomes. Dr. Lee also oversees Mind for Life Brain Center and Texas Diagnostics & Surgery, where he applies a holistic approach to both external rejuvenation and internal health optimization.

Over his multi-decade career, Dr. Lee has served as an adjunct professor at UT Southwestern and held academic appointments at Albany Medical College and New York Medical College. He was among the first physicians in the Dallas–Fort Worth area to be board certified in vein medicine and is credited with introducing musculoskeletal ultrasound to the U.S. Olympic Team in 1996. He also served as a medical educator for NASA astronauts aboard the International Space Station.

Dr. Lee is the creator of the Diamond Matrix®, a comprehensive framework that applies principles of integrative medicine to support full-spectrum wellness. He has earned numerous awards, including a Gold Medal from the American College of Phlebology, and has authored peer-reviewed publications and book chapters in musculoskeletal imaging and regenerative medicine. He currently serves as an editorial reviewer for several medical journals and remains active as a speaker, consultant, and international educator in laser technologies and aesthetic surgery.

Dr. Lee earned his M.D. from Case Western Reserve University School of Medicine, completed a fellowship in musculoskeletal radiology at the Hospital for Special Surgery, and holds a B.S. in biomedical engineering from Case Institute of Technology. He has completed multiple post-graduate fellowships and is board certified in regenerative medicine, anti-aging medicine, aesthetic medicine, laser surgery, phlebology, pain management, and diagnostic radiology. We believe Dr. Lee's extensive experience in the healthcare section, as well as his academic and entrepreneurial experience, qualify him to serve on our Board of Directors.

**Eric L. Affeldt**

Eric L. Affeldt is an accomplished executive and board leader with a distinguished track record in operations, strategic growth, and private equity across the travel, leisure, and healthcare sectors. He has served as Chairman of Strata Critical Medical, Inc. (Nasdaq: BLDE), a technology-powered global organ transplant logistics and other medical services platform, since May 2021. Prior to then, Mr. Affeldt served as Chief Executive Officer from May 2019 to May 2021 and Chairman from September 2019 to May 2021 of Experience Investment Corp., which entered into a business combination with Blade in May 2021. He also serves as a director of Eisenhower Health, a nonprofit community health system based in Rancho Mirage, California. He is the past Chairman of Vail Health, a nonprofit community health system based in Colorado, and is a past Chairman of The George W. Bush Presidential Center Executive Advisory Council.

From 2006 to 2017, Mr. Affeldt served as President and Chief Executive Officer of ClubCorp (NYSE: MYCC), the world's largest owner and operator of private golf and dining clubs. Under his leadership, ClubCorp underwent transformative growth, including its public listing on the NYSE and eventual $2.2 billion sale to Apollo Global Management in 2017. Before joining ClubCorp, he was a principal at KSL Capital Partners, a private equity firm focused on travel and leisure investments. He previously served as President and CEO of KSL Fairways, Doral Golf Resort and Spa in Florida, and the combined PGA West and La Quinta Resort and Club in California. He also held the role of President at General Aviation Holdings, Inc.

Mr. Affeldt has served on numerous public and private boards, including as Non-Executive Chairman of Cedar Fair Entertainment Company (NYSE: FUN) from 2010 to 2019. He is a former member of the Young Presidents Organization (YPO), the former manager of the Belgian National Baseball Team, and has been a director of Vail Health since 2017.

Recognized for his leadership and integrity, Mr. Affeldt was named Golf Inc. Magazine's "Most Powerful Person in Golf" in 2010, 2014, and 2015. He received the Cecil B. Day Ethics Award from Florida State University's Dedman School of Hospitality in 2013 and was inducted into the University of Houston's Hospitality Hall of Honor in 2016. In 2015, he was named "Best CEO" in the consumer leisure sector by Institutional Investor and was also named to the Institutional Investor All-America Executive Team.

Mr. Affeldt holds a B.A. in Political Science and Religion from Claremont McKenna College (1979). We believe Mr. Affeldt's extensive corporate and leadership experience, including his experience as an executive and director of multiple public companies, qualify him to serve on our Board of Directors.

**Honorable Jeanne L. Phillips**

Ambassador Jeanne Phillips is a seasoned diplomat, business executive, and civic leader with a distinguished career in both public service and corporate affairs. She served for 23 years in various leadership roles at Hunt Consolidated, Inc., where she has served as Senior Vice President of Corporate Engagement and International Relations since 2004. In such capacity she has led the company's global government relations, media strategy, and philanthropic initiatives. She also served as President of Hunt Global Partnerships, the company's social impact platform focused on building sustainable community partnerships worldwide. She now serves as Senior Counsel to Hunt Consolidated, Inc. Ambassador Phillips is also the founder and president of JLP Global Strategies, Inc., a boutique consulting firm advising public and private companies on corporate governance, crisis management, and media strategy.

From 2001 to 2003, Ambassador Phillips served as the U.S. Permanent Representative to the Organization for Economic Co-operation and Development (OECD) in Paris, France, appointed by President George W. Bush. During her tenure, she championed anti-bribery enforcement, corporate governance reform, and modernization efforts within the OECD. She also previously held senior roles in U.S. presidential inaugurations, serving as Executive Director of the 54th and Chairman of the 55th Presidential Inaugural Committees.

Ambassador Phillips has served on several corporate and nonprofit boards, including Murphy USA Inc., Turtle & Hughes Inc., and the George W. Bush Presidential Center, where she continues to shape policy and leadership initiatives. Other boards on which Ambassador Phillips serves include Southern Methodist University and Austin Street Center, as well as the Dallas Economic Development Corporation Board.

She holds a B.A. from Southern Methodist University. We believe Ambassador Phillips' extensive corporate and executive experience, as well as the unique perspectives she brings as a former U.S. ambassador and the founder of and active participant in numerous media, crisis management, and philanthropic organizations, qualify her to serve on our Board Directors.

**Melvin Greer, Ph.D.**

Dr. Melvin Greer is a nationally recognized data science and artificial intelligence leader with more than two decades of experience driving innovation across government, commercial, and academic sectors. Dr. Greer has served as Intel Fellow and Chief Data Scientist at Intel Corporation since 2016, where he is responsible for advancing the company's AI and data science platforms, with expertise spanning machine learning, neuromorphic computing, and blockchain security models. Dr. Greer is currently Senior Vice President and Chief AI Officer at Tech Elevate Innovation Labs.

Dr. Greer holds multiple patents and has authored five books and over 400 research papers, with his work cited more than 4,000 times globally. He serves as a Senior Advisor to the FBI IT and Data Division, and at UC Berkeley's Goldman School of Public Policy, where he shapes national policy on emerging technologies. He also teaches AI applications as an adjunct faculty at Johns Hopkins University.

A recipient of numerous awards, including the BEYA Technologist of the Year, the BDPA Lifetime Achievement Award, and LinkedIn's Top 10 Voices in Data Science, Dr. Greer is a board member of the U.S. National Academy of Science, Engineering, and Medicine.

He earned his Ph.D. in Data Management from International American University and holds advanced degrees in computer information systems and information systems from American University. We believe Dr. Greer's extensive experience with AI and other technology, including obtaining patents and authoring research materials, as well as his experience as a Senior Advisor to the FBI, qualify him to serve on our Board of Directors.

**Brigadier General (Ret.) Guy Thomas**

Brigadier General (Ret.) Guy Thomas Cosentino is a highly respected strategic advisor and national security expert with over three decades of operational, geopolitical, and executive leadership experience. He has also served as Chief Executive Officer of Governance Risk Global Holdings (GRG) since December 2023, where he leads initiatives in risk assessment, brand protection, operational resilience, and capital delivery strategies for companies operating in defense, national security, and infrastructure.

From 2015 to present, he has served as President of Cosentino Strategic Solutions, a private consulting and advisory firm for companies operating in the defense, intelligence, homeland security, energy, and strategic infrastructure fields.

General Cosentino is a strategic advisor to M42, where he focuses on the application of advanced technologies, including Artificial Intelligence, to both private-sector innovation and national defense priorities. He is also Co-Chairman of the Advisory Board for American Battery Factory and a senior advisor to a number of organizations across defense, aerospace, energy, and supply chain resilience, including Cerberus Capital Management, Zeva Holdings/NextGenID, Team Housing Solutions, Baker SCI, and the Middle East Media Research Institute.

Prior to entering the private sector, General Cosentino completed a 31-year career in the U.S. Army, culminating in his role as the 28th Commandant of the National War College, the premier strategic leadership institution serving the U.S. military, civilian agencies, and international allies. His prior assignments included Deputy Director for Political-Military Affairs for the Middle East at the Joint Chiefs of Staff, Deputy Commanding General for Regional Support in Afghanistan (NATO Training Mission), and Chief of Strategy, Plans, and Assessments for the U.S.-led security transition mission in Iraq, where he helped design and implement plans to train and equip over 400,000 Iraqi Army and Police forces. From 2015 to 2023, General Cosentino served as Chief Operating Officer and Secretary of the Board for Business Executives for National Security (BENS), where he oversaw governance activities and advanced strategic dialogue between civilian and military leadership. He continues to support BENS today as a Senior Advisor.

General Cosentino holds a B.S. in Political Science from the University of the State of New York, a Master's Degree in International Relations from Georgetown University, and a Master's Degree in National Security and Strategic Studies from the U.S. Naval War College. We believe General Cosentino's extensive corporate and leadership and public service experience, including his expertise in strategic leadership, qualify him to serve on our Board of Directors.

***Executive Officers***

**Stephanie Liebman**

**Executive Vice President and Chief Financial Officer**

Stephanie Liebman is a strategic financial executive with a distinguished track record of leadership across global enterprises. She has extensive experience in finance operations, process automation, and risk management, Ms. Liebman is known for building high-performing teams, driving operational rigor, ensuring financial integrity, and fostering a culture of accountability and innovation.

Ms. Liebman served as Chief Accounting Officer and Senior Vice President of Finance Operations at HP Inc. from December 2023 to July 2025, where she oversaw global accounting operations, financial controls, and governance processes. She remained at HP Inc. as Senior Vice President, Finance Strategic Advisor through September 2025. From February 2023 to December 2023, she was Senior Vice President and Chief Operations Officer of Finance. Prior to returning to HP for that role, she spent four years at NTT DATA Services, from March 2019 to January 2023 as Senior Vice President and Head of Risk Management, FP&A, and Real Estate. Before her tenure at NTT, Ms. Liebman held several senior leadership roles during an earlier chapter at HP, including Chief Audit Executive and Vice President of Enterprise Services Financial Operations. Early in her career, she held leadership roles at Electronic Data Systems (EDS) and led the global audit integration of EDS into HP.

Throughout her career, Ms. Liebman has received numerous leadership excellence awards and actively participates in multiple professional accounting and leadership organizations.

Ms. Liebman is a Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE). She holds a Bachelor of Science in Accounting from Arizona State University. Her professional credentials and cross-industry experience make her a respected authority in finance governance and strategic enterprise leadership.

**Kenneth Betts**

**Executive Vice President and General Counsel**

Kenneth L. Betts has over 40 years of private-practice experience advising companies across a broad spectrum of industries, including commercial real estate, retail, and financial services. Mr. Betts is widely recognized for his deep expertise in capital markets, corporate finance, mergers, and acquisitions. He has represented issuers, underwriters, and placement agents in both public and private equity and debt offerings and has served as outside counsel for corporate governance matters and SEC reporting obligations.

Prior to joining the Company, Mr. Betts served as a partner at Egan Nelson LLP from November 2024 to January 2026. Prior to that, he was a partner at Winston & Strawn LLP from January 2017 to October 2024. His transactional experience spans public and private securities offerings, restructurings, and mergers. He has also advised clients on acquisitions and dispositions of assets and equity securities, reorganizations and recapitalizations, the formation of joint ventures and partnerships, and the structuring and formation of investment funds.

Mr. Betts earned his Juris Doctor from the University of Kentucky College of Law in 1985, after graduating with a Bachelor of Arts in History, with honors, from Stanford University in 1979.

**Barbara Barton Weiszhaar**

**Senior Vice President and Chief Accounting and Tax Officer**

Barbara Barton Weiszhaar is a seasoned corporate executive with nearly four decades of experience leading global tax, finance, and operational functions. With deep expertise in corporate governance, financial transformation, and strategic leadership, Ms. Weiszhaar has served as a trusted advisor through periods of complex change, including multinational mergers, corporate separations, and compliance modernization. Her ability to align financial operations with broader business goals has earned her a reputation for integrity, innovation, and results-driven leadership.

Ms. Weiszhaar began her career at Electronic Data Systems (EDS), ultimately serving as Chief Tax Officer and supporting key audit and deal functions. Following HP's acquisition of EDS in 2008, she transitioned to Hewlett-Packard and later HP Inc., holding senior leadership roles including Chief Tax Officer, Interim Controller, and Chief of Staff/COO to the CFO from 2008 to April 2023. In these roles, she led the global tax integration of EDS into HP, oversaw the strategic tax planning during the corporate separation of HP into Hewlett Packard Enterprise and HP Inc., and built a world-class tax and finance function. Her leadership extended across compliance, M&A, audit resolution, financial reporting, and workforce development initiatives. Ms. Weiszhaar has served as Financial Consultant to HP from June 2023.

Ms. Weiszhaar has held numerous board and advisory roles with leading organizations and led many initiatives to support talent development. She has been recognized with several leadership and performance awards.

Ms. Weiszhaar holds a Master of Business Administration from the University of North Texas and a Bachelor of Business Administration in Accounting from Texas State University. Her educational foundation has been central to her success in navigating complex financial landscapes and delivering strategic outcomes throughout her distinguished career.

**Family Relationships**

There are no family relationships among our directors or executive officers.

**Outside Director Compensation Policy**

Our Outside Director Compensation Policy was adopted by our Board of Directors and approved by our stockholders in November 2025. Our Outside Director Compensation Policy became effective on the day of the effectiveness of the registration statement of which this prospectus forms a part.

Pursuant to our Outside Director Compensation Policy, each non-employee director, or Outside Director, is eligible to receive compensation for his or her service consisting of cash retainers and equity awards. Our Board of Directors may amend, alter, suspend, or terminate the Outside Director Compensation Policy at any time and for any reason, provided that no such amendment, alteration, suspension, or termination will materially impair the rights of an outside director with respect to compensation that already has been paid or awarded, unless otherwise mutually agreed in writing between the outside director and us. The Outside Director Compensation Plan is administered by our Board of Directors or a designated committee of our Board of Directors.

*Cash Compensation.* Under our Outside Director Compensation Policy, all Outside Directors will be entitled to receive the following annual cash compensation for their services:

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| | |
|:---|:---|
| Member of the Board of Directors: | $100000 |
| Audit Committee Chair: | $30000 |
| Risk Committee Chair: | $25000 |
| Finance, Investment and Technology Committee Chair: | $25000 |
| Nominating & Corporate Governance Committee Chair: | $25000 |
| Compensation Committee Chair: | $22500 |
| Ethics Committee Chair: | $22500 |

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For clarity, each Outside Director who serves as the chair of a committee will receive only the additional annual fee for services as the chair of the committee and not the additional annual fee for services as a member of the committee while serving as such chair.

Each annual cash retainer and additional annual fee will be paid quarterly in arrears on a prorated basis to each outside director who has served in the relevant capacity at any point during the immediately preceding fiscal quarter, and such payment will be made no later than 30 days following the end of such immediately preceding fiscal quarter.

*Equity Compensation.* Outside Directors are entitled to receive all types of awards other than incentive stock options under our 2026 Plan, including discretionary awards not covered under the Outside Director Compensation Policy. Under the Outside Director Compensation Policy, nondiscretionary, automatic grants of equity awards will be made to Outside Directors as follows:

● *Initial Award.* Each person who first becomes an Outside Director (either by election or appointment) following the effective date of the Outside Director Compensation Policy will be granted an equity award on the first trading day on or after such individual first becomes an Outside Director consisting of shares of restricted stock with a value of $150,000. If an individual was a member of our Board of Directors and also an employee, becoming an Outside Director due to termination of employment will not entitle the Outside Director to an initial award. Each such initial award will be scheduled to vest as follows: one-third of the shares subject to the initial award will be scheduled to vest on each of the first, second, and third anniversaries of the date of grant, in each case subject to the Outside Director continuing to be a director through the applicable vesting date.

● *Annual Award.* Each Outside Director will be granted an award of shares of restricted stock on the first trading day immediately following each of the first two anniversaries of the effectiveness of the Direct Listing and thereafter following each annual meeting of our stockholders that occurs after the effectiveness of the Outside Director Compensation Policy with a value of $150,000, with any resulting fractional shares rounded down to the nearest whole share; provided, however, that if the date an individual first became an Outside Director occurred after the date of the annual meeting (the "Prior Meeting") that occurred immediately before the annual meeting to which the annual award relates (the "Current Meeting"), then the annual award granted to such Outside Director will be prorated based on the number of whole months that the individual served as an Outside Director after the date of the Prior Meeting through the date of the Current Meeting (with any resulting fractional share rounded down to the nearest whole share). Each annual award will be scheduled to vest on the earlier of (i) the one year anniversary of the annual award's grant date, or (ii) the day immediately before the date of the next annual meeting following the annual award's grant date, in each case, subject to the Outside Director continuing to be a service provider through the applicable vesting date.

The "value" for the awards of the shares of restricted stock described above means the grant date fair value determined in accordance with U.S. generally accepted accounting principles, or such other methodology as our Board of Directors or a designated committee of our Board of Directors may determine prior to the grant of the applicable award.

Pursuant to our Outside Director Compensation Policy, in the event of change in control, each outside director will be treated in accordance with the terms of our 2026 Plan.

Outside Directors also may be eligible to receive other compensation and benefits, as may be determined by our Board of Directors or a designated committee of our Board of Directors from time to time. In addition, each outside director's reasonable, customary, and properly documented, out-of-pocket expenses in connection with service on our Board of Directors or any committee of our Board of Directors will be reimbursed by us.

Pursuant to our Outside Director Compensation Policy, no Outside Director may be granted awards with values, and be provided any other compensation (including, without limitation, any cash retainers or fees but excluding any additional compensation earned as a result of being the chair of a committee of our Board of Directors) with amounts that, in any fiscal year, in the aggregate, exceed $250,000. Any awards or other compensation provided to an individual (a) for his or her services as an employee, or for his or her services as a consultant other than as an Outside Director, or (b) prior to the effective date of the Outside Director Compensation Policy, will be excluded for purposes of the foregoing limits.

**Compensation Committee Interlocks and Insider Participation**

None of the members of our compensation committee is or has been an officer or employee of our company. None of our executive officers currently serves, or during the past fiscal year served, as a member of our Board of Directors or compensation committee of any entity that has one or more executive officers serving on our Board of Directors or compensation committee.

**Limitations of Liability and Indemnification**

Our amended and restated certificate of incorporation contains provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:

● Any breach of their duty of loyalty to us or our stockholders

● Any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law

● Unlawful payments of dividends or unlawful stock repurchases or redemptions, as provided in Section 174 of the Delaware General Corporation Law

● Any transaction from which they derived an improper personal benefit

Our amended and restated bylaws require us to indemnify our directors and executive officers to the maximum extent not prohibited by the Delaware General Corporation Law and allow us to indemnify other officers, employees, and other agents as set forth in the Delaware General Corporation Law.

We will enter into indemnification agreements with each of our directors and executive officers, which require us to indemnify them against expenses, judgments, fines, settlements, and other amounts that any such person becomes legally obligated to pay in connection with any proceeding to which such person is made or threatened to be made a party by reason of the fact that such person is or was a director, officer, employee, or other agent of ours, provided such person acted in good faith and in a manner such person reasonably believed to be in our best interests.

We maintain a directors' and officers' insurance policy pursuant to which our directors and officers are insured against liability for actions taken in their capacities as directors and officers. We believe that these provisions in our amended and restated certificate of incorporation and amended and restated bylaws and these indemnification agreements are necessary to attract and retain qualified persons as directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or control persons, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**CORPORATE GOVERNANCE**

**Composition of our Board of Directors**

Our current Board of Directors consists of John P. Rochon and Todd A. Furniss.

Each of Messrs. Affeldt, Cosentino, Glajch, Greer, Lee, Remy, and Schaap and Ms. Phillips will become directors on the effective date of this offering. Our Board of Directors may establish the authorized number of directors from time to time by resolution. Each of the directors at the time of the Direct Listing will hold office for a three year period, expiring on the date of the fourth annual meeting of stockholders following the date of this prospectus. At each annual meeting of stockholders thereafter, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the next annual meeting following election.

**Director Independence**

Under the listing requirements and rules of the Nasdaq Stock Market LLC (Nasdaq Listing Rules), a majority of our directors must be independent directors. Messrs. Affeldt, Cosentino, Glajch, Greer, Lee, Remy, and Schaap and Ms. Phillips are considered independent based on the listing standards of Nasdaq. In order to promote open discussion among independent directors, our Board of Directors intends to adopt a policy of regularly conducting executive sessions of independent directors at scheduled meetings led by the lead independent director and at such other times requested by other independent directors. Executive sessions shall not include Messrs. Furniss and Rochon.

**Committees of our Board of Directors**

Our Board of Directors has established an audit committee, a compensation committee, a risk committee, a nominating and corporate governance committee, a finance, investment and technology committee, and an ethics committee, each of which will operate pursuant to a charter to be adopted by our Board of Directors and will be effective upon the effectiveness of the registration statement of which this prospectus is a part. Our Board of Directors may also establish other committees from time to time to assist our company and our Board of Directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, the Nasdaq Global Market and SEC rules and regulations, if applicable. Upon our listing on the Nasdaq Global Market, our committees' charters will be available on our website at www.aiaiholdings.com. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit Committee***

Our audit committee will consist of Messrs. Affeldt, Glajch, and Ms. Phillips. Our Board of Directors has determined that each of these members satisfies the independence requirements under Nasdaq listing standards and Rule 10A-3(b)(l) of the Exchange Act. The chair of our audit committee will be Mr. Glajch, who our Board of Directors has determined is an "audit committee financial expert" within the meaning of SEC regulations. Each member of our audit committee can read and understand fundamental financial statements in accordance with applicable requirements. In arriving at these determinations, our Board of Directors has examined each audit committee member's scope of experience and the nature of their employment in the corporate finance sector.

The principal duties and responsibilities of our audit committee will include, among other things:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

● recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing quarterly earnings releases.

***Compensation Committee***

Our compensation committee will consist of Messrs. Cosentino, Lee, and Schaap. The chair of our compensation committee will be Mr. Schaap. Our Board of Directors has determined that each of these members is independent under Nasdaq listing standards, a "non-employee director" as defined in Rule 16b-3 promulgated under the Exchange Act.

The principal duties and responsibilities of our compensation committee will include, among other things:

● evaluating the performance of our Chief Executive Officer in light of such corporate goals and objectives and based on such evaluation: (i) recommending to our Board of Directors the cash compensation of our Chief Executive Officer, and (ii) reviewing and approving grants and awards to our Chief Executive Officer under equity-based plans;

● reviewing and recommending to our Board of Directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy, and policy;

● overseeing and administering our compensation and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to our Board of Directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required, to be included in our annual proxy statement.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee will consist of Messrs. Remy and Schaap and Ms. Phillips. The chair of our nominating and corporate governance committee will be Mr. Remy. Our Board of Directors has determined that each of these members is independent under Nasdaq listing standards.

The nominating and corporate governance committee's responsibilities include, among other things:

● developing and recommending to our Board of Directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by shareholders;

● reviewing the composition of our Board of Directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us;

● identifying individuals qualified to become members of our Board of Directors;

● recommending to our Board of Directors the persons to be nominated for election as directors and to each of the board's committees;

● reviewing and recommending to our Board of Directors appropriate corporate governance guidelines; and

● overseeing the evaluation of our Board of Directors.

***Finance, Investment, and Technology Committee***

Our finance, investment, and technology committee will consist of Messrs. Affeldt, Remy, and Schaap. The chair of our finance, investment, and technology committee will be Mr. Affeldt. Our Board of Directors has determined that each of these members is independent under Nasdaq listing standards.

The finance, investment, and technology committee's responsibilities include, among other things:

● overseeing, periodically review with management, and as appropriate, approve or make recommendations to our Board of Directors concerning treasury and capital allocation matters;

● overseeing and make recommendations with respect to significant mergers, acquisitions, strategic alliances, or other similar transactions;

● overseeing and reviewing with management our investor relations activities; and

● overseeing and reviewing with management and make recommendations to our Board of Directors concerning: technology strategies, intellectual property matters, and technology related to acquisitions.

***Risk Committee***

Our risk committee will consist of Messrs. Cosentino, Glajch, and Greer. The chair of our risk committee will be Mr. Cosentino. Our Board of Directors has determined that each of these members is independent under Nasdaq listing standards.

The risk committee's responsibilities include, among other things:

● reviewing and discussing with management, our enterprise-wide risk management framework;

● reviewing and approving any changes to, and monitor compliance with, the risk management framework;

● reviewing and approving our risk appetite statements and key risk appetite metrics and risk tolerance limits; and

● reviewing the appointment, performance, and any replacements of our risk management department.

***Ethics Committee***

Our ethics committee will consist of Messrs. Greer and Lee and Ms. Phillips. The chair of our ethics committee will be Ms. Phillips. Our Board of Directors has determined that each of these members is independent under Nasdaq listing standards.

The ethics committee's responsibilities include, among other things:

● reviewing changes to our Code of Business Ethics and recommend additions and modifications thereto;

● reviewing proposed (new and amended) ethical policies;

● receiving and reviewing regular reports from management relating to the status of any investigations of possible violations of law or our integrity policies; and

● overseeing our policies, strategies, and performance relating to sustainability matters and corporate social responsibility.

**Code of Conduct and Ethics**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we will adopt a written code of business conduct and ethics that applies to our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions. Fallowing the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at www.aiaiholdings.com. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. If we make any substantive amendments to, or grant any waivers from, the code of business conduct and ethics for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a current report on Form 8-K.

**Board Leadership Structure**

Our Board of Directors and management believe that the choice of whether the Chair of our Board of Directors should be an executive of our company, or a non-executive or independent director, depends upon a number of factors, taking into account the candidates for the position and the best interests of our company and our stockholders. If the Chair does not qualify as independent under the Nasdaq listing standards, a lead independent director will be appointed. John P. Rochon, who is not an employee of our company, serves as the Board Chair. Mr. Rochon's operating and leadership experience as a director of our company since its inception made him a compelling choice for Board Chair. Because Mr. Rochon is not considered independent, we will be appointing a lead independent director to our Board of Directors following the effective date of the Registration Statement of which this prospectus forms a part.

**Risk Oversight**

Through our Risk Committee, our Board of Directors oversees a company-wide approach to risk management. Our Board of Directors will determine the appropriate risk level for us generally, assess the specific risks faced by us, and review the steps taken by management to manage those risks. While our Board of Directors has ultimate oversight responsibility for the risk management process, its committees will oversee risk in certain specified areas.

Specifically, our Risk Committee will approve our enterprise-wide risk management framework, including the strategies, policies, and systems established by management to identify, measure, monitor, and control the major risks faced by AIAI. In addition, the Risk Committee will review and approve AIAI's risk appetite statements on an annual basis, and review and approve key risk appetite metrics with associated risk limits and risk tolerance limits on an annual basis consistent with AIAI's strategic objectives and changes in business and market conditions

**Compensation Committee Interlocks and Insider Participation**

None of our officers currently serves, or has served during the last completed fiscal year, on the compensation committee or board of directors of any other entity that has one or more officers serving as a member of our Board of Directors.

**Director and Officer Indemnification Agreements**

We intend to enter into separate indemnification agreements with our directors and executive officers, in addition to the indemnification provided for in our amended and restated certificate of incorporation and amended and restated bylaws. These agreements, among other things, require us to indemnify our directors and executive officers for certain expenses, including attorneys' fees, judgments, penalties, fines and settlement amounts incurred by a director or executive officer in any action or proceeding arising out of their services as one of our directors or executive officers or as a director or executive officer of any other company or enterprise to which the person provides services at our request. The indemnification agreements and our amended and restated certificate of incorporation and amended and restated bylaws require us to indemnify our directors and officers to the fullest extent permitted by Delaware law.

**EXECUTIVE COMPENSATION**

The following table provides certain information regarding compensation awarded to, earned by or paid to persons serving as our principal executive officer and our principal financial officer.

**Summary Compensation Table**

We had no compensated employees prior to the effective date of the registration statement of which this prospectus forms a part. The description of the employment agreements provided below provides an overview of the cash and equity compensation that our company will pay our executive officers.

**Employment Agreements**

On January 15, 2026, the Company entered into a employment agreements (the "Furniss Employment Agreement") with Todd Furniss to serve as Chief Executive Officer of the Company. The term of the Furniss Employment Agreement will commence upon the effective date of the Direct Listing and continue until December 31, 2028. The term will automatically renew for successive one-year periods until either party delivers written notice of their intent not to renew at least 180 days prior to the expiration of the then effective term. The Furniss Employment Agreement provides for a base salary of $1,200,000 and an annual discretionary cash performance bonus targeted at 100% of his annual base salary. The actual amount of any such bonus will be determined by the Compensation Committee by reference to the attainment of applicable company and/or individual performance objectives. In connection with entering into his employment agreement, Mr. Furniss will be granted an award of 500,000 restricted shares of our Class A common stock. This restricted stock award will vest in three equal annual installments, with the first such installment occurring on first anniversary of the date of grant and the second and third instalments occurring on the second and third anniversaries of the date of grant, subject to his continued service through the applicable vesting date. In addition, beginning in calendar year 2026 and each calendar year thereafter, Mr. Furniss shall be eligible to receive an annual equity award as determined by the Compensation Committee in its sole discretion. Mr. Furniss will also be eligible to participate in customary health, welfare, and fringe benefit plans, and subject to certain restrictions, healthcare benefits will be provided to him and his eligible dependents at our sole expense. The Furniss Employment Agreement may be terminated by either Mr. Furniss or by our company at any time and for any reason or no reason at all, subject to the terms of the Furniss Employment Agreement. Upon termination of the Furniss Employment Agreement by our company without "cause" or by Mr. Furniss for "good reason" (as each such term is defined in the Furniss Employment Agreement) or because our company elects not to renew the term of the Furniss Employment Agreement, then, in addition to any accrued amounts, Mr. Furniss will be entitled to receive: (1) an amount, payable over a 12 month period, equal to the sum of (a) two times his base salary then in effect, (b) the average annual bonus earned by him for the prior two fiscal years, and (c) the average value of any equity award(s) made to him during the prior two fiscal years or if fewer than two fiscal years have lapsed, over such lesser number of years and (2) accelerated vesting of all outstanding equity awards held by Mr. Furniss as of the termination date. Mr. Furniss's right to receive the severance payments and benefits described above is subject to his delivery and non-revocation of an effective general release in favor of our company. The Furniss Employment Agreement also contains customary confidentiality and non-solicitation provisions. Upon the termination of employment by reason of death or disability, Mr. Furniss or his estate will be entitled to accelerated vesting of all outstanding equity awards held by Mr. Furniss as of the termination date, in addition to any accrued amounts.

On January 15, 2026, the Company entered into an employment agreement ("Liebman Employment Agreement") with Ms. Stephanie Liebman to serve as Executive Vice President and Chief Financial Officer of the Company. The term of the Liebman Employment Agreement will commence upon the effective date of the Direct Listing and continue until December 31, 2028. The term will automatically renew for successive one-year periods until either party delivers written notice of their intent not to renew at least 180 days prior to the expiration of the then effective term. The Liebman Employment Agreement provides for a base salary of $500,000 and an annual discretionary cash performance bonus targeted at 100% of her annual base salary. The actual amount of any such bonus will be determined by the Compensation Committee by reference to the attainment of applicable company and/or individual performance objectives. In connection with entering into her employment agreement, Ms. Liebman will be granted an award of 50,000 restricted shares of our Class A common stock. This restricted stock award will vest in three equal annual installments, with the first such installment occurring on the first anniversary of the date of grant and the second and third installments occurring on the second and third anniversaries of the date of grant, subject to her continued service through the applicable vesting date. In addition, beginning in calendar year 2026 and each calendar year thereafter, Ms. Liebman shall be eligible to receive an annual equity award as determined by the Compensation Committee in its sole discretion. Ms. Liebman will also be eligible to participate in customary health, welfare, and fringe benefit plans, and subject to certain restrictions, healthcare benefits will be provided to her and her eligible dependents at our sole expense. The Liebman Employment Agreement may be terminated by either Ms. Liebman or by our company at any time and for any reason or no reason at all, subject to the terms of the Liebman Employment Agreement. Upon termination of the Liebman Employment Agreement by our company without "cause" or by Ms. Liebman for "good reason" (as each such term is defined in the Liebman Employment Agreement) or because our company elects not to renew the term of the Liebman Employment Agreement, then, in addition to any accrued amounts, Ms. Liebman will be entitled to receive: (1) an amount, payable over a 12 month period, equal to the sum of (a) two times her base salary then in effect, (b) the average annual bonus earned by her for the prior two fiscal years, and (c) the average value of any equity award(s) made to her during the prior two fiscal years or if fewer than two fiscal years have lapsed, over such lesser number of years and (2) accelerated vesting of all outstanding equity awards held by Ms. Liebman as of the termination date. Ms. Liebman's right to receive the severance payments and benefits described above is subject to her delivery and non-revocation of an effective general release in favor of our company. The Liebman Employment Agreement also contains customary confidentiality and non-solicitation provisions. Upon the termination of employment by reason of death or disability, Ms. Leibman or her estate will be entitled to accelerated vesting of all outstanding equity awards held by Ms. Liebman as of the termination date, in addition to any accrued amounts.

On January 15, 2026, the Company entered into an employment agreement ("Betts Employment Agreement") with Kenneth Betts to serve as Executive Vice President and General Counsel of the Company. The term of the Betts Employment Agreement will commence upon the effective date of the Direct Listing and continue until December 31, 2028. The term will automatically renew for successive one-year periods until either party delivers written notice of their intent not to renew at least 180 days prior to the expiration of the then effective term. The Betts Employment Agreement provides for a base salary of $600,000 and an annual discretionary cash performance bonus targeted at 100% of his annual base salary. The actual amount of any such bonus will be determined by the Compensation Committee by reference to the attainment of applicable company and/or individual performance objectives. In connection with entering into his employment agreement, Mr. Betts will be granted an award of 250,000 restricted shares of our Class A common stock. This restricted stock award will vest in three equal annual installments, with the first such installment occurring on the first anniversary of the date of grant and the second and third installments occurring on the second and third anniversaries of the date of grant, subject to his continued service through the applicable vesting date. In addition, beginning in calendar year 2026 and each calendar year thereafter, Mr. Betts shall be eligible to receive an annual equity award as determined by the Compensation Committee in its sole discretion. Mr. Betts will also be eligible to participate in customary health, welfare, and fringe benefit plans, and subject to certain restrictions, healthcare benefits will be provided to him and his eligible dependents at our sole expense. The Betts Employment Agreement may be terminated by either Mr. Betts or by our company at any time and for any reason or no reason at all, subject to the terms of the Betts Employment Agreement. Upon termination of the Betts Employment Agreement by our company without "cause" or by Mr. Betts for "good reason" (as each such term is defined in the Betts Employment Agreement) or because our company elects not to renew the term of the Betts Employment Agreement, then, in addition to any accrued amounts, Mr. Betts will be entitled to receive: (1) an amount, payable over a 12 month period, equal to the sum of (a) two times his base salary then in effect, (b) the average annual bonus earned by him for the prior two fiscal years, and (c) the average value of any equity award(s) made to him during the prior two fiscal years or if fewer than two fiscal years have lapsed, over such lesser number of years and (2) accelerated vesting of all outstanding equity awards held by Mr. Betts as of the termination date. Mr. Betts's right to receive the severance payments and benefits described above is subject to his delivery and non-revocation of an effective general release in favor of our company. The Betts Employment Agreement also contains customary confidentiality and non-solicitation provisions. Upon the termination of employment by reason of death or disability, Mr. Betts or his estate will be entitled to accelerated vesting of all outstanding equity awards held by Mr. Betts as of the termination date, in addition to any accrued amounts.

On January 15, 2026, the Company entered into an employment agreement ("Weiszhaar Employment Agreement") with Ms. Barbara Barton Weiszhaar to serve as Senior Vice President and Chief Accounting and Tax Officer of the Company. The term of the Weiszhaar Employment Agreement will commence upon the effective date of the Direct Listing and continue until December 31, 2028. The term will automatically renew for successive one-year periods until either party delivers written notice of their intent not to renew at least 180 days prior to the expiration of the then effective term. The Weiszhaar Employment Agreement provides for a base salary of $450,000 and an annual discretionary cash performance bonus targeted at 50% of her annual base salary. The actual amount of any such bonus will be determined by the Compensation Committee by reference to the attainment of applicable company and/or individual performance objectives. In connection with entering into her employment agreement, Ms. Weiszhaar will be granted an award of 50,000 restricted shares of our Class A common stock. This restricted stock award will vest in three equal annual instalments, with the first such installment occurring on the first anniversary of the date of grant and the second and third installments occurring on the second and third anniversaries of the date of grant, subject to her continued service through the applicable vesting date. In addition, beginning in calendar year 2026 and each calendar year thereafter, Ms. Weiszhaar shall be eligible to receive an annual equity award as determined by the Compensation Committee in its sole discretion. Ms. Weiszhaar will also be eligible to participate in customary health, welfare, and fringe benefit plans, and subject to certain restrictions, healthcare benefits will be provided to her and her eligible dependents at our sole expense. The Weiszhaar Employment Agreement may be terminated by either Ms. Weiszhaar or by our company at any time and for any reason or no reason at all, subject to the terms of the Weiszhaar Employment Agreement. Upon termination of the Weiszhaar Employment Agreement by our company without "cause" or by Ms. Weiszhaar for "good reason" (as each such term is defined in the Weiszhaar Employment Agreement) or because our company elects not to renew the term of the Weiszhaar Employment Agreement, then, in addition to any accrued amounts, Ms. Weiszhaar will be entitled to receive: (1) an amount, payable over a 12 month period, equal to the sum of (a) two times her base salary then in effect, (b) the average annual bonus earned by her for the prior two fiscal years, and (c) the average value of any equity award(s) made to her during the prior two fiscal years or if fewer than two fiscal years have lapsed, over such lesser number of years and (2) accelerated vesting of all outstanding equity awards held by Ms. Weiszhaar as of the termination date. Ms. Weiszhaar's right to receive the severance payments and benefits described above is subject to her delivery and non-revocation of an effective general release in favor of our company. The Weiszhaar Employment Agreement also contains customary confidentiality and non-solicitation provisions. Upon the termination of employment by reason of death or disability, Ms. Weiszhaar or her estate will be entitled to accelerated vesting of all outstanding equity awards held by Ms. Weiszhaar as of the termination date, in addition to any accrued amounts.

**Employee Benefit and Stock Plans**

***2026 Equity Incentive Plan***

Our 2026 Equity Incentive Plan (the "2026 Plan") was adopted by our Board of Directors in January 2026 and approved by our stockholders. Our 2026 Plan became effective on the business day immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. Our 2026 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the Code), to our employees, and for the grant of nonstatutory stock options, restricted stock, RSUs, stock appreciation rights, and performance awards to our employees, directors, and consultants.

*Authorized Shares.* A total of 6,000,000 shares of our common stock are reserved for issuance pursuant to our 2026 Plan. The number of shares of our common stock available for issuance under our 2026 Plan will also include an annual increase on the first day of each fiscal year beginning on January 1, 2027, equal to the least of:

● The number of shares of common stock reserved for the immediately preceding fiscal year;

● Seven and one-half percent (7. *5%)* of the outstanding shares of our common stock as of the last day of the immediately preceding fiscal year; or

● such other amount as the administrator of our 2026 Plan determines.

If a stock option or stock appreciation right expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an exchange program, the unissued shares will become available for future grant or sale under our 2026 Plan. Shares of restricted stock, RSUs, or stock-settled performance awards that are reacquired by us due to failure to vest or are forfeited to us or are surrendered pursuant to an exchange program will become available for future grant or sale under our 2026 Plan. With respect to stock appreciation rights, only the net shares actually issued will cease to be available under our 2026 Plan and all remaining shares under stock appreciation rights will remain available for future grant or sale under our 2026 Plan. Shares subject to an award used to pay the exercise price of the award or satisfy the tax withholding obligations related to the award will become available for future grant or sale under our 2026 Plan. To the extent an award is paid out in cash rather than shares, such cash payment will not result in a reduction in the number of shares available for issuance under our 2026 Plan.

*Plan Administration.* Our Compensation Committee or, in the sole discretion of our Board of Directors, the Board of Directors administers our 2026 Plan. Subject to the provisions of our 2026 Plan, the administrator has the power to administer our 2026 Plan and make all determinations deemed necessary or advisable for administering our 2026 Plan, including but not limited to: the power to determine the fair market value of our common stock; select the service providers to whom awards may be granted; determine the number of shares covered by each award; approve forms of award agreements for use under our 2026 Plan; determine the terms and conditions of awards (including, but not limited to, the exercise price, the times at which the awards may be exercised, any vesting acceleration or waiver or forfeiture restrictions, and any restriction or limitation regarding any award or the shares relating thereto); construe and interpret the terms of our 2026 Plan and awards granted under it, including but not limited to determining whether and when a change in control has occurred; establish, amend, and rescind rules and regulations relating to our 2026 Plan, and adopt sub-plans relating to the 2026 Plan; interpret, modify, or amend each award, including but not limited to the discretionary authority to extend the post-termination exercisability period of awards; allow participants to satisfy tax withholding obligations in any manner permitted by the 2026 Plan; delegate ministerial duties to any of our employees; authorize any person to take any steps and execute, on our behalf, any documents required for an award previously granted by the administrator to be effective; temporarily suspend the exercisability of an award if the administrator deems such suspension to be necessary or appropriate for administrative purposes, provided that, unless prohibited by applicable laws, such suspension shall be lifted in all cases not less than ten trading days before the last date that the award may be exercised; allow a participant to defer the receipt of payment of cash or the delivery of shares that would otherwise be due to such participant under an award; and make any determinations necessary or appropriate under the adjustment provisions of the 2026 Plan. The administrator also has the authority to allow participants the opportunity to transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute an exchange program by which outstanding awards may be surrendered or canceled in exchange for awards of the same type which may have a higher or lower exercise price and/or different terms, awards of a different type and/or cash, or by which the exercise price of an outstanding award is increased or reduced. The administrator's decisions, interpretations, and other actions are final and binding on all participants to the full extent permitted by law.

*Stock Options.* Our 2026 Plan permits the grant of options. The exercise price of options granted under our 2026 Plan must be at least equal to the fair market value of our common stock on the date of grant, except that options may be granted with a lower exercise price to a service provider who is not a U.S. taxpayer, or pursuant to certain transactions. The term of an option is determined by the administrator, provided that the term of an incentive stock option may not exceed ten years. With respect to any participant who owns more than 10% of the voting power of all classes of our outstanding stock, the term of an incentive stock option granted to such participant must not exceed five years and the exercise price must equal at least 110% of the fair market value on the grant date. The administrator determines the methods of payment of the exercise price of an option, which may include cash, check or wire transfer, cashless exercise, net exercise, promissory note, shares, or other consideration or method of payment acceptable to the administrator, to the extent permitted by applicable law. After the termination of service of an employee, director, or consultant, he or she may exercise his or her option for the period of time stated in his or her option agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the option will remain exercisable for six months. In all other cases, in the absence of a specified time in an award, the option will remain exercisable for thirty days. These exercise periods may be tolled in certain circumstances, for example if exercise prior to the end of the applicable period is not permitted because of applicable laws. However, in no event may an option be exercised later than the expiration of its term.

*Stock Appreciation Rights.* Our 2026 Plan permits the grant of stock appreciation rights. Stock appreciation rights allow the recipient to receive the appreciation in the fair market value of our common stock between the exercise date and the date of grant. The term of stock appreciation rights is determined by the administrator. After the termination of service of an employee, director, or consultant, he or she may exercise his or her stock appreciation right for the period of time stated in his or her stock appreciation rights agreement. In the absence of a specified time in an award agreement, if termination is due to death or disability, the stock appreciation rights will remain exercisable for six months. In all other cases, in the absence of a specified time in an award agreement, the stock appreciation rights will remain exercisable for thirty days following the termination of service. These exercise periods may be tolled in certain circumstances, for example if exercise prior to the end of the applicable period is not permitted because of applicable laws. However, in no event may a stock appreciation right be exercised later than the expiration of its term. Subject to the provisions of our 2026 Plan, the administrator determines the other terms of stock appreciation rights, including when such rights become exercisable and whether to pay any increased appreciation in cash or with shares of our common stock, or a combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a stock appreciation right must be no less than 100% of the fair market value per share on the date of grant.

*Restricted Stock.* Our 2026 Plan permits the grant of restricted stock. Restricted stock awards are grants of shares of our common stock that vest in accordance with terms and conditions established by the administrator. The administrator determines the number of shares of restricted stock granted to any employee, director, or consultant and, subject to the provisions of our 2026 Plan, determines the terms and conditions of such awards. The administrator has the authority to impose whatever conditions to vesting it determines to be appropriate (for example, the administrator will be able to set restrictions based on the achievement of specific performance goals or continued service to us); provided, however, that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients of restricted stock awards have voting rights with respect to such shares upon grant without regard to vesting but will not be entitled to receive dividends and other distributions paid with respect to such shares while such shares are unvested, in each case, unless the administrator provides otherwise. Shares of restricted stock that do not vest will be subject to our right of repurchase or forfeiture.

*RSUs.* Our 2026 Plan permits the grant of RSUs. Each RSU will represent an amount equal to the fair market value of one share of our common stock. Subject to the provisions of our 2026 Plan, the administrator determines the terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. The administrator has the authority to set vesting criteria based upon the achievement of company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the administrator in its discretion. The administrator, in its sole discretion, may pay earned RSUs in the form of cash, in shares, or in some combination of both. Notwithstanding the foregoing, the administrator, in its sole discretion, may accelerate the vesting, or reduce or waive the criteria that must be met for vesting of the RSUs or the time at which any restrictions will lapse or be removed.

*Performance Awards.* Our 2026 Plan permits the grant of performance awards. Performance awards are awards that will result in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The administrator may establish performance objectives or other vesting criteria in its discretion, which, depending on the extent to which they are met, will determine the number and/or the value of performance awards to be paid out to participants. The administrator has the authority to set performance objectives based on the achievement of company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the administrator in its discretion. Each performance award's threshold, target, and maximum payout values are established by the administrator on or before the grant date. After the grant of a performance award, the administrator, in its sole discretion, may reduce or waive any performance criteria or other vesting provisions for such performance award. The administrator, in its sole discretion, may pay earned performance awards in the form of cash, in shares, or in some combination thereof.

*Outside Directors.* Our Outside Directors are eligible to receive all types of awards (except for incentive stock options) available for issuance under our 2026 Plan.

*Non-Transferability of Awards.* Unless the administrator provides otherwise, our 2026 Plan generally does not allow for the transfer of awards and only the recipient of an award may exercise an award during his or her lifetime. If the administrator makes an award transferable, such award will contain such additional terms and conditions as the administrator deems appropriate.

*Certain Adjustments.* If any extraordinary dividend or other extraordinary distribution (whether in cash, shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, reclassification, repurchase, or exchange of shares of our common stock or other of our securities, other change in our corporate structure affecting the shares, or any similar equity restructuring transaction affecting our shares occurs (including a change in control), the administrator, to prevent diminution or enlargement of the benefits or potential benefits intended to be provided under the 2026 Plan, will adjust the number and class of shares that may be delivered under the 2026 Plan and/or the number, class, and price of shares covered by each outstanding award, and the numerical share limits set forth in our 2026 Plan. The conversion of any of our convertible securities and ordinary course repurchases of our shares or other securities will not be treated as an event that will require adjustment under the 2026 Plan.

*Liquidation or Dissolution.* In the event of our proposed liquidation or dissolution, the administrator will notify participants as soon as practicable and all awards will terminate immediately prior to the consummation of such proposed liquidation or dissolution.

*Merger or Change in Control.* Our 2026 Plan provides that in the event of a merger or change in control, as defined under our 2026 Plan, each outstanding award will be treated as the administrator determines, without a requirement to obtain a participant's consent, including, without limitation, that such award will be continued by the successor corporation or a parent or subsidiary of the successor corporation. An award generally will be considered continued if, following the transaction, (i) the award gives the right to purchase or receive the consideration received in the transaction by holders of our shares or (ii) the award is terminated in exchange for an amount of cash and/or property, if any, equal to the amount that would have been received upon the exercise or realization of the award at the closing of the transaction, which payment may be subject to any escrow applicable to holders of our common stock in connection with the transaction or subjected to the award's original vesting schedule. The administrator is not required to treat all awards or portions thereof the vested and unvested portions of an award, or all participants similarly.

In the event that a successor corporation or its parent or subsidiary does not continue an outstanding award, then such award will fully vest, all restrictions on such award will lapse, all performance goals or other vesting criteria applicable to such award will be deemed achieved at 100% of target levels, and such award will become fully exercisable, if applicable, for a specified period prior to the transaction, unless specifically provided for otherwise under the applicable award agreement or other written agreement with the participant. The award will then terminate upon the expiration of the specified period of time. If an option or stock appreciation right is not continued, the administrator will notify the participant in writing or electronically that such option or stock appreciation right will be exercisable for a period of time determined by the administrator in its sole discretion and the option or stock appreciation right will terminate upon the expiration of such period.

With respect to awards granted to an outside director, in the event of a change in control, all of his or her options and stock appreciation rights, if any, will vest fully and become immediately exercisable, all restrictions on his or her restricted stock and RSUs will lapse, and all performance goals or other vesting requirements for his or her performance awards will be deemed achieved at 100% of target levels, and all other terms and conditions met.

*Clawback.* Awards will be subject to any clawback policy that we are required to adopt pursuant to the listing standards of any national securities exchange or association on which our stock is listed or as otherwise required by applicable laws, and the administrator may also specify in an award agreement that the participant's rights, payments, and/or benefits with respect to an award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence of certain specified events.

*Amendment; Termination.* The administrator has the authority to amend, alter, suspend, or terminate our 2026 Plan provided such action. However, no amendment, alteration, suspension or termination of our 2026 Plan or an Award under it may, taken as a whole, materially impair the existing rights of any participant without the participant's consent. Our 2026 Plan automatically will terminate in 2036, unless we terminate it sooner.

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Introduction**

On January 23, 2026, AIAI Holdings Corporation ("AIAI", "AIAI Holdings", or "the Company") entered into separate agreements (each a "Purchase Agreement", and together, the "Purchase Agreements") with C.C. Carlton Industries, Ltd. ("CCCI"), Constellation Network, Inc. ("Constellation"), gTC MediGuide LP ("MediGuide"), Vanguard Health Solutions, LLC ("Vanguard"), AI Research Corporation ("AIR"), and Bond Street Limited, LLC ("Bond Street") (each referred to individually as a "Portfolio Company" and collectively as the "Portfolio Companies"). The acquisitions are expected to close simultaneously with effectiveness of the registration statement and completion of the direct public listing of our Class A common stock (the "Direct Listing"). The acquisition of these Portfolio Companies is collectively referred to as "the Acquisitions" herein. In connection with the Acquisitions, the Company has agreed to extinguish certain indebtedness of the Portfolio Companies and make specified capital contributions to the Portfolio Companies following the Closing Date, as further discussed within the section entitled 'Business – Recent Acquisitions' included elsewhere in this prospectus.

On January 23, 2026, AIAI entered into a license agreement (the "License Agreement"), with M42 pursuant to which M42 has granted us a license to use, add to, build upon, modify, improve, enhance, and create derivative works from the M42 AI Technology within the designated field of use. See "Business—License Agreement." Effectiveness of the License Agreement is conditioned upon effectiveness of the registration statement and completion of our direct public listing. Pursuant to the License Agreement, we will issue shares of our Class A common stock valued at $502.74 million to M42 as consideration for the perpetual use of the licensed technology. Additionally, AIAI will enter into a technology services agreement (the "Technology Services Agreement") with M42 under which M42 will provide ongoing updates and enhancements to the AI technology licensed by us under the License Agreement, and provide assistance with implementation of AI at our Portfolio Companies in exchange for consideration equal to 3% of annual consolidated revenue of the Company, payable in cash or shares of our Class A common stock. The License Agreement permits AIAI to sublicense the technology to Portfolio Companies subject to the same terms as the License Agreement, except that the sublicensees may not grant sublicenses and the sublicense shall revert back to AIAI in the event that a Portfolio Company is sold or that the License Agreement is terminated. The License Agreement may be terminated by either party for cause upon the occurrence of certain events. After the Acquisitions, each Portfolio Company, will leverage the licensed psychometric AI to enhance service offerings and improve financial performance through increased sales and operational efficiency. Prior to completion of the Acquisitions, the M42 psychometric AI was not utilized by AIAI or any of the Portfolio Companies.

Prior to the Acquisitions, AIAI has no operations other than the incurrence of transaction advisory costs in connection with the Acquisitions and direct public listing process; its activities are limited to pursuing potential targets and negotiating the License Agreement.

Additionally, on January 22, 2026, AIAI entered into a share exchange agreement with a newly formed C-corporation, Messier Blocker Corporation ("M42 Blocker Corp"). Under the terms of the share exchange agreement, contemporaneous with closing of the acquisitions and effectiveness of the License Agreement, AIAI will issue shares of Class A common stock valued at $326.0 million in exchange for non-voting preferred stock of M42 Blocker Corp whose principal asset is a non-controlling investment in M42.

Furthermore, conditioned upon effectiveness of the registration statement and within 45 days of completion our direct public listing, AIAI will enter into a debt facility (the "Credit Facility") with borrowing capacity of at least $40 million, proceeds of which will be used partially to extinguish acquired indebtedness of CCCI with the balance utilized to fund committed capital contributions to the Portfolio Companies and for general corporate purposes.

The following unaudited pro forma condensed combined financial information has been prepared from the respective historical consolidated financial statements of AIAI and the Portfolio Companies and has been adjusted to reflect (i) completion of the Acquisitions and the related transactions with M42, (ii) issuance of the Credit Facility and (iii) exchange of the Portfolio Companies' equity interests for common stock of AIAI and associated income tax effects, collectively (the "Transactions"). The unaudited pro forma condensed combined balance sheet is presented as if the Transactions had occurred on December 31, 2025, and the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025, is presented to give effect to the Transactions as if they occurred on January 1, 2025.

The unaudited pro forma condensed combined financial information was derived from and should be read in conjunction with:

● the accompanying notes to the unaudited pro forma condensed combined financial information.

● historical audited financial statements of AIAI as of and for the year ended December 31, 2025 which are included in this registration statement.

● historical audited consolidated financial statements of CCCI as of and for the year ended December 31, 2025, which are included in this registration statement.

● historical audited consolidated financial statements of Constellation as of and for the year ended December 31, 2025, which are included in this registration statement.

Historical financial statements for each of MediGuide, AIR, Vanguard, and Bond Street (collectively, the "Other Portfolio Companies") for the year ended December 31, 2025 are not included in this Prospectus as pursuant to Rule 3-13 under Regulation S-X, the SEC has granted a waiver from the requirements of Rule 3-05 of Regulation S-X to provide financial statements of the Other Portfolio Companies in connection with the Acquisitions.

The unaudited pro forma condensed combined financial information should also be read together with the section of this registration statement entitled *"Management's Discussion and Analysis of Financial Condition and Results of Operations"* which discusses the historical results of operations for AIAI, CCCI, and Constellation*.*

The Acquisitions, with the exception of the acquisition of Bond Street, which is an entity under common control of AIAI's founder (the "Founder"), shall be accounted for as business combinations using the acquisition method of accounting, with AIAI as the acquirer. The acquisition of Bond Street, as an entity under common control, will be accounted under the pooling-of-interests method. Following the closing of the Acquisitions, AIAI's management team will be that of the registrant which will control and manage the Portfolio Companies, and its Founder will remain in control via voting rights granted through a class of super-voting common shares (the "Class B common stock") which shall be issued to the Founder at upon effectiveness of the direct listing of our Class A common stock at a ratio of one Class B share to ten Class A shares outstanding. The Class B common stock shall have no economic participation rights, and in the event of liquidation, holders of Class B common stock shall be entitled to receive an amount equal to par value ($0.001) multiplied by the then outstanding shares Class B common stock.

The pro forma condensed combined financial information has been prepared to reflect transaction accounting adjustments to AIAI's historical financial information. The unaudited pro forma condensed combined financial information is provided for informational purposes only and is not indicative of the operating results that would have occurred if the Acquisitions and the related transactions had been completed as of the dates set forth above, nor is it indicative of the future results of AIAI Holdings Corporation following the Acquisitions and the related transactions.

In determining the preliminary estimate of fair values of assets acquired and liabilities assumed of Portfolio Companies in connection with the Acquisitions, AIAI used publicly available benchmarking information along with other relevant assumptions, including market participant assumptions. The purchase price allocation relating to the Acquisitions is preliminary and subject to change, as additional information becomes available and as additional analyses are performed. There can be no assurance that the final valuations will not result in material changes to this preliminary purchase price allocation. The unaudited pro forma condensed combined financial information does not give effect to the potential impact of any anticipated synergies, operating efficiencies or cost savings that may result from the Acquisitions or of any integration costs. The unaudited pro forma condensed combined financial information does not purport to project the future operating results or financial position of AIAI following the Acquisitions and the related transactions.

**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

**(dollars in thousands)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  |<br>**AIAI Holdings Corporation (Historical)** |<br>**CCCI <br> (Historical Adjusted) <br> (Note 2)** |<br>**Constellation (Historical Adjusted) <br> (Note 2)** | **Other Portfolio**<br>**Companies (Historical Adjusted) <br> (Note 3)** | **Purchase Accounting Adjustments** | **Other Transaction Accounting Adjustments** |<br>**Pro Forma Combined** |
| **ASSETS** |  |  |  |  |  |  |  |
| Current assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $- | $15634 | $974 | $592 | $(4050) **5a** | $(5111) **5l** | $32880 |
|  |  |  |  |  |  | 9000 **5m** |  |
|  |  |  |  |  |  | 8 **5n** |  |
|  |  |  |  |  |  | 40000 **5p** |  |
|  |  |  |  |  |  | (24167) **5p** |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | 32270 | 223 | 13504 |  |  | 45997 |
| &nbsp;&nbsp;&nbsp;Contract assets |  | 14622 |  |  |  |  | 14622 |
| &nbsp;&nbsp;&nbsp;Due from related parties - current |  |  | 3239 | 957 |  |  | 4196 |
| &nbsp;&nbsp;&nbsp;Inventory |  |  | 647 | 411 |  |  | 1058 |
| &nbsp;&nbsp;&nbsp;Digital assets |  |  | 2621 |  | 979 **5d** |  | 3600 |
| &nbsp;&nbsp;&nbsp;Restricted digital assets |  |  | 680 |  |  |  | 680 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | - | - | 27 | 3181 | - | - | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current assets |  | 62526 | 8411 | 18645 | (3071) | 19730 | 106241 |
| Non-current assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net |  | 23883 | 40 | 148 | 787 **5b** |  | 24858 |
| &nbsp;&nbsp;&nbsp;Investment in M42 Blocker Corp |  |  |  |  |  | 326000 **5k** | 326000 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net |  | 1761 |  | 36 | 109 **5h** |  | 1906 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets, net |  | 5873 |  |  | (988) **5h** |  | 4885 |
| &nbsp;&nbsp;&nbsp;Goodwill |  |  |  | 6770 | 415074 **5g** |  | 421844 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |  | 749 | 236208 **5c** | 502740 **5j** | 889854 |
|  |  |  |  |  |  | 150157 **5o** |  |
| &nbsp;&nbsp;&nbsp;Due from related parties - non-current |  | 568 |  |  |  |  | 568 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | - | 100 | 1711 | 526 | - | - | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current assets | - | 32185 | 1751 | 8229 | 651190 | 978897 | 1672252 |
| **Total Assets** | $**-** | $**94711** | $**10162** | $**26874** | $**648119** | $**998627** | $**1778493** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Current liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $- | $41379 | $351 | $10257 | $- | $- | $51987 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1412 | 1058 | 1461 | 1144 | 20730 **5a** | 3982 **5i** | 29787 |
| &nbsp;&nbsp;&nbsp;Contract liabilities |  | 6366 |  |  |  |  | 6366 |
| &nbsp;&nbsp;&nbsp;Short-term debt |  |  |  | 4426 |  | (2871) **5l** | 1555 |
| &nbsp;&nbsp;&nbsp;Due to related parties |  |  |  | 34 |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt |  | 1849 |  |  |  | (1849) **5p** |  |
| &nbsp;&nbsp;&nbsp;Operating lease obligation - current maturities |  | 1124 |  | 38 |  |  | 1162 |
| &nbsp;&nbsp;&nbsp;Finance lease obligation - current maturities |  | 1878 |  |  |  |  | 1878 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | - | - | 1676 | 1164 | - | - | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current liabilities | 1412 | 53654 | 3488 | 17063 | 20730 | (738) | 95609 |
| Non-current liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt |  | 22318 |  | 2312 |  | (2240) **5l** | 40072 |
|  |  |  |  |  |  | 17682 **5p** |  |
| &nbsp;&nbsp;&nbsp;Operating lease obligation |  | 744 |  |  |  |  | 744 |
| &nbsp;&nbsp;&nbsp;Finance lease obligation |  | 3007 |  |  |  |  | 3007 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | - | - | - | - | 51089 **5f** | 225022 **5o** | 276111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current liabilities | - | 26069 | - | 2312 | 51089 | 240464 | 319934 |
| **Total Liabilities** | $**1412** | $**79723** | $**3488** | $**19375** | $**71819** | $**239726** | $**415543** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |  |  |  |
| **EQUITY** |  |  |  |  |  |  |  |
| Shareholders' equity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock | $- | $- | $- | $- | $27 **5a** | $25 **5j** | $70 |
|  |  |  |  |  |  | 16 **5k** |  |
|  |  |  |  |  |  | 1 **5m** |  |
|  |  |  |  |  |  | 1 **5i** |  |
| &nbsp;&nbsp;&nbsp;Class B common stock |  |  |  |  |  | 8 **5n** | 8 |
| &nbsp;&nbsp;&nbsp;Common stock |  |  |  | 90 | (90) **5e** |  |  |
| &nbsp;&nbsp;&nbsp;Partners' capital |  | 14988 |  | 7536 | (22524) **5e** |  |  |
| &nbsp;&nbsp;&nbsp;Members' equity |  |  |  | 183 | (183) **5e** |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 2487 |  | 20933 | 1722 | 603190 **5a** | 502715 **5j** | 1387229 |
|  |  |  |  |  | (20446) **5e** | 325984 **5k** |  |
|  |  |  |  |  | 35 **5f** | 8999 **5m** |  |
|  |  |  |  |  |  | (74980) **5o** |  |
|  |  |  |  |  |  | 16590 **5i** |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  |  |  | 401 | (401) **5e** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  |  | (43) | 43 **5e** |  |  |
| &nbsp;&nbsp;&nbsp;Retained earnings (deficit) | (3899) |  | (14259) | (2390) | 16649 **5e** | (20573) **5i** | (24357) |
|  |  |  |  |  |  | 115 **5o** |  |
| **Total shareholders' equity** | **(1412)** | **14988** | **6674** | **7499** | **576300** | **758901** | **1362950** |
| **Total liabilities and shareholders' equity** | $**-** | $**94711** | $**10162** | $**26874** | $**648119** | $**998627** | $**1778493** |

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

**(dollars in thousands, except share data)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  |<br>**AIAI Holdings Corporation (Historical)** |<br>**CCCI (Historical Adjusted)<br> (Note 2)** |<br>**Constellation (Historical Adjusted) <br> (Note 2)** | **Other Portfolio**<br>**Companies (Historical Adjusted)<br> (Note 3)** | **Purchase Accounting Adjustments** | **Other Transaction Accounting Adjustments** |<br>**Pro Forma Combined** |
| **Revenue** |  |  |  |  |  |  |  |
| Products | $- | $- | $93 | $- | $- | $- | $93 |
| Services | - | 253098 | 3450 | 15355 | - | - | 271903 |
| &nbsp;&nbsp;&nbsp;Total Revenue |  | 253098 | 3543 | 15355 |  |  | 271996 |
| Cost of sales | - | 221540 | 606 | 8592 | 466 **6b** | - | 231204 |
| **Gross profit** | **-** | **31558** | **2937** | **6763** | **(466)** | **-** | **40792** |
| Transaction advisory costs | 3899 |  |  |  |  |  | 3899 |
| Research and development expenses |  |  |  |  |  |  |  |
| Selling, general, and administrative expenses |  | 23533 | 12223 | 6632 | 26909 **6a** | 130579 **6e** | 238818 |
|  |  |  |  |  | 81 **6b** | 5667 **6f** |  |
|  |  |  |  |  |  | 3901 **6g** |  |
|  |  |  |  |  |  | 500 **6h** |  |
|  |  |  |  |  |  | 20573 **6i** |  |
|  |  |  |  |  |  | 8160 **6j** |  |
|  |  |  |  |  |  | 60 **6l** |  |
| Gain on digital assets |  |  | (8264) |  |  |  | (8264) |
| Gain on disposal of property and equipment |  | (147) |  |  |  |  | (147) |
|  | - | - | - | - | - | - | - |
| **Operating income** | **(3899)** | **8172** | **(1022)** | **131** | **(27456)** | **(169440)** | **(193514)** |
| Interest expense, net |  | 1395 | (138) | 704 |  | (356) **6k** | 3253 |
|  |  |  |  |  |  | 1648 **6n** |  |
| Other (income) expense, net | - | - | 226 | (224) | - | - | 2 |
| **Income (loss) before income taxes** | **(3899)** | **6777**  | **(1110)** | **(349)** | **(27456)** | **(170732)** | **(196769)** |
| Provision for income tax | - | - | 182 | - | (4508) **6d** | (32744) **6m** | (37070) |
| **Net income (loss)** | **(3899)** | **6777** | **(1292)** | **(349)** | **(22948)** | **(137988)** | **(159699**)** |
| Net income (loss) attributable to non-controlling interest | - | - | - | 56 | (56) **6c** | - | - |
| **Net income (loss) attributable to AIAI Holdings Corporation** | $**(3899)** | $**6777** | $**(1292)** | $**(405)** | $**(22892)** | $**(137988)** | $**(159699**)** |
| Loss per share: |  |  |  |  |  |  |  |
| Basic and Diluted | $(4664.21) |  |  |  |  |  | $(2.29) |
| Weighted average common stock: |  |  |  |  |  |  |  |
| Basic and Diluted | 836 |  |  |  |  |  | 69801341 |

---

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Note 1. Basis of Presentation**

The unaudited pro forma condensed combined financial information is prepared in accordance with Article 11 of Regulation S-X. The historical information of AIAI and the Portfolio Companies is presented in accordance with accounting principles generally accepted in the United States of America.

The unaudited pro forma condensed combined financial information is presented as follows:

● The unaudited pro forma condensed combined balance sheet as of December 31, 2025, is prepared using AIAI's audited balance sheet as of December 31, 2025, the audited consolidated balance sheets of CCCI and Constellation as of December 31, 2025, and the Other Portfolio Companies' unaudited consolidated balance sheets as of December 31, 2025.

● The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025, is prepared using AIAI's audited statement of operations for the year ended December 31, 2025, the audited consolidated statements of operations of CCCI and Constellation for the year ended December 31, 2025, and the Other Portfolio Companies' unaudited consolidated statements of operations for the year ended December 31, 2025.

The unaudited pro forma condensed combined financial information is prepared using the acquisition method of accounting in accordance with the business combination accounting guidance as provided in Accounting Standards Codification ("ASC") 805, Business Combinations, with AIAI treated as the accounting acquirer for the Acquisitions. As discussed above, Bond Street has been determined to be under common control with AIAI prior to the Acquisitions, and accordingly, the assets and liabilities have been recognized at their historical cost basis under the pooling-of-interests method. Among the Portfolio Companies acquired, CCCI represents the most significant entity based on its relative size, fair value, and strategic importance to the Company's business operations in relation to AIAI. Accordingly, management has determined CCCI to be the Predecessor entity of AIAI.

The purchase consideration and purchase price allocation are preliminary and are based upon estimates of the fair market values of the assets and liabilities of Portfolio Companies as of December 31, 2025, utilizing currently available information. Assumptions and estimates underlying the pro forma adjustments, preliminary purchase consideration, and preliminary purchase price allocations are described in the accompanying notes, which should be read in conjunction with the pro forma condensed combined financial information.

As of the date of this filing, the necessary valuations to arrive at the required final estimates of the fair value and the related allocation of purchase price to acquired assets and liabilities have not been completed, nor have all adjustments necessary to conform the Portfolio Companies accounting policies to those of AIAI been identified. A final determination of the fair value of Portfolio Companies' assets and liabilities will be based on those that exist as of the date on which the closing occurs (the "Closing Date"), and therefore, cannot be made prior to the completion of the Acquisitions. The pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The final purchase price allocation and measurement of purchase consideration will be performed subsequent to closing and may be materially different than that reflected herein.

The unaudited pro forma condensed combined financial information has been presented for illustrative purposes only and does not necessarily reflect what AIAI's financial condition or results of operations would have been if the Acquisitions and the related transactions had occurred on the dates indicated. Further, the unaudited pro forma condensed combined financial information also may not be useful in predicting the future financial condition and results of operations of AIAI. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of this filing and are subject to change as additional information becomes available and analyses are performed. The assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes.

**Note 2. Reclassifications and Accounting Policy Adjustments**

As AIAI Holdings Corporation had substantially no business operations prior to the consummation of the Acquisitions, its limited accounting policies are not in conflict with those of the Predecessor. Management has performed an initial analysis of accounting policies of Constellation and the Other Portfolio companies to align to those of the Predecessor noting no material policy differences. Additionally, management has performed an initial analysis of the expected financial statement presentation of the combined company and has identified the reclassification adjustments described below for CCCI and Constellation to align accounting policies and financial statement presentation with that of the combined company. For the Other Portfolio Companies, the historical balances presented in Note 3 are after incorporating the reclassification adjustments, if any.

**2(a) Reclassification Adjustments for CCCI (Balance Sheet as of December 31, 2025)** *(in thousands):*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AIAI Holdings Corporation** | **CCCI** | **CCCI Historical** | **Adjustments** | **CCCI Historical Adjusted** |
| **ASSETS** |  | | | |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | Cash and cash equivalents | $15634 | $- | $15634 |
| Accounts receivable |  |  | 32270 **(a)** | 32270 |
|  | Contracts receivable | 25505 | (25505) **(a)** |  |
|  | Retainage receivable - closed contracts | 6765 | (6765) **(a)** |  |
| Contract assets |  |  | 14622 **(b)** | 14622 |
|  | Costs and estimated earnings in excess of billings on contracts in progress | 2738 | (2738) **(b)** |  |
|  | Retainage receivable - open contracts | 11884 | (11884) **(b)** |  |
| Due from related parties - current |  |  |  |  |
| Inventory |  |  |  |  |
| Digital assets |  |  |  |  |
| Restricted digital assets |  |  |  |  |
| Prepaid expenses and other current assets |  | - | - | - |
| **Total current assets** | **Total current assets** | **62526** | **-** | **62526** |
| **Non-current assets** |  |  |  |  |
| Property and equipment, net | Property and equipment, net | 23883 |  | 23883 |
| Investment in M42 Blocker Corp |  |  |  |  |
| Operating lease right-of-use assets, net | Operating right-of-use of assets, net | 1761 |  | 1761 |
| Finance lease right-of-use assets, net | Finance right-of-use of assets, net | 5873 |  | 5873 |
| Goodwill |  |  |  |  |
| Intangible assets |  |  |  |  |
| Due from related parties - non-current |  |  | 568 **(c)** | 568 |
|  | Due from related party | 568 | (568) **(c)** |  |
| Other non-current assets | Other non-current assets | 100 | - | 100 |
| **Total non-current assets** |  | **32185** | **-** | **32185** |
| **Total assets** | **Total assets** | $**94711** | $**-** | $**94711** |
| **LIABILITIES** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Accounts payable |  | $- | $41379 **(d)** | $41379 |
|  | Trade payable | 34981 | (34981) **(d)** | **-** |
|  | Retainage payable - closed contracts | 6398 | (6398) **(d)** | **-** |
| Accrued expenses and other current liabilities | Accrued expenses | 1058 |  | 1058 |
| Contract liabilities |  |  | 6366 **(e)** | 6366 |
|  | Billings in excess of costs and estimated earnings on contracts in progress | 2819 | (2819) **(e)** | **-** |
|  | Retainage payable - open contracts | 3547 | (3547) **(e)** |  |
| Short-term debt |  |  |  |  |
| Due to related parties |  |  |  |  |
| Current portion of long-term debt |  |  | 1849 **(f)** | 1849 |
|  | Notes payable - current portion | 1849 | (1849) **(f)** |  |
| Operating lease obligation - current maturities | Operating lease obligation - current maturities | 1124 |  | 1124 |
| Finance lease obligation - current maturities | Finance lease obligation - current maturities | 1878 |  | 1878 |
| Deferred revenue |  | - | - | - |
| **Total current liabilities** | **Total current liabilities** | **53654** | **-** | **53654** |
| **Non-current liabilities** |  |  |  |  |
| Long-term debt |  |  | 22318 **(g)** | 22318 |
|  | Notes payable | 3251 | (3251) **(g)** | **-** |
|  | Lines of credit | 19067 | (19067) **(g)** | **-** |
| Operating lease obligation | Noncurrent operating lease obligation | 744 |  | 744 |
| Finance lease obligation | Noncurrent finance lease obligation | 3007 |  | 3007 |
| Other long-term liabilities |  | - | - | - |
| **Total non-current liabilities** |  | **26069** | **-** | **26069** |
| **Total liabilities** | **Total liabilities** | $**79723** | $**-** | $**79723** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |
| **EQUITY** |  |  |  |  |
| **Shareholders' equity** |  |  |  |  |
| Common stock |  | $- | $- | $- |
| Partners' capital | Partners' capital | 14988 |  | 14988 |
| Members' equity |  |  |  |  |
| Additional paid in capital |  |  |  |  |
| Non-controlling interests |  |  |  |  |
| Accumulated other comprehensive loss |  |  |  |  |
| Retained earnings (deficit) |  | - | - | - |
| **Total shareholders' equity** |  | **14988** | **-** | **14988** |
| **Total liabilities and shareholders' equity** |  | $**94711** | $**-** | $**94711** |

---

a) Reclassification of Contracts receivable and Retainage receivable - closed contracts to Accounts receivable.

b) Reclassification of Costs and estimated earnings in excess of billings on contracts in progress and Retainage receivable - open contracts to Contract assets

c) Reclassification of Due from related party to Due from related parties - non-current.

d) Reclassification of Retainage payable - closed contracts and Trade payable to Accounts payable.

e) Reclassification of Billings in excess of costs and estimated earnings on contracts in progress and Retainage payable - open contracts to Contract liabilities.

f) Reclassification of Notes payable - current portion to Current portion of long-term debt.

g) Reclassification of Notes payable and Lines of credit to Long-term debt.

**2(b) Reclassification Adjustments for CCCI (Statement of Operations for the year ended December 31, 2025)** *(in thousands):*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AIAI Holdings Corporation** | **CCCI** | **CCCI Historical** | **Adjustments** | **CCCI Historical Adjusted** |
| **Revenue** |  | | | |
| Products |  | $- | $- | $- |
| Services |  |  | 253098 **(a)** | 253098 |
|  | Revenue from contracts | 253098 | (253098) **(a)** |  |
| **Total revenue** |  | **-** |  |  |
| Cost of sales |  |  | 221540 **(b)** | 221540 |
|  | Cost of contracts | 221540 | (221540) **(b)** | - |
| **Gross profit** |  | **31558** | **-** | **31558** |
| Research and development expenses |  |  |  |  |
| Selling, general, and administrative expenses | General and administrative expenses | 23352 | 181 **(c)** | 23533 |
| Gain on digital assets |  |  |  |  |
| Gain on disposal of property and equipment | Gain on disposal of property and equipment | (147) |  | (147) |
|  | State franchise tax expense | 181 | (181) **(c)** | - |
| **Operating income (loss)** |  | **8172** | **-** | **8172** |
| Interest expense, net | Interest expense | 1395 |  | 1395 |
| Other (income) expense, net |  | - | - | - |
| **Income (loss) before income taxes** |  | **6777** | **-** | **6777** |
| Provision for income tax |  | - | - | - |
| **Net income (loss)** | **Net income** | **6777** | **-** | **6777** |
| Net income (loss) attributable to non-controlling interest |  | - | - | - |
| **Net income (loss) attributable to controlling interest** |  | $**6777** | $**-** | $**6777** |

---

a) Reclassification of Revenue from contracts to Services.

b) Reclassification of Cost of contracts to Cost of sales.

c) Reclassification of State franchise tax expense to Selling, general, and administrative expenses

**2(c) Reclassification Adjustments for Constellation (Balance Sheet as of December 31, 2025)** *(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AIAI Holdings Corporation** | **Constellation** | **Constellation Historical Balance** | **Adjustments** | **Constellation Historical Adjusted** |
| **ASSETS** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | Cash at bank | $974 | $- | $974 |
| Accounts receivable | Trade and other receivables | 223 | **-** | 223 |
| Contract assets |  |  | **-** |  |
| Due from related parties - current |  |  | 3239 **(a)** | 3239 |
|  | Officer loans receivables | 3239 | (3239) **(a)** |  |
| Inventory |  |  | 647 **(b)** | 647 |
|  | Dor inventory | 647 | (647) **(b)** |  |
| Digital assets | Operating digital currencies | 2621 | **-** | 2621 |
| Restricted digital assets | Restricted digital currencies | 680 | **-** | 680 |
| Prepaid expenses and other current assets | Prepaid expenses | 27 | **-** | 27 |
| **Total current assets** | **Total current assets** | **8411** | **-** | **8411** |
| **Non-current assets** |  |  |  |  |
| Property and equipment, net | Property and equipment, net | 40 | **-** | 40 |
| Investment in M42 Blocker Corp |  |  | **-** |  |
| Operating lease right-of-use assets, net |  |  | **-** |  |
| Finance lease right-of-use assets, net |  |  | **-** |  |
| Goodwill |  |  | **-** |  |
| Intangible assets |  |  | **-** |  |
| Due from related parties - non current |  |  | **-** |  |
| Other non-current assets |  |  | 1711 **(c)** | 1711 |
|  | Investment deposits | 200 | (200) **(c)** |  |
| Deferred tax asset | Deferred tax asset | 1511 | (1511) **(c)** | - |
| **Total non-current assets** | **Total non-current assets** | **1751** | **-** | **1751** |
| **Total assets** | **Total assets** | $**10162** | $**-** | $**10162** |
| **LIABILITIES** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Accounts payable | Trade and other payables | $351 | $- | $351 |
| Accrued expenses and other current liabilities |  |  | 1461 **(d)** | 1461 |
|  | Wages payable | 19 | (19) **(d)** |  |
|  | Income tax payable | 1442 | (1442) **(d)** |  |
| Contract liabilities |  |  | **-** |  |
| Short-term debt |  |  | **-** |  |
| Due to related parties |  |  | **-** |  |
| Current portion of long-term debt |  |  | **-** |  |
| Operating lease obligation - current maturities |  |  | **-** |  |
| Finance lease obligation - current maturities |  |  | **-** |  |
| Deferred revenue | Deferred revenue | 1676 | **-** | 1676 |
| **Total current liabilities** | **Total current liabilities** | **3488** | **-** | **3488** |
| **Non-current liabilities** |  |  |  |  |
| Long-term debt |  |  | **-** |  |
| Operating lease obligation |  |  | **-** |  |
| Finance lease obligation |  |  | **-** |  |
| Other long-term liabilities |  | - | **-** | - |
| **Total non-current liabilities** |  | **-** | **-** | **-** |
| **Total liabilities** | **Total liabilities** | $**3488** | $**-** | $**3488** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |
| **EQUITY** |  |  |  |  |
| **Shareholders' equity** |  |  |  |  |
| Common stock | Common stock | $- | $- | $- |
| Partners' capital |  |  |  |  |
| Members' equity |  |  | **-** |  |
| Additional paid in capital | Additional paid-in capital | 20933 |  | 20933 |
| Non-controlling interests |  |  | **-** |  |
| Accumulated other comprehensive loss |  |  | **-** |  |
| Retained earnings (deficit) | Accumulated deficit | (14259) | **-** | (14259) |
| **Total shareholders' equity** |  | **6674** | **-** | **6674** |
| **Total liabilities and equity** |  | $**10162** | $**-** | $**10162** |

---

a) Reclassification of Officer loans receivables to Due from related parties - current.

b) Reclassification Dor inventory to Inventory.

c) Reclassification Investment deposits and Deferred tax asset to Other non-current assets.

d) Reclassification Wages payable and Income tax payable to Accrued expenses and other current liabilities.

**2(d) Reclassification Adjustments for Constellation (Statement of Operations for the year ended December 31, 2025)** *(in thousands):*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AIAI Holdings Corporation** | **Constellation** | **Constellation Historical Balance** | **Adjustments** | **Constellation Historical Adjusted** |
| **Revenue** |  |  |  |  |
| Products |  | $- | $93 **(a)** | $93 |
|  | Equipment sales revenue | 93 | (93) **(a)** | **-** |
| Services |  |  | 3450 **(b)** | 3450 |
|  | Dor subscription revenue | 1295 | (1295) | **-** |
|  | Government & network license income | 201 | (201) **(b)** |  |
|  | Rewards (node/staking) | 1954 | (1954) **(b)** | - |
| **Total revenue** | **Total operating revenues** | **3543** | **-** | **3543** |
| Cost of sales | Cost of sales | 606 |  | 606 |
| **Gross profit** |  | **2937** | **-** | **2937** |
| Research and development expenses | Research and development |  |  |  |
| Selling, general, and administrative expenses |  |  | 12223 **(c)** | 12223 |
|  | Salaries, wages and benefits | 6684 | (6684) **(c)** |  |
|  | Professional fees | 3170 | (3170) **(c)** |  |
|  | Advertising and promotion | 448 | (448) **(c)** |  |
|  | General and administrative expenses | 1921 | (1921) **(c)** |  |
| Gain on digital assets | Digital assets (gains) losses | (8264) |  | (8264) |
| Gain on disposal of property and equipment |  |  |  |  |
| Gain on disposal of lease |  | - | - | - |
| **Operating income (loss)** | **Operating loss** | **(1022)** | **-** | **(1022)** |
| Interest expense (income), net | Interest earned | (138) | **-** | (138) |
| Other (income) expense, net |  | **-** | 226 **(d)** | 226 |
|  | Other miscellaneous income | (65) | 65 **(d)** | **-** |
|  | Unrealized loss on digital assets | 291 | (291) **(d)** | - |
| **Income (loss) before income taxes** | **Loss before income tax** | **(1110)** | **-** | **(1110)** |
| Provision for income tax | Provision for income tax | 182 | - | 182 |
| **Net income (loss)** | **Net loss** | **(1292)** | **-** | **(1292)** |
| Net income (loss) attributable to non-controlling interest |  | - | - | - |
| **Net income (loss) attributable to controlling interest** |  | $**(1292)** | $**-** | $**(1292)** |

---

a) Reclassification of Equipment sales revenue to Products revenue.

b) Reclassification of Dor subscription revenue, Government & network license income and Rewards (node/staking) to Services revenue.

c) Reclassification of Salaries, wages and benefits, Professional fees, Advertising and promotion, and General and administrative expenses to Selling, general, and administrative expenses.

d) Reclassification of Other miscellaneous income and Unrealized gain/loss to Other (income) expense, net.

 

**Note 3. Combined Financial Statements of Portfolio Companies**

**3(a) The following table presents the combined balance sheet of Other Portfolio Companies as of December 31, 2025 *(in thousands)*:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MediGuide** | **Vanguard** | **AIR** | **Bond Street** | **Total** |
| **ASSETS** |  |  |  |  |  |
| Current assets |  |  |  |  |  |
| Cash and cash equivalents | $389 | $55 | $16 | $132 | $592 |
| Accounts receivable | 241 | 11032 |  | 2231 | 13504 |
| Contract assets |  |  |  |  |  |
| Due from related parties - current | 41 | 71 | 840 | 5 | 957 |
| Inventory |  |  |  | 411 | 411 |
| Digital assets |  |  |  |  |  |
| Restricted digital assets |  |  |  |  |  |
| Prepaid expenses and other current assets | 2770 | 380 | 31 | - | 3181 |
| **Total current assets** | **3441** | **11538** | **887** | **2779** | **18645** |
| **Non-current assets** |  |  |  |  |  |
| Property and equipment, net | 14 | 2 |  | 132 | 148 |
| Investment in M42 Blocker Corp |  |  |  |  |  |
| Operating lease right-of-use assets, net | 36 |  |  |  | 36 |
| Finance lease right-of-use assets, net |  |  |  |  |  |
| Goodwill | 5363 |  |  | 1407 | 6770 |
| Intangible assets | 123 |  | 626 |  | 749 |
| Due from related parties - non current |  |  |  |  |  |
| Other non-current assets | 223 | 302 | - | 1 | 526 |
| **Total non-current assets** | **5759** | **304** | **626** | **1540** | **8229** |
| **Total assets** | $**9200** | $**11842** | $**1513** | $**4319** | $**26874** |
| **LIABILITIES** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Accounts payable | $475 | $7929 | $- | $1853 | $10257 |
| Accrued expenses and other current liabilities | 667 |  | 454 | 23 | 1144 |
| Contract liabilities |  |  |  |  |  |
| Short-term debt | 1555 | 540 | 2331 |  | 4426 |
| Due to related parties | 34 |  |  |  | 34 |
| Current portion of long-term debt |  |  |  |  |  |
| Operating lease obligation - current maturities | 38 |  |  |  | 38 |
| Finance lease obligation - current maturities |  |  |  |  |  |
| Deferred revenue | 1008 | - | - | 156 | 1164 |
| **Total current liabilities** | **3777** | **8469** | **2785** | **2032** | **17063** |
| **Non-current liabilities** |  |  |  |  |  |
| Long-term debt |  | 2234 |  | 78 | 2312 |
| Operating lease obligation |  |  |  |  |  |
| Finance lease obligation |  |  |  |  |  |
| Other long-term liabilities | - | - | - | - | - |
| **Total non-current liabilities** | **-** | **2234** | **-** | **78** | **2312** |
| **Total liabilities** | $**3777** | $**10703** | $**2785** | $**2110** | $**19375** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |  |
| **EQUITY** |  |  |  |  |  |
| **Shareholders' equity** |  |  |  |  |  |
| Common stock | $- | $- | $90 | $- | $90 |
| Partners' capital | 7536 |  |  |  | 7536 |
| Members' equity |  | (1264) |  | 1447 | 183 |
| Additional paid in capital |  |  | 1722 |  | 1722 |
| Non-controlling interests | (7) | 408 |  |  | 401 |
| Accumulated other comprehensive loss | (43) |  |  |  | (43) |
| Retained earnings (deficit) | (2063) | 1995 | (3084) | 762 | (2390) |
| **Total shareholders' equity** | **5423** | **1139** | **(1272)** | **2209** | **7499** |
| **Total liabilities and shareholders' equity** | $**9200** | $**11842** | $**1513** | $**4319** | $**26874** |

---

**3(b) The following table presents the combined statements of operations of Other Portfolio Companies for the year ended December 31, 2025 *(in thousands)*:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MediGuide** | **Vanguard** | **AIR** | **Bond Street** | **Total** |
| **Revenue** |  |  |  |  |  |
| Products | $- | $- | $- | $- | $- |
| Services | 5654 | 4292 | - | 5409 | 15355 |
| **Total revenue** | **5654** | **4292** | **-** | **5409** | **15355** |
| Cost of sales | 2605 | 2893 | - | 3094 | 8592 |
| **Gross profit** | **3049** | **1399** | **-** | **2315** | **6763** |
| Research and development expenses |  |  |  |  |  |
| Selling, general, and administrative expenses | 2479 | 634 | 1296 | 2223 | 6632 |
| Gain on digital assets |  |  |  |  |  |
| Gain on disposal of property and equipment |  |  |  |  |  |
| Gain on disposal of lease | - | - | - | - | - |
| **Operating income (loss)** | **570** | **765** | **(1296)** | **92** | **131** |
| Interest expense, net | 348 | 353 | 3 |  | 704 |
| Other (income) expense, net | (312) | - | - | 88 | (224) |
| **Income (loss) before income tax** | **534** | **412** | **(1299)** | **4** | **(349)** |
| Provision for income tax | - | - | - | - | - |
| **Net income (loss)** | **534** | **412** | **(1299)** | **4** | **(349)** |
| Net income (loss) attributable to non-controlling interest | (6) | 62 | - | - | 56 |
| **Net income (loss) attributable to controlling interest** | $**540** | $**350** | $**(1299)** | $**4** | $**(405)** |

---

**Note 4. Calculation of Purchase Consideration and Preliminary Purchase Price Allocation**

The unaudited pro forma condensed combined financial information reflects the Acquisitions of the Portfolio Companies other than Bond Street for an estimated fair value of purchase consideration of $628.0 million, of which $548.9 million is payable in Class A common stock of AIAI Holdings Corporation, $75.1 million is payable in fully vested options on Class A common stock of AIAI Holdings Corporation, and $4.0 million payable in cash. Of total equity purchase consideration, $528.2 million is expected to be transferred on effectiveness of this registration statement and completion of our direct public listing (the "Closing Date") with the remaining contingent consideration with fair value of $20.7 million payable over a period of up to five years after Closing Date, as discussed in Note 5(a).

The calculation of estimated purchase consideration is as follows:

**Consideration Transferred**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **CCCI** | **Constellation** | **Other Portfolio Companies (1)** | **Total** |
| Estimated fair value of AIAI Class A common stock to be issued (2) | $322466 | $95149 | $131311 | $548926 |
| Estimated fair value of pre-combination service on outstanding equity awards (3) |  | 75071 |  | 75071 |
| Estimated transaction costs to be paid by AIAI on behalf of Portfolio Companies | 2500 | 650 | 850 | 4000 |
| **Total estimated purchase consideration** | $**324966** | $**170870** | $**132161** | $**627997** |

---

(1) Excludes consideration transferred for acquisition of Bond Street in a transaction under common control, as further discussed in footnote (2) below.

(2) Pursuant to the purchase agreements executed by AIAI with the Portfolio Companies, AIAI will acquire 100% of the outstanding equity of the following Portfolio Companies in exchange for Class A common stock of AIAI Holdings Corporation with an estimated fair value as follows:

● CCCI for approximately $322.5 million in AIAI Class A common stock and $2.5 million in cash, payable at Closing Date. CCCI purchase price is after adjustment for $8.5 million in estimated net indebtedness at Closing Date.

● Constellation for $95.1 million in AIAI Class A common stock, $75.1 million of vested options in AIAI Class A common stock, and $0.65 million in cash, payable at Closing Date.

● Other Portfolio Companies:

○ MediGuide for $51.3 million in AIAI Class A common stock and $0.3 million in cash, payable at Closing Date.

○ Vanguard for $9.3 million in AIAI Class A common stock and $0.1 million in cash, payable at Closing Date, and contingent consideration valued at $20.7 million, payable in the form of AIAI Class A common stock. Vanguard purchase price is after adjustment for $2.7 million in estimated net indebtedness at Closing Date.

○ AIR for $50 million in AIAI Class A common stock and $0.5 million in cash, payable at Closing Date.

Additionally, Bond Street will be acquired for $10 million in AIAI Class A common stock and $0.05 million in cash, payable at Closing Date. As Bond Street is under common control with AIAI, this consideration will be excluded from purchase accounting adjustments and treated as an equity transaction with the Founder while Bond Street net assets are recognized based upon their historical carrying values as of the Closing Date.

(3) Reflects the fair value of pre-combination services attributable to share-based compensation awards originally issued by Constellation, for which AIAI will issue replacement equity awards in the form of fully vested options on AIAI Class A common stock at the Closing Date.

**Preliminary Purchase Price Allocation**

Under the acquisition method of accounting, the Portfolio Companies' identifiable assets acquired, and liabilities assumed by AIAI will be recorded at the acquisition date fair values, with the exception of Bond Street, which will be recorded at historical carrying value as it represents a combination of entities under common control of the Founder. The excess purchase price over the fair value of identifiable assets and liabilities of the remaining Portfolio Companies is recorded as goodwill. The pro forma adjustments are preliminary and based on estimates of the fair value and useful lives of the assets acquired and liabilities assumed and are prepared to illustrate the estimated effect of the Acquisitions. The final determination of the purchase price allocation will be completed as soon as practicable after the completion of the Acquisitions and will be based on the fair values of the assets acquired and liabilities assumed as of the Closing Date. The final amounts allocated to assets acquired and liabilities assumed could differ significantly from the amounts presented in the unaudited pro forma condensed combined financial information. Accordingly, the pro forma purchase price allocation is subject to further adjustment as additional information becomes available and as additional analyses and final valuations are completed. There can be no assurances that these additional analyses and final valuations will not result in material changes to the estimates of fair value set forth below.

The preliminary purchase price allocation is subject to change due to several factors, including, but not limited to, changes in the estimated fair value of the identifiable assets acquired and liabilities assumed as of the Closing Date, which could result from changes in market conditions, discount rates, cost assumptions and other factors.

The following table sets forth a preliminary allocation of the estimated purchase consideration to the Portfolio Companies' identifiable tangible and intangible assets expected to be acquired and liabilities expected to be assumed by AIAI, based on the balance sheets of the Portfolio Companies as of December 31, 2025, adjusted for the reclassifications and accounting policy adjustments as discussed above, with the excess recorded as goodwill:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **CCCI** | **Constellation** | **Other Portfolio Companies (4)** | **Total** |
| **ASSETS** |  |  |  |  |
| Cash and cash equivalents | $15634 | $974 | $460 | $17068 |
| Accounts receivable | 32270 | 223 | 11273 | 43766 |
| Contract assets | 14622 |  |  | 14622 |
| Due from related parties - current |  | 3239 | 952 | 4191 |
| Inventory |  | 647 |  | 647 |
| Digital assets |  | 3600 |  | 3600 |
| Restricted digital assets |  | 680 |  | 680 |
| Prepaid expenses and other current assets |  | 27 | 3181 | 3208 |
| Property and equipment, net | 24671 | 39 | 16 | 24726 |
| Operating lease right-of-use assets, net | 1870 |  | 36 | 1906 |
| Finance lease right-of-use assets, net | 4885 |  |  | 4885 |
| Intangible assets | 103465 | 25597 | 107895 | 236957 |
| Due from related parties - non current | 568 |  |  | 568 |
| Other non-current assets | 100 | 1711 | 525 | 2336 |
| **Total assets** | $**198085** | $**36737** | $**124338** | $**359160** |
| **LIABILITIES** |  |  |  |  |
| Accounts payable | $41379 | $351 | $8404 | $50134 |
| Accrued expenses and other current liabilities | 1058 | 1461 | 1121 | 3640 |
| Contract liabilities | 6366 |  |  | 6366 |
| Short-term debt |  |  | 4426 | 4426 |
| Due to related parties |  |  | 34 | 34 |
| Current portion of long-term debt | 1849 |  |  | 1849 |
| Operating lease obligation - current maturities | 1124 |  | 38 | 1162 |
| Finance lease obligation - current maturities | 1878 |  |  | 1878 |
| Deferred revenue |  | 1676 | 1008 | 2684 |
| Long-term debt | 22318 |  | 2234 | 24552 |
| Operating lease obligation | 744 |  |  | 744 |
| Finance lease obligation | 3007 |  |  | 3007 |
| Other long-term liabilities | 25557 | 3907 | 21660 | 51124 |
| **Total liabilities** | $**105280** | $**7395** | $**38925** | $**151600** |
| **Net assets acquired (a)** | 92805 | 29342 | 85413 | 207560 |
| Estimated purchase consideration **(b)** | 324966 | 170870 | 132161 | 627997 |
| **Estimated goodwill (b) - (a)** | $**232161** | $**141528** | $**46748** | $**420437** |

---

(4) Excludes acquired assets and liabilities associated with Bond Street, which is being acquired in a transaction under common control with AIAI, as discussed above. Refer to Note 3(a) for detail of the historical cost basis of Bond Steet net assets which will be recognized by AIAI in connection with the acquisition.

Goodwill represents the excess of the preliminary estimated purchase consideration for Portfolio Companies other than Bond Street over the estimated fair value of the underlying net assets acquired with respect to those Portfolio companies. The excess of the fair value of AIAI equity issued in exchange for Bond Street and the historical cost basis of Bond Street net assets does not give rise to goodwill as this transaction is deemed to be an equity contribution from an owner rather than a business combination. As such, Bond Street net assets have been recognized based upon their historical carrying values, as disclosed in Note 3(a). Goodwill recognized in the Acquisitions is not expected to be deductible for tax purposes.

**Note 5. Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet**

**<u>Purchase Accounting Adjustments</u>**

In connection with business combination accounting for the Portfolio Companies, management has preliminarily identified purchase price accounting adjustments as summarized below. Management has preliminarily determined that the fair value of certain acquired assets and liabilities including working capital balances and variable rate indebtedness have historical carrying values that approximate fair value, and accordingly, no fair value adjustments have been presented related to these accounts. Additionally, management has preliminarily determined that contractual lease terms at the Portfolio Companies approximate market rates, resulting in no fair value adjustments related to acquired leases. Further, management has preliminarily determined that recalibration of Portfolio Company right of use assets and lease liabilities to align with the remaining minimum lease payments consistent with the requirements of ASC 842, Leases, is not expected to result in material adjustments to their historical carrying values as reported by the Portfolio Companies.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the total estimated fair value purchase consideration of $628.0 million for acquiring Portfolio Companies other than Bond Street, plus the historical carrying value of Bond Street net assets of $2.1 million, deemed to be an equity contribution from the Founder. Of the total fair value of purchase consideration transferred in exchange for Portfolio Companies, $528.0 million will comprise of issuance of approximately 26.4 million shares of AIAI Class A common stock, par value $0.001 and $75.1 million will comprise of fully vested options in AIAI Class A common stock. Shares transferred in exchange for the Portfolio Companies are net of 0.6 million shares withheld due to $11.3 million in estimated net indebtedness of CCCI and Vanguard assumed by the Company. Additionally, purchase consideration includes $4.0 million in cash remitted to Portfolio Company owners as reimbursement of seller transaction costs. The remaining $20.7 million estimated fair value of purchase consideration represents contingent consideration payable in the form of AIAI Class A common stock and has been recorded within accrued expenses and other current liabilities on the pro forma condensed combined balance sheet. Consideration issued in exchange for Bond Street equity will consist of approximately 0.5 million shares of AIAI Class A common stock, par value $0.001 and $0.05 million in cash. Estimated shares of AIAI Class A common stock are based upon an expected initial listing price of $20 per share.

(b) Represents
 an adjustment to record property and equipment of Portfolio Companies other than Bond Street
 at estimated fair value. Preliminary property and equipment values reflected in the pro forma
 financial information are provided below. The depreciation expense related to these assets
 is reflected as a pro forma adjustment in the unaudited pro forma condensed combined statements
 of income, as further described in Note 6(b).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Useful Life (years)** | **CCCI** | **Constellation** | **Other Portfolio Companies** | **Total** |
| **Fair value of Property and equipment:** |  |  |  |  |  |
| Land | N/A | $365 | $- | $- | $365 |
| Leasehold improvements | 5 | 1412 |  | $- | 1412 |
| Construction equipment | 6 | 21904 |  | $- | 21904 |
| Other property and equipment | 2-5 | 990 | 39 | $16 | 1045 |
| **Total fair value of Property and equipment (a)** |  | $**24671** | $**39** | $**16** | $**24726** |
| Historical carrying value of Property and equipment **(b)** |  | 23883 | 40 | $16 | 23939 |
| **Net adjustment to Property and equipment, net (a) - (b)** |  | $**788** | $**(1)** | $**-** | $**787** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an adjustment to record acquired intangible assets
at their estimated fair value. Preliminary identifiable intangible assets reflected in the pro forma financial information are provided
below. The amortization related to these identifiable intangible assets is reflected as a pro forma adjustment in the unaudited pro forma
condensed combined statements of operations, as further described in Note 6(a). The identifiable intangible assets and related amortization
are preliminary and are based on management's estimates.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Useful Life (years)** | **CCCI** | **Constellation** | **Other Portfolio Companies** | **Total** |
| **Fair value of Intangible assets:** |  |  |  |  |  |
| Customer relationships | 14-25 | $84363 | $1074 | $23960 | $109397 |
| Customer backlog | 2 | 3774 |  |  | 3774 |
| Trademarks and domain names | 6 - 7 | 15328 | 1264 | 9398 | 25990 |
| Partner relationships | 13 - 14 |  |  | 22369 | 22369 |
| Software | 3 - 6 |  | 23259 | 3296 | 26555 |
| Acquired technology | 5 | - | - | 48872 | 48872 |
| **Total fair value of acquired intangible assets (a)** |  | $**103465** | $**25597** | $**107895** | $**236957** |
| Historical carrying value of intangibles **(b)** |  | - | - | 749 | 749 |
| **Net adjustment to Intangible assets (a) - (b)** |  | $**103465** | $**25597** | $**107146** | $**236208** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an adjustment to record digital assets held by Constellation
at their estimated fair value.

(e) Represents the elimination of Portfolio Companies' historical
equity balances upon closing. All non-controlling interests in the Portfolio Companies will be eliminated in connection with the Acquisitions
as AIAI will acquire all outstanding equity interests of the Portfolio Companies.

(f) Represents an adjustment to record deferred tax assets and
liabilities associated with differences between book and tax basis arising from the preliminary purchase price allocation, primarily
resulting from the Closing Date value of intangible assets. Deferred taxes are established based on a blended statutory tax rate based
on jurisdictions where income is generated. The effective tax rate following the Acquisitions could be significantly different (either
higher or lower) depending on post-acquisition activities, including repatriation decisions, cash needs and the geographical mix of income.
This determination is preliminary and subject to change based upon the final determination of the fair value of the identifiable intangible
assets and liabilities.

(g) Represents an adjustment record goodwill based upon the excess
of fair value of purchase consideration above the estimated fair value of identifiable assets and liabilities of the Portfolio Companies
other than Bond Street.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **CCCI** | **Constellation** | **Other Portfolio Companies** | **Total** |
| Goodwill resulting from Acquisitions **(Note 4) (a)** | $232161 | $141528 | $46748 | $420437 |
| Less: Historical goodwill **(b)** | - | - | 5363 | 5363 |
| **Net adjustment to goodwill (a) - (b)** | $**232161** | $**141528** | $**41385** | $**415074** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents
 an adjustment to remeasure acquired right of use assets and lease liabilities be equal to
 the estimated present value of remaining minimum lease payments as of the Closing Date.

**<u>Other Transaction Accounting Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents
 AIAI's estimated transaction costs of $20.6 million, consisting of advisory, legal,
 accounting and auditing fees and other professional fees, that have not been recognized and
 accrued in AIAI's historical financial statements. Of this amount, $16.3 million is
 payable in Class A common stock at Closing Date, with $16.2 million contingent upon effectiveness
 of the Direct Listing, and has been reflected as an increase in Class A common stock and
 Additional paid-in capital with a corresponding reduction in Retained earnings
 within in the unaudited condensed combined pro forma balance sheet, based upon expected issuance
 of 0.816 million shares of Class A common stock, par value $0.001, at an expected initial
 listing price of $20 per share. Class A common stock payable at Closing Date is inclusive
 of shares payable to the Advisor as discussed elsewhere within this prospectus. The remaining
 $4.3 million in estimated transaction costs have been recorded as an increase in Accrued
 expenses and other current liabilities and a corresponding reduction in Retained earnings
 in the unaudited condensed combined pro forma balance sheet and consists of the following:
 a) $2.0 million payable in Class A common stock six months after the Closing Date, contingent
 upon successful completion of the Direct Listing and b) $2.3 million payable in cash, of
 which $0.9 million is contingent upon successful completion of the Direct Listing. This adjustment
 additionally reflects reclassification of $0.3 million in non-contingent transaction costs
 which are payable in Class A common stock at Closing Date and included in the AIAI historical
 balance sheet within Accrued expenses and other current liabilities to reflect a
 reduction of the liability and an increase in Class A common stock and Additional
 paid-in capital based upon expected issuance of 0.014 million shares of Class A common stock,
 par value $0.001, at an expected initial listing price of $20 per share. Refer also to Note
 6(i) for discussion of related impacts to the unaudited condensed combined pro forma statement
 of operations. Refer to the table below for a summary of transaction costs not reflected
 in the historical financial statements of AIAI:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Cash** | **Cash** | **Class A common stock** | **Class A common stock** | **Total** |
|  | **Contingent** | **Non-Contingent** | **Contingent** | **Non-Contingent** | |
| Transaction costs recorded to Accrued expenses and other current liabilities | $850 | $1412 | $2000 | $- | $**4262** |
| Transaction costs recorded to Shareholders' equity | - | - | 16171 | 140 | **16311** |
| **Total** | $**850** | $**1412** | $**18171** | $**140** | $**20573** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents recognition of
 an intangible asset related to the acquired perpetual license to M42 Psychometric AI Platform pursuant to the IP License Agreement.
 As consideration for the license, AIAI will issue approximately 25.137 million shares of Class A common stock with an estimated
 fair value of $502.74 million to M42 at the Closing Date; estimated shares of AIAI Corporation common stock are based upon an
 expected initial listing price of $20 per share. The amortization related to this intangible asset is reflected as a pro forma adjustment
 in the unaudited pro forma condensed combined statements of operations, as further described in Note 6(e).

(k) Represents an adjustment to recognize at estimated fair value
AIAI's initial investment in preferred stock of M42 Blocker Corp, whose principal asset is a non-controlling equity investment
in M42. Following the initial investment, AIAI's investment in M42 Blocker Corp will be measured in accordance with ASC 321 Investments
– Equity Securities. As consideration for preferred shares of M42 Blocker Corp, AIAI will issue approximately 16.3 million shares
of Class A common stock with an estimated fair value of $326.0 million; estimated shares of AIAI Class A common stock are based upon
an expected initial listing price of $20 per share.

(l) Reflects repayment of outstanding indebtedness of Vanguard
and AIR at the Closing Date, utilizing proceeds of a cash capital contribution received from the Founder, as further discussed in pro
forma adjustment 5(m).

(m) Represents issuance of Class A common stock to the Founder
in exchange for $2.5 million in transaction costs funded by the Founder prior to Closing Date and a $9.0 million cash capital contribution
to be completed upon effectiveness of the direct listing of our Class A common stock. Issuance of Class A common stock is based upon
an expected initial listing price of $20 per share.

(n) Represents issuance of Class B common stock to the Founder
upon effectiveness of the direct listing of our Class A common stock. Class B common stock shall be issued in exchange for cash equal
to the par value of issued shares.

(o) Reflects an adjustment to recognize deferred income tax liabilities
associated with the other transaction accounting adjustments, presented as if the Transactions had occurred on December 31, 2025. A blended
statutory tax rate of approximately 22% has been assumed for all pro forma adjustments. The blended statutory tax rate is not necessarily
indicative of the effective tax rate following the Acquisitions, which could be significantly different depending on post-acquisition
activities, including cash needs and the geographical mix of income.

(p) Reflects assumed cash
 proceeds from the Credit Facility of $40.0 million which will be drawn within 45 days after the Closing Date and partial use of proceeds
 to retire outstanding CCCI indebtedness of $24.2 million which existed as of the Closing Date. The remaining proceeds will be utilized
 to fund committed capital contributions to the Portfolio Companies and for general corporate purposes. The Credit Facility
 is not a condition to closing of the Acquisitions and is not otherwise required to complete the Acquisition transactions. If the Company
 is unable to enter into the Credit Facility, alternative sources of liquidity include loans from, or additional capital contributions
 by, the Founder or its affiliated entities, as well as access to the capital markets.

**Note 6. Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations**

**<u>Purchase Accounting Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents
 the adjustment to record elimination of historical amortization expense and recognition of
 new amortization expense related to acquired identifiable intangible assets based on the
 estimated fair value and the associated estimated useful life. Amortization expense is calculated
 based on the estimated fair value of each of the identifiable intangible assets and the associated
 estimated useful life as discussed in Note 5(c) above. The amortization is based on the periods
 over which the economic benefits of the intangible assets are expected to be realized, which
 are subject to adjustment as additional information becomes available.

The adjustment for the amortization of the identifiable intangible assets acquired for the year ended December 31, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| <br>**(in thousands)** | **CCCI** | **Constellation** | **Other Portfolio Companies** | **Total** |
| Amortization on fair value of Intangible assets: |  |  |  |  |
| Customer relationships | $3375 | $77 | $1711 | $5163 |
| Customer backlog | 2059 |  |  | 2059 |
| Trademarks and domain names | 2190 | 211 | 1440 | 3841 |
| Partner relationships |  |  | 1721 | 1721 |
| Software |  | 3877 | 556 | 4433 |
| Acquired technology | - | - | 9774 | 9774 |
| **Total** | $**7624** | $**4165** | $**15202** | $**26991** |
| Less: Historical amortization of Intangible assets | - | - | 82 | 82 |
| **Total additional amortization expense** | $**7624** | $**4165** | $**15120** | $**26909** |

---

---

| | |
|:---|:---|
| (b) | Represents the adjustment to record elimination of historical depreciation expense and recognition of revised depreciation expense related to the property and equipment acquired based on the estimated fair value and the associated estimated useful life as of December 31, 2025. The depreciation of property and equipment is based on the estimated remaining useful lives of the assets as discussed in Note 5(b) above. The depreciation is based on the periods over which the economic benefits of the intangible assets are expected to be realized, which are subject to adjustment as additional information becomes available. |
|  | The adjustment to depreciation expense for the year ended December 31, 2025, is as follows: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| <br>**(in thousands)** | **CCCI** | **Constellation** | **Other Portfolio Companies** | **Total** |
| Depreciation on fair value of Property and equipment | $4131 | $20 | $8 | $4159 |
| Less: Historical depreciation of Property and equipment | 3598 | 14 | - | 3612 |
| **Total additional depreciation expense** | $**533** | $**6** | $**8** | $**547** |
| **Allocated to FSLI:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales | $466 | $- | $- | $466 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 67 | 6 | 8 | 81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects
 adjustment for the elimination of net income attributable to non-controlling interest holders
 of MediGuide and Vanguard for the year ended December 31, 2025. All equity held by non-controlling
 interests will be acquired by AIAI in connection with the Acquisitions.

(d) Reflects
 removal of the Portfolio Companies' income tax provisions and recording of an AIAI
 corporate income tax provision based upon the unaudited pro forma combined statements of
 operations of AIAI as if all Portfolio Companies were taxed as a corporation with an estimated
 effective tax rate of 27%. Additionally, reflects tax effects of fair value adjustments arising
 from purchase accounting for the Acquisitions at a blended statutory tax rate of 22% for
 the year ended December 31, 2025. The blended statutory tax rate used for the unaudited pro
 forma condensed combined financial statements will likely vary from the actual effective
 tax rates in periods as of and subsequent to the completion of the Transactions.

**<u>Other Transaction Accounting Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents
 an adjustment to record amortization expense on the IP License intangible obtained from M42.
 The amortization expense is calculated based on the fair value of consideration transferred
 in exchange for the IP License and an estimated economic life of 5 years. The amortization
 expense of $130.6 million for the year ended December 31, 2025, is inclusive of an increase
 in cost basis of the intangible asset resulting from the recognition of deferred income tax
 liabilities as described in Note 5(o).

(f) Represents
 an adjustment to recognize share-based compensation expense over the vesting period related
 to Class A restricted stock units that will be issued by AIAI to certain officers upon effectiveness
 of our direct public listing. Awards issued to officers at the Closing Date will have an
 estimated fair value of $17.0 million, with one-third vesting on each of the first, second
 and third anniversaries of the Closing Date. Estimated compensation expense is $5.7 million
 for the year ended December 31, 2025.

(g) Reflects
 incremental cash compensation expense payable to officers and directors of AIAI based upon
 employment agreements and our outside director compensation policy, respectively. Compensation
 will be payable throughout the first year of service with no amounts due at Closing Date.
 Incremental cash compensation for officers and directors of AIAI is estimated to be $3.9
 million for the year ended December 31, 2025.

(h) Represents
 share-based compensation expense related to issuance of initial equity awards in AIAI Class
 A restricted stock to certain directors conditioned upon effectiveness of the Direct Listing.
 Initial equity awards will have an estimated fair value of $1.5 million, with one-third vesting
 on each of the first, second and third anniversaries of the Closing Date. Estimated compensation
 expense is $0.5 million for the year ended December 31, 2025.

(i) Reflects
 AIAI's estimated transaction costs of $20.6 million to be incurred through the effective
 date of the direct listing our Class A common stock. Transaction costs consist of advisory,
 legal, accounting and auditing fees and other professional fees, that have not been recognized
 and accrued in the historical financial statements of AIAI or the Portfolio Companies as
 of December 31, 2025. This is a non-recurring item.

(j) Reflects
 an annual service fee payable to M42 equal to 3% of AIAI's consolidated annual revenue,
 in exchange for updates to the AI platform and related AI implementation services under the
 Technology Service Agreement. The Technology Service Agreement will become effective at
 the Closing Date and service fees will be incurred only upon revenues generated after the
 Closing Date. Service fees for the first annual period of operations following the Closing
 Date have been estimated based on AIAI's pro forma combined revenue for the year
 ended December 31, 2025. Actual future charges under the Technology Service Agreement
 will depend on actual consolidated revenue of AIAI subsequent to the Closing Date and will
 be recognized when incurred. As no amounts will be paid or payable under the Technology
 Service Agreement at the Closing Date, there is no associated impact to the unaudited condensed
 combined pro forma balance sheet.

(k) Represents
 reversal of historical interest expense on existing debt of Vanguard and AIR for the year
 ended December 31, 2025. Vanguard and AIR indebtedness will be extinguished at the Closing
 Date utilizing cash provided by capital contributions from the Founder at Closing Date.

(l) Represents
 an adjustment to record lease expense for year ended December 31, 2025, pursuant to an operating
 lease of office space from M42 which is to be entered upon the completion of the direct public
 listing of our Class A common stock. The lease is expected to be short-term in nature and
 subject to monthly renewals.

(m) Reflects
 estimated income tax effect of the other transaction accounting adjustments, presented as
 if the Transactions had occurred on January 1, 2025. A blended tax rate of approximately
 22% has been assumed for the year ended December 31, 2025, for all pro forma adjustments.
 The blended statutory tax rate is not necessarily indicative of the effective tax rate following
 the Acquisitions, which could be significantly different depending on post-acquisition activities,
 including cash needs and the geographical mix of income.

(n) Reflects
 the net interest expense impact of a $40 million borrowing under the Credit Facility within
 45 days after Closing Date and contemporaneous extinguishment of the $24.2 million in outstanding
 CCCI indebtedness acquired as of the Closing Date. Interest expense on the Credit Facility
 has been estimated based upon management's expectations for a secured debt facility,
 reflecting a 6% annual rate. Actual interest rate may differ from estimates and is subject
 to change until the Credit Facility is executed. An increase or decrease of 1/8th percent
 in the interest rate would result in an increase or decrease in interest expense of $0.05
 million for the year ending December 31, 2025.

**Note 7. Loss per share**

The following table sets forth the computation of pro forma basic and diluted loss per share for the year ended December 31, 2025. As Class B common stock are not participating securities, the computation of loss per share has been presented based upon the estimated weighted average of Class A common stock outstanding during each fiscal period.

---

| | |
|:---|:---|
|  | **For the year ended December 31, 2025** |
| **Numerator:** |  |
| Pro forma net income (loss) attributable to AIAI common shareholders | $(159699) |
| **Denominator:** |  |
| Shares of AIAI Class A common stock issued to Founder in connection with subscription agreement | 1000 |
| Shares of AIAI Class A common stock to be issued in exchange for CCCI equity | 16123315 |
| Shares of AIAI Class A common stock to be issued in exchange for Constellation equity **(a)** | 4757429 |
| Shares of AIAI Class A common stock to be issued in exchange for MediGuide equity | 2565000 |
| Shares of AIAI Class A common stock to be issued in exchange for Vanguard equity | 464037 |
| Shares of AIAI Class A common stock to be issued in exchange for AIR equity | 2500000 |
| Shares of AIAI Class A common stock to be issued in exchange for Bond Street equity | 500000 |
| Shares of AIAI Class A common stock to be issued in exchange for IP License | 25137000 |
| Shares of AIAI Class A common stock to be issued in exchange for Investment in M42 Blocker Corp | 16300000 |
| Shares of AIAI Class A common stock to be issued pursuant to equity awards to officers **(b)** |  |
| Shares of AIAI Class A common stock to be issued pursuant to equity awards to directors **(c)** |  |
| Shares of AIAI Class A common stock to be issued in exchange for transaction advisory services **(d)** | 879560 |
| Shares of AIAI Class A common stock to be issued to Founder as reimbursement of transaction expenses paid on behalf of AIAI | 124000 |
| Shares of AIAI Class A common stock to be issued to Founder in exchange for capital contribution at Closing Date | 450000 |
| **Pro Forma weighted average shares (basic and diluted):** | **69801341** |
| **Pro forma net income (loss) per share attributable to AIAI Holdings common Stock:** |  |
| Basic and diluted | $**(2.29)** |

---

a) Equity
 consideration payable for Constellation consists of approximately $95.1 million which will
 be settled through the issuance of 4.76 million shares of AIAI Class A common stock at Closing
 Date with the remaining $75.1 million in equity consideration represented by fully vested
 options in AIAI Class A common stock. As the options are not outstanding shares, 3.75 million
 associated potential shares have been excluded from the computation of basic loss per share.

b) Below
 is a reconciliation of equity awards issued to executive officers to share-based compensation
 expense recognized in the unaudited condensed combined pro forma financial information:

---

| | | | |
|:---|:---|:---|:---|
| | **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** |
| <br>**Description** | **Number of equity awards (1)** | **Estimated Fair Value per award (2)** | **Share-based compensation expense to be recognized (3)** |
| **Equity awards vesting at Closing Date** | **-** | $20 | $**-** |
| Equity awards vesting on first anniversary of the Closing Date, reflected in pro forma adjustment 6(f) | 283333 | 20 | 5666 |
| **Total equity awards vested within one year of Closing Date** | **283333** |  | **5666** |
| Equity awards vesting on the second anniversary of the Closing Date | 283333 | 20 | 5667 |
| **Total equity awards vested within two years of Closing Date** | **566666** |  | **11333** |
| Equity awards vesting on the third anniversary of the Closing Date | 283334 | $20 | 5667 |
| **Total equity awards vested within three years of Closing Date** | **850000** |  | $**17000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At the Closing Date, AIAI will issue Class A restricted stock awards with estimated fair value of $17.0 million to certain executive officers. These awards will vest in three equal annual tranches on the first, second and third anniversaries of the Closing Date. Based upon the estimated initial listing price of $20 per share for AIAI Class A common stock, a total of 850,000 restricted stock awards will be issued. As the earliest vesting occurs on the first anniversary of the Closing Date, there is no impact on the pro forma weighted average shares outstanding for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity awards to executive officers will be issued in the form of Class A restricted stock. Estimated fair value per award is equal to the estimated initial listing price of $20 per share for Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Share based compensation expense equal to the fair value of executive officer awards vesting at the first anniversary of the Closing Date has been reflected within pro forma adjustment 6(f) to the unaudited condensed combined statement of operations for the year ended December 31, 2025.

c) Below
 is a reconciliation of the initial grant of equity awards to directors to share-based compensation
 expense recognized in the unaudited condensed combined pro forma financial information:

---

| | | | |
|:---|:---|:---|:---|
| | **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** | **(in thousands, except share and per share amounts)** |
| <br>**Description** | **Number of equity awards (1)** | **Estimated Fair Value per award (2)** | **Share-based compensation expense to be recognized (3)** |
| **Equity awards vesting at Closing Date** | **-** | $20 | $**-** |
| Equity awards vesting on first anniversary of the Closing Date, reflected in pro forma adjustment 6(h) | 25000 | 20 | 500 |
| **Total equity awards vested within one year of Closing Date** | **25000** |  | $**500** |
| Equity awards vesting on the second anniversary of the Closing Date | 25000 | 20 | 500 |
| **Total equity awards vested within two years of Closing Date** | **50000** |  | **1000** |
| Equity awards vesting on the third anniversary of the Closing Date | 25000 | $20 | 500 |
| **Total equity awards vested within three years of Closing Date** | **75000** |  | $**1500** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At the Closing Date, AIAI will issue Class A restricted stock awards with estimated fair value of $1.5 million to certain directors. These awards will vest in three equal annual tranches on the first, second and third anniversaries of the Closing Date. Based upon the estimated initial listing price of $20 per share for AIAI Class A common stock, a total of 75,000 restricted stock awards will be issued. As the earliest vesting occurs on the first anniversary of the Closing Date, there is no impact on the pro forma weighted average shares outstanding for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity awards to directors will be issued in the form of Class A restricted stock. Estimated fair value per award is equal to the estimated initial listing price of $20 per share for Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Share based compensation expense equal to the fair value of director awards vesting at the first anniversary of the Closing Date has been reflected within pro forma adjustment 6(h) to the unaudited condensed combined statement of operations for the year ended December 31, 2025.

d) Estimated
 fees for transaction advisory services payable in Class A common stock are $18.6 million,
 of which $16.6 million is payable at Closing Date and $2.0 million is payable six months
 after Closing Date. Associated impacts to the weighted average shares outstanding have been
 computed based upon the estimated initial listing price of $20 per share for AIAI Class A
 common stock. With respect to the $16.6 million payable at Closing Date, 829,560 shares
 are expected to be issued, which will be outstanding for the full year ended on December
 31, 2025 on pro forma basis, and have been included within the weighted average shares outstanding
 for purposes of computing pro forma loss per share. With respect to the $2.0 million payable
 six months after the Closing Date, 100,000 shares are expected to issued, computed as $2.0
 million divided by $20 per share; as these shares will be issued six months after the Closing
 Date and therefore outstanding for half of the year ended December 31, 2025 on a pro forma
 basis, 50,000 shares have been included within the weighted average shares outstanding for
 purposes of computing pro forma loss per share (100,000 shares multiplied by 6 months outstanding
 divided by a 12 month annual period). Class A common stock payable for transaction advisory services at Closing Date is inclusive of shares payable to the Advisor as discussed elsewhere within this prospectus. Of the total transaction advisory services payable in Class A common stock at the Closing Date, $0.3 million is included within Accrued expenses and other current liabilities in the historical financial statements of AIAI and has been reclassified to shareholders' equity within pro forma adjustment 5(i). A further $16.3 million in Class A common stock payable at Closing Date has been reflected as an adjustment to shareholders' equity within pro forma adjustment 5(i). The remaining $2.0 million in Class A common stock payable six months after Closing Date has been reflected within Accrued expenses and other current liabilities within pro forma adjustment 5(i). Associated expenses have been reflected as a component of pro forma adjustment 6(i) to Selling, general, and administrative expenses within the unaudited condensed combined pro forma statement of operations for the year ended December 31, 2025.

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents as well as our capitalization, as of December 31, 2025, as follows:

● on an actual basis and

● on a pro forma basis, giving effect to (i) the acquisition of the Portfolio Companies and the issuance of an aggregate of 26.9 million shares of our Class A common stock with respect thereto (shares are net of an estimated 0.6 million shares of Class A common stock withheld as a reduction in purchase consideration due to net indebtedness of CCCI and Vanguard); (ii) the issuance of an aggregate of 16.3 million shares of our Class A common stock to M42 Blocker Corporation in exchange for $326.0 million in non-voting preferred stock of M42 Blocker Corporation; (iii) the issuance of 25.1 million shares of our Class A common stock to M42 as consideration for the IP License (see "Business - License Agreement"); (iv) the issuance of an aggregate of 0.8 million shares of our Class A common stock to providers of transaction advisory services; (v) the issuance of 7.6 million shares of our Class B Common Stock to our Founder, John P. Rochon; (vi) the issuance of 0.6 million shares of our Class A Common Stock to our Founder, John P. Rochon in exchange for a capital contribution; and (vii) the issuance of 1,000 shares of our Class A common stock to our Founder, John P. Rochon under a stock subscription agreement with the Company.

You should read this table together with the financial statements and the accompanying notes, and the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" that is included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025<br> (Dollars in thousands except share amounts)** | **As of December 31, 2025<br> (Dollars in thousands except share amounts)** |
|  | **CCCI<br> (Predecessor)<br> Actual** | **AIAI Holdings Corporation <br> Pro Forma** |
| Cash and cash equivalents | $15634 | $32880 |
| Indebtedness |  |  |
| &nbsp;&nbsp;&nbsp;Short-term debt | $- | $1555 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities (including current portion) | 4885 | 4885 |
| &nbsp;&nbsp;&nbsp;Long-term debt (including current portion), net of debt issuance costs | 24167 | 40072 |
| Total debt | 29052 | 46512 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Partners' capital | $14988 | $- |
| &nbsp;&nbsp;&nbsp;Class A common stock of AIAI Holdings Corporation, $0.001 par value per share, no shares authorized, issued or outstanding at December 31, 2025, on an actual basis; 500 million shares authorized, 69.75 million shares issued and outstanding on a pro forma basis **(a)** |  | 70 |
| &nbsp;&nbsp;&nbsp;Class B common stock of AIAI Holdings Corporation, $0.001 par value per share, no shares authorized, issued or outstanding at December 31, 2025, on an actual basis; 60 million shares authorized, 7.6 million shares issued and outstanding on a pro forma basis |  | 8 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 1387229 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | - | (24357) |
| Total shareholders' equity | 14988 | 1362950 |
| &nbsp;&nbsp;&nbsp;**Total capitalization** | $**44040** | $**1409462** |

---

The pro forma information discussed above is illustrative only and will be adjusted based upon actual listing price of our Class A common stock. Pro forma shares of Class A common stock issued and outstanding have been estimated are based upon an assumed $20 per share direct listing price. The actual listing price may differ materially from the assumptions used in this table.

a) Below
 is a reconciliation between the 69.75 million shares of Class A common stock issued and outstanding on pro forma basis and: i) the
 maximum number of 70,313,990 shares Class A common stock which will be issued and outstanding following the Transactions as disclosed
 elsewhere in this prospectus, and ii) the total number of shares of Class A common stock being registered in connection with this
 prospectus

---

| | |
|:---|:---|
|  | **As of December 31, 2025** |
| **Class A shares issued and outstanding per capitalization table** | 69751341 |
| Plus: Pro forma adjustment for estimated number shares of AIAI Class A common stock to be withheld as a reduction in purchase consideration due to CCCI and Vanguard net indebtedness<sup>1</sup> | 562649 |
| **Maximum number of Class A shares issued and outstanding after the Transactions** | **70313990** |
| Less: Unregistered shares of AIAI Class A common stock issued to Founder in connection with stock subscription agreement | (1000) |
| Less: Unregistered shares of Class A common stock issued to the Advisor at the time of the Direct Listing | (808560) |
| Less: Unregistered shares of AIAI Class A common stock issued for transaction advisory services at the time of the Direct Listing | (21000) |
| **Class A shares registered under this prospectus** | **69483430** |

---

<sup>1</sup> The purchase consideration adjustment of 562,649 shares of AIAI Class A common stock was determined by dividing the aggregate of CCCI's and Vanguard's net indebtedness of $11,252,974 as of December 31, 2025 by the price of $20.00 per share.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of each of the registrant, AIAI Holdings Corporation, the registrant's "predecessor company", C.C. Carlton Industries, Ltd., and the largest remaining Portfolio Company, Constellation Network, Inc., together with their financial statements and the related notes appearing elsewhere in this prospectus. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding future performance, liquidity, and capital resources that involve risks, uncertainties, and assumptions that could cause actual results to differ materially from our expectations. The actual results may differ materially from those contained in or implied by any such forward-looking statements. Factors that could cause such differences include those identified below and those described in the sections titled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements". We assume no obligation to update any of these-forward looking statements.* 

**<u>AIAI HOLDINGS CORPORATION</u>**

**Overview**

AIAI Holdings Corporation ("AIAI") operates through a unique business model that applies its licensed AI technology to strategic acquired portfolio companies. Our business generates revenue through products and services distributed by our subsidiary Portfolio Companies, which are the operating companies we will acquire and enhance through AI implementation.

Our anticipated accelerated timeline of four to six months for the implementation of our AI technology, compared to our perceived industry standard of 24-36 months, represents a significant competitive advantage and drives our financial performance. This accelerated time frame for the implementation of our AI should enable faster revenue recognition from technology services while allowing more rapid realization of operational improvements in acquired companies. There are several reasons why will believe our implementation process will occur more rapidly than traditional software implementations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Truncated Administrative Process: Traditional software companies are typically subject to lengthy sales processes involving competitive bidding and procurement, which are often weighed against criteria generated by a third-party consultant, typically beginning after a 30 to 180 day study and subsequent report on the client's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Standardizing Backend Foundational IT: Traditional software businesses must develop detailed statements of work, project plans, and system mappings, tailored to each client's business and requirements. This process can often take several months just to begin the integration and deployment. Our approach is different because we are not selling software. We perform upfront analysis and develop standardized backend and middleware specifications that become a single technology foundation as a requirement during any subsidiary acquisition diligence process. We thereby expect to be able to generally complete this work concurrently with an approximately 12-week diligence period so we can accelerate post-acquisition integration and operational readiness. In addition to deploying our software platform, we supplement the implementation with our experienced industry-agnostic services, support, and management teams to enable consistent and uniform execution across our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Industry Agnostic AI Platform: A significant reason we believe we will have an accelerated platform is technical in nature. The AI technology we are licensing from M42 is supported by over one billion lines of code and configuration, industry specific and non-industry specific APIs and extremely advanced mathematics and science. As a result, our platform does not require traditional data cleansing, data extraction, data transformation, and data loading "extract transform load" (ETL) processes. We can leave the data in its data silo rather than "normalizing" disparate data types, and going through a centralized ETL process, we can "loosely associate" unstructured or structured disparate data silos and analyze them in place. This approach enables us to process very large data volumes and deliver insights significantly faster than traditional solutions, which often remain constrained by extended periods of data cleansing and normalization efforts. This capability allows us to access portfolio companies' data and business applications and deliver AI-enabled insights within days or weeks while our competitors continue to spend extended periods manually cleansing, normalizing, integrating and extracting data.

**Key Factors Affecting Our Performance**

**Implementation Efficiency**

Our financial performance depends significantly on maintaining our accelerated implementation timeline. Any extension of this timeline could increase implementation costs, delay the realization of expected cost savings and reduce revenue growth at our portfolio companies expected to be achieved through utilization of our licensed AI, and potentially impact customer satisfaction at our portfolio companies. Our ability to maintain AI implementation efficiency while scaling operations across multiple sectors and geographies directly impacts our profitability and growth potential.

**Acquisition Performance**

The success of our acquisition strategy materially affects our financial results. Key factors include our ability to:

● Identify suitable acquisition targets at appropriate valuations

● Complete effective due diligence under time constraints

● Successfully integrate acquired companies

● Implement our AI solutions within acquired operations

● Achieve projected operational improvements

● Maintain consistent implementation timelines across acquisitions

**Market Conditions**

Our performance is influenced by general economic conditions, technology spending trends, and sector-specific factors across our target industries. Economic downturns could impact both technology services revenue and acquisition opportunities. Market conditions also affect our ability to maintain our targeted dividend policy and achieve desired returns on acquisitions.

**Results of Operations**

***Period from July 19, 2024 (inception) through December 31, 2024***

AIAI was formed on July 19, 2024 did not conduct any operations or incur expenses during the year ended December 31, 2024. Accordingly, there are no comparative financial results or operational activities to report for that period.

***Fiscal year ended December 31, 2025 and Period from July 19, 2024 (inception) through December 31, 2024***

The following table sets forth, for the periods indicated, certain statements of operations data:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31, 2025** | **Period from<br> July 19, 2024<br> (inception)<br> through**<br> **December 31, 2024** |
| **Revenue** |  |  |
| Products | $— | $— |
| Services |  |  |
| **Total revenue** |  |  |
| Cost of sales |  |  |
| **Gross profit** |  |  |
| Transaction advisory costs | 3899 |  |
| **Operating loss** | (3899) |  |
| Other income (expense), net |  |  |
| **Loss before income taxes** | (3899) |  |
| Provision for income tax |  |  |
| **Net loss** | $(3899) | $— |

---

For the fiscal year ended December 31, 2025, AIAI did not conduct any substantive business operations other than incurring expenses incidental to the direct listing process, as further discussed below. As a result, there was no revenue-generating activity or operational performance to report for the period.

As discussed above, AIAI did not conduct any operations or incur expenses during the 2024 fiscal year, and accordingly, there are no operational activities or financial results to report for the period from July 19, 2024 (inception) through December 31, 2024.

**Operating Expenses**

**Transaction advisory costs**

Transaction advisory costs increased $3.9 million or 100.0 %, from zero in the period ended December 31, 2024 to $3.9 million in the fiscal year ended December 31, 2025. This increase was due to transaction costs incurred in connection with the evaluation and execution of strategic initiatives related to identification of portfolio companies and completion of the direct listing of our common stock including legal, accounting, and advisory services.

**Provision for income taxes**

The Company has net operating loss carryforward deferred tax assets of $0.8 million related to pre-tax losses incurred during the fiscal year ended December 31, 2025. A full valuation allowance has been recorded on the operating loss carryforward deferred tax asset as of December 31, 2025.

**Liquidity and Capital Resources**

**Overview**

Prior to the completion of the Direct Listing of our common stock and the contemporaneous closing of the acquisition transactions for our Portfolio Companies, our liquidity needs primarily consist of working capital requirements associated with transaction advisory costs incurred in connection with the direct listing of our common shares. Our principal sources of liquidity are funded through capital contributions provided by our Founder or affiliated entities under common control of our Founder. As of December 31, 2025 and 2024, we did not have cash or financial assets of our own, nor did we have any indebtedness. During these periods, we did not conduct any substantive business operations, and all liquidity needs were met exclusively through capital contributions by our Founder and our affiliates who made payments to service providers on our behalf.

Following completion of the Direct Listing and the contemporaneous closing of the acquisition transactions for our Portfolio Companies our liquidity needs will primarily consist of working capital requirements for the operations of our Portfolio Companies as well as incremental general and administrative costs associated with operating as a public company, acquisition funding, capital expenditures, research and development investments, and dividend payments to our stockholders. Our principal sources of liquidity are expected to be cash generated from operations, available cash and cash equivalents, loans from or additional capital contributions provided by our Founder or affiliated entities, borrowings under one or more credit facilities, and access to capital markets.

**Contractual Obligations**

As of the date of this Prospectus, our contractual obligations, the effectiveness of which shall occur immediately prior to the effectiveness of the Registration Statement of which this prospectus forms a part, will consist primarily of:

● Earnout obligations related to acquisition of the Portfolio Companies

● Employment agreements with key personnel and directors

● License Agreement and related Technology Services Agreement with M42

● Contingent fees due to providers of legal and capital markets advisory services incurred in connection with the direct listing of our common shares

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.

**Business Combinations**

Our acquisition strategy requires significant judgments in allocating purchase price to acquired assets and liabilities, including identifying and valuing intangible assets. We must also estimate the future performance of acquired companies and the expected synergies from implementing our AI solutions, which affects the valuation of acquired businesses and potential earnout obligations.

We account for business combinations in accordance with Accounting Standard Codification ("ASC") Topic 805, which requires the identification of the acquirer, determination of the acquisition date, and recognition and measurement of the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree. The purchase price is allocated to the acquired assets and liabilities based on their estimated fair values at the acquisition date. Significant judgment is required in identifying and valuing intangible assets, estimating future performance of acquired entities, and assessing expected synergies. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill.

**Off-Balance Sheet Arrangements**

As of December 31, 2025 and 2024, we did not have any relationships with unconsolidated entities or financial partnerships designed to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes.

**Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Risk**

Prior to the closing of the acquisitions of our Portfolio Companies, we have no cash and cash equivalents or debt obligations and therefore no interest rate risk. Following the acquisition of our Portfolio Companies, sources of interest rate risk will primarily include acquired debt obligations of our Portfolio Companies and any future debt obligations. Changes in interest rates affect the returns we can earn on our cash and cash equivalents and the cost of any future debt financing for acquisitions or operations.

**Effects of Inflation and Tariffs**

While inflationary cost increases can affect our income from operations' margin, we believe that inflation generally has not had a material adverse effect on our results of operations. Other than the potential for increased inflation as a result of new tariffs and retaliatory actions by other countries, inflationary cost increases are not expected to have a material adverse effect on our results of operations

**Emerging Growth Company Status**

We are an "emerging growth company" as defined in the JOBS Act. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

● Reduced disclosure about our executive compensation arrangements

● Exemption from the requirements to hold non-binding advisory votes on executive compensation

● Exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting

● Extended transition periods for complying with new or revised accounting standards

We will remain an emerging growth company until the earliest of the end of the fiscal year in which we have more than $1.235 billion in annual revenue, we have more than $700 million in market value of our stock held by non-affiliates (and we have been a public company for at least 12 months and have filed one annual report on Form 10-K) or we issue more than $1 billion of non-convertible debt securities over a three-year period.

**<u>C.C. CARLTON INDUSTRIES, LTD.</u>**

**Overview**

Founded in 1993, CCCI is a well-established civil construction company based in Texas, specializing in delivering full-scope civil construction, project management, and estimating services. With over 30 years of experience serving Texas, CCCI has focused on civil construction services and established a strong reputation for excellence in the construction industry. Services include clearing, site preparation, excavation, wet utility installation, dry utility installation, lift and pump stations, water treatment plants, concrete structures, streets and parking lots. Additionally, CCCI's landscaping division offers irrigation, revegetation, aquatic plantings, and custom wall construction. Backed by deep industry expertise and proven estimating processes, CCCI has designed and managed a diverse range of projects, such as single-family subdivisions, multi-family subdivisions, apartments, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects.

CCCI is dedicated to fostering long-term relationships with its clients, driven by the company's commitment to transparency, ethical practices, and adherence to the highest standards of quality. CCCI's team of experienced professionals works collaboratively to deliver innovative solutions tailored to meet the unique needs of each project, ensuring customer satisfaction and project success. As CCCI continues to grow and adapt to the evolving construction landscape, CCCI remains committed to enhancing its capabilities and expanding its service offerings, positioning itself as a leader in the civil construction sector in Central Texas.

CCCI expects the strong demand for its services will continue, driven by (i) population growth in Texas resulting in public and private development, (ii) state and local government funding, and (iii) the need to repair and upgrade infrastructures. CCCI is prequalified to perform Texas Department of Transportation work, which gives the company enhanced credibility and competitive advantage in a region where public infrastructure is expanding rapidly. As of December 31, 2025, CCCI's remaining performance obligation backlog was $158.9 million.

See "Business" section included elsewhere in this prospectus for a more detailed description of CCCI's business.

**Revenue Model**

CCCI primarily derives revenue from fixed-price contracts in the civil construction sector with a focus on construction of site utilities, roads, bridges, and concrete structures in Texas. CCCI specializes in providing full-scope civil construction, project management, and estimating services, including but not limited to wet and dry utility installation, paving and concrete structures, site clearing and grading, lift and pump stations, and treatment plants. Additionally, CCCI offers landscaping services including irrigation, revegetation, aquatic plantings, tree replacement, and decorative wall construction. This diverse expertise is essential for executing a variety of projects, including single-family subdivisions, multi-family subdivisions, commercial sites, hospitals, medical office buildings, industrial sites, schools, and municipal projects with efficiency and scalability.

CCCI recognizes revenue over time as work is completed, typically using an input measure such as costs incurred to date relative to total estimated costs at completion to measure progress. Costs that do not depict progress toward satisfaction of the performance obligation are included in contract costs but may not result in revenue being recognized, such as significant re-work.

**Trends and Key Factors Affecting Performance**

CCCI believes that its's future performance will be influenced by a number of factors, including those described in the section titled "Risk Factors" and elsewhere in this prospectus as well as the factors described below. While each of these factors presents significant opportunities for CCCI, these factors also pose challenges that CCCI must successfully address in order to sustain the growth of the company's business and enhance results of operations.

***Weather Natural Disasters and Emergencies***

CCCI's performance in a given period can be impacted by adverse weather conditions, severe weather events, natural disasters or other emergencies, which include, among other things, heavy or prolonged snowfall, icing, or rainfall, hurricanes, tropical storms, tornadoes, floods, extreme temperatures, wildfires, and pandemics. These conditions and events can negatively impact CCCI's financial results due to, among other things, the termination, deferral or delay of projects, reduced productivity and exposure to significant liabilities. See "*Risk Factors*."

***Seasonality***

CCCI's operations are typically affected more by weather conditions during the first and fourth quarters of the fiscal year, because cold, snowy or wet conditions can create challenging working environments that are more costly for CCCI's customers or cause delays on projects. This may alter company's construction schedules and can create variability in CCCI's revenues, profitability and the required number of employees. Second and third quarter revenues are typically the highest of the year, as a greater number of projects are underway and operating conditions, including weather, are normally more accommodating.

***CCCI's Ability to Obtain New Projects***

CCCI bids on projects that it believes offers an opportunity to meet the company's profitability objectives or that offer the opportunity to enter promising new markets. The potential customers often conduct rigorous competitive processes for awarding contracts. CCCI will potentially face strong competition and pricing pressures for any additional contract awards from other government agencies, and CCCI may be required to qualify or continue to qualify under various multiple award task order contract criteria. See "*Risk Factors."*

***CCCI's Ability to Obtain Approval of Change Orders and Successfully Pursue Claims***

CCCI is subject to variation in scope and cost of projects from the company's original projections. In certain circumstances, CCCI seeks to collect or assert claims against customers, engineers, consultants, subcontractors or others involved in a project for additional costs exceeding the contract price or for amounts not included in the original contract price. CCCI's experience has often been that customers have been willing to negotiate equitable adjustments to the contract compensation or completion time provisions if unexpected circumstances arise. However, this process may result in disputes over whether the work performed is beyond the scope of the work included in the original project plans and specifications or, if the customer agrees that the work performed qualifies as extra work, the price that the customer is willing to pay for the extra work. See "*Risk Factors*."

***CCCI's Ability to Estimate and Control Construction Costs***

 

CCCI's costs primarily consist of payroll, equipment, materials, and other project related expenses. CCCI's contracts are typically fixed price, and if CCCI is unable to accurately estimate the overall risks, requirements or costs when CCCI bids on or negotiates a contract that is ultimately awarded, the company may achieve a lower than anticipated profit or incur a loss on the contract due to higher than estimated costs. Additionally, CCCI's costs and profitability can be adversely affected by factors such as inflation, tariffs, supply chain and other operational inefficiencies. CCCI's future growth also depends on the company's ability to accurately estimate and control construction costs, a major part of which consists of implementing AIAI's Artificial Intelligence in CCCI's estimating and operational processes going forward. Also, CCCI's labor and training expenses may increase as a result of a shortage in the supply of skilled personnel. CCCI strives to minimize exposure to labor and material price increases in the company's project bids and the manner in which CCCI executes work. In fixed price contracts, CCCI attempts to insulate itself from the unfavorable effects of inflation, when possible, by incorporating escalating wage and price assumptions into construction cost estimates, by obtaining firm fixed price quotes from major subcontractors and material suppliers, by securing purchase commitments for materials early in the project schedule and by including contingency for these risks in the bid price. Construction and other materials used in construction activities are generally available locally from multiple sources. See "Risk Factors."

***An Inability to Obtain Bonding Could Have a Negative Impact on CCCI's Operations and Results***

CCCI is often required to provide surety bonds securing the company's performance under customer contracts. CCCI's ability to obtain surety bonds primarily depends on company's working capital, past performance, capitalization, credit rating, management expertise, overall capacity of the surety market and other factors. If CCCI is unable to obtain reasonably priced surety bonds in the future, it could significantly affect CCCI's ability to be awarded new contracts and could, consequently, have a material adverse effect on CCCI's business, results of operations and financial condition.

**Key Performance Indicators and Non-GAAP Measures**

CCCI regularly reviews the following key business metrics to evaluate the business, measure company performance, identify trends affecting company's business, and formulate financial projections and make strategic decisions. In assessing the performance of CCCI's business, net income is the primary measure that management uses to assess performance. In addition to net income, CCCI also considers a variety of other key performance measures, including non-GAAP measures. The key performance measures used by management for determining how CCCI's business is performing are total revenue, income from operations, net income, gross profit, gross margin, and adjusted EBITDA, which is a non-GAAP measure.

CCCI believes that these key financial measures provide useful information to users of the financial statements in understanding and evaluating CCCI's results of operations in the same manner as CCCI's management team. The presentation of these key performance measures, including Adjusted EBITDA, which is a non-GAAP financial measure, is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. See "Non-GAAP Measures" below.

The following table sets forth CCCI's key performance measures for the periods indicated below:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** |
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Total revenue | $253098 | $211487 |
| Gross profit | 31558 | 35576 |
| Gross margin | 12.5% | 16.8% |
| Income from operations | 8172 | 15710 |
| Net income | 6777 | 14072 |
| Adjusted EBITDA | $13046 | $20490 |

---

***Adjusted EBITDA***

Adjusted EBITDA is calculated as net income adjusted to exclude interest expense, income and state franchise tax expense and depreciation and amortization, further adjusted to exclude share-based compensation, non-core costs related to strategic initiatives, and certain other non-recurring charges. CCCI uses Adjusted EBITDA to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of CCCI's business strategies, to make budgeting decisions and to compare CCCI's performance against that of other peer companies using similar measures. See "Non-GAAP Measures" below for a reconciliation of Adjusted EBITDA to net income.

**Components of Results of Operations**

*Revenues*

CCCI generates revenue by providing comprehensive civil construction, project management, and estimating services in Texas. CCCI's contracts are typically fixed-price, and CCCI generally recognizes revenue over time as performance obligations are satisfied and control over promised goods or services are transferred to customers, in accordance with Accounting Standard Codification ("ASC") Topic 606. This method assesses the extent of progress based on the ratio of costs incurred to date against the total estimated costs at completion of the performance obligation. Estimating total costs to complete requires CCCI to make informed estimates regarding material costs and availability, labor costs and productivity, as well as overhead expenses.

*Costs of contracts*

Costs of contracts consists of all direct and indirect costs on construction contracts, including raw materials, labor, equipment costs, and subcontractor costs. The cost of significant uninstalled materials, re-work, or scrap is generally excluded from the cost-to-cost measure of progress as it is not proportionate to the entity's progress in satisfying the performance obligation. CCCI expects the cost of contracts to increase in absolute dollars in future periods as business grows. As additional cost-optimization initiatives are executed, CCCI expects the cost of contracts as a percentage of revenue to decrease over time.

*General and administrative expenses*

General and administrative expenses primarily consist of costs for estimating and bidding, business development, and costs related to CCCI's operational offices such as operating leases that are not allocated to direct contract costs and expenses related to CCCI's corporate functions. General and administrative expenses are expensed as incurred. CCCI expects to incur additional general and administrative expenses as a result of operating as a public company, including expenses related to compliance with public company reporting obligations, and increased costs for investor relations and professional services. CCCI expects general and administrative expenses to increase in future periods and to vary from period to period as a percentage of revenue.

*Depreciation and amortization*

Depreciation includes the depreciation of fixed assets, including construction equipment, transportation equipment, furniture and fixtures, office equipment, and leasehold improvements. Amortization includes amortization of right of use assets under finance leases of equipment. Depreciation and amortization expense is included in the statements of income within cost of contracts and general and administrative expenses.

*Interest expense*

Interest expense primarily consists of the interest incurred on CCCI's lines of credit, finance leases, notes payable, and amortization of debt issuance costs, such as debt origination and commitment fees.

*State franchise tax expense*

Tax expenses primarily consist of the State of Texas franchise tax. CCCI's primary operations are classified as a partnership for federal income tax purposes reportable by its members and are not subject to federal and certain state income taxes. Accordingly, CCCI makes no provision for federal and state income taxes in its financial statements except for certain state franchise, excise, and margin tax payable by the partnership entity. Following the completion of this offering, CCCI expects to be subject to taxation as a corporation.

**Results of Operations**

***Comparison of fiscal year 2025 to fiscal year 2024***

The following table summarizes CCCI's results of operations for the fiscal years ended December 31, 2025 and 2024, and the changes between periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** | **$ Change** | **% Change** |
| *(in thousands)* |  |  |  |  |
| Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue from contracts | $253098 | $211487 | $41611 | 19.7% |
| &nbsp;&nbsp;&nbsp;Cost of contracts | 221540 | 175911 | 45629 | 25.9% |
|  | **31558** | **35576** | **(4018)** | **(11.3)%** |
| Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 23352 | 19751 | 3601 | 18.2% |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (147) | (7) | (140) | 2000.0% |
| &nbsp;&nbsp;&nbsp;State franchise tax expense | 181 | 122 | 59 | 48.4% |
| **Income from operations** | **8172** | **15710** | **(7538)** | **(48.0)%** |
| Other expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (1395) | (1638) | 243 | (14.8)% |
| **Net income** | $**6777** | $**14072** | $**(7295)** | **(51.8)%** |

---

*Revenues*

Revenue increased by $41.6 million in fiscal year 2025, or 19.7%, to $253.1 million in fiscal year 2025 from $211.5 million in fiscal year 2024, due to a shift in the project mix towards higher-value projects in fiscal year 2025, with the average contract value increasing to $6.1 million in fiscal year 2025 from $5.2 million in fiscal year 2024. Additionally, CCCI was able to expand its customer base and successfully bid on more projects with new customers, with the total number of active construction contracts increasing to 99 in fiscal year 2025 from 97 in fiscal year 2024.

*Cost of contracts*

 

Cost of contracts increased by $45.6 million in fiscal year 2025, or 25.9%, to $221.5 million in fiscal year 2025 from $175.9 million in fiscal year 2024. Cost of contracts as a percentage of revenue increased by 4.4%, from 83.2% in 2024 to 87.5% in 2025, due to inflationary cost pressures, such as increased costs of materials, labor, and subcontractor expenses that could not be passed on to customers, a shift towards lower-margin single-family and government projects due to a recent decline in commercial market conditions, and greater reliance on subcontractors.

*General and administrative expenses*

 

G&A expenses increased by $3.6 million in fiscal year 2025, or 18.2%, to $23.4 million in fiscal year 2025 from $19.8 million in fiscal year 2024. Increased G&A expenses in fiscal year 2025 were driven by an increase in payroll expenses of $1.6 million as CCCI hired additional employees to support growth initiatives, an increase in professional fees of $0.8 million related to public listing preparation, an increase in advertising spend of $0.3 million supporting CCCI's contract-winning strategy, an increase in insurance costs of $0.4 million from fleet expansion, an increase in building maintenance costs of $0.2 million, and an increase of $0.3 million in other miscellaneous expenses in fiscal year 2025.

*Gain on disposal of property and equipment*

Gains on sale of assets increased by $0.1 million in fiscal year 2025, or 2,000.0%, to $0.1 million in fiscal year 2025 from less than $0.1 million in fiscal year 2024, due to an increase in volume of equipment disposals during fiscal year 2025.

*Interest expense*

Interest expense decreased by $0.2 million in fiscal year 2025, or 14.8%, to $1.4 million in fiscal year 2025 from $1.6 million in fiscal year 2024. Year-over-year changes in CCCI's interest are driven by timing of draws and repayments under CCCI's revolving debt facilities.

*State franchise tax expense*

Tax expense associated with the Texas state franchise tax increased by $0.1 million in fiscal year 2025, or 48.4%, to $0.2 million in fiscal year 2025 from $0.1 million from fiscal year 2024.

**Non-GAAP Measures**

In addition to net income determined in accordance with U.S. GAAP, the CCCI uses Adjusted EBITDA, a non-GAAP measure, to evaluate its business, measure its performance and make strategic decisions. Adjusted EBITDA is calculated as net income adjusted to exclude interest expense, income and state franchise tax expense and depreciation and amortization, further adjusted to exclude share-based compensation, non-core costs related to strategic initiatives, certain non-recurring public company costs, system implementation and enhancement costs and certain other non-recurring charges.

Management uses Adjusted EBITDA to assess the CCCI's financial performance because it allows them to compare its operating performance on a consistent basis across periods by removing the effects of CCCI's capital structure, asset base and other items that impact the comparability of financial results from period to period. CCCI presents Adjusted EBITDA because it believes it provides useful information regarding the factors and trends affecting its business in addition to measures calculated in accordance with U.S. GAAP.

Management believes that the presentation of this non-GAAP financial measure will provide useful information to investors and analysts in assessing its financial performance and results of operations across reporting periods by excluding items it does not believe are indicative of its core operating performance. Net income is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. CCCI's non-GAAP financial measure should not be considered as an alternative to the most directly comparable U.S. GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis.

In evaluating Adjusted EBITDA, you should be aware that in the future CCCI may incur expenses that are the same as or similar to some of the adjustments in such presentation. CCCI's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the management will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of CCCI's operating results as reported under U.S. GAAP. Adjusted EBITDA may be defined differently by other companies in the construction industry and may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

The table below presents CCCI's Adjusted EBITDA, reconciled to CCCI's net income for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** |
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Net income | $6777 | $14072 |
| *Adjusted for:* |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 4840 | 4665 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1395 | 1638 |
| &nbsp;&nbsp;&nbsp;State franchise tax expense | 181 | 122 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (147) | (7) |
| Adjusted EBITDA | $13046 | $20490 |

---

Adjusted EBITDA for the year ended December 31, 2025 was $13.0 million, a decrease of $7.5 million, or 36.3%, from $20.5 million for the year ended December 31, 2024. The primary driver of the decrease was a reduction in gross margin due to factors discussed in the *Cost of contracts* paragraph of the *Results of Operations* section above.

**Liquidity and Capital Resources**

The primary sources of liquidity are cash and cash equivalents, available borrowing capacity under the lines of credit and cash generated from operations. CCCI believes that existing cash on hand and cash generated from operations and available capacity will be sufficient to meet CCCI's liquidity needs in the short term. CCCI's ability to satisfy long-term liquidity requirements of the business depends on its future operating performance, which is affected by prevailing economic conditions, market conditions in the civil construction industry, availability and cost of raw materials and other factors, many of which are beyond CCCI's control.

Cash provided by operating activities was $18.1 million in fiscal year 2025 compared to $13.9 million in fiscal year 2024. Cash used in investing activities was $6.5 million in fiscal year 2025 and $5.7 million in fiscal year 2024, driven by decreased capital expenditures and increased disposals of property and equipment, partially offset by increases in the net balance of the related party notes. Cash provided by financing activities was $1.5 million in fiscal year 2025, compared to $10.5 million used in financing activities in fiscal year 2024, driven by greater borrowings under CCCI's lines of credit, reduced distributions to owners, and lower finance lease payments. These increases were partially offset by a higher repayments on CCCI's lines of credit and notes payable. As of December 31, 2025, CCCI had $15.6 million in cash on hand.

As of December 31, 2025, CCCI's working capital was in a surplus as the company's current assets exceeded current liabilities by $8.9 million. As of December 31, 2024, CCCI's working capital was in a deficit as the company's current liabilities exceeded current assets by $0.7 million. Due to the nature of CCCI's supplier and customer contracts as well as the timing of payments, CCCI expects to continue to fluctuate between a surplus and deficit of net working capital. Additionally, as of December 31, 2025 and 2024, CCCI's current deferred revenue totaled $2.8 million and $4.8 million, respectively. Deferred revenue is driven by the nature of CCCI's customer contracts wherein advance payments and billings in excess of revenues recognized are recorded as deferred revenue and recognized in revenue as CCCI satisfies the underlying performance obligation.

***Lines of credit***

CCCI maintained a revolving credit note agreement (the "Revolving Credit Note") with an interest rate of 1% plus Prime (Prime being the highest prime rate published in the Wall Street Journal or announced by the principle office of Citibank, N.A., J.P. Morgan Chase or Bank of America), but at no less than 7% per annum and no more than 14% per annum, and a maturity date of December 19, 2028.

As of December 31, 2025 and 2024, the maximum availability was $16.6 million and $12.4 million, respectively, and the principal balance outstanding was $11.1 million and $8.7 million, respectively. As of December 31, 2025 and 2024, there were no debt covenant violations.

CCCI also maintains an $8.0 million revolving line of credit (the "Revolving Credit Line") which bears interest at the Wall Street Journal's prime rate plus 0.50% and has a maturity date of December 26, 2027, as amended. As of December 31, 2025 and 2024, the principal balance outstanding was $8.0 million and $0, respectively, with $0 and $8.0 million available to borrow, respectively. As of December 31, 2025 and 2024, there were no debt covenant violations.

The aggregate effective interest rate on the revolving lines of credit was approximately 8.11% and 8.20% for the years ended December 31, 2025, and 2024, respectively.

***Notes payable***

As of December 31, 2025, CCCI also has outstanding notes payable with maturity dates ranging from October 2027 through December 2030. As of December 31, 2025 and 2024, outstanding notes payable totaled $5.1 million and $1.1 million, respectively. These notes were primarily issued to equipment suppliers and are secured by machinery and equipment. The notes carry interest rates between 0.0% to 8.75% with monthly installment payments. CCCI continues to monitor and manage its equipment financing obligations.

***Cash Flows***

The following table summarizes CCCI's cash flows and cash and cash equivalents, for the periods indicated:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| Net cash provided by operating activities | $18101 | $13905 |
| Net cash used in investing activities | (6509) | (5684) |
| Net cash provided by (used in) financing activities | 1.496 | (10521) |
| Net increase (decrease) in cash and cash equivalents | $13088 | $(2300) |

---

*Operating Activities*

Net cash provided by operating activities in 2025 increased by $4.2 million compared to 2024, due to a $11.4 million favorable change in operating assets and liabilities and a $0.1 million favorable change in non-cash expenses, partially offset by a $7.3 million unfavorable change in net income.

Net income was unfavorable by $7.3 million as CCCI generated net income of $6.8 million in 2025 as compared to net income of $14.1 million in 2024. The reasons for the decrease in net income are set forth under *"Results of operations."*

The change in operating assets and liabilities during 2025 resulted in a $11.4 million increase in cash as compared to the change in operating assets and liabilities during 2024. This change was driven by timing differences related to collections on construction contract receivables, raw material purchases and vendor payments on construction contracts.

*Investing Activities*

Net cash used in investing activities decreased by $0.8 million in 2025 as compared to 2024. The increase in net cash used in investing activities was principally the result of a $2.7 million increase in related party note issuances, partially offset by a $1.7 million decrease in capital expenditures for machinery and equipment and a $0.2 million increase in proceeds from disposals of property and equipment.

*Financing Activities*

Net cash provided by financing activities increased by $12.0 million in 2025 as compared to 2024. The variance was primarily driven by greater draws on CCCI's lines of credit of $25.7 million, reduced distributions to owners of $5.1 million, and lower finance lease payments of $0.5 million, partially offset by greater repayments on CCCI's lines of credit of $19.0 million and increased repayments on notes payable of $0.3 million in the fiscal year ended December 31, 2025 compared to the year ended December 31, 2024.

**Critical Accounting Policies and Estimates**

*CCCI's management's discussion and analysis of company's financial condition and results of operations are based on CCCI's financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of the financial statements in conformity with U.S. GAAP requires the use of certain judgments, estimates and assumptions that impact the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date, as amounts of revenue and expenses during the period. CCCI considers an accounting judgment, estimate or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates and assumptions could have a material impact on CCCI's financial statements.*

On an ongoing basis, CCCI evaluates the company's estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances. CCCI reviews the company's financial reporting and disclosure practices and accounting policies periodically to confirm that CCCI provides accurate and transparent information relative to the current economic and business environment. A summary of CCCI significant accounting policies is included in Note A – Summary of *Significant Accounting Policies* to CCCI's audited financial statements included elsewhere in this prospectus.

CCCI believes that the company's critical accounting policies and estimates are:

***Revenue recognition***

CCCI's accounting policies establish principles for recognizing revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, and subsequently issued additional related ASUs. The majority of CCCI's contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and, therefore, is not distinct. However, occasionally CCCI has contracts with multiple performance obligations.

For contracts with multiple performance obligations, CCCI allocates the contract's transaction price to each performance obligation using the observable stand-alone selling price, if available, or alternatively the best estimate of the stand-alone selling price of each distinct performance obligation in the contract. The primary method used to estimate stand-alone selling price is the expected cost plus a margin approach for each performance obligation.

Revenue related to contracts with customers is recognized over time as work is completed due to the continuous transfer of control to the customer, typically using an input measure such as costs incurred to date relative to total estimated costs at completion to measure progress. Costs that do not depict progress toward satisfaction of the performance obligation are included in contract costs but may not result in revenue being recognized, such as significant re-work.

Revenue from contracts with customers is measured based on consideration specified in a contract with a customer, and excludes any amount collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, that are collected by CCCI from a customer, are excluded from revenue.

Costs of revenues earned include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation costs. The cost of significant uninstalled materials, re-work, or scrap is generally excluded from the cost-to-cost measure of progress as it is not proportionate to the entity's progress in satisfying the performance obligation.

Costs to fulfill a contract, including mobilization costs, prior to substantive work beginning are capitalized as incurred and amortized over the expected duration of the contract. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.

***Contract Estimates Including Claims, Unapproved Change Orders and Variable Consideration***

CCCI accounts for long-term contracts through the use of various techniques to estimate total transaction price, total estimated costs at completion, and progress toward satisfaction of performance obligations which are used to recognize revenue earned. Unforeseen events and circumstances can alter the estimate of the costs associated with a particular contract. Total estimated costs at completion can be impacted by changes in productivity, scheduling, the unit cost of labor, subcontracts, materials, and equipment. Additionally, external factors such as weather, customer needs, customer delays in providing permits and approvals, labor availability, governmental regulation and politics may affect the progress of a project's completion and push the timing and amount of revenue recognition.

To the extent that original cost estimates are modified, estimated costs to complete the increase, delivery schedules are delayed, or progress under a contract is otherwise impeded, cash flow, revenue recognition, and profitability from a particular contract may be adversely affected.

The nature of CCCI's contracts gives rise to several types of variable consideration that can either increase or decrease the transaction price. Transaction price for contracts is required to include evaluation of variable consideration to which CCCI has an enforceable right to compensation or obligation for a reduction, which can result in increases or decreases to a contract's transaction price. The effect of a change in variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis.

Contract modifications can result in contract specifications or requirements that either create new or changes existing enforceable rights and obligations of the parties to the contract. CCCI considers unapproved change orders to be contract modifications for which customers have agreed to changes in the scope of the contract but have not agreed to the price.

Costs associated with contract modifications are included in the estimated costs to complete the contracts and are treated as project costs when incurred. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as a part of the existing contract. In those instances, the effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue on a cumulative catch-up basis.

***Contract assets and contract liabilities***

CCCI bills customers on long-term construction contracts depending upon agreed-upon contractual terms, which may include milestone billings based on the completion of certain phases of the work, or when services are provided. When as a result of contingencies, billings cannot occur until after the related revenue has been recognized, the result is unbilled revenue, which is included in contract assets. Additionally, CCCI may receive advances or deposits from customers before revenue is recognized, resulting in deferred revenue, which is included in contract liabilities.

Retainage for which CCCI has an unconditional right to payment that is only subject to the passage of time are classified as contracts receivable. Retainage subject to conditions other than the passage of time does not meet the definition of a receivable and are therefore included in contract assets and contract liabilities, as determined on a contract-by-contract basis.

Contract assets represent revenues recognized in excess of amounts paid or payable (contract receivables) to CCCI on uncompleted contracts. Contract liabilities represent CCCI's obligation to perform on uncompleted contracts with customers for which CCCI has received payment or for which contract receivables are outstanding.

**Quantitative and Qualitative Disclosures About Market Risk**

In the ordinary course of business, CCCI is exposed to market risks, including interest rate risk and effects of inflation. CCCI currently does not enter into derivatives or other financial instruments for trading or speculative purposes. CCCI only has operations in the U.S. and does not have material foreign currency exposure.

***Interest Rate Risk***

CCCI is exposed to interest rate risk through the Revolving Credit Line and Revolving Credit Note. As of December 31, 2025 and 2024, CCCI had $8.0 million and $0, respectively, of aggregate principal outstanding under the Revolving Credit Line, which bears interest at the Wall Street Journal's prime rate plus 0.50%. Additionally, as of December 31, 2025 and 2024, CCCI had $11.1 million and $8.7 million, respectively, of aggregate principal amount outstanding under the Revolving Credit Note, which bears interest at 1% plus Prime (Prime being the highest prime rate published in the Wall Street Journal or announced by the principle office of Citibank, N.A., J.P. Morgan Chase or Bank of America), but at no less than 7% per annum and no more than 14% per annum.

CCCI does not currently intend to hedge company's exposure to interest rate risk. The impact of a 1% increase in interest rates on CCCI outstanding debt as of December 31, 2025 would result in an annual increase in interest expense of approximately $0.2 million.

CCCI is exposed to market risk for changes in interest rates applicable to CCCI's cash and cash equivalents and debt. CCCI's cash and cash equivalents totaled $15.6 million and $2.5 million as of December 31, 2025 and 2024, respectively. All cash and cash equivalents were invested in demand deposit accounts.

***Effects of Inflation and Tariffs***

While inflationary cost increases can affect the profitability of CCCI's construction contracts, CCCI believes that inflation generally has not had a material adverse effect on company's results of operations as CCCI has been successful in passing on higher labor and raw material cost to customers. CCCI operates in or provides services to capital-intensive industries in which federal trade policies could significantly impact the availability and cost of materials. Imposed and proposed tariffs could significantly increase the prices and delivery lead times on raw materials and finished products that are critical to CCCI and its customers, such as cement and steel, among other things. Prolonged lead times on the delivery of raw materials and further tariff increases on raw materials and finished products could adversely affect CCCI's business, financial condition and results of operations. Other than the potential for increased inflation as a result of new tariffs and retaliatory actions by other countries, inflationary cost increases are not expected to have a material adverse effect on CCCI's results of operations.

**<u>CONSTELLATION NETWORK, INC.</u>**

**Overview**

Since its founding in 2017, Constellation Network, Inc. ("Constellation") has established credibility across both public and private sectors through the development and validation of its Hypergraph network technology. Constellation has successfully delivered secure, scalable, and verifiable decentralized infrastructure to the U.S. Department of Defense, completing one of the first government contracts to demonstrate applied decentralized infrastructure for data assurance. These achievements underscore Constellation's ability to bridge cutting-edge blockchain innovation with mission-critical enterprise and government use cases.

Business and Technology Overview

Constellation operates as a multi-layer organization developing applications, software, and hardware that leverage its native decentralized network, the Hypergraph blockchain. Hypergraph is designed for compatibility with existing digital workflows, providing a flexible foundation for modern, data-driven systems.

Through Constellation OS ("Constellation Open Source"), Constellation provides developer tools, APIs, and software components that integrate open-source technologies with the Hypergraph to modernize enterprise systems. These tools enable developers to issue digital assets, create decentralized application-specific networks, integrate digital wallets, and verify custom data streams. Hypergraph's microservice-based architecture supports a wide range of business logic and data use cases, offering scalability and interoperability beyond traditional linear blockchains.

Digital Evidence Platform

Constellation's Digital Evidence platform is a proprietary solution designed to bring verifiable data integrity to the big data sector. Built on the Constellation Open Source framework, Digital Evidence combines Constellation's decentralized network technology with enterprise-grade tools for data verification, auditability, and automation.

Unlike conventional data assurance systems, Digital Evidence provides a multi-tenant, scalable framework that enables organizations to verify and exchange data with cryptographic certainty. The platform addresses the growing demand for trusted, audit-ready data exchange across high-security and data-intensive industries, including mobility, Internet of Things (IoT), real-world assets, communications, artificial intelligence, healthcare, and finance.

As concerns over data privacy, cybersecurity, and the reliability of centralized systems continue to rise, Constellation's proprietary approach delivers decentralized, cryptographically secured, and scalable data solutions that modernize and transform enterprise and government data infrastructures with verifiable automation.

Strategic Position and Outlook

Constellation's core technology and ecosystem development strategy position us to capitalize on the increasing demand for secure, interoperable, and verifiable data systems. Constellation continues to develop commercial partnerships and integrations that extend its Hypergraph technology into real-world, revenue-generating applications.

Constellation believes that its architecture - combining blockchain-grade security, enterprise composability, and AI integration - will play a critical role in the evolution of trusted digital infrastructure across both public and private sectors.

See "Business" section included elsewhere in this prospectus for a more detailed description of Constellation's business.

**Revenue Model**

Constellation generates revenue through multiple streams including government contracts, blockchain infrastructure services and fees, digital asset sales, hardware and SaaS subscription revenue through its retail analytics platform, and data verification services through emerging enterprise products like Digital Evidence. Constellation's technological framework allows custom blockchain deployments with the ability to incorporate licensing fee structures and traditional SaaS subscriptions.

Constellation's operations are characterized into the following principal areas:

Digital asset operations

● *Rewards (Node, Transaction Fees and Staking)*: Constellation earns rewards by operating validator nodes and participating in blockchain staking activities. Revenue is recognized when performance obligations are satisfied, typically upon block validation or receipt of rewards. Rewards are measured at fair value using the quoted price of the related digital asset at contract inception, which generally aligns with reward receipt date. Subsequent changes in fair value are recorded as gains or losses on digital assets when realized, not as revenue.

Digital evidence data validation services

● *Non-Recurring Engineering Fees:* Constellation earns a non-recurring engineering fees for customized features, services, and software. Revenue is recognized based on milestone completion tied to development of the deliverables.

Retail analytics technology

● *Dor subscription revenue*: Subscription revenue is generated from providing access to Constellation's proprietary retail analytics platform ("Dor"). Customers pay a fixed fee for access, with revenue recognized over time on a straight-line basis throughout the subscription term, typically one year.

● *Equipment sales revenue*: Constellation earns revenue from the sale of foot-traffic monitoring hardware, recognized at a point in time, upon delivery to the customer.

Blockchain infrastructure and Web3 services

● *Government & network licensing income*: Constellation earns revenue from government contracts and network licensing arrangements. These agreements generally require Constellation to provide access to its blockchain protocol, related development services, or licenses for use over a specified period. Revenue is recognized as the underlying services are provided or when control of the licensed rights transfers to the customer, which may be over time or at a point in time depending on contract terms. Payments are typically received in advance or in installments based on milestones specified in the agreement. Amounts received in advance of performance are recorded as deferred revenue until the performance obligation is satisfied.

**Trends and Key Factors Affecting Performance**

Constellation believes that future performance will be influenced by a number of factors, including those described in the section titled "Risk Factors" and elsewhere in this prospectus as well as the factors described below. While each of these factors presents significant opportunities for Constellation, these factors also pose challenges that the company must successfully address in order to sustain business growth and enhance results of operations.

***Growth in new products and services***

Constellation believes it has a sizable opportunity to grow its business through the introduction of new products and services utilizing Constellation's multi-tenant blockchain integration platform. Constellation's future growth depends on the company's ability to successfully implement organic growth strategy, a major part of which consists of scaling Constellation's SaaS and digital evidence technology going forward and growing SaaS and data verification fee revenue from current services and products. Constellation anticipates that competition across its products and services will intensify as both existing and new competitors introduce innovative solutions or enhance their offerings for clients. As the industry matures, pricing pressures may arise over time. Constellation is committed to continuous innovation to develop new blockchain solutions while delivering a superior user experience and maintaining the company's reputation as a trusted partner in the government sector to mitigate the impact of these competitive challenges. See "*Risk Factors*."

***Price and volatility of digital assets***

The business results can be impacted by the highly volatile nature of digital assets (such as Constellation "DAG" and Lattice Token "LTX"). Changing consumer confidence and resultant fluctuations in the price of various digital assets may cause uncertainty in the market and could negatively impact trading volumes of digital assets, which would negatively impact Constellation's business and operating results. See "*Risk Factors*."

***Regulation in U.S. and international markets***

Constellation's financial prospects and continued growth depend in part on the company's ability to continue to operate in a manner compliant with regulations. Constellation operates in an industry characterized by rapid technological change, evolving business models, and a complex regulatory landscape. As the industry matures, Constellation may experience fluctuations in its operations as a result of change in laws and regulations that are applicable to the company's business. See "*Risk Factors*."

***SaaS strategy implementation***

Constellation's future growth depends on the company's ability to successfully implement its organic growth strategy, a major part of which consists of scaling Constellation's SaaS technology going forward and growing SaaS revenue from current services and products, as well as successful integration of AIAI's Artificial Intelligence technology into Constellation's operations to build scalable AI-ready blockchain infrastructure.

***Liquidity Constraints and Trading Limitations***

Unlike traditional financial instruments, cryptocurrencies are not universally accepted as legal tender and may have limited liquidity in certain markets. Constellation's ability to convert their digital assets into fiat currency or other digital assets may be constrained by market conditions, exchange trading volumes, or operational restrictions. A lack of liquidity could impact Constellation's ability to monetize the acquired digital assets efficiently. See "*Risk Factors*."

**Key Performance Indicators and Non-GAAP Measures**

Constellation regularly reviews the following key business metrics to evaluate the business, measure performance, identify trends affecting the business, formulate financial projections and make strategic decisions. In assessing the performance of Constellation's business, net income is the primary measure that management uses to assess performance. In addition to net income, Constellation also considers a variety of other key performance measures, including non-GAAP measures. The key performance measures used by Constellation's management for determining how the business is performing are total revenue, income from operations, net income, and adjusted EBITDA, which is a non-GAAP measure.

Constellation believes that these key financial measures provide useful information to users of Constellation's financial statements in understanding and evaluating the company's results of operations in the same manner as Constellation's management team. The presentation of these key performance measures, including Adjusted EBITDA, which is a non-GAAP financial measure, is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. See "Non-GAAP Measures" below.

The following table sets forth Constellation's key performance measures for each of the periods indicated below:

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br>*(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Total revenue | $3543 | $6378 |
| Operating loss | (1022) | (361) |
| Net loss | (1292) | (821) |
| Adjusted EBITDA | $2063 | $102 |

---

***Adjusted EBITDA***

Adjusted EBITDA is calculated as net income adjusted to exclude interest expense, income tax expense and depreciation and amortization, further adjusted to exclude share-based compensation, other income (expense), restructuring charges and non-core costs related to strategic initiatives, and certain other non-recurring charges. Constellation uses Adjusted EBITDA to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the company's business strategies, to make budgeting decisions and to compare Constellation's performance against that of other peer companies using similar measures. See "Non-GAAP Measures" below for a reconciliation of Adjusted EBITDA to net income.

Constellation's presentation of Adjusted EBITDA should not be construed as an inference that the company's future results will be unaffected by unusual or non-recurring items.

**Components of Results of Operations**

*Revenues*

Constellation generates revenue from four broadly categorized offerings: (i) Dor subscription revenue, which relates to subscription fees paid by customers for the use of Constellation's web-based retail analytics platform connected to its Dor foot traffic sensor technology, (ii) equipment sales revenue related to Constellation's Dor foot traffic sensor technology, (iii) government and network license income, derived from service fees associated with data transmission, interoperability, and digital infrastructure modernization under government contracts, and (iv) blockchain rewards (nodes/staking) which is earned by operating validator nodes and participating in blockchain staking activities. Revenue is recognized when performance obligations are satisfied.

During the year ended December 31, 2025, Constellation derived 36.5% from Dor subscription revenue, 2.6% from equipment sales revenue, 55.2% from blockchain rewards (node/staking), and 5.7% from government and network license income. During 2024, Constellation derived 18.6% from Dor subscription revenue, 6.3% from equipment sales revenue, 62.3% from blockchain rewards (node/staking), and 12.8% from government and network license income.

*Cost of sales*

Cost of sales primarily consists of hardware components, labor, and other costs directly attributable to the acquisition and production of Door Traffic Miner ("DTM") equipment and Dor foot-traffic sensor equipment. Costs of sold equipment are expensed as incurred, generally when control transfers to customers. Also included within the cost of sales are hosting costs for Constellation's Dor SaaS platform.

*Salaries, wages and benefits*

 

Salaries, wages, and benefits encompass the total compensation provided to Constellation's employees, including base salaries, bonuses, and various employee benefits such as health insurance, retirement contributions, and other incentives. These expenses are recognized in the period incurred and are essential for attracting and retaining talent, supporting operational growth, and driving the successful execution of Constellation's business initiatives.

*Professional fees*

Professional fees primarily consist of costs incurred for services provided by external consultants, legal advisors, and other professional service providers that support the company's operations. These fees are recognized as expenses in the period they are incurred and are essential for ensuring compliance with regulatory requirements, enhancing operational efficiency, and facilitating strategic initiatives.

*Research and development*

 

Research and development ("R&D") includes employee and contractor compensation, supplies and materials for new service development, depreciation and amortization, and regulatory compliance costs. R&D is expensed as incurred. Constellation expects to continue investing in R&D and, accordingly, expects the R&D expenses to increase and vary as the company continues developing and improving its services.

 

*Advertising and promotion*

 

Advertising and promotion expenses include costs associated with marketing initiatives aimed at promoting Constellation's products and services to potential customers. These expenses are recognized in the period incurred and play a crucial role in supporting Constellation's growth objectives and expanding Constellation's market presence.

*General and administrative expenses*

 

General and administrative expenses primarily consist of salaries and wages and other administrative costs, such as information technology ("IT") fees, marketing and headcount-related expenses. Constellation expects to incur additional expenses as a result of operating as a component of a public company, including expenses to comply with the rules and regulations applicable to companies listed on a national securities exchange and expenses related to compliance and reporting, and expenses for investor relations and other professional services.

*Digital assets (gains) and losses*

Realized gains and losses on digital assets are proceeds from sales of Constellation's digital assets, such as DAG and LTX less the cost basis for said assets.

 

*Other income (expense), net*

Other income (expense), net primarily includes interest income (expense), net, unrealized gains (losses) in investments in third-party digital assets, and other miscellaneous income.

*Income tax expense*

Income taxes have been considered for all items included in the statements of loss included herein, regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded.

**Results of Operations**

***Comparison of fiscal year 2025 to fiscal year 2024***

 **

The following table summarizes Constellation's consolidated results of operations for the fiscal years ended December 31, 2025 and 2024, and the changes between periods.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** | **$ Change** | **% Change** |
| *(in thousands)* |  |  |  |  |
| Revenue: |  |  |  |  |
| Dor subscription revenue | $1295 | $1189 | $106 | 8.9% |
| Equipment sales revenue | 93 | 401 | (308) | (76.8)% |
| Government & network license income | 201 | 816 | (615) | (75.4)% |
| Rewards (node/staking) | 1954 | 3972 | (2018) | (50.8)% |
| **Total revenue** | **3543** | **6378** | **(2835)** | **(44.4)%** |
| Costs and expenses: |  |  |  |  |
| Cost of sales | 606 | 750 | (144) | (19.2)% |
| Salaries, wages and benefits | 6684 | 4037 | 2647 | 65.6% |
| Professional fees | 3170 | 3350 | (180) | (5.4)% |
| Research and development |  | 114 | (114) | (100.0)% |
| Advertising and promotion | 448 | 800 | (352) | (44.0)% |
| General and administrative expenses | 1921 | 1299 | 622 | 47.9% |
| Digital assets gains | (8264) | (3611) | (4653) | 128.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs and expenses** | **4565** | **6739** | **(2174)** | **(32.3)%** |
| **Operating loss** | **(1022)** | **(361)** | **(661)** | **183.1%** |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (88) | 28 | (116) | (414.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss before income tax** | **(1110)** | **(333)** | **(777)** | **233.3%** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (182) | (488) | 306 | (62.7)% |
| **Net loss** | $**(1292)** | $**(821)** | $**(471)** | **57.4%** |

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***Consolidated Results for the fiscal years ended 2025 and 2024***

 

*Dor subscription revenue*

Dor subscription revenue increased by $0.1 million in fiscal year 2025, or 8.9%, to $1.3 million in fiscal year 2025 from $1.2 million from fiscal year fiscal year 2024, attributable to an increase in the number of active SaaS subscriptions year over year.

 

*Equipment sales revenue*

 

Equipment sales revenue decreased by $0.3 million in fiscal year 2025, or 76.8%, to $0.1 million in fiscal year 2025 from $0.4 million from fiscal year 2024 driven by reduced marketing efforts for the DTM and corresponding reduction in sales volumes. Also, the discontinuation of DTM DAG-based rewards received for installation and the transition to a commission-based reward structure further contributed to the decline.

*Government & network license income*

 

Government & network license income decreased by $0.6 million in fiscal year 2025, or 75.4%, to $0.2 million in fiscal year 2025 from $0.8 million from fiscal year 2024, driven by a change in political leadership and rotating government personnel. These factors led to fewer executed contracts and lower average contract values compared to the prior year.

*Rewards (node/staking)*

 

Reward (node/staking) revenue decreased by $2.1 million in fiscal year 2025, or 50.8%, to $1.9 million in fiscal year 2025 from $4.0 million from fiscal year 2024, driven by a decline in the fair value per token received, as well as the discontinuation of the DTM DAG rewards program. While the volume of blockchain activity and reward distributions remained relatively consistent, the lower token valuations at the time of receipt, combined with the conclusion of DTM-related rewards, resulted in a reduction in recognized revenue compared to the prior year period. 

 

*Cost of sales*

 

Cost of sales decreased by $0.2 million in fiscal year 2025, or 19.2%, to $0.6 million in fiscal year 2025 from $0.8 million from fiscal year 2024. The decrease was driven by decrease in volume of DTM units shipped, partially offset by relatively stable subscriber-related costs. Cost of sales declined less than revenue as a significant portion of these expenses, mainly subscriber infrastructure and platform costs, are fixed and do not vary proportionally with revenue.

*Salaries, wages and benefits*

Salaries, wages and benefits increased by $2.7 million in fiscal year 2025, or 65.6%, to $6.7 million in fiscal year 2025 from $4.0 million from fiscal year 2024, driven by expanded executive leadership, general staffing growth and compensation adjustments aligned with the development and enhancement product lines including Digital Evidence, Delegated Staking for further securing the decentralized network, Stargazer Wallet support, and a decentralized exchange interface.

*Professional Fees*

Professional fees decreased by $0.2 million in fiscal year 2025, or 5.4%, to $3.2 million in fiscal year 2025 from $3.4 million from fiscal year fiscal year 2024. The majority of professional fees relate to development and support for Constellation's DAG network. 

 

*Research and development*

Research and development expenses decreased by $0.1 million in fiscal year 2025, or 100.0%, to zero in fiscal year 2025 from $0.1 million from fiscal year 2024, due to a reduction in participation in security audits and network hackathons.

*Advertising and promotion*

 

Advertising and promotion expenses decreased by $0.4 million in fiscal year 2025, or 44.0%, to $0.4 million in fiscal year 2025 from $0.8 million from fiscal year 2024, driven by reduced conference and sponsorship spending. The prior year included one-time costs for major industry events such as Consensus 2024 and Digital Chamber of Commerce sponsorships. Additionally, lower digital asset exchange listing fees in 2025 contributed to the overall reduction.

*General and administrative expenses*

General and administrative expenses increased by $0.6 million in fiscal year 2025, or 47.9%, to $1.9 million in fiscal year 2025 from $1.3 million from fiscal year 2024, driven by operational expansion and increase in product development activity. Key initiatives included Digital Evidence, Delegated Staking, Stargazer Wallet support and a decentralized exchange interface.

 

*Digital assets gains*

Digital assets gains increased by $4.7 million in fiscal year 2025, or 128.9%, to $8.3 million in fiscal year 2025 from $3.6 million from fiscal year 2024, driven by a higher volume of digital asset liquidations during the period as well as a shift in the mix of liquidated digital assets. In 2025, digital asset sales consisted largely of internally generated DAG tokens with a zero-cost basis, resulting in higher realized gains upon liquidation while in 2024, the assets sold consisted largely of DAG tokens previously recognized from Node Rewards, which carried a cost basis equal to fair value at the date earned.

*Other income (expense), net*

Other income (expense), net decreased by $0.1 million in fiscal year 2025, or 414.3 %, to a $0.1 million expense in fiscal year 2025 from less than $0.1 million in income from fiscal year 2024, driven be an increase of $0.3 million in unrealized losses on third party digital assets held for investment, partially offset by an increase of $0.1 million in interest income due to higher outstanding principal amounts on officer loans receivable as well as an increase in other miscellaneous income of less than $0.1 million in 2025.

*Income tax expense*

Income tax expense decreased by $0.3 million in fiscal year 2025, or 62.7%, to $0.2 million in fiscal year 2025 from $0.5 million from fiscal year 2024 due to a change in the effective tax rate, primarily resulting from changes in the composition of pretax income.

**Non-GAAP Measures**

In addition to net income determined in accordance with U.S. GAAP, the Company uses Adjusted EBITDA, a non-GAAP measure, to evaluate its business, measure its performance and make strategic decisions. Adjusted EBITDA is calculated as net income adjusted to exclude interest expense, income tax expense and depreciation and amortization, further adjusted to exclude non-core costs related to strategic initiatives, and certain non-recurring administrative costs.

Management uses Adjusted EBITDA to assess Constellation's financial performance because it allows management to compare the company's operating performance on a consistent basis across periods by removing the effects of Constellation's capital structure, asset base and other items that impact the comparability of financial results from period to period. Constellation's presents Adjusted EBITDA because Constellation believes it provides useful information regarding the factors and trends affecting its business in addition to measures calculated in accordance with U.S. GAAP.

Management believes that the presentation of this non-GAAP financial measure will provide useful information to investors and analysts in assessing its financial performance and results of operations across reporting periods by excluding items it does not believe are indicative of its core operating performance. Net income is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Constellation's non-GAAP financial measure should not be considered as an alternative to the most directly comparable U.S. GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis.

In evaluating Adjusted EBITDA, you should be aware that in the future Constellation may incur expenses that are the same as or similar to some of the adjustments in such presentation. Constellation's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that management will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of Constellation's operating results as reported under U.S. GAAP. Adjusted EBITDA may be defined differently by other companies in Constellation's industry and may not be comparable to similarly-titled measures of other companies, thereby diminishing its utility.

The table below presents Constellation's Adjusted EBITDA, reconciled to Constellation's net loss for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| <br>*(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Net loss | $(1292) | $(821) |
| *Adjusted for:* |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 14 | 18 |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | 88 | (28) |
| &nbsp;&nbsp;&nbsp;Income tax expense | 182 | 488 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 3071 | 445 |
| Adjusted EBITDA | $2063 | $102 |

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Adjusted EBITDA for the year ended December 31, 2025 was $2.1 million, an increase of $2.0 million, or 1,922.5%, from $0.1 million for the year ended December 31, 2024. The increase in Adjusted EBITDA was driven by a $4.7 million increase in digital assets gains due to a higher volume of digital asset liquidations and lower cost basis of digital assets liquidated during the period, partially offset by a $2.8 million decrease in revenue as discussed in the *Results of Operations* section above.

**Liquidity and Capital Resource**s

Cash provided by operating activities was $0.4 million in 2025 compared to $2.6 million in cash provided by operating activities during 2024. Cash used in investing activities was $2.3 million in 2025 compared to $0.8 million in 2024. Cash provided by financing activities was zero in 2025, and de minimis in 2024. 2024 was below $0.1 million. Constellation ended 2025 with $1.0 million in cash on hand.

Constellation believes that the existing cash on hand and cash generated from operations and available capacity will be sufficient to meet the company's liquidity needs in the short term. Constellation's ability to satisfy its long-term liquidity requirements depends on the company's future operating performance, which is affected by prevailing economic conditions, market conditions in the technology industry, digital asset prices and other factors, many of which are beyond Constellation's control.

***Cash Flows***

The following table summarizes Constellation's cash flows and cash and cash equivalents, for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| Net cash provided by operating activities | $416 | $2594 |
| Net cash used in investing activities | (2316) | (805) |
| Net cash provided by financing activities | - | 3 |
| Net increase (decrease) in cash and cash equivalents | $**(1900)** | $**1792** |

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*Operating Activities*

Net cash provided by operating activities in 2025 decreased by $2.2 million compared to 2024, driven by a decrease in cash proceeds from sales of digital assets.

*Investing Activities*

Net cash used in investing activities increased by $1.5 million in 2025 as compared to 2024, driven by an increase in origination of related party loans to officers.

*Financing Activities*

 

With the exception of nominal proceeds from issuance of common stock pursuant to the exercise of employee stock options during the fiscal year ended December 31, 2024, there was no cash provided by or used in financing activities for the fiscal years ended December 31, 2025 and 2024.

 ****

***Debt***

Constellation currently does not have any outstanding debt as of December 31, 2025 with third-parties or related parties.

**Critical Accounting Policies and Estimates**

*Constellation's management's discussion and analysis of company's financial condition and results of operations are based on Constellation's consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of the financial statements in conformity with U.S. GAAP requires the use of certain judgments, estimates and assumptions that impact the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date, as amounts of revenue and expenses during the period. Constellation considers an accounting judgment, estimate or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates and assumptions could have a material impact on Constellation's consolidated financial statements.*

On an ongoing basis, Constellation evaluates management's estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances. Constellation reviews its financial reporting and disclosure practices and accounting policies periodically to confirm that they provide accurate and transparent information relative to the current economic and business environment. A summary of the company's significant accounting policies is included in Note 1 – *Summary of Operations* to Constellation's audited consolidated financial statements included elsewhere in this prospectus.

Constellation believes that the critical accounting policies and estimates are:

***Revenue recognition***

Constellation recognizes revenue in accordance with Accounting Standard Codification ("ASC") Topic 606, which outlines a five-step model for revenue recognition: (i) identifying the contract with the customer, (ii) determining performance obligations, (iii) establishing the transaction price, (iv) allocating the transaction price to performance obligations, and (v) recognizing revenue as obligations are satisfied. Performance obligations are assessed to determine if they are distinct, allowing customers to benefit from them independently. The transaction price may include fixed and variable components, with variable consideration recognized only when it is probable that no significant reversal will occur. Revenue from digital asset rewards is recognized upon successful validation of blockchain transactions, while revenue from equipment sales is recognized at the point of delivery. Subscription revenue is recognized over time, typically on a straight-line basis over the contract term. Constellation has determined that its hardware and SaaS offerings represent distinct performance obligations.

***Purchase, Disposal, and Impairment of Digital Assets***

Constellation mines digital assets and purchases digital assets on exchanges. Effective January 1, 2025, Constellation adopted *ASU 2023-08 - Intangibles - Goodwill and Other crypto assets* and recorded a cumulative-effect adjustment of $0.2 million to opening retained earnings, representing a difference between the carrying amount and fair value of third party digital assets as of January 1, 2025. Constellation did not restate prior-period amounts. Crypto assets within the scope of ASC 350 (i.e., fungible, cryptographically secured assets that reside on a distributed ledger, not created or issued by Constellation or its affiliates) are measured at fair value each reporting period in accordance with *ASC 820 - Fair Value Measurement* using quoted market prices from CoinGecko.com (Level 1 inputs) with changes in fair value recognized in Other income (expense), net.

Crypto assets created or issued by Constellation (e.g., DAG and LTX) are outside the scope of ASC 350-60, and as such, they are accounted for as indefinite-lived intangible assets with zero cost basis and are not subject to amortization but rather tested for impairment when indicators exist. Historically, they have been tested for impairment annually or more frequently if events or changes in circumstance indicated that the asset was more likely than not impaired. Once an impairment is recognized, the new carrying amount becomes the asset's cost basis, and under U.S. GAAP, reversal of impairment losses is not permitted. As of December 31, 2025 the Company did not recognize any impairment losses on its digital asset holdings of crypto assets created or issued by Constellation.

**Quantitative and Qualitative Disclosures About Market Risk**

In the ordinary course of Constellation's business, the company is exposed to market risks, including interest rate risk and effects of inflation. Constellation currently does not enter into derivatives or other financial instruments for trading or speculative purposes. Constellation's principal operations are in the U.S., and the company does not have material foreign currency exposure.

***Interest Rate Risk***

Constellation does not have any outstanding interest-bearing indebtedness as of December 31, 2025 and 2024. Constellation is exposed to market risk for changes in interest rates applicable to cash and cash equivalents. Constellation had cash and cash equivalents totaling $1.0 million as of December 31, 2025, and cash and cash equivalents totaling $2.9 million as of December 31, 2024. All cash and cash equivalents were invested in interest bearing demand deposit accounts and high-quality money market funds.

***Effects of Inflation and Tariffs***

While inflationary cost increases can affect Constellation's income from operations' margin, the company believes that inflation generally has not had a material adverse effect on its results of operations. Other than the potential for increased inflation as a result of new tariffs and retaliatory actions by other countries, inflationary cost increases are not expected to have a material adverse effect on Constellation's results of operations.

**DESCRIPTION OF CAPITAL STOCK**

**General**

The following description summarizes the most important terms of our capital stock. We adopted an amended and restated certificate of incorporation and amended and restated bylaws in connection with the listing of our common stock on Nasdaq, and this description summarizes the provisions that are included in such documents. Because it is only a summary, it does not contain all information that may be important to you, does not purport to be complete, and is qualified in its entirety by the provisions of our amended and restated certificate of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to the Registration Statement of which this prospectus is a part, and by the applicable provisions of Delaware law.

Our authorized capital stock consists of 560,000,000 shares of capital stock, of which (i) 500,000,000 shares are common stock with a par value $0.001 per share and (ii) 50,000,000 shares are preferred stock with a par value of $0.001 per share. All of our authorized shares of preferred stock are undesignated. As of the effective date of the Registration Statement of which this prospectus forms a part, there will be 70,313,990 shares of Class A common stock and 7,600,000 shares of Class B common stock.

**Common Stock**

Our amended and restated certificate of incorporation includes a number of provisions that in certain circumstances provide John Rochon effective control over all matters submitted to our stockholders for approval, including the election and removal of directors and significant corporate transactions such as a merger or other sale of our Company. These and other provisions in our amended and restated certificate of incorporation discussed in this section could deter takeovers or delay or prevent changes in control of our Company, as well as changes in our Board of Directors or management team.

***Multi-Class Common Stock***

Our amended and restated certificate of incorporation provides for a multi-class common stock pursuant to which: (1) Class A common stock has one (1) vote per share and (2) Class B common stock has ten (10) votes per share. Shares of Class B common stock have ten (10) votes per share on any matter submitted to a vote of our stockholders, provided that from and after the "Sunset" each share of Class B common stock shall entitle the holder thereof to one vote per share. "Sunset" means 5:00 p.m. New York City time on the day that directors are elected at the first annual meeting of stockholders of our company after the earlier of (a) the earliest date specified by the holders of a majority of the Class B common stock in a notice delivered to our Company (or if not date is specified, the date of the notice) or (b) the first day of the calendar quarter immediately following the fifth anniversary of the Direct Listing The Class A common stock and Class B common stock will vote together as a single class unless required by applicable law.

***Voting Rights***

Except as otherwise expressly provided in our amended and restated certificate of incorporation, including pursuant to the terms of any series of preferred stock issued thereunder, or required by applicable law, holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, including the election of directors. Such holders are not entitled to vote cumulatively for the election of directors. Our amended and restated certificate of incorporation establishes initial three-year terms for each of the directors holding office as of the effective date of the registration statement of which this prospectus is a part, and thereafter, directors will be elected at each annual meeting of stockholders. Directors will be subject to election by a plurality of the votes cast at each annual meeting of our stockholders. The affirmative vote of holders of at least 66 2/3% of the voting power of all of the then-outstanding shares of capital stock, voting as a single class, will be required to amend certain provisions of our amended and restated certificate of incorporation, including provisions relating to amending our amended and restated bylaws and our amended and restated certificate of incorporation, the size of our Board of Directors, removal of directors, director liability, vacancies on our Board of Directors, special meetings, stockholder notices, actions by written consent, and exclusive jurisdiction.

***Dividends***

Subject to preferences that may be applicable to any outstanding preferred stock, holders of our Class A common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our Board of Directors out of funds legally available for that purpose. We currently intend to pay quarterly cash dividends to our stockholders in an aggregate amount equal to 25% of the Company's Free Cash Flow, commencing with the first full fiscal quarter following the first anniversary of the date of this prospectus. Dividends and other distributions shall not be declared or paid with respect to shares of Class B common stock. The determination as to the declaration and payment of dividends will be at the discretion of our Board of Directors. See the section titled "*Dividend Policy*" for further information.

***Liquidation Rights***

In the event of our liquidation, dissolution or winding up, holders of our Class A common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding, and the holders of the Class B common stock, as such, shall be entitled to $0.001 per share.

**No Preemptive or Similar Rights**

Our common stockholders have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock.

**Preferred Stock**

Our amended and restated certificate of incorporation authorizes our Board of Directors, without action by the stockholders, to designate and issue up to 25,000,000 shares of preferred stock in one or more series and to designate the powers, preferences and rights of each series, which may be greater than the rights of the common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock upon the rights of holders of the common stock until our Board of Directors determines the specific rights of the holders of such preferred stock. However, the effects might include, among other things:

● impairing dividend rights of the common stock;

● diluting the voting power of the common stock;

● impairing the liquidation rights of the common stock; and

● delaying or preventing a change in control of us without further action by the stockholders.

**Anti-Takeover Provisions**

***Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws***

Because our stockholders do not have cumulative voting rights, our stockholders holding a plurality of the outstanding shares of common stock outstanding will be able to elect all of our directors. Our amended and restated certificate of incorporation and our amended and restated bylaws, each to be effective immediately prior to the closing of this offering, will provide for stockholder actions at a duly called meeting of stockholders. A special meeting of stockholders may be called by a majority of our Board of Directors, the chair of our Board of Directors, or our chief executive officer or president. Our amended and restated bylaws will establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our Board of Directors.

As described above in "*Management—Corporate Governance*," in accordance with our amended and restated certificate of incorporation to be filed in connection with this offering, our Board of Directors will initially be elected to serve three-year terms.

The foregoing provisions will make it more difficult for our existing stockholders to replace our Board of Directors as well as for another party to obtain control of us by replacing our Board of Directors. Since our Board of Directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.

These provisions are intended to enhance the likelihood of continued stability in the composition of our Board of Directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management.

***Section 203 of the Delaware General Corporation Law***

We are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

● before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

● upon closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

● on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

● In general, Section 203 defines business combination to include the following:

● any merger or consolidation involving the corporation and the interested stockholder;

● any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

● subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

● any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or

● the receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through the corporation.

In general, Section 203 defines an "interested stockholder" as an entity or person who, together with the person's affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

***Exclusive forum for adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder litigation matters actions against us, which may limit an investor's ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.***

Our amended and restated bylaws dictate that, unless we consent in writing to the selection of an alternative forum, the Delaware Court of Chancery (or, if the Delaware Court of Chancery does not have jurisdiction, the federal district court for the State of Delaware) is, to the fullest extent permitted by law, the sole and exclusive forum for certain actions including derivative action or proceeding brought on our behalf; an action asserting a breach of fiduciary duty owed by any current or former officer, director, employee or to the stockholders of our company; any claim arising under Delaware corporate law, our certificate of incorporation or our bylaws, as amended from time to time; and any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of our company shall be deemed to have notice of and consented to the provisions of our amended and restated bylaws.

A Delaware corporation is allowed to mandate in its corporate governance documents a chosen forum for the resolution of state law-based stockholder actions, derivative suits and other infra-corporate disputes. With respect to such state law claims, our management believes limiting state law-based claims to Delaware will provide the most appropriate outcomes as the risk of another forum misapplying Delaware law is avoided, Delaware courts have a well-developed body of case law and limiting the forum will preclude costly and duplicative litigation and avoids the risk of inconsistent outcomes. Additionally, Delaware Chancery Courts can typically resolve disputes on an accelerated schedule when compared to other forums.

The choice of forum provisions contained in our amended and restated bylaws may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with our company or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, the enforceability of similar choice of forum provisions in other issuers' bylaws and certificates of incorporation has been challenged in legal proceedings, and it is possible that in connection with any applicable action brought against our company, a court could find the choice of forum provisions contained in our bylaws, as amended, to be inapplicable or unenforceable in such action. As a result, we could incur additional costs associated with resolving such actions in other jurisdictions, which could harm our business, operating results and financial condition.

**Transfer Agent and Registrar**

We have appointed Odyssey Transfer & Trust Company, as the transfer agent for our Class A common stock.

**Trading Symbol and Market**

In connection with this offering, we intend to apply to have our shares of common stock listed on the Nasdaq Global Market under the symbol "AIAI".

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to the listing of our common stock on Nasdaq, there has been no public market for our common stock. Future sales of substantial amounts of our common stock, including shares issued on the exercise of outstanding options, in the public market following our listing on Nasdaq, or the possibility of these sales or issuances occurring, could adversely affect the prevailing market price for our common stock and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when any Registered Stockholders may, or may not, elect to sell their shares or the prices at which any such sales may occur.

Upon the effectiveness of the registration statement of which this prospectus forms a part, up to 70,313,990 shares of our Class A common stock will be outstanding of which 69,483,430 shares of our Class A common stock will be registered under this registration statement.

Any shares of common stock not registered hereunder will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, an eligible stockholder is entitled to sell such shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. To be an eligible stockholder under Rule 144, such stockholder must not be deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and must have beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such shares without complying with any of the requirements of Rule 144, subject to the expiration of the lock-up agreements described below.

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our affiliates are entitled to sell shares on expiration of the lock-up agreements described below. Following the expiration of 1he 180-day lock-up agreement, within any three-month period, such stockholders may sell a number of shares that does not exceed the greater of:

● 1% of the number of shares of common stock then outstanding, which will equal approximately 703,140 shares immediately after this offering; or

● the average weekly trading volume of our common stock on the Nasdaq Global Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 generally allows a stockholder who was issued shares under a written compensatory plan or contract and who is not deemed to have been an affiliate of the company during the immediately preceding 90 days, to sell these shares in reliance on Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits affiliates of the company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after the date of this prospectus before selling those shares under Rule 701, subject to the expiration of the lock-up agreements described below.

**Form S-8 Registration Statements**

We intend to file one or more registration statements on Form S-8 under the Securities Act with the SEC to register the offer and sale of shares of our common stock that are issuable under our 2026 Plan. The Form S-8 registration statement will become effective immediately on filing. Shares covered by the Form S-8 registration statement will then be eligible for sale in the public markets, subject to vesting restrictions, any applicable lock-up agreements described below, and Rule 144 limitations applicable to affiliates.

**Lock-up Agreements**

Each of the Registered Stockholders has agreed with the Company, subject to certain exceptions, not to offer, sell, or other transfer or dispose of, directly or indirectly, 80% of their Shares or pledge or otherwise similarly transfer or dispose of, directly or indirectly, 50% of their Shares during the period of 180 days from the date of this prospectus, except with the prior consent of the Company.

**SALE PRICE HISTORY OF OUR CAPITAL STOCK**

We have applied to list our common stock on Nasdaq. There has been no prior public market for our common stock. In addition, our common stock has no history in trading in private transactions. In connection with the acquisition of the Portfolio Companies, we have issued an aggregate of up to 27,472,430 shares of our common stock to the equity holders of such entities at a per share price of $20.00. In addition, we have issued 25,137,000 shares of our common stock as consideration for the execution of the License Agreement and 16,300,000 shares of our common stock as consideration for our acquisition of the shares of Series A preferred stock issued by Blocker Corp at a price per share of $20.00.

**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

**General**

Other than as disclosed below, and except for compensation arrangements and regular salary and bonus payments made to our directors and officers in the ordinary course of business as described in "*Executive Compensation,"* we have not entered into any transactions, or are there any currently proposed transactions or series of similar transactions to which we were or are to be a party, in which the amount involved exceeds $120,000 and in which any current or former director or officer of AIAI, any 5% or greater stockholder of AIAI, or any immediate family of any such persons had or will have a direct or indirect material interest.

**Policies and Procedures for Related Party Transactions**

Immediately following the effectiveness of the Registration Statement of which this prospectus forms a part, our Board of Directors will adopt a written related party transaction policy setting forth the policies and procedures for the review and approval or ratification of related party transactions. This policy covers any transaction, arrangement, or relationship, or any series of similar transactions, arrangements, or relationships, in which we are or were to be a participant and a related party had or will have a direct or indirect material interest, as determined by the Audit Committee of our Board of Directors, including purchases of goods or services by or from the related party or entities in which the related party has a material interest, and indebtedness, guarantees of indebtedness, and employment by us of a related party.

**Advances from the Chairman**

We have periodically had certain costs incurred on our behalf by M42, an entity that is controlled our Chairman, Mr. Rochon, and paid for by the Chairman. As of immediately prior to the effective time of the Registration Statement of which this prospectus forms a part, there was an aggregate of approximately $14,000,000 of such advances outstanding. We will repay such advances, and any advances made following the date of this prospectus, through the issuance of shares of our Class A common stock, valued at $20.00 per share to certain designees of the Chairman at the time of the closing of the acquisitions of the Portfolio Companies for the payment of expenses related to the closing of such acquisitions and to provide certain post-closing capital contributions to the Portfolio Companies. These shares are included in the number of Shares registered under the Registration Statement of which this prospectus forms a part.

**Messier Blocker Corporation Contribution Agreement**

We have entered into a contribution agreement with Blocker Corp, an affiliate of M42, pursuant to which, concurrently with the acquisition of the Portfolio Companies, AIAI will acquire 62,500 shares of Blocker Corp preferred stock in exchange for 16,300,000 shares of our Class A common stock, valued at $20.00 per share.

**License Agreement**

Immediately prior to the effective date of the Registration Statement of which this prospectus forms a part, we will enter into the License Agreement with M42, an entity that is controlled by our Chairman. As more fully described in "*Business—License Agreement*," under the License Agreement, M42 will grant us a license for the exclusive use of the M42 AI Technology within the designated "field of use." In exchange for the license, we will issue M42 25,137,000 shares of our Class A common to certain designees of M42 at the time of the closing of the acquisitions of the Portfolio Companies. These shares are included in the number of Shares registered under the Registration Statement of which this prospectus forms a part.

**Technology Services Agreement**

Immediately prior to the effective date of the Registration Statement of which this prospectus forms a part, we will enter into the Technology Services Agreement with M42, an entity that is controlled by our Chairman. As more fully described in "*Business—License Agreement*," under the Technical Services Agreement, M42 will provide us with ongoing development work, including, among other things, any operational elements, features, and functional design specifications that we request. AIAI will pay M42 a fee of 3% of our annual revenues in consideration for such services.

**Indemnification Agreements**

We have entered into indemnification agreements with each of our directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.

**Future Transactions**

We intend that all future transactions between us and our officers, directors, principal stockholders, and their affiliates will be approved by our audit committee, or a similar committee consisting of entirely independent directors, according to the terms of our written related party transaction policy and will be on terms no less favorable to us than those that we could obtain from unaffiliated third parties.

**PRINCIPAL AND REGISTERED STOCKHOLDERS**

**Security Ownership of Certain Beneficial Owners and Management**

The following table sets forth:

● certain information regarding the beneficial ownership of our voting securities as of the date of this prospectus by (i) each person or group of affiliated persons known by us to be the beneficial owner of more than 5% of our voting securities, (ii) each of our executive officers, (iii) each of our directors and director nominees and (iv) all of our directors, director nominees and executive officers as a group. Except as otherwise indicated, all persons listed below have (i) sole voting power and investment power with respect to their common stock, except to the extent that authority is shared by spouses under applicable law, and (ii) record and beneficial ownership with respect to their common stock; and

● the number of shares of our common stock held by and registered for resale by means of this prospectus for the Registered Stockholders.

As of the effective time of the Registration Statement of which this prospectus forms a part, we will have issued shares of our Class A common in connection with the following transactions (collectively, the "Organization Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;(1) An
 aggregate of up to 27,472,430 shares of our Class A common stock in private placements in connection with the acquisition of
 our Portfolio Companies at a per share price of $20.00, assuming there are no reductions in the shares to be issued resulting
 from the assumption of certain debt. For more information see "*Business—Our Portfolio Companies*."

(2) 25,137,000
 shares of our Class A common stock to M42 in consideration for the execution of the License Agreement at a price per share of $20.00.
 For more information, see "*Business—License Agreement*."

(3) An
 aggregate of 16,300,000 shares of our Class A common stock in connection with our acquisition of the shares of Series A preferred stock
 issued by Blocker Corp at a price per share of $20.00.

(4) An aggregate of 574,000 of shares of our Class A in connection
 with the repayment of the advances made to us by or on behalf of our Chairman at a price per share of $20.00.

All 69,483,430 shares of our Class A common stock issued in connection with the Organization Transactions are being registered by means of this registration statement, and unless otherwise indicated, all information regarding the number of shares of our Class A common stock outstanding as of the date of this prospectus, the Registered Stockholders and the number of shares of our Class A common stock to be sold pursuant to this prospectus gives effect to such issuance. We will also issue 808,560 shares of our Class A common stock to the Advisor in connection with and at the time of the Direct Listing. These shares are not being registered under this prospectus, and the Advisor is not a Registered Stockholder. In addition, at the time of the Direct Listing, we will issue 21,000 shares of our Class A common stock to a provider of transaction advisory and investor relations services. These shares are not being registered under this prospectus. Further, on March 1, 2025, we issued 1,000 shares of common stock to our Founder in connection with a stock subscription agreement; these shares will be converted into shares of Class A common stock in connection with the Organization Transactions and are not being registered under this prospectus.

The Registered Stockholders include certain of our affiliates and certain other stockholders with "restricted securities" (as defined in Rule 144 under the Securities Act) who, because they acquired their common stock from an affiliate or us within the prior 12 months, would be unable to sell their securities pursuant to Rule 144 until we have been subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act for a period of at least 90 days. The Registered Stockholders may, or may not, elect to sell their common stock covered by this prospectus, as and to the extent they may determine. The Registered Stockholders may offer, sell or distribute all or a portion of the shares of common stock hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. The Registered Stockholders may elect to sell their shares in connection with this Direct Listing and in market transactions following this Direct Listing. As such, we will have no input if and when any Registered Stockholder may, or may not, elect to sell their common stock or the prices at which any such sales may occur. See "*Plan of Distribution*."

Information concerning the Registered Stockholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary. Because the Registered Stockholders may sell all, some, or none of the common stock covered by this prospectus, we cannot determine the number of common stock that will be sold by the Registered Stockholders, or the amount or percentage of shares of common stock that will be held by the Registered Stockholders upon consummation of any particular sale. In addition, the Registered Stockholders listed in the table below may have sold, transferred, or otherwise disposed of, or may sell, transfer, or otherwise dispose of, at any time and from time to time, our common stock in transactions exempt from the registration requirements of the Securities Act, after the date on which they provided the information set forth in the table below.

The Registered Stockholders are not entitled to any registration rights with respect to the common stock. However, we currently intend to use our reasonable efforts to keep the registration statement effective for a period of 90 days after the effectiveness of the registration statement. We are not party to any arrangement with any Registered Stockholder or any broker-dealer with respect to sales of common stock by the Registered Stockholders. However, we will engage a financial advisor with respect to certain other matters relating to our listing. See "*Plan of Distribution*."

As of the date of the effectiveness of the Registration Statement of which this prospectus forms a part, there will be up to 70,313,990 shares of Class A common stock and 7,600,000 shares of Class B common stock issued and outstanding. In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the common stock issuable pursuant to options and warrants that are exercisable or settled within 60 days of the date of this prospectus. Shares of common stock issuable pursuant to options and warrants are deemed outstanding for computing the percentage of the class beneficially owned by the person holding such securities but are not deemed outstanding for computing the percentage of the class beneficially owned by any other person.

The Registered Stockholders have not, nor have they within the past three years had, any position, office, or other material relationship with us, other than as disclosed in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and address of Beneficial Owner(1)** | **Class A Common Stock Shares** | **Class B Common Stock Shares** | **%** | **Shares of<br> Common<br> Stock Being<br> Registered<br> Pursuant to<br> this<br> Prospectus** |
| **5% Stockholders:** |  |  |  |  |
| C. Craig Carlton(2) | 13449000% |  |  |  |
| **Executive Officers, Directors and Director Nominees** |  |  |  |  |
| John P. Rochon(3) | 1075000 | 7600000% |  |  |
| Todd A. Furniss(4) | 1606165 |  |  | 1246620 |
| Stephanie Liebman(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192517 |  |  | 192517 |
| Kenneth Betts(6) | 414605 |  |  |  |
| Eric A. Affeldt(7)(8) | 123114 |  |  |  |
| Guy Thomas Cosentino(9) | 76947 |  |  | 76947 |
| Jeffrey F. Glajch(10) | 362101 |  |  | 362101 |
| Melvin Greer, Ph.D.(11) | 9403 |  |  | 9403 |
| Doohi Lee, MD(12) | 76947 |  |  | 76947 |
| Jeanne L. Phillips(13) |  |  |  |  |
| Donald M. Remy(14) | 61557 |  |  | 61557 |
| Andrew Schaap(15) |  |  |  |  |
| ***Directors, Director Nominees and Executive Officers as a Group (12 persons)***% |  |  |  |  |
| **Other Registered Stockholders:** |  |  |  |  |
| 2019 Elmore Family Trust | 153876 |  |  | 153876 |
| 230 Church LLC | 301 |  |  | 301 |
| ABL Capital | 301 |  |  | 301 |
| Adam Cavise | 50996 |  |  | 50996 |
| A-DCR-38 Fund, A Series of Angelist-Precursor-Funds LLC | 1072 |  |  | 1072 |
| A-DCR-PR Fund, A Series of Angelist-Precursor-Funds LLC | 2314 |  |  | 2314 |
| Adrian Guido Pisano | 3018 |  |  | 3018 |
| AET FBO Russell F. Caforio | 24442 |  |  | 24442 |
| AET FBO Sharon R Caforio | 25951 |  |  | 25951 |
| Aimee Williams-Ramey | 2500 |  |  | 2500 |
| AK Invest LLC | 10260 |  |  | 10260 |
| Akita Partners LLC | 12674 |  |  | 12674 |
| Alan Clinton Duty and Maria Stella Duty | 12976 |  |  | 12976 |
| Alan Wade Tompkins | 51298 |  |  | 51298 |
| Albert Freideman | 25649 |  |  | 25649 |
| Alberto Garcia | 301 |  |  | 301 |
| Allison Olim | 301 |  |  | 301 |
| Altif Wyle-Brown | 589418 |  |  | 589418 |
| Alyssa Dizoglio | 301 |  |  | 301 |
| Amanda Callahan Connolly | 1809 |  |  | 1809 |
| AME Cloud Ventures Fund I LLC | 6700 |  |  | 6700 |
| Amherst and Park LLC | 138 |  |  | 138 |
| Anat Batia Michaeli | 301 |  |  | 301 |
| Andre Vinson | 630658 |  |  | 630658 |
| Andrew H. Johnston | 73165 |  |  | 73165 |
| Andrew Muldoon | 903 |  |  | 903 |
| Andrew Roufail | 903 |  |  | 903 |
| Andrew Steinberg | 301 |  |  | 301 |
| Angela Labelle | 603 |  |  | 603 |
| Anthony J. Madormo | 10260 |  |  | 10260 |
| Ariel Imas | 22933 |  |  | 22933 |
| Arjoch LLC | 301 |  |  | 301 |
| Arlandus Bouye | 4225 |  |  | 4225 |
| Arthur Defillippo | 301 |  |  | 301 |
| Arthur Jones & Rebecca Jones | 8449 |  |  | 8449 |
| Ashley Callahan Shaw | 3015 |  |  | 3015 |
| Atif Saleem & Sarah Khan | 51298 |  |  | 51298 |
| Atlas Equities | 301 |  |  | 301 |
| Audible Ventures, LLC | 511 |  |  | 511 |
| B. Terrell Limited Partnership | 348 |  |  | 348 |
| Barbara Barton Weiszhaar | 192517 |  |  | 192517 |
| Barbara Bolling | 603 |  |  | 603 |
| Bear Lake Capital LLC | 301 |  |  | 301 |
| Benjamin Diggles | 67362 |  |  | 67362 |
| Benjamin Jorgensen | 1448284 |  |  | 1448284 |
| Benjamin Roorda | 166868 |  |  | 166868 |
| Benjamin Sabourin | 603 |  |  | 603 |
| Bevin Lake Partners | 301 |  |  | 301 |
| Bianca Pisano | 3018 |  |  | 3018 |
| Blake Hutchinson and Melanie Hutchinson | 58238 |  |  | 58238 |
| Bolt Fund II LP | 13002 |  |  | 13002 |
| Brady Alexander Miltenberger 2014 Irrevocable Trust | 125528 |  |  | 125528 |

---

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| | |
|:---|:---|
| Brent Stanley | 5130 |
| Brett Sonzogni | 301 |
| Brian Chisamore | 301 |
| Brian Johnson & Nicole Johnson | 11165 |
| Brian Marren | 48280 |
| Brian Vowinkel | 9403 |
| Briana Marie Eidsvig Legacy Trust | 551573 |
| Brock Joseph Elmore | 2412 |
| Brooke Sabourin | 603 |
| Bryan Scott Robison | 102595 |
| Bryce Miltenberger 2000 Trust | 125528 |
| Callie Michelle Elmore Balmer | 1206 |
| Cameron Elijah How | 603 |
| Cameron Mckay | 301 |
| Candice Spangler | 4527 |
| Capella Partners INC | 301 |
| Carla Work | 29270 |
| Carol Joshnon | 301 |
| Carol S. Brooks & Richard C Brooks | 70937 |
| Carolina Sigler | 301 |
| Caroline Bach Rochon Legacy Trust | 551573 |
| Carolyn Conway | 301 |
| Carrie Bileski | 602 |
| Carson Paul Elmore | 1809 |
| Charles A. Hamilton | 860893 |
| Charles E. Gross IV & Lisa Gross | 670188 |
| Charles Gross III | 39228 |
| Charles L. Terrery & Faith Terrery | 38624 |
| Charles Ramsey III | 46772 |
| Charles Schwab FBO Cheryl Burrows IRA | 162945 |
| Charles Schwab FBO Gary Kasprezyk IRA | 57031 |
| Charles W. Griffith | 31986 |
| Chateu d'If Investments LLC | 29194 |
| Chaudry Capital LLC | 301 |
| Christine Rochon | 603 |
| Christopher Dunham | 6035 |
| Christopher Edward McHugh | 603 |
| Christopher Kadish | 301 |
| Chuong Ngo | 626 |
| Clark Michael Rochon & Claryssa June Kelly | 19916 |
| Coastal Capital LLC | 301 |
| Colin Cottrell | 301 |
| Collins Johnson | 59143 |
| Colt Capital Partners LLC | 301 |
| Colten Bryan | 603 |
| Constance Kilgore | 23235 |
| Coprime Holdings, LLC | 12674 |
| Corin Zarkowski | 8032 |
| Corrine Dizoglio | 301 |
| Cristy Kadish | 301 |
| Dalia Michaeli | 301 |
| Dan Rochon Jr. & Sandra C. Rochon | 18106 |
| Daniel J. Ragsdale | 51298 |
| Daniel Norman | 11165 |
| Daniel Paulus | 301 |
| Daniel Schmidt | 1204 |

---

---

| | |
|:---|:---|
| Daniel Sultana | 602 |
| Danny Chiang | 903 |
| Darryl Miedico | 301 |
| Darryl Robinson and Alison Robinson | 22632 |
| David Alec Bray & Diane Lydia Morrison | 35052 |
| David Galatt | 301 |
| David Gant Elmore III | 3015 |
| David Glajch | 603 |
| David J. Price | 32589 |
| David Lynn | 301 |
| David Moore | 717562 |
| David T. Williams | 20519 |
| David Voniderstein | 301 |
| Deborah Fullman | 301 |
| Delson Capital | 1204 |
| Derek Staub | 51298 |
| Devin Cottrell | 602 |
| Diane Weis Maulsby | 603 |
| Donald Garcia & Amy Garcia | 11769 |
| Donald Michael Remy & Alicia S. Magee-Remy | 61557 |
| Donald Whitney | 301 |
| Donna Dizoglio | 301 |
| Doohi Lee | 76947 |
| Doris Taylor Trust | 301 |
| Doug Jones & Tracy Jones | 28968 |
| Douglas Burakoff | 603 |
| Douglas Zas | 301 |
| Dr. Atif Saleem | 76947 |
| Drew Thomas Rochon Irrevocable Trust | 24140 |
| Duwayne Miller | 27679 |
| DWF Options Ltd. | 3125 |
| Earl Bolling | 603 |
| East West Capital INC | 301 |
| EBRC Investments, LLC. | 3923 |
| Edward Tsuker | 32589 |
| Eigram Capital LLC | 301 |
| Elisabeth Costanzo Stewart | 603 |
| Elizabeth Bradt | 4527 |
| Elke Fondan | 22330 |
| Elmore 2019 Exemption Trust | 207210 |
| Emerisque Holdings Limited | 96259 |
| Emma Brooks Miltenberger 2014 Irrevocable Trust | 125830 |
| Eric L. Affeldt Living Trust | 123114 |
| Eric Rochon | 603 |
| ERLI Ventures, LP | 1358 |
| Evan Kanarakis | 301 |
| Fernando Pisano | 8449 |
| First Perimeter Capital LLC | 301 |
| Flying J Trust UAD 12/18/2014, Harry R. Jones III TTEE | 284852 |
| Forrest Fegert | 301 |
| Foster Miller & Vicki Miller | 22330 |
| Francis Ong | 25347 |
| Frank Argano | 301 |
| Frank Fox | 6024 |

---

---

| | |
|:---|:---|
| Gabriel Sanchez | 301 |
| Gant Travel LTD | 949637 |
| Garret Griffin | 301 |
| Gary A. Tigges | 76947 |
| Gary Kasprzyk | 33193 |
| Gary Saarenvirta | 63971 |
| GDM Management LLC | 1204 |
| Gemini Asset Management | 301 |
| Gene Bach and Glennda Bach | 19312 |
| George Chiang | 903 |
| Gimme Shelter Trust | 136995 |
| glendonTodd Capital LLC | 359545 |
| Glenn Breslauer | 301 |
| Global Cap Limited INC | 301 |
| Gold Strategic Partners LLC | 301 |
| Golden Holdings LLC | 301 |
| Gregory & Tina Bodkin | 301 |
| Gregory Akers | 94031 |
| Gregory Bodkin SR | 301 |
| Gregory P. Williams & Shelly M. Williams | 48280 |
| Gregory W. Lackland | 268860 |
| Gretchen Ann Fox Roberts | 59143 |
| GSRE Holdings LLC | 301 |
| Guy Cosentino & Barbara Cosentino | 76947 |
| Gwayne Lai | 301 |
| Hacienda Investment Partners | 21726 |
| Haim Michaeli | 301 |
| Harrison Zas | 301 |
| Harry R. Jones III 2015 Trust UAD 12/28/2015 | 66385 |
| Havenwood Capital LLC | 301 |
| Hawthorne Turner Investments, LLC | 350 |
| Heather Furniss | 82935 |
| Heidi Rochon Hafer 2010 Dynasty Trust | 2757771 |
| Helena Sylvia Rochon Children's Trust | 31986 |
| Henry Bolling | 603 |
| Hillary Anna Elmore | 603 |
| Hit the Mark LLC | 17804 |
| Holden Capital, LLC | 12976 |
| Holly Sabourin | 603 |
| Hor Ken Hui | 25347 |
| Hougant Chen | 301 |
| Huang Family Trust | 335 |
| Huang Qian 2008 Revocable Trust | 335 |
| ICP J234 LLC | 398612 |
| Iftach Michaeli | 903 |
| Ifwand INC | 301 |
| Imperium Global Partners LLC | 301 |
| INBS, LLC | 286965 |
| Inspira Financial FBO Jeffrey W Justice | 25649 |
| Inspira Financial FBO Mark H LaRoe IRA | 573929 |
| Inspira Financial LLC Cust IRA of Lee W. Warner | 215148 |
| Integrous Capital Partners, LLC | 54014 |
| Investment Mgt Holdings LLC | 64273 |
| Isoceles Holdings LLC | 301 |
| J. Todd Aukerman | 603 |
| Jaime Nye | 603 |

---

---

| | |
|:---|:---|
| Jake Horton | 82076 |
| Jake Sonzogni | 301 |
| Jake Steinberg | 301 |
| James "Bo" Bosler Miltenberger 2005 Irrevocable Trust | 125830 |
| James DuBois | 119680 |
| James Magro | 301 |
| James Page | 687 |
| James Perry Holdings, LLC | 50694 |
| Jared Rochon | 603 |
| Jason Forman & Ashley Forman | 12976 |
| Jeff Elton Ling | 301 |
| Jeffery Tiegs | 31383 |
| Jeffrey Glajch | 362101 |
| Jeffrey Thompson | 28667 |
| Jennifer Bryan | 603 |
| Jennifer Garcia | 602 |
| Jennifer Gill Roberts | 347 |
| Jennifer D. Weston & William Moreno JTWROS | 3010 |
| Jenny Jacome | 301 |
| Jerry Bileski | 602 |
| Jesse D. Koch | 8449 |
| Jesse Roggen | 301 |
| Jessica Mckay | 301 |
| Jill Roberts | 603 |
| Jim Jensen | 9403 |
| JLS Irrevocable Trust | 149994 |
| Joanne Carol Pisano | 4527 |
| Joanne Lynn | 301 |
| Joel Allison | 28260 |
| Johann Missal | 45073 |
| John Cohen | 362 |
| John M. Tatum and Erika Tatum | 89318 |
| John Michael Callahan | 1809 |
| John Polymeros | 301 |
| John Relton | 29208 |
| John Rochon Jr. 2010 Dynasty Trust | 8240294 |
| John Rochon Management, Inc. | 574000 |
| John Stuewe | 91129 |
| John T. Bryant | 18105 |
| Jonathan Charles Baird | 3018 |
| Jonathan Devries | 20519 |
| Jonathan Hudacko | 350 |
| Jonathan Sanchez | 301 |
| Joseph Glajch | 603 |
| Joseph M. Scaramucci | 4527 |
| Joshua R Lipman & Jo-Ann F Lipman | 6941 |
| Joshua Sandoval | 4702 |
| Josue Sanchez | 301 |
| Joyce Moir | 603 |
| Judy Johnson | 54014 |
| Justin J. Koch | 10562 |
| Kageyama Revocable Living Trust | 381334 |
| Kamila Khalilova | 301 |
| Katerina Nye | 603 |

---

---

| | |
|:---|:---|
| Kathy McCullough | 603 |
| KCJ Trading LLC | 301 |
| The Betts 2026 Family Trust | 414605 |
| Kenwyn Capital LLC | 301 |
| KES Rocking Chair Holdings, LLC | 286965 |
| Krisztina Miller | 603 |
| Kurtis Dunham | 3018 |
| Kyle Kadish | 301 |
| L4 Linden, Life, Learning & Literacy | 906 |
| Lauren Elizabeth Elmore Moore | 3618 |
| Lauren H. Norris | 4527 |
| Lauren Rochon Eidsvig 2010 Dynasty Trust | 2757771 |
| Lee Wood & Georgia Wood | 39831 |
| Leonard Olim | 301 |
| Lisa Jean Miller | 301 |
| Lisa Ragnacci | 6639 |
| Local Ventures 4, LLC | 128244 |
| Locust Holdings LLC | 301 |
| Lowell B. Stevens | 64273 |
| Lucia Breslauer | 6638 |
| Maai, LLC | 291750 |
| Madeleine Mackarey | 603 |
| Madison Bileski | 301 |
| Makenna Rochon Eidsvig Legacy Trust | 551573 |
| Marc Johnson | 301 |
| Marcus Knox | 301 |
| Margaret Tucker | 35607 |
| Marilyn Salmans | 113760 |
| Mark H LaRoe | 71817 |
| Mark McCullough | 603 |
| Mark Milley | 11754 |
| Mark Salmans | 51600 |
| Mason Salmans | 9656 |
| Matthew Bodkin | 301 |
| Matthew Swanson | 301 |
| Maureen Spolyar | 301 |
| Maya Quinn | 9500 |
| Melvin Greer | 9403 |
| Michael Andrew Fahey | 84451 |
| Michael Brand | 22536 |
| Michael Burwick | 301 |
| Michael Chia | 301 |
| Michael Friedrich | 13522 |
| Michael Sandgarten and Mary Ann Sandgarten | 20821 |
| Michael Sandoval | 1052941 |
| Michael Spolyar | 301 |
| Michele Block | 4527 |
| Mindy Salmans | 18709 |
| MLS II Irrevocable Trust | 149994 |
| Moonrock Capital GmbH | 45073 |
| Moore Family Property Company No. 1, Ltd. | 141405 |
| Nancy Sinagra | 301 |
| Nathan Brown | 301 |
| Navem, LLC | 2716 |
| Neil Dorflinger | 349 |
| Next Step Partners LLC | 301 |
| Nick George Bouras & Gloria Anne Bouras | 236572 |

---

---

| | |
|:---|:---|
| Nicole Greene Burwick | 301 |
| Nicole Rochon | 603 |
| Nitin Khanna | 903 |
| Norman Carey | 301 |
| North Woods Capital INC | 301 |
| OMS Irrevocable Trust | 149994 |
| Orchard Group | 301 |
| Orient Ventures LLC | 301 |
| Palmway Holdings LLC | 301 |
| Panasonic Ventures L.L.C. | 36651 |
| Parker Lackland | 4527 |
| Paul Ostrowski | 194931 |
| Paul Trischitta | 301 |
| Peak Capital Partners INC | 301 |
| Peter Dizoglio | 301 |
| Peter F. Lynch | 10562 |
| Peter Salerno | 12976 |
| Philip Benjamin Rochon Legacy Trust | 551573 |
| Pinnacle Consulting Services INC | 301 |
| PM Andersson | 27679 |
| Port Holding | 301 |
| Precursor Ventures I, L.P. | 3420 |
| Preston Miller | 1811 |
| Preston NPE, LLC | 71052 |
| Quentin Collin Faust | 31986 |
| RevTech Follow-On Fund II, LLC | 2509 |
| REVTECH Follow-On Fund, LLC | 670 |
| REVTECH Fund II, LP | 350 |
| Richard A. Funk | 297224 |
| Richard Corbett | 301 |
| Richard Delgado | 243120 |
| Richard Steinberg | 301 |
| Ricky Fiel | 649 |
| Rishabh Sukumar Vir | 73627 |
| Robert Black | 301 |
| Roberta Sonzogni | 1806 |
| Robyn Baker | 296880 |
| Rochon Family Foundation | 1795413 |
| Rochon Holdings, Ltd. | 500000 |
| Rohit Gupta | 140 |
| Romeet Michaeli | 301 |
| Ron Faries, DC | 60000 |
| Ryan Holdings Texas LLC | 335 |
| Ryan Rowzze | 13277 |
| Sally Berkeley McHugh MacDonald | 2412 |
| Sara Chisamore | 301 |
| Saviour Sultana | 602 |
| Scholl Asset Management | 301 |
| Scott Caroll Elmore | 1809 |
| Scott Fullman | 301 |
| Scott Jones and Mary Lou Reece Living Trust | 906 |
| Scott Muldoon | 903 |
| Sean Goodrum | 301 |
| Sean Magner | 18806 |
| Second Wind LLC | 903 |
| Selina Dalessio | 301 |

---

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| | |
|:---|:---|
| Selina Pisano | 3018 |
| Shalyn Bolling | 603 |
| SJS Family Enterprises Ltd | 2396047 |
| SJS Partnership | 89620 |
| Skull Games | 12976 |
| SMS Irrevocable Trust | 149994 |
| Sonia Schwenk-Bileski | 301 |
| Sovereign Wealth Group | 301 |
| St. Laurent Investments LLC | 69771 |
| Stephanie Liebman | 192517 |
| Stephen A. Wertheimer | 141823 |
| Stephen Bileski | 602 |
| Stephen Cottrell | 301 |
| Steve Hirsch | 301 |
| Steven Sonzogni | 301 |
| Stewart Phillip McCray | 3619190 |
| Stonewell Asset Management | 301 |
| Strawnana LLC | 45073 |
| Tanzanite LLC | 694 |
| TCJ Family Partners | 301 |
| Terrence Williams | 71817 |
| Terri Spears | 6639 |
| Terry Busch | 76596 |
| The Blair A. Moore Trust | 28023 |
| The Brett E. Moore Trust | 28023 |
| The Brooke E. Moore Trust | 28023 |
| The DEN Irrevocable Trust | 47677 |
| The Estate of Paul Mango | 50694 |
| The Janice L. Kolbe Revocable Trust UAD 11/21/18 | 127037 |
| The Love Bug Trust | 13449000 |
| The Papa Oso Trust | 2266551 |
| The Patterson Bypass Trust | 1729933 |
| The Rainbow Trust | 834449 |
| The Thomas M. Rochon Living Trust | 40133 |
| The VMB Living Trust | 231744 |
| The VMN Irrevocable Trust | 47677 |
| Thomas Archibald Kerr & Cara Lisa Kerr | 18105 |
| Thomas Destefani | 301 |
| Thomas J. Marquez, Jr. | 181956 |
| Thomas J. Reynolds | 102595 |
| Thomas John McHugh | 1809 |
| Thomas Koll | 10260 |
| THTH MGMT LLC | 5130 |
| Tiger Trout Capital Puerto Rico LLC | 50694 |
| Tim Glynn and Tracy Glynn | 344901 |
| Timothy Mann | 301 |
| Timothy Paulus | 6337 |
| Timothy Roberts | 603 |
| TJB Family Living Trust | 220881 |
| Todd Furniss | 1246620 |
| Tom S. Moorman Jr | 197948 |
| Trent Keyser Elmore | 1206 |
| Tristan Michael How | 603 |

---

---

| | |
|:---|:---|
| Troon Capital LLC | 301 |
| Trouncy Inc. | 12976 |
| Turner Douglas Elmore | 2412 |
| Turnpoint Capital, LLC | 25347 |
| Twobread Capital LLC | 301 |
| Tyler Bodkin | 301 |
| Tyler Canter | 9053 |
| Tyler Nye | 603 |
| Tyler Spey | 25649 |
| Vernon Capital | 301 |
| Vernon Capital LLC | 301 |
| Vertex Ventures US I, L.P. | 167656 |
| Victoria Shartzer | 5020 |
| Vladimir Rodeski | 22536 |
| Vyacheslav Shamayev | 301 |
| Walter Marino | 301 |
| Watch Hill Investments | 301 |
| Watermelon Investments LLC | 903 |
| White Star Partners, LP | 29179 |
| Will Spraggs | 603 |
| William J Fugitt | 397858 |
| Windy River Investments, LLC | 45263 |
| WLM Ventures, LP | 101998 |
| Woodrow Bryan | 57919 |
| Wyatt Meldman-Floch | 1785094 |
| Yaya Ellath, LLC | 165963 |
| Yorktown Asset Management | 301 |
| Zachary Sandoval | 4702 |
| Zelkova Capital | 301 |
| Zetta Venture Partners II, L.P. | 59316 |
| ZTS Irrevocable Trust | 149994 |

---

\* Less than 1%

(1) Unless otherwise indicated
 below, the address of each of the Registered Stockholders is 17304 Preston Road, Suite 520, Dallas, Texas 75252.

(2) Includes
 13,449.000 shares of our Class A common stock held of record by The Love Bug Trust
 over which Mr. Carlton exercises sole voting and investing control.

(3) Immediately
 following the effective date of the Registration Statement of which this prospectus forms
 a part (the "Effective Date"), 7,500 shares of restricted Class A common stock,
 based on a deemed price per share of $20.00, will be granted to Mr. Rochon under the
 terms of our Outside Director Compensation Policy. One-third of these shares of restricted
 stock will vest on each of the first three anniversaries of the date of grant. Includes,
 500,000 shares of Class A common stock held by Rochon Holdings, Ltd. and 574,000 shares of
 Class A common stock held by John Rochon Management, Inc., which are entities over which
 Mr. Rochon exercises sole dispositive and voting control. The 7,600,000 shares of Class B
 Common Stock are held by a trust over which Mr. Rochon exercises sole voting control.

(4) Immediately
 following the Effective Date, 500,000 shares of restricted Class A common stock, based
 on a deemed price per share of $20.00, will be granted to Mr. Furniss under the terms
 of our 2026 Plan. These shares of restricted stock will vest in three equal annual installments
 on each of the first three anniversaries of the grant date.

(5) Immediately
 following the Effective Date, 50,000 shares of restricted Class A common stock, based
 on a deemed price per share of $20.00, will be granted to Ms. Liebman under the terms
 of our 2026 Plan. These shares of restricted stock will vest in three equal annual installments
 on each of the first three anniversaries of the grant date.

(6) Immediately
 following the Effective Date, 250,000 shares of restricted Class A common stock, based
 on a deemed price per share of $20.00, will be granted to Mr. Betts under the terms of
 our 2026 Plan. These shares of restricted stock will vest in three equal annual installments
 on each of the first three anniversaries of the grant date. The 415,328 shares of Class A
 common stock are held by The Betts 2026 Family Trust over which Mr. Betts exercises sole
 voting control.

(7) Immediately
 following the effective date of the Registration Statement of which this prospectus forms
 a part (the "Effective Date"), 7,500 shares of restricted Class A common stock,
 based on a deemed price per share of $20.00, will be granted to Mr. Affeldt under the
 terms of our Outside Director Compensation Policy. These shares of restricted stock will
 vest in three equal annual installments on each of the first three anniversaries of the date
 of grant.

(8) Includes
 123,114 shares of our Class A common stock held of record by the Eric A. Affeldt Living
 Trust over which Mr. Affeldt exercises sole voting and investing control.

(9) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Mr. Cosentino under the terms
 of our Outside Director Compensation Policy. These shares of restricted stock will vest in
 three equal annual installments on each of the first three anniversaries of the date of grant.

(10) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Mr. Glajch under the terms of
 our Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(11) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Mr. Greer under the terms of our
 Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(12) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Dr. Lee under the terms of our
 Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(13) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Ms. Phillips under the terms of
 our Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(14) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Mr. Remy under the terms of our
 Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(15) Immediately
 following the Effective Date, 7,500 shares of restricted Class A common stock, based on
 a deemed price per share of $20.00, will be granted to Mr. Schaap under the terms of
 our Outside Director Compensation Policy. These shares of restricted stock will vest in three
 equal annual installments on each of the first three anniversaries of the date of grant.

(16) Immediately
 following the Effective Date, 50,000 shares of restricted Class A common stock, based
 on a deemed price per share of $20.00, will be granted to Ms. Barton Weiszhaar under
 the terms of our 2026 Plan. These shares of restricted stock will vest in three equal annual
 installments on each of the first three anniversaries of the date of grant.

**CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK**

The following summary describes the material U.S. federal income tax consequences of the ownership and disposition of our common stock acquired pursuant to in this offering. This discussion does not describe all of the tax considerations that may be relevant to a particular holder's acquisition, ownership or disposition of the common stock such as the potential application of the alternative minimum tax or Medicare contribution tax on net investment income. In addition, this discussion does not deal with state or local taxes, U.S. federal gift, and estate tax laws, except to the limited extent provided below, or any non-U.S. tax consequences that may be relevant to holders of our common stock in light of their particular circumstances.

Special rules different from those described below may apply to certain holders that are subject to special treatment under the Code, such as:

● insurance companies, banks, and other financial institutions;

● tax-exempt organizations (including private foundations) and tax-qualified retirement plans;

● foreign governments and international organizations;

● broker-dealers and traders in securities;

● U.S. expatriates and certain former citizens or long-term residents of the United States;

● persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements under Section 451(b) of the Code;

● persons that own, or are deemed to own, more than five percent of our capital stock;

● "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

● persons who acquire our common stock through the exercise of an option or otherwise as compensation;

● persons that hold our common stock as part of a "straddle," "hedge," "conversion transaction," "synthetic security," or integrated investment or other risk reduction strategy;

● persons who do not hold our common stock as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes); and

● partnerships and other pass-through entities, and investors in such pass-through entities (regardless of their places of organization or formation).

Such holders are urged to consult their own tax advisors to determine the U.S. federal, state, local, and other tax consequences that may be relevant to them.

Furthermore, the discussion below is based upon the provisions of the Code, and Treasury regulations, rulings, and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked, or modified, possibly retroactively, and are subject to differing interpretations which could result in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the Internal Revenue Service, or IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS will agree with such statements and conclusions or will not take a contrary position regarding the tax consequences described herein, or that any such contrary position would not be sustained by a court.

PERSONS CONSIDERING THE PURCHASE OF OUR COMMON STOCK SHOULD CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR COMMON STOCK IN LIGHT OF THEIR PARTICULAR SITUATIONS AS WELL AS ANY CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION, INCLUDING ANY STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES OR ANY U.S. FEDERAL NON-INCOME TAX CONSEQUENCES, AND THE POSSIBLE APPLICATION OF TAX TREATIES.

If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds our common stock, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership that holds our common stock is urged to consult its own tax advisor with regard to the U.S. federal income tax consequences of the ownership of our common stock.

For purposes of this section, a "U.S. Holder" means a beneficial owner of our common stock (other than an entity treated as a partnership for U.S. federal income tax purposes) that is, for U.S. federal income tax purposes:

● a citizen or resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States or any political subdivision thereof; or

● an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

An individual non-U.S. citizen may, in some cases, be deemed to be a resident alien (as opposed to a nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. Generally, for this purpose, all the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year, are counted.

Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes are urged to consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership or disposition of our common stock.

A "Non-U.S. Holder" means a beneficial owner of our common stock (other than an entity treated as a partnership for U.S. federal income tax purposes) that is not a U.S. Holder.

**Distributions on our common stock**

Distributions made to a Non-U.S. Holder of our common stock will constitute dividends for U.S. tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and profits will constitute a return of capital that is applied against and reduces, but not below zero, a Non-U.S. Holder's adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized on the sale or exchange of our common stock as described below under "—*Gain on Disposition of Our Common Stock*."

Any distribution on our common stock that is treated as a dividend paid to a Non-U.S. Holder that is not effectively connected with the holder's conduct of a trade or business in the United States will generally be subject to withholding tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and the Non-U.S. Holder's country of residence. To obtain a reduced rate of withholding under a treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent with a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or other appropriate form, certifying the Non-U.S. Holder's entitlement to benefits under that treaty. Such form must be provided prior to the payment of dividends and must be updated periodically. If a Non-U.S. Holder holds stock through a financial institution or other agent acting on the holder's behalf, the holder will be required to provide appropriate documentation to such agent. The holder's agent will then be required to provide certification to the applicable withholding agent, either directly or through other intermediaries. Non-U.S. Holders who are eligible for a reduced rate of U.S. withholding tax under an income tax treaty, should consult with their own tax advisor to determine if they are able to obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim for a refund with the IRS.

We and the applicable withholding agents generally are not required to withhold tax on dividends paid to a Non-U.S. Holder that are effectively connected with the holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment that the holder maintains in the United States) if a properly executed IRS Form W-8ECI, stating that the dividends are so connected, is furnished us (or to the applicable withholding agent). In general, such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular graduated rates applicable to U.S. persons. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an additional "branch profits tax," which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may be specified by an applicable treaty) on the corporate Non-U.S. Holder's effectively connected earnings and profits, subject to certain adjustments.

See also the section below titled "—Foreign Accounts" for additional withholding rules that may apply to dividends paid to certain foreign financial institutions or non-financial foreign entities.

**Gain on disposition of our common stock**

Subject to the discussions below under the sections titled "—Backup Withholding and Information Reporting," a Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax with respect to gain realized on a sale or other disposition of our common stock unless (i) the gain is effectively connected with a trade or business of the holder in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment that the holder maintains in the United States), (ii) the Non-U.S. Holder is a nonresident alien individual and is present in the United States for 183 or more days in the taxable year of the disposition and certain other conditions are met, or (iii) we are or have been a "United States real property holding corporation" within the meaning of Code Section 897(c)(2) at any time within the shorter of the five-year period preceding such disposition or the holder's holding period in the common stock.

Non-U.S. Holders described in (i) above, will be required to pay tax on the net gain derived from the sale at the regular graduated U.S. federal income tax rates applicable to U.S. persons. Corporate Non-U.S. Holders described in (i) above may also be subject to the additional branch profits tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. Individual Non-U.S. Holders described in (ii) above, will be required to pay a flat 30% tax on the gain derived from the sale, which gain may be offset by U.S. source capital losses (even though such holder is not considered a resident of the United States), provided such holder has timely filed U.S. federal income tax returns with respect to such losses. With respect to (iii) above, in general, we would be a United States real property holding corporation if United States real property interests (as defined in the Code and the Treasury Regulations) comprised (by fair market value) at least half of our assets. We believe that we are not, and do not anticipate becoming, a United States real property holding corporation. However, there can be no assurance that we will not become a United States real property holding corporation in the future. Even if we are treated as a United States real property holding corporation, gain realized by a Non-U.S. Holder on a disposition of our common stock will not be subject to U.S. federal income tax so long as the Non-U.S. Holder is a "qualified foreign pension fund" as defined in Section 897(l)(2) of the Code or an entity all of the interests of which are held by qualified foreign pension funds, or (i) the Non-U.S. Holder owned, directly, indirectly, or constructively, no more than five percent of our common stock at all times within the shorter of (a) the five-year period preceding the disposition or (b) the holder's holding period and (ii) our common stock is regularly traded on an established securities market. There can be no assurance that our common stock will qualify as regularly traded on an established securities market.

**U.S. federal estate tax**

The estates of nonresident alien individuals generally are subject to U.S. federal estate tax on property with a U.S. situs. Because we are a U.S. corporation, our common stock will be U.S. situs property and, therefore, will be included in the taxable estate of a nonresident alien decedent, unless an applicable estate tax treaty between the United States and the decedent's country of residence provides otherwise. The terms "resident" and "nonresident" are defined differently for U.S. federal estate tax purposes than for U.S. federal income tax purposes. Investors are urged to consult their own tax advisors regarding the U.S. federal estate tax consequences of the ownership or disposition of our common stock.

**Backup withholding and information reporting**

Generally, we or certain financial middlemen must report information to the IRS with respect to any distributions we pay on our common stock, including the amount of any such distributions, the name and address of the recipient, and the amount, if any, of tax withheld, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. A similar report is sent to the holder to whom any such dividends are paid. Pursuant to tax treaties or certain other agreements, the IRS may make its reports available to tax authorities in the recipient's country of residence.

Dividends paid by us (or our paying agents) to a Non-U.S. Holder may also be subject to U.S. backup withholding. U.S. backup withholding generally will not apply to a Non-U.S. Holder who provides a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise establishes an exemption, provided that the applicable withholding agent does not have actual knowledge or reason to know the holder is a U.S. person.

Under current U.S. federal income tax law, U.S. information reporting and backup withholding requirements generally will apply to the proceeds of a disposition of our common stock effected by or through a U.S. office of any broker, U.S. or non-U.S., unless the Non-U.S. Holder provides a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise meets documentary evidence requirements for establishing non-U.S. person status or otherwise establishes an exemption. Generally, U.S. information reporting and backup withholding requirements will not apply to a payment of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the United States through a non-U.S. office of a non-U.S. broker. Information reporting and backup withholding requirements may, however, apply to a payment of disposition proceeds if the broker has actual knowledge, or reason to know, that the holder is, in fact, a U.S. person. For information reporting purposes only, certain U.S. related brokers may be treated in a manner similar to U.S. brokers.

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

**Foreign accounts**

In addition, U.S. federal withholding taxes may apply under the Foreign Account Tax Compliance Act, or FATCA, on certain types of payments, including dividends on our common stock, made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (i) the foreign financial institution agrees to undertake certain diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. The 30% federal withholding tax described in this paragraph cannot be reduced under an income tax treaty with the United States. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (i) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our common stock, and also would generally apply to payments of gross proceeds from the sale or other disposition of such stock. Under proposed U.S. Treasury Regulations, this withholding tax will not apply to the gross proceeds from any sale or disposition of our common stock. Withholding agents may, but are not required to, rely on the proposed Treasury Regulations until final Treasury Regulations are issued. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING, AND DISPOSING OF OUR COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S. FEDERAL NON-INCOME TAX LAWS SUCH AS ESTATE AND GIFT TAX.

**PLAN OF DISTRIBUTION**

The Registered Stockholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their shares of common stock covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the common stock are listed for trading. The Registered Stockholders will not be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will they control or influence the Advisor in carrying out its role as financial advisor. We will not be involved in the price setting process. Additionally, the price of our shares in prior private transactions may have little or no relation to the opening price and subsequent public price of our stock on Nasdaq. The Registered Stockholders will act independently of us in making decisions with respect to the timing, manner, and size of each such sale. We are not party to any arrangement with any Registered Stockholder or any broker-dealer with respect to sales of shares of common stock by the Registered Stockholders, except we have engaged the Advisor with respect to certain other matters relating to the registration of our common stock and listing of our common stock, as further described below. As such, we do not anticipate receiving notice as to if and when any Registered Stockholder may, or may not, elect to sell their shares of common stock or the prices at which any such sales may occur, and there can be no assurance that any Registered Stockholders will sell any or all of their shares of common stock covered by this prospectus.

We will not receive any proceeds from the sale of shares of common stock by the Registered Stockholders. We will recognize costs related to this direct listing and our transition to a publicly-traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

On the day that our shares of common stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of common stock are ready to trade, Nasdaq will confirm the Current Reference Price for our shares of common stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will then be executed at such price and regular trading of our shares of common stock on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules.

Under Nasdaq rules, the Current Reference Price means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our shares of common stock will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq's cross algorithms will match orders that have been entered into and accepted by Nasdaq's system. This occurs with respect to a potential Current Reference Price when orders to buy shares of common stock at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of shares of common stock at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq's cross algorithms matched all accepted orders as described above, and two limit orders remained – a limit order to buy 500 shares of common stock at an entered bid price of $10.01 per share and a limit order to sell 200 shares of common stock at an entered asking price of $10.00 per share – the Current Reference Price would be selected as follows:

● Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional shares that can be matched is 200. If the Current Reference Price is $10.01, then the Maximum number of additional shares that can be matched is also 200, which means that the same maximum number of additional shares would be matched at the price of either $10.00 or $10.01.

● Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

● Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for shares of common stock at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, Nasdaq would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

The Advisor will determine when our shares of common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. Further, in the highly unlikely event that Nasdaq consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in shares of our common stock in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in shares of our common stock on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our common stock will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and shares of our common stock will be released for trading by Nasdaq when certain conditions are met, including Nasdaq's receipt of notice from the Advisor that our shares of common stock are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The Advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the Direct Listing. The Registered Stockholders will not be involved in Nasdaq's price-setting mechanism and will not coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading; the Advisor will be issued of our common stock in connection with and at the time of the Direct Listing; such shares are not registered further to this prospectus and the Advisor is not a Registered Stockholder. While we will not be involved in Nasdaq's price-setting mechanism, it is expected that we may coordinate or communicate with the Advisor with respect to any decision to delay or proceed with trading.

Similar to a Nasdaq-listed firm-commitment underwritten initial public offering, in connection with the listing of our shares of common stock, buyers and sellers who have subscribed will have access to Nasdaq's Order Imbalance Indicator, or the Net Order Imbalance Indicator, a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of shares of common stock that can be paired off the Current Reference Price, the number of shares of common stock that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed. For purposes of listing the Shares on the Nasdaq Global Market, AIAI has obtained a valuation report from Newbridge Securities Corporation, an independent valuation firm, which established the company's per share valuation at $27.40.

However, because this is not an initial public offering being conducted on a firm-commitment underwritten basis, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level — the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of common stock to the public, as there would be in a firm-commitment underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our shares of common stock may be more volatile than in an initial public offering underwritten on a firm-commitment basis and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition, to list on Nasdaq, we are also required to have at least four registered and active market makers. We expect that the Advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the shares of common stock covered by this prospectus may be sold by the Registered Stockholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, shares of common stock may be sold in such states only through registered or licensed brokers or dealers.

A Registered Stockholder may from time to time transfer, distribute (including distributions in kind by Registered Stockholders that are investment funds), pledge, assign, or grant a security interest in some or all the shares of common stock owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the shares of common stock from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the Registered Stockholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as Registered Stockholders under this prospectus. The Registered Stockholders also may transfer the shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

A Registered Stockholder that is an entity may elect to make an in-kind distribution of common stock to its members, partners, or stockholders pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus.

If any of the Registered Stockholders utilize a broker-dealer in the sale of the shares of common stock being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such Registered Stockholder or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal.

We have engaged the Advisor, RBW Capital Partners LLC, as our financial advisor to advise and assist us with respect to certain matters relating to the Direct Listing. The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the Direct Listing and developing and assisting with our investor communication strategy in relation to the Direct Listing. In connection with its engagement as our financial advisor, the Advisor will be entitled to a cash fee of $250,000 upon the successful consummation of the Direct Listing. The Advisor will also be paid up to $75,000 for fees and expenses of legal counsel and other out-of-pocket expenses. All fees to be paid to the Advisor are entirely contingent on the successful completion of the Direct Listing. We have also agreed to issue the Advisor 808,560 shares of our Class A common stock in connection with and at the time of the Direct Listing; such shares are not registered further to this prospectus and the Advisor is not a Registered Stockholder.

The Advisor will not be engaged to otherwise facilitate or coordinate price discovery activities or the solicitation and/or sales of shares of our common stock in consultation with us, and will not be permitted to, and will not be instructed by us to, plan or actively participate in any investor education activities, except as described herein.

Prior to the financial advisory services provided by the Advisor to us in connection with the listing of our securities, neither the Advisor nor any affiliates of the Advisor have provided services of any kind to us.

**LEGAL MATTERS**

The validity of the shares of common stock offered hereby will be passed upon for us by Egan Nelson LLP, Dallas, Texas. Immediately following the effectiveness of the Registration Statement of which this prospectus forms a part, Kenneth Betts, a partner at Egan Nelson LLP will become the Executive Vice President and General Counsel of AIAI. The benefits that Mr. Betts will receive from AIAI in his capacity as Executive Vice President are described under the caption "Executive Compensation—Employment Agreements" contained elsewhere in this prospectus.

**EXPERTS**

The financial statements of AIAI Holdings Corporation as of December 31, 2025 and 2024, and for the year ended December 31, 2025 and the period from July 19, 2024 (inception) to December 31, 2024, have been audited by Forvis Mazars, LLP, independent registered public accounting firm, as set forth in their report thereon, and included in this Amendment No. 5 to the Registration Statement on Form S-1. Such financial statements have been included herein in reliance on such report given on the authority of such firm as experts in auditing and accounting.

The financial statements of C.C. Carlton Industries, Ltd. as of December 31, 2025 and 2024, and for each of the years then ended, have been audited by Forvis Mazars, LLP, independent registered public accounting firm, as set forth in their report thereon, and included in this Amendment No. 5 to the Registration Statement on Form S-1. Such financial statements have been included herein in reliance on such report given on the authority of such firm as experts in auditing and accounting.

The financial statements of Constellation Network Inc. as of December 31, 2025 and 2024, and for each of the years then ended, have been audited by Lilling & Company LLP, independent public accountants, as set forth in their report thereon, and included in this Amendment No. 5 to the Registration Statement on Form S-1. Such financial statements have been included herein in reliance on such report given on the authority of such firm as experts in auditing and accounting.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is http://www.sec.gov.

On the effectiveness of the registration statement of which this prospectus forms a part, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements and other information with the SEC. These reports, proxy statements and other information will be available at http://www.sec.gov.

We also maintain a website at www.aiaiholdings.com at which following the effectiveness of the registration statement of which this prospectus forms a part, you may also access these material free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained in, or accessible through, our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is only as an inactive textual reference.

**INDEX TO FINANCIAL STATEMENTS** 

**AIAI HOLDINGS CORPORATION**

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#SL_01) | F-1 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Balance Sheets as of December 31, 2025 and 2024](#ggg_001) | F-2 |
| &nbsp;&nbsp;&nbsp;[Statements of Loss for the year ended December 31, 2025 and the period from July 19, 2024 (inception) through December 31, 2024](#ggg_002) | F-3 |
| &nbsp;&nbsp;&nbsp;[Statements of Cash Flows for the year ended December 31, 2025 and the period from July 19, 2024 (inception) through December 31, 2024](#ggg_003) | F-4 |
| &nbsp;&nbsp;&nbsp;[Statements of Stockholders' Deficit for the year ended December 31, 2025 and the period from July 19, 2024 (inception) through December 31, 2024](#ggg_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#ggg_005) | F-6 |

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**C.C.** **CARLTON INDUSTRIES, LTD.**

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| | |
|:---|:---|
|  | **PAGE** |
| [Report of Independent Registered Public Accounting Firm](#VI_001) | F-8 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Balance Sheets as of December 31, 2025 and 2024](#fn_001) | F-9 |
| &nbsp;&nbsp;&nbsp;[Statements of Income for the years ended December 31, 2025 and 2024](#fn_002) | F-11 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Partners' Capital for the years ended December 31, 2025 and 2024](#fn_003) | F-12 |
| &nbsp;&nbsp;&nbsp;[Statements of Cash Flows for the years ended December 31, 2025 and 2024](#fn_004) | F-13 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#fn_005) | F-15 |

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**CONSTELLATION NETWORK, INC.**

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| | |
|:---|:---|
| [Independent Auditor's Report](#V_000001) | F-26 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#V_000002) | F-29 |
| [Consolidated Income Statements for the years ended December 31, 2025 and 2024](#V_000003) | F-31 |
| [Consolidated Statements of Changes in Stockholder's Equity for the years ended December 31, 2025 and 2024](#V_000004) | F-33 |
| [Consolidated Statements of Cash Flows For the years ended December 31, 2025 and 2024](#V_000005) | F-34 |
| [Notes to the Consolidated Financial Statements](#V_000006) | F-37 |

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**Report of Independent Registered Public Accounting Firm**

To the Stockholder

AIAI Holdings Corporation

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of AIAI Holdings Corporation (the "Company") as of December 31, 2025 and 2024, and the related statements of loss, cash flows, and stockholders' deficit for the year ended December 31, 2025 and for the period from July 19, 2024 (inception) to December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and for the period from July 19, 2024 (inception) to December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars, LLP

We have served as the Company's auditor since 2025.

Dallas, Texas

March 3, 2026

**AIAI HOLDINGS CORPORATION**

**BALANCE SHEETS** 

**(Dollars in thousands, except shares amounts)**

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31, 2025** | **As of** <br> **December 31, 2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $— | $— |
| Noncurrent assets: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;**Total assets** | $— | $— |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | $1412 | $— |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 1412 | **—** |
| &nbsp;&nbsp;&nbsp;Total non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $1412 | $— |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 1) |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share, 10,000,000 shares authorized, 1,000 shares and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $— | $— |
| &nbsp;&nbsp;&nbsp;Stock subscription receivable |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2487 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3899) |  |
| &nbsp;&nbsp;&nbsp;**Total stockholders' deficit** | (1412) |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $— | $— |

---

See the accompanying notes to the financial statements.

**AIAI HOLDINGS CORPORATION**

**STATEMENTS OF LOSS**

**(Dollars in thousands, except shares amounts)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **December 31, 2025** | **For the period from July 19, 2024 (inception) through**<br> **December 31, 2024** |
| **Revenue** |  |  |
| Products | $— | $— |
| Services |  |  |
| **Total revenue** |  |  |
| Cost of sales |  |  |
| **Gross profit** |  |  |
| Transaction advisory costs | 3899 |  |
| **Operating loss** | (3899) |  |
| Other income (expense), net |  |  |
| **Loss before income taxes** | (3899) |  |
| Provision for income tax |  |  |
| **Net loss** | $(3899) | $— |
| **Per share data** |  |  |
| Net loss per share attributable to common stockholders-basic and diluted | $(4664.21) | $— |
| Weighted average common shares outstanding-basic and diluted | 836 |  |

---

See the accompanying notes to the financial statements.

**AIAI HOLDINGS CORPORATION**

**STATEMENTS OF CASH FLOWS**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> **December 31, 2025** | **For the period from July 19, 2024 (inception) through**<br> **December 31, 202**4 |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(3899) | $— |
| &nbsp;&nbsp;&nbsp;Adjustment to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes |  |  |
| &nbsp;&nbsp;&nbsp;Change in accrued liabilities | 1412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (2487) |  |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities |  |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from stock issuance |  |  |
| &nbsp;&nbsp;&nbsp;Stockholder contribution | 2487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 2487 |  |
| Net increase (decrease) in cash and cash equivalents |  |  |
| **Cash and cash equivalents, beginning of period** |  |  |
| **Cash and cash equivalents, end of period** | $— | $— |

---

See the accompanying notes to the financial statements.

**AIAI HOLDINGS CORPORATION**

**STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(Dollars in thousands, except shares amounts)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Stock** **<br> subscription**<br>**receivable** | **Additional<br> paid-in**<br>**capital** | **Accumulated**<br>**deficit** | **Total<br> stockholders'**<br>**deficit** |
| **Balance as of July 19, 2024 (inception)** |  | $— | $— | $**—** | $— | $— |
| Net loss |  |  |  |  |  |  |
| **Balance as of December 31, 2024** |  | $— | $— | $**—** | $— | $— |
| Issuance of common stock | 1000 |  |  |  |  |  |
| Stock subscription receivable |  |  |  |  |  |  |
| Stockholder contribution |  |  |  | 2487 |  | 2487 |
| Net loss |  |  |  |  | (3899) | (3899) |
| **Balance as of December 31, 2025** | 1000 | $— | $— | $2487 | $(3899) | $(1412) |

---

See the accompanying notes to the financial statements.

**AIAI HOLDINGS CORPORATION**

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization, Basis of Presentation, and Summary of Significant Accounting Policies**

 ****

***Organization, Formation and Description of Business***

AIAI Holdings Corporation (the "Company") was formed as a Delaware corporation on July 19, 2024 under the name MXLII Corporation. On November 3, 2025, MXLII Corporation amended its certificate of incorporation to change its legal name to AIAI Holdings Corporation. The Company was formed for the purpose of completing a direct listing of the Company's common equity on a U.S. stock exchange ("Direct Listing") and creating an AI-powered ecosystem through acquiring, integrating, and scaling companies that have high potential for increased operating results through the application of AI.

***Financial Statement Preparation***

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles as set forth in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("U.S. GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC").

***Use of Estimates***

 ****

The preparation of the accompanying financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the financial statements and accompanying notes. Estimates and judgments are based on various assumptions that the Company believes are reasonable under the circumstances. Actual results could differ from those estimates.

***Commitments and Contingencies***

The Company is not a party to any pending claims or legal proceedings and is not aware of any other claims that it believes could, individually or in the aggregate, have a material adverse effect on the Company's financial position, results of operations or cash flows.

See Note 3. Transaction Advisory Costs for certain contingent fee arrangements that the Company has entered into with service providers.

**2. Stockholders' Equity**

As of December 31, 2025 and 2024, the Company was authorized to issue 10,000,000 shares of common stock, par value $0.001 per share. No shares of common stock were outstanding as of December 31, 2024. On March 1, 2025, the Company issued 1,000 shares of common stock at par value in connection with a $1.00 stock subscription agreement entered into with its sole stockholder.

**3*.* Transaction Advisory Costs**

In connection with the planned Direct Listing, the Company has incurred transaction advisory costs for legal, accounting, advisory, valuation, and investor relations services during the year ended December 31, 2025. These costs were funded through capital contributions from the Company's sole stockholder. Refer to Note 4. Related Party Transactions, for further discussion. To the extent that costs have been incurred but not yet remitted to third party vendors, unpaid amounts have been presented within Accrued liabilities on the balance sheet as of December 31, 2025. Of the total transaction advisory costs incurred through December 31, 2025, $0.28 million is payable in common stock of the Company with the remainder payable in cash.

Additionally, the Company has engaged certain third-party service providers to provide transaction advisory services under contingent fee arrangements for which compensation will be become due upon the date of the Direct Listing. Compensation for those services includes contingent fees ranging from $2.85 million to $10.85 million; of this amount $0.85 million is payable in cash with the remainder payable in common stock of the Company. The amount of contingent fees owed will be determined based upon the market capitalization of the Company as of the six-moth anniversary of the Direct Listing. Furthermore, the Company has entered into a contingent fee arrangement with a service provider under which the provider will receive a grant of common shares equal to 1% of the fully diluted shares outstanding as of the date of the Direct Listing.

The Company had no operations or expenses during the period from July 19, 2024 (inception) through December 31, 2024.

**4*.* Related Party Transactions**

 ****

In connection with transaction advisory costs paid on its behalf, the Company received capital contributions totaling $2.49 million from an affiliated entity under common control of its sole stockholder as discussed in the Note 3. Transaction Advisory Costs.

**5. Employment Agreements**

The Company had no employees as of December 31, 2025 and 2024. On January 15, 2026, the Company entered into employment agreements with certain executive officers which commence upon the date of the Direct Listing. These executive officers will be entitled to stock-based compensation in the form of 850,000 restricted common stock awards, granted upon the date of the Direct Listing, with one-third vesting upon each of the first, second, and third anniversary dates of the Direct Listing. In addition to the restricted common stock awards, executive officers are entitled to annual cash compensation totaling $2.75 million and discretionary bonuses pursuant to their respective employment agreements.

In November 2025, the Company's Board of Directors adopted an Outside Director Compensation Policy, which was subsequently approved by the stockholders. Under this policy, each non-employee director (an "Outside Director") is eligible to receive compensation in the form of cash and equity awards commencing upon effectiveness of the Direct Listing. Each Outside Director is entitled to receive annual cash compensation of $100,000, with additional compensation in an aggregate of $150,000 payable to committee chairs. Each Outside Director is also entitled to receive an initial equity award of $150,000 in restricted stock on the first trading day on or after such individual first becomes an Outside Director. This award vests in equal installments on each of the first, second, and third anniversary dates of the grant date. Furthermore, commencing on the first anniversary of services, each Outside Director is entitled to receive an annual grant of $150,000 restricted stock awards, which will vest on the earlier of (i) the one year anniversary of the annual award's grant date, or (ii) the day immediately before the date of the next annual meeting following the annual award's grant date.

**6. Income Taxes**

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has net operating loss carryforward deferred tax assets of $0.82 million as of December 31, 2025 which may be carried forward indefinitely. A full valuation allowance has been recorded on the net operating loss carryforward deferred tax assets as of December 31, 2025.

**7. Subsequent Events**

The Company has evaluated subsequent events through March 3, 2026, the date the financial statements were issued.

On January 23, 2026, the Company entered into separate agreements (each a "Purchase Agreement", and together, the "Purchase Agreements") to acquire 100% of the outstanding equity interests of six operating companies: C.C. Carlton Industries, Ltd. ("CCCI"), Constellation Network, Inc. ("Constellation"), gTC MediGuide LP ("MediGuide"), Vanguard Health Solutions, LLC ("Vanguard"), AI Research Corporation ("AIR"), and Bond Street Limited, LLC (each referred to individually as a "Portfolio Company" and collectively as the "Portfolio Companies"). Purchase Agreements will be effective upon completion of the Direct Listing with total consideration payable at closing of $628.57 million, consisting of $549.45 million in common stock, $75.07 million in fully vested options on common stock, and $4.05 million in cash. Additional contingent consideration of up to $24.0 million is payable in common stock. The purchase consideration for certain Portfolio Companies is subject to adjustment for net indebtedness as of the closing date.

On January 23, 2026, the Company entered into a License Agreement with Messier 42, LLC ("M42"), under which M42 will grant us a license for the exclusive use of M42 AI Technology, conditioned upon effectiveness of the Direct Listing. As consideration, the Company will issue shares of common stock to M42 for a total value of $502.74 million. Additionally, the Company has agreed enter into a Technology Services Agreement with M42, under which M42 will provide ongoing updates and enhancements to AI technology, as well as implementation support for the Company's Portfolio Companies, conditioned upon effectiveness of the Direct Listing. In exchange, the Company will pay an annual service fee equal to 3% of our consolidated annual revenue, payable in cash or shares of common stock.

On January 22, 2026, the Company entered into a share exchange agreement with a newly formed C-corporation, Messier Blocker Corporation, under which the Company will issue shares of common stock valued at $326.0 million in exchange for non-voting preferred stock of M42 Blocker Corp, whose principal asset is a non-controlling investment in M42, conditioned upon effectiveness of the Direct Listing.

**Report of Independent Registered Public Accounting Firm**

To the Partners

C.C. Carlton Industries, Ltd.

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of C.C. Carlton Industries, Ltd., (the "Partnership") as of December 31, 2025 and 2024, the related statements of income, changes in partners' capital, and cash flows for each of the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars, LLP

We have served as the Partnership's auditor since 2025.

Dallas, Texas

March 4, 2026

***C.C. CARLTON INDUSTRIES, LTD.***

**BALANCE SHEETS**

**December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **CURRENT ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $15633816 | $2545465 |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts receivable | 25504816 | 25748530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage receivable - closed contracts | 6765425 | 3905795 |
|  | 32270241 | 29654325 |
| &nbsp;&nbsp;&nbsp;Prepaid insurance |  | 139921 |
| &nbsp;&nbsp;&nbsp;Contract assets classified as: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and estimated earnings in excess of billings on contracts in progress | 2737863 | 2957984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage receivable - open contracts | 11883818 | 11217116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uninstalled materials | - | 1541141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT ASSETS | 62525738 | 48055952 |
| **PROPERTY AND EQUIPMENT, NET** | 23882887 | 16840962 |
| **OTHER ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Due from related party, net | 568103 | 28774 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 100000 |  |
| &nbsp;&nbsp;&nbsp;Finance right-of-use assets, net | 5872669 | 12166664 |
| &nbsp;&nbsp;&nbsp;Operating right-of-use assets, net | 1761121 | 2969809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $94710518 | $80062161 |

---

***C.C. CARLTON INDUSTRIES, LTD.***

**BALANCE SHEETS - continued**

**December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade | $34981002 | $27586399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage payable - closed contracts | 6397980 | 4417811 |
|  | 41378982 | 32004210 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1058263 | 288145 |
| &nbsp;&nbsp;&nbsp;Notes payable - current portion | 1849432 | 384401 |
| &nbsp;&nbsp;&nbsp;Lines of credit - current portion |  | 327505 |
| &nbsp;&nbsp;&nbsp;Finance lease obligation - current maturities | 1877541 | 5932508 |
| &nbsp;&nbsp;&nbsp;Operating lease obligation - current maturities | 1123948 | 1347349 |
| &nbsp;&nbsp;&nbsp;Contract liabilities classified as: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings on contracts in progress | 2819215 | 4785466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage payable - open contracts | 3546893 | 3663369 |
|  | 6366108 | 8448835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT LIABILITIES | 53654274 | 48732953 |
| **NONCURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable | 3251391 | 677888 |
| &nbsp;&nbsp;&nbsp;Lines of credit | 19066688 | 8392875 |
| &nbsp;&nbsp;&nbsp;Noncurrent finance lease obligation | 3006737 | 4884278 |
| &nbsp;&nbsp;&nbsp;Noncurrent operating lease obligation | 743682 | 1867629 |
| TOTAL LIABILITIES | 79722772 | 64555623 |
| **PARTNERS' CAPITAL** |  |  |
| &nbsp;&nbsp;&nbsp;Limited Partners | 14467671 | 14906247 |
| &nbsp;&nbsp;&nbsp;General Partner | 520075 | 600291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL PARTNERS' CAPITAL | 14987746 | 15506538 |
| TOTAL LIABILITIES AND PARTNERS' CAPITAL | $94710518 | $80062161 |

---

See notes to financial statements

***C.C. CARLTON INDUSTRIES, LTD.***

**STATEMENTS OF INCOME**

**For the years ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Revenue from contracts | $253098037 | $211486645 |
| &nbsp;&nbsp;&nbsp;Cost of contracts | 221540102 | 175910649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GROSS PROFIT | 31557935 | 35575996 |
| **OPERATING EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 23351737 | 19750791 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (147322) | (6996) |
| &nbsp;&nbsp;&nbsp;State franchise tax expense | 180662 | 122289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME FROM OPERATIONS | 8172858 | 15709912 |
| **OTHER INCOME (EXPENSES)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (1395367) | (1637976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME | $6777491 | $14071936 |

---

See notes to financial statements

***C.C. CARLTON INDUSTRIES, LTD.***

**STATEMENTS OF CHANGES IN PARTNERS' CAPITAL**

**For the years ended December 31, 2025 and 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Beginning <br> Ownership %** | **Ending <br> Ownership %** | **Capital<br> January 1, 2025** | **Contributions** | **Net Income** | **Distributions and Withdrawals** | **Capital <br> December 31, 2025** |
| Limited Partners | 96.53 | 96.53 | $14906247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $6604526 | $(7043102) | $14467671 |
| General Partner | 3.47 | 3.47 | 600291 | - | 172965 | (253181) | 520075 |
|  |  |  | $15506538 | $- | $6777491 | $(7296283) | $14987746 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Beginning <br> Ownership %** | **Ending <br> Ownership %** | **Capital<br> January 1, 2024** | **Contributions** | **Net Income** | **Distributions and Withdrawals** | **Capital <br> December 31, 2024** |
| Limited Partner | 96.53 | 96.53 | $11304312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $13545646 | $(9943710) | $14906247 |
| General Partner | 3.47 | 3.47 | 431450 | - | 526290 | (357450) | 600291 |
|  |  |  | $11735762 | $- | $14071936 | $(10301160) | $15506538 |

---

See notes to financial statements

***C.C. CARLTON INDUSTRIES, LTD.***

**STATEMENTS OF CASH FLOWS**

**For the years ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $6777491 | $14071936 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 3626887 | 2759039 |
| &nbsp;&nbsp;&nbsp;Amortization on finance right-of-use assets | 1212916 | 1905954 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 243714 | (3080536) |
| &nbsp;&nbsp;&nbsp;Retainage receivable - closed contracts | (2859630) | (1983780) |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (147322) | (6996) |
| &nbsp;&nbsp;&nbsp;Other  | 5556 |  |
| &nbsp;&nbsp;&nbsp;Contract assets classified as: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and estimated earnings in excess of billings on contracts in progress | 220121 | (1689298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage receivable - open contracts | (666702) | (3424643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uninstalled materials | 1541141 | (1541141) |
| &nbsp;&nbsp;&nbsp;Prepaid insurance | 139921 | (139921) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 7255942 | 1295947 |
| &nbsp;&nbsp;&nbsp;Retainage payable – closed contracts | 1980169 | 1700121 |
| &nbsp;&nbsp;&nbsp;Accounts payable – related parties | 83030 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 770118 | 146576 |
| &nbsp;&nbsp;&nbsp;Contract liabilities classified as: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings on contracts in progress | (1966251) | 2641793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retainage payable - open contracts | (116476) | 1250274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH PROVIDED BY OPERATING ACTIVITIES | 18100625 | 13905325 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (4207107) | (5928342) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 421095 | 241000 |
| &nbsp;&nbsp;&nbsp;Issuance of related party note | (4100000) | (1350000) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party note | 1500000 | 1350000 |
| &nbsp;&nbsp;&nbsp;Payments for related party transactions | (135360) | (258603) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party transactions | 13001 | 262428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH USED BY INVESTING ACTIVITIES | (6508371) | (5683517) |

---

***C.C. CARLTON INDUSTRIES, LTD.***

**STATEMENTS OF CASH FLOWS – continued**

**For the years ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Repayments on notes payable | (1122753) | (774820) |
| &nbsp;&nbsp;&nbsp;Proceeds on lines of credit | 127283632 | 101533575 |
| &nbsp;&nbsp;&nbsp;Repayments on lines of credit | (117042880) | (98024681) |
| &nbsp;&nbsp;&nbsp;Repayment of finance leases | (2425619) | (2953861) |
| &nbsp;&nbsp;&nbsp;Distribution and withdrawals | (5196283) | (10301160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 1496097 | (10520947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 13088351 | (2299139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR** | 2545465 | 4844604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CASH AND CASH EQUIVALENTS AT END OF YEAR** | $15633816 | $2545465 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $1393643 | $1641808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State franchise taxes | $190306 | $134996 |
| &nbsp;&nbsp;&nbsp;Noncash transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of finance lease liabilities for right-of-use assets | $- | $5345136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes payable for property and equipment | $1640004 | $901928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of right-of-use assets to property and equipment | $5081079 | $312415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes payable to settle finance lease liabilities | $3506888 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of limited partner note to distributions | $2100000 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance fees for line of credit amendment | $100000 |  |

---

See notes to financial statements

***C.C. CARLTON INDUSTRIES, LTD.***

***NOTES TO FINANCIAL STATEMENTS***

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Description of Business**

C.C. Carlton Industries, Ltd. (the "Partnership") is a Texas limited partnership, governed by an agreement of limited partnership, as amended (the "Partnership Agreement"). Carlton GP, LLC ("GP") is a Texas limited liability corporation, and C.C. Carlton Construction of Austin, Inc. ("Construction") is an S-Corporation.

As of January 1, 2024, GP and Construction owned 1.737% general partner interests in the Partnership. The sole limited partner (the "Limited Partner") owned a 96.526% interest in the Partnership and 100% of GP and Construction. During the year ended December 31, 2024, Construction transferred its general partnership interest to GP. As of December 31, 2024, GP and Construction owned 1.737% general partner interests in the Partnership and the Limited Partner owned a 96.526% interest in the Partnership and a 99% interest in GP with an additional investor owning a 1% interest in GP.

During the year ended December 31, 2025, the Limited Partner transferred 12.3% of its interests in the Partnership to the Honeybee Trust ("Honeybee"), 15.1% of its interests in the Partnership to CCC Rainbow Trust ("Rainbow"), and 13.7% of its interests in the Partnership to The Papa Oso Trust ("Papa Oso").

The Partnership is engaged in the construction of site utilities, roads, bridges, and concrete structures in Texas.

**Basis of Presentation and Use of Estimates**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

**Partnership Interests**

Each partner's ownership interest is represented by an individual capital account as provided for in the Partnership Agreement. Capital contributions, allocations of income, losses, distributions, and any withdrawals are determined in accordance with the Partnership Agreement and based on each partner's respective ownership percentage. The Partnership's ownership interests are not unitized, there is no active or public market for such interests, and any transfers are subject to the approval and restrictions outlined in the Partnership Agreement.

Partner capital accounts fluctuate based on project performance, bonding capacity, and working capital needs as determined by management and the partners.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued**

**Presentation of Partners' Equity**

Partners' equity is presented in the financial statements under the caption "Partners' Capital." Capital accounts for each partner class are shown individually, reflecting the respective share of capital contributions, allocated earnings, distributions, and any withdrawals in accordance with the Partnership Agreement. Since the Partnership has not issued ownership units or shares, no par value or number of units is assigned to partners' equity. Changes in partners' equity are presented in the statements of partners' capital, consistent with the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505, Equity.

**Revenue Recognition**

The Partnership recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers whereby revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Partnership expects to be entitled to in exchange for those goods or services.

The Partnership primarily enters into fixed-price customer contracts, with allowances for change orders, to provide civil construction and related services. The lengths of the Partnership's contracts vary, typically lasting from six months to two years. Generally, each contract contains a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and, therefore, is not distinct, and the entire transaction price is attributed to that single performance obligation.

Subsequent to the inception of a contract, the transaction price could change due to executed or unapproved change orders, and unresolved contract modifications and/or claims. Changes are accounted for as an adjustment to the existing performance obligation. Changes are made to the transaction price to the extent the amount can be reasonably estimated and recovery is probable.

The Partnership's performance obligations are satisfied over time because performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation using an input (i.e., "cost to cost") method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control.

All contract costs are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined.

**Contract Assets and Contract Liabilities**

Contract assets include costs and estimated earnings in excess of amounts billed to customers as well as amounts due under contractual retention provisions. Costs and estimated earnings in excess of billings represent amounts earned and reimbursable under contracts and have a conditional right for billing and payment such as achievement of milestones or completion of the project. Generally, such unbilled amounts will become billable according to the contract terms and generally will be billed and collected over the next twelve months. Contracts include retention provisions to provide assurance to customers that the Partnership will perform in accordance with the contract terms and are not considered a financing benefit under ASC 606. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work by the customer.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued**

Contract liabilities consist of billings in excess of costs and estimated earnings, net of the related contract retention. Billings in excess of costs and estimated earnings are billings to customers on contracts in advance of work performed. Generally, unearned project-related costs will be earned over the next twelve months. Provisions for losses are recognized for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue; there were no material provisions for losses as of December 31, 2025, and 2024.

**Cash and Cash Equivalents**

Cash equivalents are securities having maturities of three months or less from the date of purchase. The Partnership had no cash equivalents at December 31, 2025, or 2024. From time to time, the Partnership's balances may exceed FDIC insured limits; however, the Partnership believes it is not exposed to any significant credit risk on cash and cash equivalents.

**Accounts Receivable**

Accounts receivable includes billed and unbilled amounts for services provided to customers for which the Partnership has an unconditional right to payment. The Partnership provides an allowance for credit losses, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions adjusted for current conditions and reasonable and supportable forecasts. Receivables are due thirty days after the date of the invoice with retentions due thirty days after completion of the project and acceptance by the owner. Credit loss expense and allowance related to doubtful accounts receivable where collectability is not reasonably assured was immaterial as of and for the periods ended December 31, 2025, and 2024.

**Concentration of Credit Risk and Significant Customers**

Financial instruments, which potentially subject the Partnership to concentrations of credit risk, consist primarily of cash and cash equivalents, accounts receivable and contract assets. Cash and cash equivalents are held by more than one high credit quality financial institution.

As of December 31, 2025, one customer accounted for approximately 11% of total accounts receivable. As of December 31, 2025, two customers accounted for approximately 37% and 12% of total contract assets, respectively. For the year ended December 31, 2025, no customer accounted for 10% or more of total revenue.

As of December 31, 2024, one customer accounted for approximately 18% of total accounts receivable. As of December 31, 2024, two customers accounted for approximately 11% and 17% of total contract assets, respectively. For the year ended December 31, 2024, no customer accounted for 10% or more of total revenue.

The customers that represented greater than 10% concentrations for 2025 are different than the customers that represented greater than 10% concentrations for 2024.

**Income and Franchise Taxes**

The Partnership is not directly subject to income taxes under the provisions of the Internal Revenue Code and applicable state laws. Therefore, taxable income is reported to the individual partners for inclusion in their respective tax returns and no provision for federal and state income taxes has been included in the financial statements.

The State of Texas franchise tax is calculated based on the gross margin times the applicable state tax rate subject to certain provisions and adjustments. Amounts incurred but not yet paid are recorded in accrued expenses on the balance sheets.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued**

**Property and Equipment**

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is charged to expense on the straight-line method over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or respective estimated useful lives. Expenditures for maintenance and repairs are expensed as incurred. When assets are sold or otherwise disposed of, the related costs and accumulated depreciation are removed from the balance sheets, and any resulting gains or losses are recognized in the statements of income.

Categories of assets and their useful lives are as follows:

---

| | |
|:---|:---|
| **Asset Class** | **Estimated Useful Life** |
| Buildings and improvements | 15 – 40 years |
| Construction equipment | 5 – 10 years |
| Transportation equipment | 5 – 7 years |
| Furniture & fixtures | 5 – 7 years |
| Office equipment | 5 – 7 years |
| Leasehold improvements | Lesser of useful life or lease term |

---

Summary of Property and Equipment is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Category** | **Cost** | **Accumulated Depreciation** | **Net Book Value** |
| Land | $365000 | $- | $365000 |
| Construction equipment | 33143558 | (12001924) | 21141634 |
| Transportation equipment | 2330098 | (1393603) | 936495 |
| Furniture & fixtures | 28799 | (28799) |  |
| Office equipment | 255390 | (227975) | 27415 |
| Leasehold improvements | 1535131 | (122788) | 1412343 |
| Total | $37657976 | $(13775089) | $23882887 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Category** | **Cost** | **Accumulated Depreciation** | **Net Book Value** |
| Land | $365000 | $- | $365000 |
| Construction equipment | 23582267 | (9302271) | 14279996 |
| Transportation equipment | 1847834 | (1178089) | 669745 |
| Furniture & fixtures | 28799 | (28799) |  |
| Office equipment | 255390 | (214267) | 41123 |
| Leasehold improvements | 1535131 | (50033) | 1485098 |
| Total | $27614421 | $(10773459) | $16840962 |

---

**Long-Lived Asset Impairment**

The Partnership evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset are less than the carrying amount of the asset, the asset cost is adjusted to fair value, and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

No long-lived asset impairment was recognized during the years ended December 31, 2025, and 2024.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued**

**Uninstalled Materials**

Uninstalled materials consist of certain materials purchased for uncompleted customer contracts that have not yet been delivered to the jobsite. These materials are valued at the purchased cost using the specific identification method. Costs incurred in the period for materials, to which title is held, and will be installed as a part of future activity on contracts, are reported as a separate line item on the balance sheets as a part of contract assets.

**Imputed Interest**

As further described in Note F – Debt, the Partnership entered several equipment purchases in exchange for notes with maturities extending through 2030. The notes had stated interest rates between 0.00% and 6.89%. The Partnership, in accordance with ASC 835, Interest, adjusted the stated amount of the notes to approximate the then current cash sales price of the equipment by imputing interest using the prime rate published by JPMorgan plus 1.00%. Each equipment purchase was recorded at its present value, with the difference between the face value of the notes and the present value recorded as a note discount. The discount on each note is amortized over the life of the note using the effective interest method. The aggregate notes discount is $367,827 and $69,784 as of December 31, 2025, and 2024, respectively, and is presented on the balance sheets as a direct deduction from the carrying amount of the related notes.

**Leases**

The Partnership records leases in accordance with ASC 842, Leases. The Partnership determines if an arrangement is a lease, or contains a lease, at inception of the contract and when the terms of an existing contract are changed. The Partnership determines lease classification as operating or finance and recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments, generally discounted using the borrowing rate on the Partnership's secured line of credit as the implicit rate is not readily determinable on the Partnership's leases. The ROU asset equals the lease liability at lease commencement as there are not significant indirect direct costs, prepaid or deferred rent, or lease incentives. Generally, the Partnership's lease contracts do not have the option to extend or renew. The Partnership does not have any material leases with residual value guarantees or restrictive covenants. Lease payments are generally fixed over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term.

The Partnership's finance lease ROU assets are amortized over the estimated useful life of the asset as ownership of the leased asset transfers to the Partnership by the end of the lease term, or the Partnership is reasonably certain to exercise a purchase option. Amortization expense for finance lease ROU assets is recognized on a straight-line basis and is included in cost of contracts on statements of income. Interest expense on finance lease liabilities is recognized separately from the amortization of the ROU asset and is included in interest expense on the statements of income. The Partnership has elected not to record leases with an initial term of 12 months or less on the balance sheets. Lease cost associated with short-term leases are recognized on a straight-line basis over the lease term.

**Advertising Expense**

The Partnership expenses advertising costs as incurred in accordance with ASC 720, Other Expenses. Advertising expenses primarily include marketing materials, digital and print media campaigns, promotional activities, and outreach efforts that support project acquisition and brand development. Advertising expense totaled $1,957,400 and $1,606,703 for the years ended December 31, 2025 and 2024, respectively. The Partnership does not capitalize advertising costs, as such amounts do not meet the criteria for capitalization under U.S. GAAP.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued** 

**Commitments and Contingencies – Legal Proceedings**

The Partnership is subject to various claims and legal proceedings that arise in the ordinary course of business. Management is not aware of any pending or threatened litigation, claims, or assessments that are expected to have a material adverse effect on the Partnership's financial position, results of operations, or cash flows. The total liabilities for legal proceedings were immaterial as of December 31, 2025, and 2024.

**Fair Value Measurements**

ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to observable inputs (Level 1) and the lowest priority to unobservable inputs (Level 3).

● Level
 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

● Level
 2 – Inputs other than quoted prices included within Level 1 that are observable for
 the asset or liability, either directly or indirectly.

● Level
 3 – Unobservable inputs for the asset or liability that rely on the Partnership's
 own assumptions.

As of December 31, 2025, and 2024, the Partnership did not have any assets or liabilities measured at fair value on a recurring or nonrecurring basis. Accordingly, no fair value hierarchy table has been presented. The carrying amounts of financial instruments such as cash, receivables, and payables approximate their fair values due to the short-term nature of these instruments. The fair value of the Partnership's debt instruments approximate their carrying value due to variable interest rates, relatively short maturities, or how recent the debt was entered. The interest rates on the Partnership's borrowings are consistent with current market rates available for similar instruments.

**Recently Adopted Accounting Standards**

The Partnership has adopted all accounting standards that were effective for public business entities as of the earliest period presented.

The adoption of these standards did not have a material impact on the Partnership's financial statements but resulted in enhanced disclosures.

Effective January 1, 2024, the Partnership adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update, issued by the FASB in November 2023, requires enhanced disclosures about significant segment expenses that are regularly provided to the CODM. The Partnership applied this guidance retrospectively. Adoption of this update did not have a material impact on the Partnership's financial position, results of operations, or cash flows, but resulted in expanded segment disclosures presented in Note A – Summary of Significant Accounting Policies – Segment Reporting.

**Accounting Standards Issued But Not Yet Adopted**

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires that a public business entity disclose detailed information about types of expense. Specifically, a public business entity would disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(d). In addition, a public business entity should include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements. A public business entity would also disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amounts of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The new guidance should be applied either prospectively to financial statements issued after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Partnership is evaluating the impact of the new guidance.

The Partnership does not expect the adoption of this update, or any other recently issued but not yet effective accounting pronouncements, to have a material effect on the Partnership's financial statements.

**NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-continued** 

**Segment Reporting**

The Partnership operates as a single operating segment engaged in providing construction and related services to public and private sector clients. The Partnership's reportable segment is determined by Craig Carlton, Manager of GP and Benjamin Lyon, CEO, the executive management team, which is designated as the Chief Operating Decision Maker ("CODM"), based upon information provided about the Partnership's operations. The segment is also distinguished by the level of information provided to the CODM, which uses net income to review performance and allocate resources. The nature of the Partnership's operations, the types of customers served, and the methods used to deliver services are substantially similar across all projects. Accordingly, management has determined that the Partnership has one reportable segment under ASC 280, Segment Reporting. Segment accounting policies are the same as those described in Note A – Summary of Significant Accounting Policies.

**Reclassifications**

Certain reclassifications have been made to the 2024 financial statements to conform to the 2025 financial statement presentation. These reclassifications had no effect on net earnings.

**NOTE B - REVENUE FROM CONTRACTS WITH CUSTOMERS**

**Remaining Performance Obligations**

As of December 31, 2025, and 2024, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied, or partially unsatisfied, was approximately $158,878,535 and $136,407,273, respectively. The Partnership expects to recognize unearned revenue at December 31, 2025, as follows:

---

| | |
|:---|:---|
| **Expected Timing of Revenue Recognition** | **Amount** |
| Within 12 months | $158871863 |
| 13 to 24 months | 6673 |
| Beyond 24 months | - |
| Total | $158878535 |

---

Amounts disclosed above represent management's best estimate based on current contract schedules and anticipated project progress. Actual timing of revenue recognition may vary due to changes in project scope, performance, or customer requirements.

**Contract Estimates**

Accounting for long-term contracts with customers involves estimating total transaction price, total estimated costs at completion, and progress toward satisfaction of performance obligations which are used to recognize revenue earned. Unforeseen events and circumstances can alter the estimate of the costs associated with a particular contract. Total estimated costs at completion can be impacted by changes in productivity, scheduling, labor costs, subcontracts, materials, and equipment. Additionally, external factors such as weather, customer needs, customer delays in providing permits and approvals, labor availability, governmental regulation and politics may affect the progress of a project's completion and push the timing and amount of revenue recognition.

To the extent that original cost estimates are modified, estimated costs to complete increase, delivery schedules are delayed, or progress under a contract is otherwise impeded, cash flow, revenue recognition, and profitability from a particular contract may be adversely affected.

**NOTE B - REVENUE FROM CONTRACTS WITH CUSTOMERS-continued**

The nature of the Partnership's contracts gives rise to several types of variable consideration that can either increase or decrease the transaction price. Transaction price for contracts is required to include evaluation of variable consideration to which the Partnership has an enforceable right to compensation or obligation for a reduction, which can result in increases or decreases to a contract's transaction price. The effect of a change in variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis.

Contract modifications can result in contract specifications or requirements that either create new or changes existing enforceable rights and obligations of the parties to the contract. The Partnership considers unapproved change orders to be contract modifications for which customers have agreed to changes in the scope of the contract but have not agreed to the price.

The Partnership considers claims to be contract modifications for which the Partnership has sought, or will seek, to collect from customers, or others, for customer-caused changes in contract specifications or design, or other customer-related causes of unanticipated additional contract costs on which there is no contractual agreement with the customer for changes in either the scope or price of the contract. Claims can also be caused by non-customer-caused changes, such as weather delays, work stoppages or other unanticipated events.

Costs associated with contract modifications are included in the estimated costs to complete the contracts and are treated as project costs when incurred. Contract modifications are generally for goods or services that are not distinct and, therefore, are accounted for as a part of the existing contract. In those instances, the effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue on a cumulative catch-up basis.

**Disaggregation of Revenue**

The Partnership's customers are either in the public or private sector. The public sector primarily includes projects for federal, state, and municipal agencies involving infrastructure and public works construction. The private sector primarily includes commercial and industrial development projects with private clients.

The following table presents the Partnership's revenue disaggregated by customer type.

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31** | **Public Sector Contracts** | **Private Sector Contracts** | **Total Revenue** |
| 2025 | $183052642 | $70045395 | $253098037 |
| 2024 | $178753955 | $32732690 | $211486645 |

---

As of December 31, 2025, and 2024, the status of uncompleted contracts is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Contract assets and liabilities classified as: |  |  |
| Costs and estimated earnings in excess of billings on contracts in progress | $2737863 | $2957984 |
| Billings in excess of costs and estimated earnings on contracts in progress | (2819215) | (4785466) |
|  | $(81352) | $(1827482) |

---

As work is performed, revenue is recognized, and the corresponding contract liabilities are reduced. During the years ended December 31, 2025, and 2024, the Partnership recognized revenue of $4,785,466 and $2,143,673, respectively, that was included in the contract liability balances at December 31, 2024, and 2023, respectively.

Contract claims and unapproved change orders included in contract assets and liabilities on uncompleted contracts at December 31, 2025, and 2024 were not material.

**NOTE C – RELATED PARTIES**

The Partnership entered into the following transactions with related parties as of and for the years ended December 31, 2025, and 2024.

**Limited Partner Loans and Transactions**

During the year ended December 31, 2025, the Partnership loaned $4,100,000 to the Limited Partner under short-term promissory notes, of which $1,500,000 was repaid in cash and $2,100,000 was settled by a reduction in the Limited Partner's capital account. The remaining $500,000 is outstanding at December 31, 2025. Total interest income received and recognized on the notes during the year ended December 31, 2025, was not material.

During the year ended December 31, 2024, the Partnership loaned $1,350,000 to the Limited Partner under a short-term promissory note. The Limited Partner repaid the note during 2024. As all notes were repaid prior to maturity, no interest was charged on the note during the year ended December 31, 2024.

**NOTE C – RELATED PARTIES-continued**

The Partnership engaged in other borrowings with the Limited Partner which are ultimately settled in cash and included in due from related party in the balance sheets.

The Partnership also routinely engages in transactions with related parties in the ordinary course of business. These transactions primarily consist of services provided by a single related party controlled by the Limited Partner, which includes event services for the Partnership's employees and customers. The total expense recognized for services provided by the related party was $513,491 and $326,020 for the years ended December 31, 2025, and December 31, 2024, respectively. Payments for the services are settled in cash. Amounts payable to the related party as of December 31, 2025, and December 31, 2024, were $83,030 and $0, respectively, and included in due from related party in the balance sheets.

**Related Party Leases**

The Partnership leases real estate used for construction equipment storage and operations from five companies, which are all under common control of the Limited Partner. The leases are classified as operating leases. Lease expense recognized under these arrangements was $1,524,960 and $1,337,755 for the years ended December 31, 2025, and 2024. Required lease information under ASC 842 is presented in NOTE D – Leases.

**NOTE D – LEASES**

The Partnership enters into lease arrangements primarily for office facilities, equipment, and vehicles used in construction operations. The Partnership's lease portfolio consists of both operating and finance leases with varying terms, generally ranging from one to ten years. Lease agreements for office and yard facilities are typically operating leases, while equipment and vehicle leases are generally classified as finance leases. Operating lease costs include $187,205 and $0 of variable lease costs for the periods ended December 31, 2025 and December 31, 2024, respectively.

Lease cost is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
| Operating lease cost | $1524960 | $1337755 |
| Finance lease cost | 1825739 | 2741782 |
|  | $3350699 | $4079537 |

---

Cash paid for amounts included in the measurement of lease obligations are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**December 31, 2025** | **For the year ended**<br>**December 31, 2024** |
| Operating leases | $1663620 | $1449705 |
| Finance leases | 2425619 | 2953861 |
|  | $4089239 | $4403566 |

---

Additional lease information is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Weighted-average remaining lease term - operating leases | 2.53 | 2.95 |
| Weighted-average remaining lease term - finance leases | 1.22 | 1.52 |
| Weighted-average discount rate - operating leases | 5.10% | 4.91% |
| Weighted-average discount rate - finance leases | 9.20% | 7.80% |

---

The aggregate annual lease obligations as of December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Operating Leases** | **Finance Leases** |
| 2026 | $1194638 | $2227771 |
| 2027 | 322093 | 3111973 |
| 2028 | 209724 |  |
| 2029 | 159404 |  |
| 2030 | 109754 |  |
| Thereafter | - | - |
|  | 1995614 | 5339744 |
| Less imputed interest | (127984) | (455466) |
| Net lease obligation | $1867630 | $4884278 |

---

**NOTE E – DEBT**

As of December 31, 2025 and 2024, the Partnership had the following notes payable:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Note payable due in monthly installments of $15,121, at 0.90% stated<br> interest, 4.25% imputed interest, maturing June 2025,<br> secured by certain equipment of the Partnership. The note was paid in <br>full during the year ended December 31, 2025. | $- | $94294 |
| Note payable due in monthly installments of $2,948, at 0.00% stated<br> interest, 4.25% imputed interest, maturing June 2025,<br> secured by certain equipment of the Partnership. The note was paid in <br>full during the year ended December 31, 2025. |  | 27663 |
| Note payable due in monthly installments of $13,195, at 0.00% stated<br> interest, 8.75% imputed interest, maturing October 2028,<br> secured by certain equipment of the Partnership. | 396065 | 632803 |
| Note payable due in monthly installments of $8,676, at 0.00% stated<br> interest, 8.75% imputed interest, maturing October 2027,<br> secured by certain equipment of the Partnership. | 175750 | 307529 |
| Note payable due in monthly installments of $14,043, at 6.89% stated<br> interest, 8.50% imputed interest, maturing January 2028,<br> secured by certain equipment of the Partnership. | 320702 |  |
| Note payable due in monthly installments of $18,176, at 5.99% stated<br> interest, 8.50% imputed interest, maturing February 2028,<br> secured by certain equipment of the Partnership. | 430237 |  |
| Note payable due in monthly installments of $9,567, at 5.99% stated<br> interest, 8.50% imputed interest, maturing April 2028,<br> secured by certain equipment of the Partnership. | 242217 |  |
| Note payable due in monthly installments of $8,865, at 3.99% stated<br> interest, 8.50% imputed interest, maturing May 2028,<br> secured by certain equipment of the Partnership. | 231663 |  |
| Note payable due in monthly installments of $2,923, at 0.00% stated<br> interest, 8.50% imputed interest, maturing June 2029,<br> secured by certain equipment of the Partnership. | 105853 |  |
| Note payable due in monthly installments of $1,594, at 0.00% stated<br> interest, 8.50% imputed interest, maturing July 2029,<br> secured by certain equipment of the Partnership. | 58919 |  |
| Note payable due in monthly installments of $73,514, at 5.20% stated<br> interest, 8.50% imputed interest, maturing September 2028,<br> secured by certain equipment of the Partnership. | 2156506 |  |
| Note payable due in monthly installments of $4,422, at 0.00% stated<br> interest, 8.00% imputed interest, maturing October 2029,<br> secured by certain equipment of the Partnership. | 173065 |  |
| Note payable due in monthly installments of $7,899, at 0.00% stated<br> interest, 8.00% imputed interest, maturing November 2029,<br> secured by certain equipment of the Partnership. | 314852 |  |
| Note payable due in monthly installments of $1,438, at 0.00% stated<br> interest, 8.00% imputed interest, maturing December 2030,<br> secured by certain equipment of the Partnership. | 70106 |  |
| Note payable due in monthly installments of $19,987 at 0.00% stated<br> interest, 8.00% imputed interest, maturing November 2027,<br> secured by certain equipment of the Partnership. | 424888 | - |
|  | 5100823 | 1062289 |
| Less current portion | (1849432) | (384401) |
|  | $3251391 | $677888 |

---

**NOTE E – DEBT-continued**

Future maturities of long-term debt for the years following December 31, 2025 are as follows:

---

| | |
|:---|:---|
| 2026 | $1849432 |
| 2027.0 | 1974950 |
| 2028.0 | 1090988 |
| 2029.0 | 168963 |
| 2030.0 | 16490 |
|  | $5100823 |

---

The Partnership maintains a revolving credit note agreement with a financial institution which is secured by the Partnership's property and equipment. The note originated on December 16, 2022, with an initial maximum availability of $8,015,004, and maturing on December 15, 2025. Payments on principal are required only to the extent the outstanding balance is greater than the maximum availability, which is reduced annually based on the terms of the revolving credit note agreement. Payments of interest on the outstanding balance are due monthly. On July 24, 2024, the note was amended with a maximum availability of $14,100,030 and maturing on January 24, 2028. As of December 31, 2024, the maximum availability was $12,421,455, of which $8,720,380 was outstanding. Approximately $327,505 was required to be repaid in 2025 and was classified as current on the balance sheet as of December 31, 2024. On December 19, 2025, the note was amended with a maximum availability of $16,600,032 and maturing on December 19, 2028. As of December 31, 2025, the maximum availability was $16,600,032, of which $11,066,688 was outstanding. The note bears interest at the prime rate plus one percent (as defined in the revolving credit note agreement).

The Partnership maintains a revolving line of credit with a financial institution which is secured by the Partnership's property and equipment. The line originated on November 12, 2018, and matures on December 26, 2027, as amended, and bears interest at the Wall Street Journal's prime rate plus 0.50%. Payment of principal is due upon maturity with interest payments on the outstanding balance due monthly. The maximum availability for the line of credit is $8,000,000, of which $8,000,000 and $0 were outstanding as of December 31, 2025, and 2024, respectively.

The aggregate effective interest rate on the revolving credit note and the revolving line of credit agreements was approximately 8.11% and 8.20% for the years ended December 31, 2025, and 2024, respectively.

The Partnership must maintain a minimum current ratio, minimum net worth, and maximum leverage (as defined in the revolving credit note and revolving line of credit agreements). As of December 31, 2025, and 2024, there were no debt covenant violations.

**NOTE F – SUBSEQUENT EVENTS**

Subsequent events were evaluated through March 4, 2026, the date the financial statements were issued.

On January 23, 2026, the Partnership entered into purchase agreement with AIAI Holdings Corporation ("AIAI") under which 100% of the outstanding equity interests in the Partnership will be exchanged for $331.0 million in AIAI common stock and $2.5 million in cash, contingent upon the completion of the direct listing of AIAI common stock on a U.S. stock exchange. Purchase consideration is subject to adjustment for net indebtedness of the Partnership as of the closing date.

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholders of

Constellation Network, Inc.

Opinion

We have audited the consolidated balance sheet of Constellation Network, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders' equity (deficit), and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Constellation Network, Inc. as of December 31, 2025 and 2024, the consolidated results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP)

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, as established by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to error or fraud. In making those risk assessments, the auditor considers the Company's internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other Information

Management is responsible for the other information included in the Company's annual report, including Management's Discussion and Analysis and other information accompanying the financial statements. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance on the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we performed, we conclude that an other-than-misstatement matter exists with respect to the other information, we are required to report that fact. We have nothing to report in this regard.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to error or fraud, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with auditing standards generally accepted in the United States of America will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion;

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, including evaluating the overall presentation of the financial statements;

● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern; and

● Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Communication with Those Charged with Governance

We have discussed with management and those charged with governance the matters required to be communicated in accordance with auditing standards generally accepted in the United States of America, including, among other things, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identified during the audit.

![](forms-1_001.jpg)

Date : 02/15/2026

**Constellation Network, Inc.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2025** | **As of <br> December 31, 2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash at bank | $974001 | $2873460 |
| Trade and other receivables, net | 222969 | 125363 |
| Officer loans receivables | 3239121 | 805718 |
| Dor inventory | 646742 | 624631 |
| Prepaid expenses | 26858 | 26211 |
| Operating digital currencies | 2621735 | 2729640 |
| Restricted digital currencies | 679748 | - |
| **Total current assets** | **8411174** | **7185023** |
| **Non-current assets** |  |  |
| Property and equipment, net | 39942 | 45002 |
| Investment deposits | 200000 | 200000 |
| Deferred tax asset | 1511027 | 1342437 |
| **Total non-current assets** | **1750969** | **1587439** |
| **Total assets** | $**10162143** | $**8772462** |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| Trade and other payables | $350732 | $56428 |
| Wages payable | 19171 | 90240 |
| Deferred revenue | 1675702 | 2209303 |
| Income tax payable | 1442193 | 1736143 |
| **Total current liabilities** | **3487798** | **4092114** |
| **Total liabilities** | $**3487798** | $**4092114** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2025** | **As of <br> December 31, 2024** |
| **Stockholder's Equity** |  |  |
| Common stock, *15,000,000 shares authorized at $0.00001 par value; 6,222,692 shares issued and outstanding at December 31, 2025 and 2024*  | $62 | $62 |
| Additional paid-in capital | 20933157 | 17861725 |
| Accumulated deficit | (14258874) | (13181439) |
| **Total stockholder's equity** | **6674345** | **4680348** |
| **Total liabilities and stockholder's equity** | $**10162143** | $**8772462** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Income Statements**

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31, 2025** | **For the year ended <br> December 31, 2024** |
| **Revenue** | | |
| Dor subscription revenue | $1295099 | $1188738 |
| Equipment sales revenue | 93176 | 400562 |
| Government & network license income | 200700 | 816410 |
| Rewards (node/staking) | 1953508 | 3971962 |
| **Total operating revenues** | **3542483** | **6377672** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Income Statement**

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** |
| **Expenses** |  |  |
| Cost of sales | 606031 | 749374 |
| Salaries, wages and benefits | 6683533 | 4037057 |
| Professional fees | 3169676 | 3350263 |
| Research and development |  | 114000 |
| Advertising and promotion | 447834 | 799676 |
| General and administrative expenses | 1921189 | 1299006 |
| Digital assets gains | (8264174) | (3610672) |
| **Total operating expenses** | **4564089** | **6738704** |
| **Operating loss** | **(1021606)** | **(361032)** |
| **Other income and loss** |  |  |
| Interest earned | 137665 | 3812 |
| Other miscellaneous income | 64507 | 24216 |
| Unrealized loss on digital assets | (290529) | - |
| **Total other income (loss)** | **(88357)** | **28028** |
| **Loss before income tax** | **(1109963)** | **(333004)** |
| Provision for income tax | (181938) | (488205) |
| **Net loss** | $**(1291901)** | $**(821209)** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Statements of Changes in Stockholders' Equity**

For the years ended as of December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares <br>of <br>Common <br>Stock** | **Common <br>Stock <br>at par** | **Additional <br>Paid-In <br>Capital** | **Accumulated <br>deficit** | **Total <br>Stockholders' <br>Equity** |
| **Balance January 1, 2024** | **6121762** | $**61** | $**17413546** | $**(12360230)** | $**5053377** |
| Net loss |  |  |  | (821209) | (821209) |
| Stock-based compensation |  |  | 445435 |  | 445435 |
| Issuance of Common stock | 100930 | 1 | 2744 | - | 2745 |
| **Balance December 31, 2024** | **6222692** | **62** | **17861725** | **(13181439)** | **4680348** |
| Cumulative-effect adjustment for adoption of ASU 2023-08 — fair-value measurement of digital assets |  |  |  | 214466 | 214466 |
| Net loss |  |  |  | (1291901) | (1291901) |
| Stock-based compensation |  |  | 3071432 |  | 3071432 |
| Issuance of Common stock |  |  | - | - | - |
| **Balance December 31, 2025** | **6222692** | $**62** | $**20933157** | $**(14258874)** | $**6674345** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** |
| **Net Loss** | $(1291901) | $(821209) |
| Adjustments to reconcile net income to net cash provided by operations |  |  |
| Depreciation and amortization | 13983 | 17865 |
| Stock compensation expense | 3071432 | 445435 |
| Non-cash revenues received as digital assets\* | (1953508) | (3971962) |
| Cash proceeds in excess (shortfall) of gain from digital assets\* | (520558) | 5684876 |
| Expenses paid through digital assets | 1428956 | 1500307 |
| Deferred revenues | 154132 | (320000) |
| Non-cash interest income | (126403) | (15718) |
| Income tax provision | 181938 | 488205 |
| Changes in Current Assets |  |  |
| Trade and other receivables | (97606) | 59006 |
| Inventory | (22111) | 78105 |
| Prepaid expenses | (647) | 11322 |
| Changes in Current Liabilities |  |  |
| Trade and other payables | 294304 | (255927) |
| Wages payable | (71069) | 41362 |
| Income tax payable | (644478) | (347301) |
| **Net cash provided by operating activities** | **416464** | **2594366** |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2024** |
| **Investing Activities** |  |  |
| Origination of officer loan receivable | (2307000) | (790000) |
| Purchases of IT equipment | (8923) | (15467) |
| **Net cash used by investing activities** | **(2315923)** | **(805467)** |
| **Financing Activities** |  |  |
| Issuance of capital stock | - | 2744 |
| **Net Cash from Financing Activities** | **-** | **2744** |
| **Net Increase (Decrease) in Cash** | **(1899459)** | **1791643** |
| Cash, beginning of year | 2873460 | 1081817 |
| **Cash, End of Year** | $**974001** | $**2873460** |

---

The accompanying notes are an integral part of these financial statements

\* The net change in deferred revenue was $533,601 in 2025 and $2,338,454 in 2024. This change included both cash and non-cash components, because these items are non-cash in nature, only the portion of the deferred revenue change related to cash-based subscription billings and recognitions of $154,132 in 2025 and $320,000 in 2024 is reflected as a change in operating cash flows. The node rewards revenue recognized from deferred revenue of $1,953,508 in 2025 and $3,971,962 in 2024 is included in net income and presented as non-cash adjustment within operating activities in the consolidated statement of cash flows. More clarification on deferred revenues can be found in Note 7.

\* The Company's sales of digital assets are generally transacted into stablecoins (primarily USDC or USDT), which may then be redeemed for cash and deposited into the Company's bank accounts. Gain on digital assets represents the difference between the fair value of consideration received (including stablecoins) and the carrying amount of the assets sold. Because gain on digital assets is recognized at the time of conversion into stablecoins, while only a portion of those stablecoins is redeemed for cash during the same period, the amount reported in the Consolidated Income Statement may not equal the total cash proceeds reflected in the Consolidated Statement of Cash Flows. In certain periods, this results in a shortfall of cash proceeds relative to the reported gain, as part of the gain related to exchanges into USDC or USDT that were not liquidated for cash as of year-end.

Accordingly, the following supplemental information is provided for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2025** | **As of <br> December 31, 2024** |
| Gain on digital assets (noncash) | $8264174 | $3610672 |
| Unrealized loss on digital assets (noncash) | (290529) | - |
| Net gain on digital assets (noncash) | 7973645 | 3610672 |
| Digital asset conversions to USD | 7453087 | 9295548 |
| Cash proceeds in excess (shortfall) of gains | $(520558) | $5684876 |

---

The accompanying notes are an integral part of these financial statements

**Constellation Network, Inc.**

**Notes to the Financial Statements**

For the years ended as of December 31, 2025 and 2024

**1. Organization and Nature of Operations**

Constellation Network Inc. ("Constellation" or the "Company") was incorporated in the State of Delaware on November 15, 2018, and is headquartered in San Francisco, California. The Company functions as a holding entity for subsidiaries engaged in blockchain infrastructure development, digital asset operations, and retail analytics technology.

The consolidated financial statements include the accounts of Constellation Network Inc. and its wholly owned or controlled subsidiaries, including Constellation Labs LLC, Constellation Foundation Company Limited, and Dor Technologies Inc. (collectively, the "Group" or the "Company"). All intercompany accounts and transactions have been eliminated in consolidation.

The Company's operations are organized into the following principal areas:

● **Blockchain Infrastructure and Digital Asset Operations:** The Company develops and supports a decentralized network protocol designed to enable scalable and secure data transfer. The Company generates revenue through node participation, licensing arrangements, and digital asset rewards.

● **Retail Analytics Technology:** Through its subsidiary Dor Technologies Inc., the Company provides hardware and software tools for physical retail locations to monitor foot traffic and analyze customer behavior patterns.

**Digital Asset Activities**

The Group holds and transacts in various digital assets, including cryptocurrencies. Digital asset markets are subject to significant volatility, limited regulatory oversight, and evolving accounting and tax guidance. The valuation, custody, and conversion of these assets present ongoing operational and financial risks. See Notes 1.5, 5 and 6 for additional discussion on digital assets and the related accounting policies.

**Risks and Uncertainties**

The Company operates in industries characterized by rapid technological change, evolving business models, and a complex regulatory landscape. The profitability of the Company's digital asset-related operations is significantly influenced by market prices of digital assets (including but not limited to Bitcoin and DAG, the native utility token of Constellation Network), the cost and availability of mining or node infrastructure, and user adoption. Additionally, retail analytics customers may be affected by macroeconomic and industry-specific trends impacting physical retail traffic.

The Company continually evaluates its exposure to market, operational, regulatory, and cybersecurity risks, and implements controls to mitigate these risks.

However, due to the early-stage nature of some of its technologies and markets, there can be no assurance that the Company's current business model will result in sustained profitability or that it will not require additional capital to fund operation. A substantial portion of the Company's digital assets consist of DAG and LTX tokens, which are not widely traded and are subject to significant volatility. The concentration of holdings in these tokens exposes the Company to risks related to liquidity, valuation, and market adoption. Additionally, digital assets are maintained with third-party custodians, and the Company is exposed to credit risk in the event of custodian failure.

**Summary of Significant Accounting Policies**

**1.1. Basis of Presentation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and present the financial position, results of operations, and cash flows of the Company and its subsidiaries for the years ended December 31, 2025 and 2024. All intercompany accounts and transactions have been eliminated in consolidation.

**Recently Adopted Accounting Standards**

ASU 2023-08 – Accounting for and Disclosure of Crypto Assets

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This guidance requires certain crypto assets meeting defined criteria to be measured at fair value each reporting period, with changes in fair value recognized in net income.

The Company adopted ASU 2023-08 effective January 1, 2025. Upon adoption, crypto assets within the scope of the guidance are measured at fair value with changes in fair value recognized in earnings. The Company recognized a cumulative-effect adjustment to opening retained earnings as of January 1, 2025 related to the transition from a cost-less-impairment model to a fair value measurement model. The adoption also resulted in expanded disclosure requirements related to crypto asset holdings, measurement methodology, and activity during the reporting period.

The adoption of this standard did not have a material impact on the Company's liquidity, cash flows, or overall financial condition beyond the change in measurement and presentation.

**Accounting Standards Issued but Not Yet Adopted**

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the FASB. The following standards are considered relevant to the Company but had not yet been adopted as of December 31, 2025:

ASU 2023-07 – Segment Reporting (Topic 280)

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements, including expanded disclosure of significant segment expenses.

The amendments are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adoption. The Company expects the standard will primarily affect disclosure presentation and will not impact its consolidated financial statements.

**Other Standards**

Management has reviewed other accounting pronouncements issued but not yet effective and does not believe that the adoption of such standards will have a material impact on the Company's consolidated financial statements.

**1.2. Use of Estimates**

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods.

Significant estimates include, but are not limited to, the fair value of digital assets, revenue recognition, useful lives and recoverability of long-lived assets, deferred revenue, and income tax valuation allowances. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including expectations of future events believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.

**1.3. Cash and cash equivalents**

Cash and cash equivalents include deposits held with financial institutions and highly liquid investments with original maturities of three months or less from the date of purchase. The Company did not have any restricted cash balances as of December 31, 2025 and 2024.

**1.4. Revenue recognition**

The Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") Topic 606 – Revenue from Contracts with Customers. Under ASC 606, revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognition follows a five-step model:

1. Identify
 the contract with the customer,

2. Identify
 the performance obligations in the contract,

3. Determine
 the transaction price,

4. Allocate
 the transaction price to the performance obligations; and

5. Recognize
 revenue when (or as) performance obligations are satisfied.

Performance obligations are identified by evaluating all promised goods or services in a contract and determining which of those are distinct. A promised good or service is considered distinct if the customer can benefit from it on its own or with other readily available resources, and if the promise to transfer the good or service is separately identifiable from other promises in the contract.

The transaction price reflects the amount of consideration the Company expects to be entitled to in exchange for transferring the promised goods or services. It may include fixed and variable components. The Company considers the following when determining the transaction price:

● Variable
 consideration and any constraints on such amounts;

● Significant
 financing components;

● Non-cash
 consideration; and

● Consideration
 payable to a customer.

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. The transaction price is allocated to each performance obligation based on the relative standalone selling prices of the goods or services and recognized when, or as, the performance obligation is satisfied.

**1.4.1. Dor Subscription Revenue**

Revenue related to the analytics platform subscription is recognized over time on a straight-line basis over the subscription term, which is typically one year. Payment is generally received in advance on a monthly basis at the beginning of each billing period. Amounts billed in advance are recorded as contract liabilities (deferred revenue) and recognized as revenue over the term of the subscription.

**1.4.2. Equipment Revenue**

Revenue from the sale of foot-traffic monitoring hardware is recognized at a point in time, when control of the equipment transfers to the customer, which typically occurs upon delivery. The transaction price is established in the sales contract or purchase order and is generally due upon shipment. Since there are no further performance obligations related to the hardware after delivery and payment terms are fixed, a receivable is recognized at the point of delivery.

**1.4.3. (Node/Staking) Revenues**

The Company earns rewards by operating validator nodes and participating in blockchain staking activities. Revenue is recognized when the Company satisfies its performance obligation, which occurs when a block is validated and the Company becomes entitled to the related reward. In accordance with ASC 606, noncash consideration is measured at fair value at contract inception. For staking rewards, the contract inception and the reward receipt date are effectively the same point in time, as entitlement to the tokens arises simultaneously with their issuance to the validator. Accordingly, rewards are measured using the quoted market price of the related digital asset at the time of the transaction per CoinGecko.com. Subsequent disposals of these digital assets and changes in their fair value are not recognized as revenue. Instead, they are presented under operating expenses in the line item Digital assets (gains) losses.

**1.4.4. Government & Network License Income**

The Company earns revenue from government contracts and network licensing arrangements. These agreements generally require the Company to provide access to its blockchain protocol related development services, or licenses for use over a specified period. Performance obligations are evaluated separately under ASC 606 based on the terms of each arrangement.

Revenue is recognized as the underlying services are provided or when control of the licensed rights transfers to the customer, which may be over time or at a point in time depending on contract terms. Payments are typically received in advance or in installments based on milestones specified in the agreement. Amounts received in advance of performance are recorded as deferred revenue until the performance obligation is satisfied.

**1.5. Digital Assets**

Effective January 1, 2025, the Company adopted Accounting Standards Update ("ASU") 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Under this guidance, crypto assets that meet the scope criteria of Subtopic 350-60 are measured at fair value, with changes in fair value recognized in net income each reporting period.

The Company holds and transacts in crypto assets including DAG, LTX, USDC, BTC, and COTI. Crypto assets that are not created or issued by the Company (such as USDC, BTC, and COTI) meet the scope criteria of Subtopic 350-60 and are measured at fair value using quoted prices in active markets (Level 1 inputs under ASC 820). Changes in fair value are recognized as unrealized gain (loss) on digital assets within other income (expense) in the period of remeasurement.

Crypto assets that are internally generated or issued by the Company, including tokens earned through network activity or protocol issuance (such as DAG and LTX), are excluded from the scope of ASU 2023-08. These assets continue to be accounted for as indefinite-lived intangible assets under ASC 350, recorded at cost (generally zero) and evaluated for impairment whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount.

The Company recognizes crypto assets when it obtains control of the asset and the asset is measurable, including assets acquired through purchases, mining, staking, or as noncash consideration. When crypto assets are received as consideration in revenue contracts, revenue is measured at the fair value of the crypto assets at contract inception in accordance with ASC 606, and the related digital asset is recorded when received.

Digital assets expected to be realized in cash or used in operations within the Company's normal operating cycle of one year are classified as current assets. Consistent with the Company's historical practice of converting digital assets to fiat to fund operations within twelve months, the Company classified its digital asset holdings as current as of December 31, 2025. If expectations change, amounts will be reclassified to noncurrent in future periods.

Prior to the adoption of ASU 2023-08, the Company accounted for all digital assets as indefinite-lived intangible assets under ASC 350 and measured them at cost less impairment. The adoption of ASU 2023-08 represents a change in accounting principle for in-scope crypto assets and was applied using a cumulative-effect adjustment to opening retained earnings as of January 1, 2025. Comparative periods were not restated.

**1.6. Accounts Receivable**

Accounts receivable represents amounts billed to customers and are stated at the amounts the Company expects to collect. The Company evaluates collectability and records an allowance for expected credit losses, when necessary, based on historical collection experience, the aging of balances, customer-specific information, and current economic conditions. Receivables are written off when collection is no longer expected.

As of December 31, 2025 and 2024, expected credit losses were immaterial, and no allowance was recorded.

**1.7. Inventories**

Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out (FIFO) method. Cost includes the purchase price and other costs directly attributable to bringing the inventories to their present location and condition, such as freight and import duties. The Company's inventories primarily consist of hardware components, including foot-traffic sensors and related accessories. Inventories are regularly reviewed for obsolescence and excess quantities based on historical usage, expected future demand, and market conditions. When the carrying amount exceeds net realizable value, inventories are written down to net realizable value, and such write-downs are recognized in cost of sales in the period incurred. As of December 31, 2025 and 2024, no inventory write-downs were recorded.

**1.8. Fair Value Measurements**

The Company follows ASC 820 – Fair Value Measurement to measure certain financial and non-financial assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price), using the asset's highest and best use.

ASC 820 establishes a three-level hierarchy for inputs used in measuring fair value:

● Level
 1: Quoted prices in active markets for identical assets or liabilities.

● Level
 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities or inputs
 that are corroborated by observable market data.

● Level
 3: Unobservable inputs that are not corroborated by market data and reflect the Company's own assumptions about market participant
 pricing.

The fair value hierarchy classification is determined based on the lowest-level input that is significant to the fair value measurement.

As of December 31, 2025, the Company adopted ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60) and measures crypto assets that meet the scope criteria of the guidance at fair value on a recurring basis. In-scope crypto assets (such as USDC, BTC, and COTI) are measured using quoted prices on active exchanges and are classified as Level 1 within the fair value hierarchy. Changes in fair value are recognized as unrealized gains or losses on digital assets within other income (expense) in the period of remeasurement.

Crypto assets that are internally created or issued by the Company, including tokens generated through network activity or protocol issuance (such as DAG and LTX), are excluded from the scope of ASU 2023-08.

These assets continue to be accounted for as indefinite-lived intangible assets under ASC 350, recorded at cost (generally zero) and evaluated for impairment when indicators of impairment are identified.

Except for the recurring fair value measurement of in-scope crypto assets, the Company did not have other assets or liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024.

**1.9. Property and Equipment**

Property and equipment are recorded at cost, less accumulated depreciation and any impairment losses. Cost includes all expenditures directly attributable to the acquisition or construction of the asset.

Subsequent expenditures are capitalized only when it is probable that they will result in future economic benefits and the cost can be measured reliably. All other repair and maintenance costs are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives are as follows:

● Computer
 hardware: 7 years

● Software:
 15 years

● Furniture
 and fixtures: 7 years

When property and equipment are sold or retired, the cost and related accumulated depreciation are removed from the accounts. Any resulting gains or losses are recognized in the statement of operations.

The following table summarizes the balances and activity for property and equipment:

---

| | | |
|:---|:---|:---|
| **Description** | **2025** | **2024** |
| Gross fixed assets, beginning of year | $178252 | $162784 |
| Additions | 8923 | 15468 |
| Gross fixed assets, end of year | 187175 | 178252 |
| Accumulated depreciation, beginning of year | (133250) | (115385) |
| Depreciation expense | (13983) | (17865) |
| Accumulated depreciation, end of year | (147233) | (133250) |
| **Net book value** | $**39942** | $**45002** |

---

**1.10. Income Taxes**

The ASU standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes paid and additional income tax-related disclosures, and is effective for the Company for annual fiscal periods beginning after December 15, 2024. The Company has adopted ASU 2023-09 for the 2025 calendar year retrospectively. Because the ASU affects disclosures only, the adoption did not affect the Company's Consolidated Statements of Operations or Consolidated Balance Sheets. ASC 740, Income Taxes requires the use of the asset and liability method of accounting for income taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

The income tax provision (benefit) on the statements of operations was comprised of the following for the years ended December 31:

---

| | | |
|:---|:---|:---|
| **Current** | **2025** | **2024** |
| Federal | $58637 | $590524 |
| State | 291891 | 147473 |
| Foreign | - | - |
| **Current income tax provision (benefit)** | **350528** | **737997** |

---

---

| | | |
|:---|:---|:---|
| **Deferred** | **2025** | **2024** |
| Federal | $(92349) | (235590) |
| State | (260939) | (14202) |
| Foreign | - | - |
| **Deferred income tax provision (benefit)** | **(168590)** | **(249792)** |
| **Total Income Tax Provision (Benefit)** | $**181938** | $**488205** |

---

The income tax provision (benefit) on the statements of operations was comprised of the following for the years ended December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Current** | **2025** | **2025** | **2024** | **2024** |
| Federal taxes at U.S. statutory rate | $(233092) | 21.0% | $(69412) | 21.0% |
| Meals and entertainment | 6753 | (0.6)% | 1004 | (0.3)% |
| Stock compensation - ISO | 83484 | (7.5)% | 58080 | (17.6)% |
| Uncertain tax position | 58637 | (5.3)% | 63030 | (19.1)% |
| State taxes (net of federal benefit) | (9719) | 0.9% | 74939 | 22.7% |
| Change in valuation allowance | 275875 | (24.9)% | 360564 | (109.1)% |
| **Effective tax rate** | $**181938** | **(16.4)%** | $**488205** | **(147.7)%** |

---

Deferred tax assets and liabilities are comprised of the following at December 31:

---

| | | |
|:---|:---|:---|
| **Deferred tax assets** | **2025** | **2024** |
| Intangibles | $40008 | $44307 |
| Section 174 |  | 1415000 |
| Stock compensation - NQ | 938120 | 140232 |
| Loss carryforwards | 7238496 | 6259572 |
| R&D credits | 35629 | 35629 |
| Unrealized loss | 86694 | - |
| **Gross deferred tax asset** | **8338947** | **7894741** |
| Valuation allowance | (6825937) | (6549802) |
| **Net deferred tax assets** | $**1513010** | $**1344939** |

---

---

| | | |
|:---|:---|:---|
| **Deferred tax assets** | **2025** | **2024** |
| Fixed assets | $(1983) | $(2502) |
| **Deferred income tax provision (benefit)** | **(1983)** | **(2502)** |
| **Total net deferred tax assets** | $**1511027** | $**1342437** |

---

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred taxes will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considered the scheduled reversal of the deferred tax liabilities including the impact of available carryback and carryforward periods and does not believe it is more likely than not the Company will realize the benefits of the Net Operating Losses of Constellation Network Inc., and subsidiaries, and all the deferred tax assets of DOR Technology Inc. Accordingly, a valuation allowance of $6,825,937 and $6,549,802 has been recorded against the deferred tax assets at December 31, 2025 and December 31, 2024, respectively. The valuation allowance increased by $276,135 during the year ended December 31, 2025.

As of December 31, 2025, the Company had net operating loss carryforwards for federal and state income tax purposes of $23,440,518 and $28,494,277, respectively. Federal net operating losses generated prior to January 1, 2018 have a carryforward period of 20 years and will begin to expire in 2033. Federal net operating losses generated after December 31, 2017, will be carried forward indefinitely. California net operating losses will have a 20 year carryforward period and will begin to expire in 2033. The Company had net operating loss carryforwards for Massachusetts and North Carolina as well.

Utilization of net operating losses and credits may be subject to an annual limitation due to the "change in ownership" provisions pursuant to Sections 382 and 383 of the Internal Revenue Code, and similar state provisions. Such an annual limitation could result in the expiration of net operating losses and credits before utilization. The Company has not completed a formal Section 382 and 383 analyses to determine the effects of ownership changes on the Company's ability to utilize net operating losses and credits. The Company would plan to do a formal Section 382 study before the release of valuation allowance or the utilization of the NOLs on the tax returns.

The Company also had federal tax credit carryforwards of $35,629. The federal tax credit carryforward will expire at various dates beginning 2035, if not utilized.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) is as follows:

---

| | |
|:---|:---|
| **Balance as of December 31, 2023** | $- |
| Additions for current year |  |
| Additions for prior year | 1060346 |
| Subtractions for current year |  |
| **Balance as of December 31, 2024** | **1060346** |
| Additions for current year |  |
| Additions for prior year | 58637 |
| Subtractions for current year |  |
| **Balance as of December 31, 2025** | $**1118983** |

---

The Company files federal, state and foreign income tax returns with varying statutes of limitations. The tax years from 2017 through 2022 remain open to examination due to the carryover of unused net operating losses and tax credits.

The Company has income taxes paid (net of refunds received) for the year ended December 31:

---

| | | |
|:---|:---|:---|
| **Description** | **2025** | **2024** |
| Federal | $527493 | $179052 |
| State | 117784 | 167449 |
| Foreign | - | - |
| **Total cash tax payments** | $**645277** | $**346501** |

---

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:

---

| | | |
|:---|:---|:---|
| **Description** | **2025** | **2024** |
| California | $116978 | $166134 |
| Other States | 806 | 1315 |

---

**1.11 Contingencies**

The Company accounts for loss contingencies in accordance with ASC Topic 450 – Contingencies. A liability is accrued for legal proceedings, claims, or other contingencies when it is both probable that a loss has been incurred and the amount can be reasonably estimated.

The Company reviews and updates its assessment of such matters at each reporting period. If a loss contingency is probable but not reasonably estimable, or if it is reasonably possible that a loss may have been incurred, the Company discloses the nature of the contingency and an estimate of the possible loss or range of loss, if determinable.

As of December 31, 2025 and 2024, the Company was not involved in any legal proceedings or other matters that are expected to have a material impact on its consolidated financial position or results of operations, and no accrual for loss contingencies was recorded.

**2.** **Officer Loan Receivables**

At December 31, 2025 and 2024, the Company had loans receivable from an executive officer of the Company totaling $3,239,121 and $805,718, respectively, which included accrued interest of $142,121 and $15,718, respectively. The officer is a member of executive management and has significant influence over the Company's operations and strategic decisions.

The loans are unsecured, bear interest at 4% per annum, and do not have a fixed maturity date. Interest accrues annually and is payable upon repayment of principal unless otherwise agreed. No repayments were made during the years ended December 31, 2025 and 2024.

Management believes the terms of these loans are comparable to those that would be obtained in an arm's-length transaction; however, because the transactions involve a related party, the terms may not necessarily be indicative of those that would have been obtained from an unaffiliated third party.

---

| | | |
|:---|:---|:---|
| **Description** | **2025** | **2024** |
| Benjamin Diggles | $731640 | $70759 |
| Benjamin Jorgensen | 1232553 | 367479 |
| Michael Brand | 1274928 | 367479 |
| **Total** | $**3239121** | $**805718** |

---

**3. Dor Inventory**

Dor inventory consists entirely of finished goods related to foot traffic sensor equipment produced and sold by Dor Technologies Inc. Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out (FIFO) method.

The carrying value of Dor inventory was $646,742 as of December 31, 2025, and $624,631 as of December 31, 2024. No write-downs were recorded during either year.

**4.** **Investments and Investment Deposits**

As of December 31, 2025 and 2024, the Company recorded investment deposits totaling $200,000 within non-current assets. These deposits relate to the following:

● 1Kin Ltd. SAFE and Token Warrant – In September 2022, the Company invested $100,000 in 1Kin Ltd. through a Simple Agreement for Future Equity (SAFE) with a post-money valuation cap of $30 million. In connection with this SAFE, the Company also received a Token Warrant granting the right to acquire approximately 1.67% of tokens issued at any future Token Generation Event by 1Kin Ltd. Because no tokens have been issued to date and no reliable fair value can be established, the Token Warrant has not been recognized as an asset in the accompanying financial statements. The SAFE is accounted for as a non-marketable equity security measured at cost, adjusted for impairment if indicators arise. As of December 31, 2025 and 2024, no impairment was recognized.

Baukunst Fund I – In March 2022, the Company submitted an indication of interest for a $100,000 capital commitment to Baukunst Fund I, LP, a Delaware limited partnership. The amount was funded as an investment deposit but remains subject to final subscription and capital call processes. The commitment is classified as a non-current asset, carried at cost. No distributions or impairments were recorded as of December 31, 2025 and 2024.

Management evaluates these investments periodically for impairment based on available information. As of December 31, 2025 and 2024, management concluded that no impairment indicators existed.

**5. Digital Assets**

Effective January 1, 2025, the Company adopted Accounting Standards Update ("ASU") 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and

Disclosure of Crypto Assets. The standard requires crypto assets within its scope to be measured at fair value each reporting period, with changes in fair value recognized in net income.

Upon adoption, the Company recorded a cumulative-effect adjustment to opening retained earnings of $214,466, representing the difference between the carrying amount and the fair value of its COTI holdings at January 1, 2025. The Company did not restate prior-period amounts.

Under ASU 2023-08, crypto assets that meet the scope criteria — fungible, cryptographically secured assets that are not created or issued by the Company or its affiliates — are measured at fair value in accordance with ASC 820, Fair Value Measurement. As December 31, 2025, the Company held certain crypto assets measured at fair value on a recurring basis (e.g., USDC, BTC, and COTI) using quoted market prices on active exchanges (Level 1 inputs). For the year ended December 31, 2025, the Company recognized net unrealized loss of $290,529 on these digital assets, recorded within *Other income (expense) .*

Digital assets that are internally generated or issued by the Company's network (e.g., DAG tokens earned through validator activity or protocol issuance) are outside the scope of ASU 2023-08 and continue to be accounted for as indefinite-lived intangible assets under ASC 350. These assets are recorded at cost and tested for impairment when indicators exist.

A reconciliation of digital asset balances is as follows:

---

| | | |
|:---|:---|:---|
| **Description** | **2025** | **2024** |
| Balance at beginning of period | $2729640 | $7961313 |
| Additions | 1808864 | 1953508 |
| Digital asset gain | 8319899 | 3610672 |
| Digital asset loss | (55725) |  |
| Unrealized digital asset gain (loss) | (290529) |  |
| Disposals | (9890414) | (10795853) |
| **Balance at end of period** | $**2621735** | $**2729640** |

---

● Additions represent digital assets received as validator node rewards, measured at fair value on the date earned and purchases, recorded at average cost upon receipt. For the year ended December 31, 2025, and 2024, DAG received as a validator node reward totaled $1,265,776 and $1,953,508, respectively. For the year ended December 31, 2025, purchases included Bitcoin (BTC) for $200,000, Coinbase Bitcoin (cbBTC) for $100,000, Aerodrome ETH/DAG Pool for $90,000, Beefy cbBTC/USDC Pool for $75,000, Upsider AI (UP) for $68,088, and DIMES for $10,000. There were no purchases of digital assets for the year ended December 31, 2024.

● Disposals represent the carrying amounts of digital assets removed from the balance sheet, including USDC and USDT tokens sold for cash and tokens used to settle operating expenses using the first-in, first-out method. For the year ended December 31, 2025 and 2024 the digital asset disposals totaled $9,890,412 and $10,795,853, respectively.

● Gains recognized in net income represent the excess of proceeds received, or fair value at the time of disposal, over the carrying amount of digital assets disposed of. For the year ended December 31, 2025, the Company disposed of internally created DAG tokens held in treasury, which carried a cost basis of $0, and recognized realized gains of $8,300,782. During the same period, the Company disposed of UP tokens with an aggregate cost basis of $6,175 and recognized realized gains of $19,117. For the year ended December 31, 2024, the Company disposed of DAG tokens previously earned as validator node rewards, which carried an aggregate cost basis of $9,396,205, and recognized realized gains of $3,610,672.

● Losses recognized in net income represent the excess of the carrying amount of digital assets disposed of over the proceeds received, or fair value at the time of disposal. For the year ended December 31, 2025, the Company recognized a realized loss of $55,725 related to its participation in the Aerodrome ETH/DAG liquidity pool. The loss was primarily attributable to changes in relative token amounts during the period the digital assets were supplied to the liquidity pool. The Company did not recognize any other realized losses or impairments related to digital asset disposals during the year ended December 31, 2025 or 2024.

Carrying value of digital assets:

---

| | | |
|:---|:---|:---|
| **Digital Asset** | **2025** | **2024** |
| USD Coin (USDC) | $891182 | $2670038 |
| DAG (Constellation) | 1265776 |  |
| Bitcoin (BTC) | 182852 |  |
| Coinbase Bitcoin (cbBTC) | 99985 |  |
| Aerodrome ETH/DAG Pool | 34275 |  |
| Beefy cbBTC/USDC Pool | 73608 |  |
| Upsider AI (UP) | 17931 |  |
| COTI | 48548 | 59602 |
| DIMES | 7578 | - |
| **Total** | $**2621735** | $**2729640** |

---

The Company determines the carrying value of its digital assets as follows:

● DAG (Constellation) node rewards totaled 36,076,030 DAG as of December 31, 2025, with an average cost basis value of $0.035 per token for a total cost basis of $1,265,776 – recorded at the average fair market value when the network node has validated a block and the Company becomes entitled to the related reward. No DAG received from node rewards was held as of December 31, 2024.

● DAG Treasury allocation (132,500,543 tokens as of December 31, 2025 and 365,017,213 tokens as of December 31, 2024) – internally created/allocated and recorded with a cost basis of $0, consistent with ASC 350.

● Lattice Token (LTX) (30,491,323 tokens as of December 31, 2025, and 30,248,267 tokens as of December 31, 2024) – internally created and recorded with a cost basis of $0.

● COTI (2,322,391 tokens as of December 31, 2025, and December 31, 2024) – recorded at the fair market value of $48,548, with an aggregate cost basis of $59,602.

● Bitcoin (BTC) (2.0892 tokens as of December 31, 2025, none as of December 31, 2024) – recorded at the fair market value of $182,852, with an aggregate cost basis of $200,000.

● Coinbase Bitcoin (cbBTC) (1.143 tokens as of December 31, 2025, and none as of December 31, 2024) — recorded at the fair market value of $99,985, with an aggregate cost basis of $100,000.

● Aerodrome ETH/DAG Pool – recorded at the fair market value of $34,275, with an aggregate cost basis of $34,275 as of December 31, 2025, and none as of December 31, 2024.

● Beefy cbBTC/USDC Pool – recorded at the fair market value of $73,608, with an aggregate cost basis of $75,000 as of December 31, 2025, and none as of December 31, 2024

● Upsider AI (UP) (46,271,540 tokens as of December 31, 2025, and none as of December 31, 2024) – recorded at the fair market value of $17,931, with an aggregate cost basis of $61,963.

● DIMES (1,076,435,069 tokens as of December 31, 2025, and none as of December 31, 2024) – recorded at the fair market value of $7,578, with an aggregate cost basis of $10,000.

For informational purposes, the summary of estimated fair values of significant digital asset holdings were approximately $3.6 million and $25.7 million for the year ended December 31, 2025 and 2024, respectively, as follows:

---

| | | |
|:---|:---|:---|
| **Digital Asset** | **2025** | **2024** |
| DAG (Constellation) | $1832916 | $18684501 |
| Lattice Token (LTX) | 411734 | 4089414 |
| USD Coin (USDC) | 891184 | 2670038 |
| COTI | 48548 | 274068 |
| Bitcoin (BTC) | 182852 |  |
| Coinbase Bitcoin (cbBTC) | 99985 |  |
| Aerodrome ETH/DAG Pool | 34275 |  |
| Beefy cbBTC/USDC Pool | 73608 |  |
| Upsider AI (UP) | 17931 |  |
| DIMES | 7578 | - |
| **Total** | $**3600611** | $**25718021** |

---

The Company determines fair value of digital assets using quoted prices per "CoinGecko.com", an online coin price aggregator which uses active exchanges, which it considers Level 1 inputs within the ASC 820 fair value hierarchy. As of December 31, 2025 and 2024, all fair values disclosed were based on Level 1 inputs.

As of December 31, 2025, approximately $679,748 of the Company's digital asset holdings were subject to contractual sale restrictions related to collateral pledged to market-maker service providers in connection with exchange liquidity arrangements. These assets remain restricted until the related market-maker obligations are settled or the collateral is released and therefore have not yet been realized through settlement or conversion. No digital assets were subject to contractual sale restrictions as of December 31, 2024.

**6.** **Gains on Digital Assets**

The Company engages in transactions involving digital assets, which may be received as consideration for services, validator node rewards, or other noncash activities. When digital assets are exchanged or sold (including exchanges into stablecoins such as USDC), the Company recognizes a gain or loss on digital assets. Such gains represent the difference between the fair value of consideration received (including stablecoins) and the carrying value of the assets disposed. Because gains are recognized upon conversion into USDC, while not all USDC is converted into cash in the same period, amounts reported as gain on digital assets may differ from the cash proceeds received.

For the year ended December 31, 2025, the Company recorded a cost basis of $61,850 for the digital assets sold, resulting in net gain on digital assets of $8,264,174. For the year ended December 31, 2024, the Company recorded a cost basis of $9,396,205 for the digital assets sold, resulting in gain on digital assets of $3,610,672.

**7. Deferred Revenue**

Deferred revenue consists of contract liabilities arising from amounts billed to customers or received in advance, for which revenue recognition criteria under ASC 606 have not yet been satisfied. The balance primarily includes prepaid subscription fees for software services, advance payments for hardware not yet delivered, and validator node rewards recognized over time.

The Company's remaining performance obligations primarily relate to Dor subscription contracts. As of December 31, 2025, the deferred subscription revenue balance of $409,926 represents the amount of transaction price allocated to unsatisfied performance obligations, which will be recognized as revenue over the subscription terms through 2026.

The Company's deferred revenue balance related to node rewards does not represent remaining performance obligations under ASC 606, as these amounts do not arise from enforceable contracts with customers.

The following table presents the roll-forward of deferred revenue for the years ended December 31:

---

| | | |
|:---|:---|:---|
| **Component** | **2025** | **2024** |
| Beginning balance | $2209303 | $4547756 |
| Additions – Subscription deferred revenue | 1432563 | 868739 |
| Additions – Nonrecurring engineering | 66667 |  |
| Additions – Node rewards deferred revenue | 1265776 | 1953508 |
| Revenue recognized – Subscription | (1295099) | (1188738) |
| Revenue recognized – Nonrecurring engineering | (50000) |  |
| Revenue recognized – Node rewards | (1953508) | (3971962) |
| **Ending balance** | $**1675702** | $**2209303** |

---

Dor Technologies Subscription Revenue: Customers pay upfront for access to the Company's retail analytics platform, generally under twelve-month subscription agreements. Subscription arrangements represent a single performance obligation consisting of continuous access to the platform, which is satisfied over time. Accordingly, revenue is recognized ratably over the contractual term.

During the year ended December 31, 2025, the Company recorded $1,432,563 of deferred subscription revenue and recognized $1,295,099 of revenue, resulting in a deferred subscription revenue balance of $393,259 as of December 31, 2025. During the year ended December 31, 2024, the Company recorded $868,739 of deferred subscription revenue and recognized $1,188,738 of revenue, resulting in a deferred subscription revenue balance of $255,794 as of December 31, 2024.

Nonrecurring Engineering Revenue: In 2025, the Company billed $66,667 under a nonrecurring engineering contract and recorded the full amount as deferred revenue upon billing. During the year ended December 31, 2025, the Company satisfied performance obligations and recognized $50,000 of revenue. As of December 31, 2025, the remaining $16,667 related to unsatisfied performance obligations was recorded as deferred revenue.

Deferred Node Rewards: The Company participates as a validator node operator on blockchain networks and earns node rewards in the form of digital assets. Node rewards are initially recorded as deferred node rewards when earned, as the underlying digital assets are subject to restrictions and are not immediately available for sale or transfer. Deferred node rewards are recognized as revenue when the related restrictions lapse, and the Company obtains the ability to realize the economic benefits of the rewards.

During the year ended December 31, 2025, the Company recorded $1,265,776 of deferred node rewards and recognized $1,953,508 upon the lapse of applicable restrictions, resulting in a deferred node rewards balance of $1,265,776 as of December 31, 2025. During the year ended December 31, 2024, the Company recorded $1,953,508 of deferred node rewards and recognized $3,971,962, resulting in a deferred node rewards balance of $1,953,508 as of December 31, 2024.

**8. Share Capital**

The Company is authorized to issue 15,000,000 shares of common stock with a par value of $0.00001 per share.

As of December 31, 2025 and 2024, the Company had issued and outstanding 6,222,692 shares of common stock, respectively. Any amount received in excess of the par value of shares is recorded as Additional Paid-in Capital

**9. Stock-Based Compensation**

The Company maintains stock option plans that provide for the granting of options to employees, directors, and consultants. Options generally vest over a four-year period and have a contractual term of ten years

The following table summarizes option activity for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Options** | **Weighted Average Exercise Price** | **Weighted Average Remaining Life (years)** |
| Outstanding at December 31, 2023 | 3116934 | $1.05 | 6.68 |
| Granted in 2024 | 23082 | $5.44 |  |
| Exercised in 2024 | (100930) | $0.40 |  |
| Expired in 2024 | (11791) | $- |  |
| Outstanding at December 31, 2024 | 3027295 | $1.10 | 5.74 |
| Granted in 2025 | 2547670 | $5.44 |  |
| Expired in 2025 | (2730) | $4.31 |  |
| Outstanding at December 31, 2025 | 5572235 | $3.13 | 6.49 |

---

The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2025, and 2024, respectively, based on the Company's most recent common stock fair value of $5.44 per share are the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Options Outstanding** | **Options Exercisable** | **Intrinsic Value per Option** | **Intrinsic Value Outstanding** | **Intrinsic Value Exercisable** |
| 2024.0 | 3027295 | 2943043 | $4.39 | $13289785 | $12919920 |
| 2025.0 | 5572235 | 4545566 | $2.31 | $12889486 | $10514634 |

---

The aggregate intrinsic value of options exercised during 2025 was zero. No options were exercised during 2025. In 2024, a total of 100,930 stock options were exercised, of which 100,000 were settled through a net-share (cashless) exercise, resulting in the surrender of 7,510 options to satisfy the exercise price. The remaining 930 options were exercised for cash, generating $2,744 of proceeds. No tax benefits were realized from option exercises during either period, as all related deferred tax assets are fully offset by a valuation allowance.

The Company recognized stock-based compensation expense of $3,071,432 and $445,435 for the years ended December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, the Company had $8,304,527 and $667,551 of total unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted-average period of 0.85 and 2.25 years, respectively.

The weighted average grant-date fair value of options granted was approximately $4.20 in 2025 and 2024, per option as estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

● Common stock fair value: $5.44 per share (based on an independent third-party 409A valuation dated March 21, 2025)

● Expected volatility: 90%

● Expected term: 6.25 years

● Risk-free interest rate: 4-4.25%

● Dividend yield: 0%

**10.** **Subsequent Events**

Management has evaluated subsequent events through February 15, 2026, the date the consolidated financial statements were available to be issued. No events have occurred subsequent to December 31, 2025 that would require recognition or disclosure in the accompanying consolidated financial statements.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

The following table sets forth the costs and expenses payable by us (the Registrant), other than underwriting discounts and commissions, in connection with the issuance and distribution of the securities being registered hereunder. All of the amounts shown are estimates, except for the SEC Registration Fee.

---

| | |
|:---|:---|
|  | **Amounts<br> to be Paid** |
| SEC registration fee | $188074.52 |
| Printing fees and expenses | $10000 |
| Legal fees and expenses | $1100000 |
| Accounting fees and expenses | $4000000 |
| Transfer agent and registrar fees | $5000 |
| Miscellaneous fees and expenses | $670000 |
| Total | $5973074.52 |

---

**ITEM 14. INDEMNIFICATION OF OFFICERS AND DIRECTORS**

Section 102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its Stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation provides that no director of the registrant shall be personally liable to it or its shareholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.

Section 145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Our amended and restated bylaws authorize the indemnification of our officers and directors, consistent with Section 145 of the DGCL, as amended. Reference is made to Section 102(b)(7) of the DGCL, which enables a corporation in its original certificate of incorporation or an amendment thereto to eliminate or limit the personal liability of a director for violations of the director's fiduciary duty, except (i) for any breach of the director's duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL, which provides for liability of directors for unlawful payments of dividends of unlawful stock purchase or redemptions or (iv) for any transaction from which a director derived an improper personal benefit.

We have entered into indemnification agreements with each of our directors and officers. These indemnification agreements require us, among other things, to indemnify our directors and officers for some expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.

**ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES**

Set forth below is information regarding shares of capital stock we issued within the past three years; the consideration we received for such shares; and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

As of the date of this Registration Statement, AIAI Holdings Corporation has issued: (i) 69,628,430 shares of its Class A common stock, at a price per share of $20.00, in connection with the acquisition of the Portfolio Companies, the acquisition of the preferred stock from Messier Blocker Corporation, and in consideration for the License Agreement with Messier 42 LLC, (ii) 7,600,000 shares of its Class B common stock to its chairman of the board, and (iii) 808,560 shares of its Class A common stock to Dawson James Securities, Inc upon the Direct Listing.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. We believe these transactions were exempt from registration under the Securities Act in reliance on Section 4(2) of the Securities Act (and Regulation D promulgated thereunder) as transactions by an issuer not involving any public offering. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof in violation of Section 5 of the Securities Act, and as the shares are uncertificated, appropriate transfer restrictions were placed in the issuer's transfer records. All recipients had adequate access to information about us. The sales of these securities were made without any general solicitation or advertising.

**Item 16. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exhibits.

See the Exhibit Index on the page immediately preceding the signature page for a list of exhibits filed as part of this registration statement on Form S-1, which Exhibit Index is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules.

All financial statement schedules are omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

**Item 17. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
 forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
 the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
 of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
 if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set
 forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement;

Provided, however, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
 new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
 termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That,
 for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
 than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as
 of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
 that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
 statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
 to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the
 registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
 of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
 are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller
 to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
 the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
 or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
 of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
 SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
 that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
 by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in
 the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
 question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the
 final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
 of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
 it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
 at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 3.1 | [Amended and Restated Certificate of Incorporation\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex3-2.htm) |
| 5.1 | [Form of Opinion of Egan Nelson LLP\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226012102/ex5-1.htm) |
| 10.1# | [AIAI Holdings Corporation 2026 Equity Incentive Plan\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-1.htm) |
| 10.2# | [Form of Restricted Stock Agreement\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-2.htm) |
| 10.3# | [Form of Stock Option Agreement\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226018040/ex10-3.htm) |
| 10.4# | [Form of Option Exercise Agreement\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226018040/ex10-4.htm) |
| 10.5# | [Form of Restricted Share Unit Agreement\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-5.htm) |
| 10.6# | [Form of Indemnity Agreement between AIAI Holdings Corporation and each of its directors and executive officers\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-6.htm) |
| 10.7 | [Technology Services Agreement by and between AIAI Holdings Corporation and Messier 42 LLC\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226012102/ex10-7.htm) |
| 10.8# | [Employment Agreement dated January 15, 2026 between AIAI Holdings Corporation and Todd Furniss\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-8.htm) |
| 10.9# | [Employment Agreement dated January 15, 2026 between AIAI Holdings Corporation and Stephanie Liebman\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-9.htm) |
| 10.10# | [Employment Agreement dated January 15, 2026 between AIAI Holdings Corporation and Kenneth Betts\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-10.htm) |
| 10.11# | [Employment Agreement dated January 15, 2026 between AIAI Holdings Corporation and Barbara Barton Weiszhaar\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-11.htm) |
| 10.12# | [Restricted Stock Award Agreement between AIAI Holdings Corporation and Todd Furniss\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-12.htm) |
| 10.13# | [Restricted Stock Award Agreement between AIAI Holdings Corporation and Stephanie Liebman\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-13.htm) |
| 10.14# | [Restricted Stock Award Agreement between AIAI Holdings Corporation and Kenneth Betts\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-14.htm) |
| 10.15# | [Restricted Stock Award Agreement between AIAI Holdings Corporation and Barbara Barton Weiszhaar\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-15.htm) |
| 10.16 | [Direct Listing Advisor Engagement Letter dated November 12, 2025, between AIAI Holdings Corporation, RBW Capital Partners LLC, and Dawson James Securities, Inc.\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-16.htm) |
| 10.17 | [Direct Listing Placement Agent Agreement dated November 12, 2025, between AIAI Holdings Corporation, RBW Capital Partners LLC, and Dawson James Securities, Inc.\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-17.htm) |
| 10.18 | [Master License Agreement by and between AIAI Holdings Corporation and Messier 42 LLC\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226012102/ex10-18.htm) |
| 10.19 | [Second Amended and Restated Contribution Agreement, dated as of January 23, 2026, by and among AIAI Holdings Corporation, C.C. Carlton Industries, Ltd., and the Contributors listed therein.\*](ex10-19.htm) |
| 10.20 | [Second Amended and Restated Agreement and Plan of Merger, dated as of January 23, 2026, by and among AIAI Holdings Corporation, Cathedral Merger Sub, Inc., and Constellation Network, Inc.\*](ex10-20.htm) |
| 10.21 | [Second Amended and Restated Contribution Agreement, dated as of January 23, 2026, by and among AIAI Holdings Corporation, AI Research Corporation, and the Contributors listed therein.\*](ex10-21.htm) |
| 10.22 | [Seconded Amended and Restated Merger Agreement, dated as of January 23, 2026, by and among AIAI Holdings Corporation, MediGuide Merger Sub, LLC, gTC MediGuide, LLC, and gTC MediGuide, LP.\*](ex10-22.htm) |
| 10.23# | [Outside Director Compensation Policy\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex10-23.htm) |
| 10.24 | [Contribution Agreement, dated as of January 22, 2026, by and between AIAI Holdings Corporation and Messier Blocker Corporation\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226008887/ex10-24.htm) |
| 10.25 | [Second Amended and Restated Contribution Agreement, dated January 23, 2026, by and among AIAI Holdings Corporation, Vanguard Healthcare Solutions, LLC and the Contributors\*](ex10-25.htm) |
| 10.26 | [Contribution Agreement, dated January 23, 2026, by and among AIAI Holdings Corporation, Bond Street Limited, LLC and the Contributors\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226015707/ex10-26.htm) |
| 21.1 | [List of Subsidiaries of AIAI Holdings Corporation\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex21-1.htm) |
| 23.1 | [Consent of Egan Nelson LLP (included in Exhibit 5.1)\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226012102/ex5-1.htm) |
| 23.2 | [Consent of Forvis Mazars, LLP (AIAI Holdings)\*](ex23-2.htm) |
| 23.3 | [Consent of Forvis Mazars, LLP (CCCI)\*](ex23-3.htm) |
| 23.4 | [Consent of Lilling & Company LLP\*](ex23-4.htm) |
| 24.1 | [Power of Attorney (included on signature page)](#SSS_001) |
| 99.1 | [Consent of Eric L. Affeldt, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-1.htm) |
| 99.2 | [Consent of Guy Thomas Cosentino, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-2.htm) |
| 99.3 | [Consent of Jeffrey F. Glajch, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-3.htm) |
| 99.4 | [Consent to Melvin Greer, Ph.D., director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-4.htm) |
| 99.5 | [Consent of Doohi Lee, MD, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-5.htm) |
| 99.6 | [Consent of Jeanne L. Phillips, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-6.htm) |
| 99.7 | [Consent of Donald M. Remy, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-7.htm) |
| 99.8 | [Consent of Andrew Schaap, director nominee\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex99-8.htm) |
| 107 | [SEC Filing Fee Table\*\*](https://www.sec.gov/Archives/edgar/data/2096362/000149315226003639/ex107.htm) |

---

\* Filed herewith. <br> \*\* Previously filed. <br> # Indicates management contract or compensatory plan.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Dallas, Texas, on April 24, 2026.

---

| | |
|:---|:---|
| **AIAI HOLDINGS CORPORATION** | **AIAI HOLDINGS CORPORATION** |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose individual signature appears below hereby authorizes and appoints Todd Furniss with full power of substitution and resubstitution and full power to act, as his true and lawful attorney-in-fact and agent to act in his name, place and stead, and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this registration statement, any related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and any or all pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or any substitute, may lawfully do or cause to be done by virtue hereof.

As required under the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Todd Furniss* | Chief Executive Officer and Director | April 24, 2026 |
| Todd Furniss | (*Principal Executive Officer*) |  |
| */s/ Stephanie Liebman* | Chief Financial Officer | April 24, 2026 |
| Stephanie Liebman | (*Principal Financial Officer*) |  |
| */s/ John P. Rochon* | Chairman and Director | April 24, 2026 |
| John P. Rochon |  |  |

---

## Exhibit 10.19

**Exhibit 10.19**

***Execution Version***

**SECOND AMENDED AND RESTATED**

**CONTRIBUTION AGREEMENT**

**by and among**

**AIAI Holdings Corporation, as the Company, C.C. Carlton Industries, Ltd, The Persons Listed Herein, as the Contributors**

**and**

**C. Craig Carlton, as the Contributors' Representative**

**January 23, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article I DEFINITIONS** | **Article I DEFINITIONS** | **2** |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.2 | Other Capitalized Terms | 2 |
| **Article II CONTRIBUTION OF EQUITY INTERESTS** | **Article II CONTRIBUTION OF EQUITY INTERESTS** | **3** |
| &nbsp;&nbsp;&nbsp;Section 2.1 | Contributions | 3 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Estimated Adjusted Purchase Price | 3 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Holdback Amounts | 3 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | Post-Closing Purchase Price Determination | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | Tax Treatment | 7 |
| **Article III CLOSING MATTERS** | **Article III CLOSING MATTERS** | **7** |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Closing | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Repayment/Assumption of CCCI Indebtedness; Reimbursement and Payment of Transaction Expenses | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Contributor Closing Deliverables | 8 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | Company Closing Deliverables | 8 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Conditions to Closing | 9 |
| **Article IV REPRESENTATIONS AND WARRANTIES OF CCCI** | **Article IV REPRESENTATIONS AND WARRANTIES OF CCCI** | **10** |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Organization | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Due Authorization | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | No Conflict | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Third-Party Consents | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Actions and Orders | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Capitalization | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Financial Statements | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.8 | No Undisclosed Liabilities | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.9 | No CCCI Material Adverse Effect | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.10 | CCCI Material Contracts | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.11 | Compliance with Laws | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.12 | Litigation | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.13 | Insurance | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.14 | Licenses | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.15 | Material Vendors | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.16 | Assets and Property | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.17 | Environmental Matters | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.18 | Taxes | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.19 | Intellectual Property; Data Privacy | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.20 | Employment and Labor Matters. | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.21 | Employee Benefit Plans. | 16 |
| &nbsp;&nbsp;&nbsp;Section 4.22 | Brokers | 17 |
| &nbsp;&nbsp;&nbsp;Section 4.23 | No Other Representations | 18 |

---

ii

---

| | | |
|:---|:---|:---|
| **Article V Representations and warranties OF THE CONTRIBUTORS** | **Article V Representations and warranties OF THE CONTRIBUTORS** | **18** |
| &nbsp;&nbsp;&nbsp;Section 5.1 | Due Authorization | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | No Conflict | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Title to Acquired Interest | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | Brokers | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.5 | No Other Representations | 18 |
| **Article VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **Article VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **19** |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Organization; Good Standing; Power | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Authorization; Execution and Enforceability; No Conflicts | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | Capitalization and Indebtedness | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | Actions and Orders | 20 |
| &nbsp;&nbsp;&nbsp;Section 6.5 | Financial Matters | 20 |
| &nbsp;&nbsp;&nbsp;Section 6.6 | No Company Material Adverse Effect | 20 |
| &nbsp;&nbsp;&nbsp;Section 6.7 | Company Material Contracts | 21 |
| &nbsp;&nbsp;&nbsp;Section 6.8 | Compliance with Laws | 21 |
| &nbsp;&nbsp;&nbsp;Section 6.9 | Litigation | 21 |
| &nbsp;&nbsp;&nbsp;Section 6.10 | Insurance | 21 |
| &nbsp;&nbsp;&nbsp;Section 6.11 | Licenses | 22 |
| &nbsp;&nbsp;&nbsp;Section 6.12 | Assets and Property | 22 |
| &nbsp;&nbsp;&nbsp;Section 6.13 | Environmental Matters | 22 |
| &nbsp;&nbsp;&nbsp;Section 6.14 | Taxes | 23 |
| &nbsp;&nbsp;&nbsp;Section 6.15 | Intellectual Property; Data Privacy | 23 |
| &nbsp;&nbsp;&nbsp;Section 6.16 | Employment and Labor Matters | 24 |
| &nbsp;&nbsp;&nbsp;Section 6.17 | Direct Listing and Additional Acquisitions | 24 |
| &nbsp;&nbsp;&nbsp;Section 6.18 | Solvency | 25 |
| &nbsp;&nbsp;&nbsp;Section 6.19 | Brokers | 25 |
| &nbsp;&nbsp;&nbsp;Section 6.20 | Independent Investigation; Disclaimer of Reliance | 25 |
| **Article VII Pre-Closing Covenants** | **Article VII Pre-Closing Covenants** | **25** |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Commercially Reasonable Efforts | 25 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Direct Listing Matters | 26 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Registration Statement Effectiveness | 27 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | Subsequent Registrations | 27 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | Registration of Additional Acquisition Shares | 28 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | Legend Removal | 28 |
| &nbsp;&nbsp;&nbsp;Section 7.7 | Third-Party Approvals | 28 |
| &nbsp;&nbsp;&nbsp;Section 7.8 | Public Company Reporting Readiness | 30 |
| &nbsp;&nbsp;&nbsp;Section 7.9 | HSR Compliance | 30 |
| &nbsp;&nbsp;&nbsp;Section 7.10 | Budgets | 30 |
| &nbsp;&nbsp;&nbsp;Section 7.11 | Contribution of M42 Equity Interests | 31 |
| &nbsp;&nbsp;&nbsp;Section 7.12 | Closing Capital Contribution | 31 |
| &nbsp;&nbsp;&nbsp;Section 7.13 | Directors and Officers Insurance Coverage | 31 |
| &nbsp;&nbsp;&nbsp;Section 7.14 | Equipment Lease Guaranty Release | 31 |
| &nbsp;&nbsp;&nbsp;Section 7.15 | CCCI Conversion | 31 |
| &nbsp;&nbsp;&nbsp;Section 7.16 | Replacement Bonding Company | 31 |

---

iii

---

| | | |
|:---|:---|:---|
| **Article VIII ADDITIONAL COVENANTS** | **Article VIII ADDITIONAL COVENANTS** | **31** |
| &nbsp;&nbsp;&nbsp;Section 8.1 | Confidentiality | 31 |
| &nbsp;&nbsp;&nbsp;Section 8.2 | Public Announcements | 32 |
| &nbsp;&nbsp;&nbsp;Section 8.3 | D&O Indemnification. | 32 |
| &nbsp;&nbsp;&nbsp;Section 8.4 | Tax Matters | 32 |
| &nbsp;&nbsp;&nbsp;Section 8.5 | Record Retention | 33 |
| &nbsp;&nbsp;&nbsp;Section 8.6 | Further Assurances | 33 |
| &nbsp;&nbsp;&nbsp;Section 8.7 | Transaction Expenses True-Up | 33 |
| &nbsp;&nbsp;&nbsp;Section 8.8 | Employee Matters. | 33 |
| **Article IX Indemnification** | **Article IX Indemnification** | **34** |
| &nbsp;&nbsp;&nbsp;Section 9.1 | Indemnification by the Company | 34 |
| &nbsp;&nbsp;&nbsp;Section 9.2 | Indemnification by Contributors | 34 |
| &nbsp;&nbsp;&nbsp;Section 9.3 | Distribution of Indemnity Holdback Amount | 35 |
| &nbsp;&nbsp;&nbsp;Section 9.4 | Survival | 35 |
| &nbsp;&nbsp;&nbsp;Section 9.5 | Indemnification Procedures | 36 |
| &nbsp;&nbsp;&nbsp;Section 9.6 | Indemnification Payments | 36 |
| &nbsp;&nbsp;&nbsp;Section 9.7 | Exclusive Remedy | 37 |
| **Article X Termination** | **Article X Termination** | **37** |
| &nbsp;&nbsp;&nbsp;Section 10.1 | Termination Events | 37 |
| &nbsp;&nbsp;&nbsp;Section 10.2 | Effect of Termination | 38 |
| **Article XI MISCELLANEOUS** | **Article XI MISCELLANEOUS** | **38** |
| &nbsp;&nbsp;&nbsp;Section 11.1 | Expenses | 38 |
| &nbsp;&nbsp;&nbsp;Section 11.2 | Amendment | 38 |
| &nbsp;&nbsp;&nbsp;Section 11.3 | Entire Agreement | 38 |
| &nbsp;&nbsp;&nbsp;Section 11.4 | Notices | 39 |
| &nbsp;&nbsp;&nbsp;Section 11.5 | Waiver | 39 |
| &nbsp;&nbsp;&nbsp;Section 11.6 | Binding Effect; Assignment | 39 |
| &nbsp;&nbsp;&nbsp;Section 11.7 | No Third Party Beneficiary | 39 |
| &nbsp;&nbsp;&nbsp;Section 11.8 | Governing Law | 39 |
| &nbsp;&nbsp;&nbsp;Section 11.9 | Consent to Jurisdiction and Service of Process | 40 |
| &nbsp;&nbsp;&nbsp;Section 11.10 | Waiver of Jury Trial | 40 |
| &nbsp;&nbsp;&nbsp;Section 11.11 | Counterparts | 40 |
| &nbsp;&nbsp;&nbsp;Section 11.12 | Preamble and Recitals | 40 |
| &nbsp;&nbsp;&nbsp;Section 11.13 | Severability | 40 |
| &nbsp;&nbsp;&nbsp;Section 11.14 | Rules of Construction | 41 |
| &nbsp;&nbsp;&nbsp;Section 11.15 | Specific Performance | 42 |
| &nbsp;&nbsp;&nbsp;Section 11.16 | Contributors' Representative. | 42 |
| &nbsp;&nbsp;&nbsp;Section 11.17 | Post-Closing Representation; Non-Assertion of Attorney-Client Privilege | 45 |

---

---

| | | |
|:---|:---|:---|
| <u>Annexes and Exhibits</u> | <u>Annexes and Exhibits</u> |  |
| Annex I | Certain Defined Terms | I-1 |
| Annex II | Additional Acquisitions | Annex II |
| Exhibit A | Form of Lock-Up Agreement | Exhibit A |

---

iv

**SECOND AMENDED AND RETATED**

**CONTRIBUTION AGREEMENT**

This Second Amended and Restated Contribution Agreement (this "**Agreement**"), dated as of January 23, 2026, is by and among AIAI Holdings Corporation, a Delaware corporation (the "**Company**"), and C.C. Carlton Industries, Ltd, a Texas limited partnership ("**CCCI**"), the Persons listed on the signature pages to this Agreement (collectively, the "**Contributors**"), and C. Craig Carlton, as the Contributors' Representative. The Company, CCCI and the Contributors are referred to in this Agreement each as a "**Party**" and collectively as the "**Parties**."

**WHEREAS**, the Company has filed a Registration Statement with the SEC to permit the Direct Listing of shares of its Common Stock;

**WHEREAS**, prior to the Direct Listing, the Company intends to enter into agreements with each of the target companies identified on <u>Annex II</u> (as may be updated upon mutual agreement of the Parties prior to Closing, the "**Target Companies**" and each a "**Target Company**") providing for the Company's acquisition of all or substantially all of the equity of each such Target Company (the "**Additional Acquisitions**");

**WHEREAS**, the Contributors own all of the issued and outstanding Equity Interests of CCCI;

**WHEREAS**, prior to the Closing, CCCI shall convert from a Texas limited partnership to a Texas limited liability company (the "**CCCI Conversion**");

**WHEREAS**, at Closing, the Contributors desire to contribute to the Company all of their Equity Interests in CCCI (the "**Acquired Interests**"), and the Company desires to (i) on behalf of the Contributors, repay certain CCCI Indebtedness and Transaction Expenses, and (ii) issue to the Contributors shares of Common Stock, in a tax-deferred exchange intended to constitute a transfer pursuant to Section 351(a) of the Code, subject to the terms and conditions set forth in this Agreement; and

**WHEREAS**, as a material inducement to CCCI to enter into this Agreement, C. Craig Carlton ("Carlton") shall enter into an employment agreement with CCCI (the "**Key Employee Documentation**"), effective as of the Closing.

**NOW THEREFORE**, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

**Article I**

**DEFINITIONS**

Section 1.1 <u>Definitions</u>. Capitalized terms used but not otherwise defined in this Agreement have the meanings set forth on <u>Annex I</u>.

Section 1.2 <u>Other Capitalized Terms</u>. The following capitalized terms are defined on the pages of this Agreement indicated below:

---

| | |
|:---|:---|
| Acquisition Per Share Value | 3 |
| Acquisition Shares | 3 |
| Agreement | 1 |
| Closing | 7 |
| Closing Date | 7 |
| Company | 1 |
| Company Closing Deliverables | 8 |
| Company Employees | 15 |
| Company Financial Statements | 12, 20 |
| Company Indemnified Parties | 36 |
| Company Interim Financial Statements | 11 |
| Company Latest Balance Sheet | 11 |
| Company Leased Property | 13, 22 |
| Company Licensed Intellectual Property | 15, 23 |
| Company Licenses | 13, 22 |
| Company Material Contracts | 12, 21 |
| Company Owned Intellectual Property | 15, 23 |
| Company Pro Forma Financial Statements | 20 |
| Company Real Property Lease | 13, 22 |
| Company Year-End Financial Statements | 11 |
| Drop Dead Date | 37 |
| Final Adjusted Purchase Price | 6 |
| Final Cash | 6 |
| Final Company Indebtedness | 6 |
| Indemnified Party | 36 |
| Indemnifying Party | 36 |
| Lock-Up Agreement | 8 |
| Nasdaq Listing Application | 26 |
| Party | 1 |
| PCAOB | 29 |
| PCAOB Audit Firm | 29 |
| Seller | 1 |
| Seller Closing Deliverables | 8 |
| Seller Indemnified Parties | 34 |
| Sellers' Representative | 42 |

---

**ARTICLE II**

**CONTRIBUTION OF EQUITY INTERESTS**

Section 2.1 <u>Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms and subject to the conditions set forth in this Agreement, at the Closing, the Contributors shall contribute, assign, transfer, and convey to the Company, and the Company shall acquire from the Contributors, the Acquired Interests, free and clear of any Liens (other than Permitted Liens). As consideration for the Acquired Interests, the Company shall issue to each Contributor a number of shares of Common Stock (the "**Acquisition Shares**") equal to (a) the Final Adjusted Purchase Price (as determined pursuant to this Article II), divided by (b) an agreed upon per share value of $20.00 (the "**Acquisition Per Share Value**"), multiplied by (c) such Contributor's Pro Rata Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquisition Shares shall be allocated to and registered in the names of the Contributors in book entry form in accordance with their Pro Rata Portion.

Section 2.2 <u>Estimated Adjusted Purchase Price</u>. Not later than fifteen (15) days prior to the Closing Date, CCCI shall have prepared and delivered to the Company a written statement (the "**Estimated Closing Statement**") setting forth CCCI's good faith estimate of (a) Cash of CCCI as of the Effective Time ("**Estimated Cash**") and (b) CCCI Indebtedness as of the Effective Time ("**Estimated CCCI Indebtedness**"), in each case, with reasonable supporting documentation, together with a calculation of the Adjusted Purchase Price based on such estimates (the "**Estimated Adjusted Purchase Price**").

Section 2.3 <u>Holdback Amounts</u>. Upon the Closing, the Company will hold back from the Acquisition Shares (a) the Adjustment Holdback Amount for purposes of satisfying, and to establish a procedure for the satisfaction of, any claims by the Company for payment of any post-Closing purchase price adjustment in favor of the Company as set forth in <u>Section 2.4</u> and (b) the Indemnity Holdback Amount for purposes of satisfying any claims for indemnification by any Company Indemnified Person in accordance with <u>Article IX</u>. Subject to the Company's right to permanently retain all or a portion of the Adjustment Holdback Amount in satisfaction of any post-Closing purchase price adjustment in favor of payment to the Company in accordance with <u>Section 2.4</u>, once the Final Adjusted Purchase Price is finally determined in accordance with <u>Section 2.4</u>, the balance of the Adjustment Holdback Amount will be released and distributed the Contributors in accordance with such Contributor's Pro Rata Portion. Subject to the Company's right to permanently retain all or a portion of the Indemnity Holdback Amount for any the Company Indemnified Party's claim for Damages subject to indemnification pursuant to <u>Article IX</u>, as of the date that is the one-year anniversary of the Closing Date (the "**Indemnity Holdback Expiration Date**"), any remaining Indemnity Holdback Amount (other than amounts being permanently retained by the Company in connection with satisfying any Damages or retained pending resolution of any potential unsatisfied claims for Damages in accordance with <u>Article IX</u>) shall be distributed to the Contributors in accordance with such Contributor's Pro Rata Portion in accordance with <u>Section 9.3</u>.

Section 2.4 <u>Post-Closing Purchase Price Determination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within sixty (60) days following the Closing, the Company will, in accordance with the terms of this <u>Section 2.4</u>, prepare or cause to be prepared and deliver a written statement (the "**Final Closing Statement**") to the Contributors' Representative setting forth the Company's good faith calculation of the actual (i) Cash of CCCI as of the Effective Time, and (ii) CCCI Indebtedness as of the Effective Time, in each case, with reasonable supporting documentation, together with a calculation of the Adjusted Purchase Price in accordance with the terms of this Agreement based on such amounts. The purpose of the purchase price adjustment set forth in this <u>Section 2.4</u> is solely to measure any difference between (1) the Final Cash and the Estimated Cash and (2) the Final CCCI Indebtedness and the Estimated CCCI Indebtedness, determined on the same accounting basis consistently applied. The calculation of the purchase price adjustment as set forth in this <u>Section 2.4</u> does not permit the introduction of different accounting methods, policies, practices, procedures, conventions, classifications, definitions, principles, assumptions, techniques, or estimation methodologies. If the Company fails to timely deliver the Final Closing Statement in accordance with this <u>Section 2.4(a)</u>, then the Contributors' Representative may, at its election (X) treat the Estimated Closing Statement and the calculations set forth therein as final and binding on the Parties for purposes of finally determining the Final Adjusted Purchase Price pursuant to this <u>Section 2.4</u> or (Y) treat the Estimated Closing Statement as the Final Closing Statement delivered by the Company pursuant to this <u>Section 2.4</u>, in which case the Contributors' Representative will be entitled to all dispute and other rights set forth in this <u>Section 2.4</u> with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review of Final Closing Statement; Objection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Contributors' Representative shall have thirty (30) days from the date of receipt of the Final Closing Statement (the "**Review Period**") to review the computations of Cash, CCCI Indebtedness, and Adjusted Purchase Price reflected on the Final Closing Statement, provided that such Review Period shall toll for any number of days during which the Company fails to provide reasonable access to information as further described in this <u>Section 2.4(b)</u>. In connection with such review, the Company will make available to the Contributors' Representative and its Representatives, upon reasonable advance notice and during normal business hours, without any undue interruption to the operations of any of CCCI, the Company or their respective controlled Affiliates, (A) the books, records, and supporting data primarily used in connection with the preparation of the Final Closing Statement (including work papers, schedules, memoranda and other documents) and (B) the Company's Representatives responsible for, or otherwise involved in, the preparation of the Final Closing Statement in order to respond to any question of the Contributors' Representative, its Representatives or their auditors may have relating thereto. If the Contributors' Representative disagrees with the Company's calculation of Cash or CCCI Indebtedness, the Contributors' Representative shall deliver written notice (an "**Objection Notice**") of such disagreement to the Company on or before the end of the Review Period. Such Objection Notice shall set forth in reasonable detail the Contributors' Representative's positions and include its calculation of any disputed item, which shall be based solely on mathematical errors, or inconsistencies with the definition and methodologies or terms and conditions set forth herein. The Contributors shall be deemed to have agreed with all items and amounts in the Final Closing Statement not specifically referenced in an Objection Notice provided prior to the end of the Review Period. If the Company does not receive an Objection Notice prior to the end of the Review Period, the Final Closing Statement shall be final, conclusive and binding upon the Parties, and shall not be subject to further appeal or dispute. If the Contributors' Representative timely delivers an Objection Notice to the Company, the Company and the Contributors' Representative will endeavor in good faith to resolve in writing any disagreements noted in the Objection Notice as soon as practicable after the delivery of such notice. Any items in dispute that are resolved in writing between the Contributors' Representative and the Company within thirty (30) days following receipt by the Company of an Objection Notice shall be final, conclusive and binding on the Parties for all purposes hereunder and shall not be subject to further appeal or dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Company and the Contributors' Representative do not obtain a final resolution within thirty (30) days after the Company has received the Objection Notice, then they shall, within five Business Days thereafter, commence the process to jointly retain a public accounting firm with no connection to CCCI or the Company (the "**Firm**") (or if such firm is unable to serve, the Company and the Contributors' Representative shall, within five Business Days thereafter, jointly retain another nationally recognized independent public accounting firm mutually acceptable to the Company and the Contributors' Representative that is not the independent auditor of any of the Company, CCCI or any Contributor to act as the Firm for purposes of this Agreement), solely in accordance with the terms of this Agreement, to resolve any remaining disagreements. In connection with engaging the Firm, each of the Company and the Contributors agree, if requested by the Firm, to work with the Firm to negotiate and execute an engagement letter on terms reasonably satisfactory to the Contributors' Representative and the Company. The Company, the Contributors' Representative and their respective Representatives will cooperate in good faith on a reasonable basis with the Firm during its resolution of any remaining disagreements. The Firm will consider only those items and amounts set forth in the Objection Notice that the Company, on the one hand, and the Contributor Representative, on the other hand, are unable to resolve. The Firm shall serve solely as an expert and not as an arbitrator in determining a resolution. In resolving any such disputed item, the Firm may not assign a value to any such item greater than the greatest value for such item claimed by any Party or less than the smallest value for such item claimed by any Party. If the Company, the Contributors' Representative or any of their respective Representatives submits any materials to the Firm, a copy of such materials shall be simultaneously delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise specified herein, the scope of the disputes to be determined by the Firm is limited to whether the calculations of Cash and CCCI Indebtedness were done in a manner consistent with this Agreement, including the definitions herein, and whether there were mathematical errors in the calculation of Cash, CCCI Indebtedness, and Adjusted Purchase Price contained therein, and the Firm is not to make any other determination unless jointly requested in writing by the Contributors' Representative and the Company. The Firm's determination of Cash, CCCI Indebtedness, and Adjusted Purchase Price, including each of the components thereof, shall be based solely on written materials submitted by the Company, the Contributors' Representative and their respective Representatives (i.e., not on independent review), the applicable provisions of this Agreement, including the definitions herein, the Final Closing Statement and the Objection Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The fees and disbursements of the Firm shall be allocated between the Company, on the one hand, and the Contributors (severally in proportion to their respective Pro Rata Portions), on the other hand, so that the amount of fees and expenses paid by the Contributors (with the remainder of such amount being paid by the Company) shall be equal to the product of (A) the aggregate amount of such fees and expenses and (B) a fraction, the numerator of which is the total amount in dispute that is ultimately unsuccessfully disputed by the Contributors' Representative (as determined by the Firm) and the denominator of which is the total amount in dispute. For example, should the amount of the items in dispute total $1,000 and the Firm awards $600 in favor of the Contributors' position, 60% of the costs of its review would be borne by the Company and 40% of the costs would be borne by the Contributors. The Firm shall act as accounting expert, and not as an arbitrator, and any and all determinations by the Firm shall be made in strict accordance with the terms of this Agreement, without regard to principles of equity. The determination of the Firm as to any disputed matters shall be set forth in a written report of award delivered to the Company and the Contributors' Representative within thirty (30) days of the Firm's appointment, and shall be deemed final, conclusive and binding on the Parties absent manifest error or fraud, and shall not be subject to further appeal or dispute. The Parties agree that the procedure set forth in this <u>Section 2.4</u> for resolving disputes with respect to the Final Closing Statement shall be the sole and exclusive method for resolving any such disputes. The Parties agree that judgment may be entered upon the written report of award of the Firm in any court having jurisdiction pursuant to <u>Section 11.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Final and Binding Determination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Cash, CCCI Indebtedness, and Adjusted Purchase Price, as agreed to by the Company and the Contributors' Representative pursuant to <u>Section 2.4(b)(i)</u> or as determined by the Firm pursuant to <u>Section 2.4(b)(ii)</u>, as applicable, shall be deemed the "**Final Cash**," "**Final CCCI Indebtedness**," and "**Final Adjusted Purchase Price**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No later than the fifth (5th) Business Day following the completion of the calculation of the Final Cash and Final CCCI Indebtedness in accordance with this <u>Section 2.4</u>, the Final Adjusted Purchase Price shall be calculated and the following payments shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the Final Adjusted Purchase Price is greater than the Estimated Adjusted Purchase Price, then the Company shall issue a number of additional Acquisition Shares to the Contributors in accordance with their respective Pro Rata Portions, with the aggregate number of additional Acquisition Shares equaling (a) the Adjustment Holdback Amount, plus (b) (I) the amount by which the Final Adjusted Purchase Price exceeds the Estimated Adjusted Purchase Price divided by (II) the Initial Offering Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the Final Adjusted Purchase Price is less than the Estimated Adjusted Purchase Price (such shortfall, the "**Adjustment Shortfall**"), then the Company shall issue a number of additional Acquisition Shares to the Contributors in accordance with their respective Pro Rata Portions, with the aggregate number of additional Acquisition Shares equaling the difference of (a) the Adjustment Holdback Amount minus (b) (I) the Adjustment Shortfall divided by (II) the Initial Offering Price. If the amount of (a) the Adjustment Shortfall divided by (b) the Initial Offering Price exceeds the Adjustment Holdback Amount, the Company shall issue no additional Acquisition Shares. The Company acknowledges that provisions of this <u>Section 2.4(b)(iv)</u> shall provide the Company's sole recourse with respect to any Adjustment Shortfalls, and that in no event shall any Contributor be liable to pay any amounts to the Company under the provisions of this <u>Section 2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the Final Adjusted Purchase Price is equal to the Estimated Adjusted Purchase Price, then the Company shall issue the Adjustment Holdback Amount to the Contributors in accordance with their respective Pro Rata Portions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any payments made pursuant to this <u>Section 2.4(c)</u> shall be treated as an adjustment of the Adjusted Purchase Price for applicable Tax purposes and shall be treated as such by the Parties on their Tax Returns, except as otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Contributors acknowledge and agree that the Acquisition Shares will be registered for public resale by Contributors under the Registration Statement, subject to the terms and conditions of the Lock-Up Agreement.

Section 2.5 <u>Tax Treatment</u>. The Parties acknowledge and agree that the Transactions, taken together with the Additional Acquisitions, all of which are made as part of the same plan, are intended to qualify as a tax-deferred exchange under Section 351(a) of the Code (the "**Intended Tax Treatment**"). The Company and Contributors each intend that, immediately after the exchange, the Contributors will, together as a group with other transferors in the Additional Acquisitions, be in control of the Company within the meaning of Section 368(c) of the Code, which requires ownership of at least 80% of the voting stock and 80% of all other classes of stock. No Party shall take any action inconsistent with the foregoing or that might otherwise reasonably be expected to jeopardize the Intended Tax Treatment. The Parties agree to file all Tax Returns and take all Tax positions in a manner consistent with such intent unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code. The Parties hereby agree to file and retain such information as shall be required by Section 1.351-3 of the Treasury Regulations. Furthermore, the Parties shall consult with their respective tax advisors to ensure that all actions taken in connection with the Transactions comply with the requirements of Section 351 of Code. The Company shall promptly notify the Contributors prior to the Closing if it becomes aware of any fact that might cause the Transactions to fail to qualify for the Intended Tax Treatment.

**ARTICLE III**

**CLOSING MATTERS**

Section 3.1 <u>Closing</u>. The consummation of the transactions contemplated by this Agreement (the "**Closing**") will occur no later than the Business Day on which all of the conditions to Closing set forth in <u>Section 3.5</u> have been satisfied, other than conditions that, by their nature, must be satisfied at the Closing (such date, the "**Closing Date**"), by electronic mail or other electronic transmission or at such place and time as the Parties may mutually agree. All deliveries by one Party to any other Party at the Closing will be deemed to have occurred simultaneously as of the Closing Date and, unless the Contributors' Representative and the Company otherwise agree, none will be effective unless and until all such deliveries have occurred.

Section 3.2 <u>Repayment/Assumption of CCCI Indebtedness; Reimbursement and Payment of Transaction Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company, on behalf of CCCI, any Contributor, or any Affiliate thereof, shall, at the Company's option, (i) not later than 45 days following the Closing pay or cause to be paid or (ii) effective upon the Closing assume, in either case with a corresponding release of all Contributors or any of their Affiliates as guarantors of the Estimated CCCI Indebtedness (including Carlton), with any payment to be made by wire transfer of immediately available funds in the amounts and to the Persons set forth in the Estimated Closing Statement. Notwithstanding the foregoing, if the Company elects to repay, or cause to be repaid, the Estimated CCCI Indebtedness following the Closing in accordance with clause (i) above, then the Company shall use commercially reasonable efforts to remove Carlton as a personal guarantor of any Estimated CCCI Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, upon the Closing, the Company shall (A) reimburse Contributors for all Transaction Expenses incurred and previously paid by CCCI or Contributors and (B) pay or cause to be paid all incurred and unpaid Transaction Expenses, by wire transfer of immediately available funds to the accounts specified in writing by CCCI or the Contributors (with reasonably acceptable supporting documentation), such amounts not to exceed the Transaction Expense Maximum Reimbursement Amount in the aggregate.

Section 3.3 <u>Contributor Closing Deliverables</u>. At the Closing, the Contributors shall deliver or cause to be delivered to the Company (collectively, the "**Contributor Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contributions of membership interest for the Acquired Interest, in form and substance reasonably satisfactory to the Parties, duly executed by each Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate for CCCI, dated no more than fifteen (15) days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that CCCI validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate from a duly authorized officer of CCCI (i) authenticating CCCI's Governing Documents; (ii) attaching all requisite resolutions or actions of CCCI's managing body approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of CCCI as required under <u>Section 3.5(a)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by CCCI and Contributors on or prior to the Closing as required under <u>Section 3.5(a)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of CCCI, duly executed by an authorized officer of CCCI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a duly executed IRS Form W-9 of each Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as requested by the Company, written resignations of each director, manager and/or general partner of CCCI, in form and substance acceptable to the Company, effective as of the Closing Date and duly executed by the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a lockup agreement with respect to the Acquisition Shares, in the form attached hereto as <u>Exhibit A</u> (the "**Lock-Up Agreement**"), duly executed by each Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Key Employee Documentation, duly executed by each of CCCI and C. Craig Carlton; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Bonding Agreement.

Section 3.4 <u>Company Closing Deliverables</u>. At the Closing, the Company shall deliver or cause to be delivered to Contributors (collectively, the "**Company Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Acquisition Shares in an amount equal to the Estimated Adjusted Purchase Price divided by the Acquisition Per Share Value, together with evidence acceptable to Contributors that Contributors hold, beneficially and of record, all of such Acquisition Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate for the Company, dated no more than fifteen (15) days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that the Company validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate from a duly authorized officer of the Company (i) attaching all requisite resolutions or actions of the Company's equity holders and board of directors approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (ii) certifying to the accuracy of the representations and warranties of the Company as required under <u>Section 3.5(b)(i)</u>; (iii) certifying to the performance of the covenants and obligations to be performed by the Company prior to the Closing as required under <u>Section 3.5(b)(ii)</u>; and (iv) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of the Company, duly executed by an authorized officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Lock-Up Agreements, duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Bonding Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in accordance with Section 7.12, the Closing Capital Contribution.

Section 3.5 <u>Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of CCCI in <u>Article IV</u> and each Contributor in <u>Article V</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Contributors and CCCI must have complied in all material respects with the covenants and obligations applicable to Contributors and CCCI contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no CCCI Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Contributors' Representative must have delivered or caused to be delivered all of the Contributor Closing Deliverables to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company has filed, and received evidence of acceptance by the SEC of, the acceleration request seeking the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Contributors to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by the Contributors' Representative):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of the Company in <u>Article VI</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company must have duly performed and complied in all material respects with the covenants and obligations applicable to the Company contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company must have delivered or caused to be delivered all of the Company Closing Deliverables to the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Order which is in effect and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of the Closing or causing any of the transactions contemplated hereunder to be rescinded following Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the filings of the Company pursuant to any Antitrust Laws, if any, shall have been made and the applicable waiting period and any extensions thereof (including any agreements not to consummate the transactions contemplated by this Agreement with any Governmental Authority entered into in accordance with this Agreement) shall have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no Company Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company must have received and provided Contributors evidence that the Registration Statement has been declared effective by the SEC and remains effective through the consummation of the Direct Listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company must provide evidence reasonably satisfactory to the Contributors' Representative, in its sole discretion, that each of the Additional Acquisitions has been or will be consummated as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Company and Messier 42 LLC, a Delaware limited liability company ("**M42**"), shall have entered into an exclusive, perpetual, worldwide license agreement with respect to all of M42's artificial intelligence technology (including its psychometric artificial intelligence platform), which shall be sublicensable on a royalty-free, fully paid up basis to CCCI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Equity Interests of M42, representing not more than 18.5% of the value of the assets of the Company on a pro forma basis, shall have been contributed by the holders thereof to the Company in exchange for shares of Common Stock or prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The New Bond Company shall have been selected, and the Contributors' Representative shall have received evidence from the New Bond Company that it shall be able to insure CCCI's ongoing obligations immediately on the Closing.

**Article IV<br> REPRESENTATIONS AND WARRANTIES OF CCCI**

Subject to the disclosures set forth in CCCI Disclosure Letter, CCCI hereby represents and warrants to the Company as follows as of the date of this Agreement (unless specified otherwise below):

Section 4.1 <u>Organization</u>. CCCI has been duly formed and is validly existing and in good standing under the Laws of its jurisdiction of organization. CCCI has the requisite power and authority to own and lease its assets and properties and to conduct the Business as it is now being conducted. CCCI is duly licensed or qualified and in good standing in all jurisdictions where it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not result in a CCCI Material Adverse Effect. CCCI has made available to the Company a complete and accurate list of all jurisdictions where CCCI is so licensed or qualified.

Section 4.2 <u>Due Authorization</u>. CCCI has all requisite power and authority to execute and deliver each Transaction Document to which CCCI is or will be a party and to consummate the Transactions. Each Transaction Document to which CCCI is a party has been duly and validly executed and delivered by CCCI and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of CCCI, enforceable against CCCI in accordance with its terms, subject to the Enforceability Exceptions.

Section 4.3 <u>No Conflict</u>. The execution and delivery by CCCI of the Transaction Documents to which CCCI is a party and the consummation of the Transactions by CCCI will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, or accelerate the performance required, in each case, in any material respect, or result in the termination of or give any Person the right to terminate, any CCCI Material Contract; (b) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to CCCI; (c) violate or conflict with the Governing Documents of CCCI; or (d) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any assets of CCCI.

Section 4.4 <u>Third-Party Consents</u>. Except as required under the Antitrust Laws, no notice to, consent of, or filings with any Governmental Authority or other Person is required by CCCI with respect to the execution or delivery of any Transaction Document or the consummation of the Transactions, except where the failure to obtain any such consent or make any such filing would not reasonably be expected to result in a CCCI Material Adverse Effect.

Section 4.5 <u>Actions and Orders</u>. There are no pending or, to the Knowledge of CCCI, threatened Actions by any Person or before or by any Governmental Authority against CCCI or that prohibits or otherwise restricts, in any material respect, the ability of CCCI to consummate the Transactions. There is no Order to which CCCI is subject or bound other than rules promulgated by a Governmental Authority of general applicability. There is no Order to which CCCI is subject or bound that prohibits or otherwise restricts the ability of Contributor to consummate the Transactions.

Section 4.6 <u>Capitalization</u>. CCCI has made available to the Company complete and accurate copies of the Governing Documents of CCCI and a complete and accurate list of all of the issued and outstanding Equity Interests of CCCI as of the date of this Agreement. Contributors own all of the issued and outstanding Equity Interests of CCCI as of the date of this Agreement. No Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of CCCI. CCCI (a) does not have any subsidiaries or own Equity Interests of any other Person, (b) does not have any obligation to invest in, or make a capital contribution to, any Person, and (c) does not otherwise control any other Person.

Section 4.7 <u>Financial Statements</u>. CCCI has made available to the Company complete and accurate copies of (a) the audited balance sheet of CCCI as of December 31, 2024, together with the related statements of income of CCCI for the 12-month period then ended (the "**CCCI Year-End Financial Statements**") and (b) the unaudited, balance sheet of CCCI as of March 31, 2025 (the "**CCCI Latest Balance Sheet**") and the related statement of income of CCCI for the three-month period then ended (the "**CCCI Interim Financial Statements**" and, together with CCCI Latest Balance Sheet and the CCCI Year-End Financial Statements, the "**CCCI Financial Statements**"). The CCCI Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of CCCI as of the respective dates they were prepared and the results of operations of CCCI for the periods indicated, subject to the absence of notes and, in the case of CCCI Interim Financial Statements only, year-end adjustments.

Section 4.8 <u>No Undisclosed Liabilities</u>. CCCI does not have any Liability of a type required to be reflected on a balance sheet prepared in accordance with GAAP other than (a) those adequately reflected or reserved against CCCI Latest Balance Sheet, (b) those incurred in the Ordinary Course since the date of CCCI Latest Balance Sheet, (c) those that would not result in a CCCI Material Adverse Effect or (d) bid, payment, maintenance, and performance bonds or similar instruments obtained or maintained by CCCI in the Ordinary Course of Business to secure CCCI's performance of its obligations to its customers, which do not individually or in the aggregate result in a the Company Material Adverse Effect.

Section 4.9 <u>No CCCI Material Adverse Effect</u>. Since the date of CCCI Latest Balance Sheet, no CCCI Material Adverse Effect has occurred and is continuing.

Section 4.10 <u>CCCI Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CCCI has made available to the Company copies of all Contracts (including all amendments or modifications thereto) as of July 15, 2025, to which CCCI is a party that falls within any of the following categories (collectively, the "**CCCI Material Contracts**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract for goods or services that involves, or that is expected to involve, payments to CCCI of more than $2,500,000 per annum other than subcontracts and purchase orders (including equipment purchase orders) entered into by CCCI in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract for goods or services that involves, or that is expected to involve, payments by CCCI of more than $2,500,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to Indebtedness owed by CCCI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract under which CCCI would incur any change-in-control payment or similar compensation obligations to its current or former CCCI Service Providers by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract under which CCCI has advanced or loaned Indebtedness or any other amount to any Person, other than trade credit in the Ordinary Course or expenses incurred by employees of CCCI in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract relating to the Business for capital expenditures involving payments of more than $1,000,000 individually or in the aggregate, in each case, under which there are material outstanding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all Contracts for Licensed Intellectual Property that involve an annual license fee of $100,000 or more (excluding licenses for "off-the-shelf" or commercially available software pursuant to shrink-wrap, click-through, or similar licenses); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract to which CCCI is a party entered into in the past three years involving any resolution or settlement of any actual or threatened Action other than any such Contract that (a) requires CCCI to pay an amount not exceeding $500,000 in the aggregate, and (b) does not impose injunctive or other non-monetary relief that is material to the conduct of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each CCCI Material Contract is a valid and binding obligation of CCCI, is in full force, and effect, and is enforceable against CCCI, subject to the Enforceability Exceptions. CCCI is not in material breach, violation, or default under any CCCI Material Contract.

Section 4.11 <u>Compliance with Laws</u> . CCCI is currently, and has been since January 1, 2020, in compliance in all material respects with all Laws and Orders to which CCCI is subject. Since January 1, 2020, CCCI has not received written notice from any Governmental Authority that CCCI is not in compliance with any applicable Law or Order.

Section 4.12 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of CCCI, threatened by or before any Governmental Authority against or relating to or affecting CCCI's assets or the Business.

Section 4.13 <u>Insurance</u>. CCCI maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. CCCI has made available to the Company (a) a complete and accurate list of all policies of insurance providing coverage for CCCI, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since January 1, 2020. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 4.14 <u>Licenses</u>. CCCI has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct the Business in the manner in which they are now owned, operated, used, and maintained (the "**CCCI Licenses**"), except where the failure to obtain any such CCCI License would not result in a CCCI Material Adverse Effect. There are no Actions pending or, to the Knowledge of CCCI, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any CCCI License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any CCCI License, in each case, that would have a CCCI Material Adverse Effect.

Section 4.15 <u>Material Vendors</u>. CCCI has made available to the Company a list of the ten (10) largest vendors (by aggregate spend) of CCCI (the "**Material Vendors**"), for the fiscal year ended December 31, 2024, and the three-month period ending March 31, 2025. No Material Vendor has, in the last 12 months, threatened in writing to cancel, materially and adversely modify, or otherwise terminate the relationship or business relations of such Material Vendor with CCCI.

Section 4.16 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for assets disposed of in the Ordinary Course since the date of CCCI Latest Balance Sheet, CCCI owns good and valid title to, or hold pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by CCCI on the CCCI Latest Balance Sheet, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tangible assets used in the operation of the Business (i) are adequate for the uses to which they are being put, and (ii) are in good operating condition and repair, subject to normal wear and tear and ordinary, routine maintenance and repair that are not material in cost or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) CCCI has made available to the Company (i) the addresses of each parcel of real property that CCCI leases, subleases, or licenses (each a "**CCCI Leased Property**"), and (ii) copies of all Contracts under which CCCI leases, subleases, or licenses for such leased property (each a "**CCCI Real Property Lease**"). Each CCCI Real Property Lease is a valid and binding obligation of CCCI, is in full force and effect, and is enforceable against CCCI, subject to the Enforceability Exceptions. CCCI is not in material breach, violation, or default under any CCCI Real Property Lease. CCCI has not leased or otherwise granted to any Person the right to use or occupy any CCCI Leased Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CCCI does not own any parcel of real property and is not party to any Contract or option to purchase any real property.

Section 4.17 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CCCI is currently, and has been since January 1, 2020, in compliance in all material respects with all Environmental Laws.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CCCI is not using any of the CCCI Leased Properties or any other assets pertaining to the Business, or permitted such the CCCI Leased Properties or assets to be used, to generate, manufacture, refine, treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances. CCCI has not caused or permitted the release of any Hazardous Substances at, on, or under CCCI Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no environmental and operating documents and records relating to the Business required to be maintained by any Environmental Law or Environmental License. CCCI has not breached in any material respect any obligation to report to any Person imposed under any Environmental Laws or Environmental License. No notice, report, demand, request for information, citation, summons, or Order has been received, and no Action is pending or, to the Knowledge of CCCI, threatened by any Person with respect to CCCI relating to or arising out of any Environmental Law or Environmental License.

Section 4.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CCCI has timely filed all Tax Returns required to be filed by it (taking into account applicable extensions), and all material amounts of Taxes required to be paid by CCCI have either been paid or adequate provision therefor has been made in the CCCI Financial Statements. All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Tax Return filed by CCCI is the subject of a current audit or examination by the IRS or any other Governmental Authority responsible for the administration of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes required to be deducted or withheld by CCCI have been deducted and withheld and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CCCI has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) CCCI will not be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any change in accounting method, prepaid amount, installment sale or open transaction disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) CCCI has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify under Section 355 of the Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) CCCI (i) has not in respect of a Tax period that remains open, waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental Authority requested and obtained by CCCI that would have a binding effect after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) CCCI has not engaged in any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision in this Agreement to the contrary, the only representations and warranties made with respect to all matters relating to Taxes of CCCI shall be the representations and warranties set forth in this <u>Section 4.18</u>, and this Agreement shall not be interpreted in any manner that is contrary thereto.

Section 4.19 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Intellectual Property used by CCCI is either owned by CCCI (the "**CCCI Owned Intellectual Property**") or used by CCCI pursuant to a valid license Contract (the "**CCCI Licensed Intellectual Property**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CCCI has made available to the Company a complete and accurate list of (i) all the CCCI Owned Intellectual Property that is registered, issued, or the subject of a pending application, and (ii) all material unregistered the CCCI Owned Intellectual Property. All of such registrations, issuances, and applications are valid, in full force and effect, and have not expired or been cancelled, abandoned, or otherwise terminated. CCCI owns and possess all right, title, and interest in and to its the CCCI Owned Intellectual Property, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of CCCI, (i) the conduct of the Business does not infringe or otherwise violate any Intellectual Property or other proprietary rights of any other Person, and (ii) no Person is infringing or otherwise violating any the CCCI Owned Intellectual Property or any rights of CCCI in any the CCCI Licensed Intellectual Property.

Section 4.20 <u>Employment and Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CCCI has made available to the Company a list of all (i) employees of CCCI as of the date of this Agreement (such employees, the "**CCCI Employees**") setting forth each CCCI Employee's name, job title, date of hire, job location (by city and state and whether remote), salary or hourly rate of pay, incentive compensation target, whether full-time or part-time and whether exempt or non-exempt and (ii) the CCCI Consultants engaged in the operation of this Business as of the date of this Agreement setting forth each CCCI Consultant's name, description of services, job location (by city and state), compensation rate and anticipated term of services, together with copies of any Contracts relating to such CCCI Consultants. To the Knowledge of CCCI, no CCCI Service Provider intends to terminate his or her employment or engagement with CCCI as a result of the Transactions or prior to the one (1)-year anniversary of the Closing, and CCCI does not have a present intention to terminate the employment or engagement of any such CCCI Service Provider. The employment of all employees of CCCI who provide services in the United States is "at will" and may be terminated by CCCI at any time, for any reason or no reason, in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CCCI is currently being, and has been since January 1, 2020, operated in compliance in all material respects with all applicable Laws relating to labor, employment and employment practices, including, without limitation, all Laws respecting terms and conditions of employment, health and safety, wages and hours (including the classification of independent contractors and exempt and non-exempt employees), immigration (including the completion of Forms I-9 for all employees and the proper confirmation of employee visas), employment harassment, discrimination or retaliation, whistleblowing, disability rights or benefits, equal opportunity, plant closures and layoffs (including the WARN Act), employee trainings and notices, workers' compensation, labor relations, employee leave, affirmative action and unemployment insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All current assessments under Laws applicable to workers' compensation in applicable jurisdictions for CCCI Employees have been paid or accrued, and CCCI is not currently, nor has it been since January 1, 2020, subject to any unpaid special or penalty assessment under such legislation. To the Knowledge of CCCI, no CCCI Service Provider is in material violation of any term of any employment agreement, non-disclosure agreement, non-competition agreement, or restrictive covenant relating to (i) the right of any such CCCI Service Provider to be employed or engaged by CCCI or (ii) the use or knowledge of trade secrets or proprietary information of CCCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No CCCI Employee is bound by or covered by a collective bargaining or any other labor-related Contract with any labor union or labor organization, and no such Contract is currently being negotiated. Since January 1, 2020, (i) there has been no actual or, to the Knowledge of CCCI, threatened unfair labor practice charges, material grievances, arbitrations, strikes, lockouts, work stoppages, slowdowns, picketing, or other material labor disputes against or affecting CCCI; and (ii) no labor union, works council, other labor organization, or group of employees of CCCI has made a demand for recognition or certification with respect to the employees of CCCI, and there are no representation or certification proceedings presently pending or, to the Knowledge of CCCI, threatened to be brought or filed with the National Labor Relations Board or any other labor relations tribunal or authority with respect to the employees of CCCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no material Actions pending or, to the Knowledge of CCCI, threatened, against CCCI, by or on behalf of any current or former CCCI Service Provider or government or administrative authority relating to employment or employment practices. CCCI is not bound by any consent decree with, or citation by, any Governmental Authority relating to any employment practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No material employee layoff, facility closure or shutdown (whether voluntary or by Order), reduction-in-force, furlough, temporary layoff, material work schedule change or reduction has occurred since January 1, 2020, or is currently contemplated, planned or announced.

Section 4.21 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each material CCCI Plan, CCCI has provided or made available to the Company true and complete copies of the following documents, to the extent applicable: (i) the current plan and trust documents and all amendments thereto (and for any unwritten the CCCI Plan, a summary of the material terms); (ii) the most recent summary plan description and all summaries of material modifications thereto; (iii) the most recent favorable determination or opinion letter issued by the Internal Revenue Service with respect to each CCCI Plan that is intended to be qualified under Section 401(a) of the Code; (iv) the most recent IRS Form 5500 annual report (with all schedules and attachments thereto); and (v) any non-routine and material correspondence with any Governmental Authority for the past three years. CCCI does not currently, nor has CCCI had, the obligation to maintain, establish, sponsor, participate in or contribute to any Benefit Plan or similar arrangement that is subject to any Law or applicable custom or rule of any jurisdiction outside of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not, individually or in the aggregate, reasonably be expected to result in material Liability to CCCI, (i) each CCCI Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, and all other applicable Laws; (ii) all contributions, distributions, reimbursements and premium payments that are due have been timely made in accordance with the terms of the CCCI Plan and in compliance with the requirements of applicable Law, and, to the extent not yet due, have been properly accrued in accordance with GAAP; and (iii) no unfunded Liability exists with respect to any CCCI Plan. Each CCCI Plan that is intended to be qualified within the meaning of Section 401(a) of the Code is so qualified and has received a favorable determination or opinion letter from the IRS to the effect that such CCCI Plan satisfies the requirements of Section 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a) of the Code and, to the Knowledge of CCCI, no events have occurred or circumstances exist that could reasonably be expected to adversely affect such qualified status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as would not, individually or in the aggregate, reasonably be expected to result in material Liability to CCCI, (i) no event has occurred and no condition exists with respect to any CCCI Plan that could result in a material Tax, penalty or other Liability or obligation of CCCI; (ii) there are no pending or, to the Knowledge of CCCI, threatened claims or Actions with respect to any CCCI Plan (other than routine claims for benefits), and there is no fact or circumstance that would reasonably be expected to give rise to any such claim or Action; (iii) no non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code has occurred involving any CCCI Plan; and (iv) no breaches of fiduciary duty (as determined under ERISA) by CCCI with respect to any CCCI Plan have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CCCI has not incurred any Liability nor reasonably expects to incur any Liability for post-employment health, medical, or life insurance benefits for any current or former CCCI Service Provider, except (i) as may be required by COBRA for which the recipient pays the full cost of coverage or (ii) coverage through the end of the calendar month in which a termination of employment occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither CCCI nor any ERISA Affiliate sponsors, maintains, contributes to, or has any obligation to contribute to or has any Liability with respect to or under, or at any time in the six (6) years preceding the date hereof has sponsored, maintained contributed to, or had any Liability with respect to or under: (i) any defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan subject to Section 412 of the Code or Section 302 of ERISA; (ii) any Multiemployer Plan; (iii) a "multiple employer plan" within the meaning of Section of 413(c) of the Code or Section 210 of ERISA; or (iv) a "multiple employer welfare arrangement" (as defined in Section 3(40) of ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution and delivery of any Transaction Document nor the consummation of the Transactions (either alone or in combination with any other event) could result in (i) severance pay or any increase in severance pay upon any termination of employment after the date of this Agreement to any current or former CCCI Service Provider; (ii) any payment, compensation, or benefit becoming due, or increase the amount of any payment, compensation, or benefit due, to or the forgiveness of any indebtedness to any current or former CCCI Service Provider; (iii) the acceleration of the time of payment or vesting or result in any funding (through a grantor trust or otherwise) of compensation or benefits to any current or former CCCI Service Provider; or (iv) the payment of any amount that could, individually or in combination with any other such payment, constitute an "excess parachute payment," as defined in Section 280G(b)(1) of the Code. CCCI has no obligation to make a "gross-up" or similar payment in respect of any taxes that may become payable under Section 4999 or 409A of the Code.

Section 4.22 <u>Brokers</u>. CCCI will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 4.23 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE IV</u> AND <u>article V</u>, NEITHER THE COMPANY NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR OTHER REPRESENTATIVE OF THE COMPANY OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article V<br> Representations and warranties OF THE CONTRIBUTORS**

Subject to the disclosures set forth in the Contributor Disclosure Letter, each Contributor hereby represents and warrants to the Company as follows as of the date of this Agreement (unless specified otherwise below):

Section 5.1 <u>Due Authorization</u>. Such Contributor has all requisite legal capacity to execute and deliver each Transaction Document to which they are or will be a party and to consummate the Transactions. Each Transaction Document to which such Contributor is a party has been duly and validly executed and delivered by such Contributor and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of such Contributor, enforceable against such Contributor in accordance with its terms, subject to the Enforceability Exceptions.

Section 5.2 <u>No Conflict</u>. The execution and delivery by such Contributor of the Transaction Documents to which they are a party and the consummation of the Transactions by such Contributor will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to such Contributor, or (b) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any portion of the Acquired Interest.

Section 5.3 <u>Title to Acquired Interest</u>. As of the date hereof and as of the Closing Date, such Contributor is the record and beneficial owner of, and has good and transferable title to, the Acquired Interests to be sold by such Contributor, free and clear of all Liens (other than Permitted Liens). Except pursuant to this Agreement, there is no Contract pursuant to which such Contributor has, directly or indirectly, granted any option, warrant, or other right to any Person to acquire any portion of the Acquired Interests. Such Contributor is not party to any shareholders agreement, voting agreement, voting trust, proxy, or other Contract relating to the transfer or voting of the Acquired Interests, other than CCCI's Governing Documents.

Section 5.4 <u>Brokers</u>. Such Contributor will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 5.5 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE V</u> AND <u>ARTICLE IV</u>, NEITHER SELLERS NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR REPRESENTATIVE OF SELLERS OR THE COMPANY OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article VI<br> REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

Subject to the disclosures set forth in the Company Disclosure Letter, the Company hereby represents and warrants to the Contributors and CCCI as follows as of the date of this Agreement (unless specified otherwise below):

Section 6.1 <u>Organization; Good Standing; Power</u>. The Company has been duly formed and is validly existing and in good standing under the Laws of the jurisdiction of its organization. The Company has the requisite power and authority to own and lease their respective assets and properties and to conduct their respective businesses as they are now being conducted.

Section 6.2 <u>Authorization; Execution and Enforceability; No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company possesses all requisite power and authority, and has taken all actions necessary, to authorize, execute, deliver, and perform this Agreement and each other Transaction Document to which it is or will be a party and to consummate the Transactions. Each Transaction Document to which the Company is or will be a party has been duly and validly executed and delivered by the Company and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of the Company, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by the Company of the Transaction Documents to which the Company is a party and the consummation of the Transactions by the Company will not (i) conflict with or result in a breach, violation, or infringement of the terms, conditions, or provisions of; (ii) constitute a default under (whether with or without the passage of time, the giving of notice or both); or (iii) require notice, consent, or approval under, or with respect to, (1) the Governing Documents of the Company, (2) any Law or Order to which the Company is subject, (3) any material Contract to which the Company is a party, or (4) any Governmental Authority (other than with under the Antitrust Laws applicable to the Transactions) or other Person.

Section 6.3 <u>Capitalization and Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> to the Company Disclosure Letter sets forth a complete and accurate list of all of the issued and outstanding Equity Interests of the Company (including the holders thereof and the amount of Equity Interests held by such holders) as of the date of this Agreement, together with a complete and accurate entity-level pro forma capitalization table showing the aggregate number of shares of Common Stock issuable pursuant to this Agreement and the Additional Acquisition Documentation. The Persons set forth on <u>Section 6.3(a)</u> to the Company Disclosure Letter own all of the issued and outstanding Equity Interests of the Company as set forth therein as of the date of this Agreement or will own such Equity Interests as of the Effective Time. Except as set forth in the Governing Documents of the Company, no Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of the Company. Except as provided in the Additional Acquisition Documentation, the Company does not (a) have any subsidiaries or own Equity Interests of any other Person, (b) have any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.3(b)</u> to the Company Disclosure Letters sets forth a listing of all Indebtedness of the Company (including any Indebtedness convertible into Equity Interests), including (1) the lender thereunder and (2) the outstanding balance thereon as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has made available to Contributors (i) complete and accurate copies of the Governing Documents of the Company and (ii) the anticipated post-Closing board of director and officer composition of the Company.

Section 6.4 <u>Actions and Orders</u>. There are no Actions or Orders pending or threatened against or affecting the Company seeking to restrain, prohibit, or materially delay, or to obtain damages or other relief in connection with, the Transactions or the Direct Listing.

Section 6.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has made available to the Contributors' Representative a complete and accurate copy of the audited balance sheet of the Company as of December 31, 2024, together with the balance sheet dated September 30, 2025 and the related statements of income for the Company for the nine-month period then ended (together, the "**Company Financial Statements**"). The Company Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of the Company as of the date they were prepared and the results of operations of the Company for the periods indicated, subject to the absence of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has any no Liabilities other than (a) those adequately reflected or reserved against in the Company Financial Statements or (b) those incurred in the Ordinary Course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has made available to Contributors a consolidated pro forma balance sheet and statement of income and expenses of the Company and its subsidiaries after giving effect to the Transactions and each of the Additional Acquisitions (the "**Company Pro Forma Financial Statements**"). The Company Pro Forma Financial Statements were prepared in good faith based on estimates reasonably believed by the Company and its Representatives to be fair, reasonable, and accurate under the circumstances, and neither the Company nor any of its Representatives has any reason to believe that the Company Pro Forma Financial Statements are inaccurate or incomplete in any material respect. Neither the Company nor any of its Affiliates or subsidiaries has, or will have, any Liability as a result of the Additional Acquisitions other than those (i) adequately reflected or reserved against in the Company Pro Forma Financial Statements or (ii) those incurred in the Ordinary Course since the date of the Company Pro Forma Financial Statements.

Section 6.6 <u>No Company Material Adverse Effect</u>. Since the date of the Company Financial Statements, no the Company Material Adverse Effect has occurred and is continuing.

Section 6.7 <u>Company Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has available to the Contributors' Representative copies of all Contracts (including all amendments or modifications thereto) to which CCCI is a party that falls within any of the following categories (collectively the "**Company Material Contracts**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract for goods or services that involves, or that is expected to involve, payments to the Company of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract for goods or services that involves, or that is expected to involve, payments by the Company of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to Indebtedness owed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract under which the Company would incur any change-in-control payment or similar compensation obligations to any current or former employee, officer, director, individual consultant, individual or single-member entity independent contractor or other individual service provider of the Company by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract under which the Company has advanced or loaned Indebtedness or any other amount to any Person, other than trade credit in the Ordinary Course or expenses incurred by employees of the Company in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract relating to the Company's business for capital expenditures involving payments of more than $100,000 individually or in the aggregate, in each case, under which there are material outstanding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all Contracts for Licensed Intellectual Property that involve an annual license fee of $100,000 or more (excluding licenses for "off-the-shelf" or commercially available software pursuant to shrink-wrap, click-through, or similar licenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract between the Company and M42, including any license agreement or other type of agreement that relates to the use of any artificial intelligence technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Contract to which the Company is a party entered into in the past three years involving any resolution or settlement of any actual or threatened Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Company Material Contract is a valid and binding obligation of the Company, is in full force, and effect, and is enforceable against the Company, subject to the Enforceability Exceptions. The Company is not in material breach, violation, or default under any Company Material Contract.

Section 6.8 <u>Compliance with Laws</u>. The Company is currently, and has been since its inception, in compliance in all material respects with all Laws and Orders to which the Company is subject. Since its inception, the Company has not received written notice from any Governmental Authority that the Company is not in compliance with any applicable Law or Order.

Section 6.9 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of the Company, threatened by or before any Governmental Authority against or relating to or affecting the Company's assets or the Company's business.

Section 6.10 <u>Insurance</u>. The Company maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. The Company has made available to Contributors (a) a complete and accurate list of all policies of insurance providing coverage for the Company, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since the Company's inception. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 6.11 <u>Licenses</u>. The Company has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct its business in the manner in which they are now owned, operated, used, and maintained (the "**Company Licenses**"), except where the failure to obtain any such Company License would not result in a Company Material Adverse Effect. There are no Actions pending or, to the Knowledge of the Company, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any the Company License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any Company License, in each case, that would have a Company Material Adverse Effect.

Section 6.12 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for assets disposed of in the Ordinary Course since the date of the Company Financial Statements, the Company owns good and valid title to, or hold pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by the Company on the Company Financial Statements, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tangible assets used in the operation of the Company's business (i) are adequate for the uses to which they are being put, and (ii) are in good operating condition and repair, subject to normal wear and tear and ordinary, routine maintenance and repair that are not material in cost or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has made available to the Contributors (i) the addresses of each parcel of real property that the Company leases, subleases, or licenses (each a "**Company Leased Property**"), and (ii) copies of all Contracts under which the Company leases, subleases, or licenses such Company Leased Property (each a "**Company Real Property Lease**"). Each Company Real Property Lease is a valid and binding obligation of the Company, is in full force and effect, and is enforceable against the Company, subject to the Enforceability Exceptions. The Company is not in material breach, violation, or default under any Company Real Property Lease. The Company has not leased or otherwise granted to any Person the right to use or occupy any Company Leased Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company does not own any parcel of real property and is not party to any Contract or option to purchase any real property.

Section 6.13 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is currently, and has been since its inception, in compliance in all material respects with all Environmental Laws.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is not using any of the Company Leased Properties or any other assets pertaining to the Company's business, or permitted such Company Leased Properties or assets to be used, to generate, manufacture, refine, treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances. The Company has not caused or permitted the release of any Hazardous Substances at, on, or under the Company Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no environmental and operating documents and records relating to the Company's business required to be maintained by any Environmental Law or Environmental License. The Company has not breached in any material respect any obligation to report to any Person imposed under any Environmental Laws or Environmental License. No notice, report, demand, request for information, citation, summons, or Order has been received, and no Action is pending or, to the Knowledge of the Company, threatened by any Person with respect to the Company relating to or arising out of any Environmental Law or Environmental License.

Section 6.14 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has timely filed all Tax Returns required to be filed by it (taking into account applicable extensions), and all material amounts of Taxes required to be paid by the Company have either been paid or adequate provision therefor has been made in the Company Financial Statements. All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Tax Return filed by the Company is the subject of a current audit or examination by the IRS or any other Governmental Authority responsible for the administration of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes required to be deducted or withheld by the Company have been deducted and withheld and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will not be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any change in accounting method, prepaid amount, installment sale or open transaction disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify under Section 355 of the Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company (i) has not in respect of a Tax period that remains open, waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental Authority requested and obtained by the Company that would have a binding effect after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company has not engaged in any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision in this Agreement to the contrary, the only representations and warranties made with respect to all matters relating to Taxes of the Company shall be the representations and warranties set forth in this <u>Section 6.14</u>, and this Agreement shall not be interpreted in any manner that is contrary thereto.

Section 6.15 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Intellectual Property used by the Company is either owned by the Company (the "**Company Owned Intellectual Property**") or used by the Company pursuant to a valid license Contract (the "**Company Licensed Intellectual Property**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has made available to the Contributors a complete and accurate list of (i) all Company Owned Intellectual Property that is registered, issued, or the subject of a pending application, and (ii) all material unregistered Company Owned Intellectual Property. All of such registrations, issuances, and applications are valid, in full force and effect, and have not expired or been cancelled, abandoned, or otherwise terminated. The Company owns and possess all right, title, and interest in and to its Company Owned Intellectual Property, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of the Company, (i) the conduct of the Company's business does not infringe or otherwise violate any Intellectual Property or other proprietary rights of any other Person, and (ii) no Person is infringing or otherwise violating any Company Owned Intellectual Property or any rights of the Company in any Company Licensed Intellectual Property.

Section 6.16 <u>Employment and Labor Matters</u>.

Section 6.16 of the Company Disclosure Letter sets forth a complete and accurate list of (i) all employment agreements or any other contractual arrangement with any employee, officer, director, individual consultant, individual or single-member entity independent contractor or other individual service provider of the Company and (ii) any pension, employment, consulting, retirement, equity or equity-based compensation, incentive, profit-sharing, bonus, severance, change in control, retention, deferred compensation, vacation, health, welfare, accident, disability or other compensation or benefit plan, agreement, policy or arrangement (whether or not written), including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA), in effect as of the date hereof or as of the Closing Date.

Section 6.17 <u>Direct Listing and Additional Acquisitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Registration Statement does not, and will not as of the time it becomes effective and as of the consummation of the Direct Listing, contain (X) any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary, to make the statements therein not misleading or (Y) any other inaccurate statement that could give rise to any Liability of the Company, CCCI, any Contributor, or any of their respective Affiliates or Representatives; and (ii) the Prospectus does not, did not, and will not, as of the consummation of the Direct Listing and as of the time of each of sale of securities pursuant to the Direct Listing, contain any untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Valuation Report does not contain any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has no reason to believe that (i) the Direct Listing will not be consummated or (ii) any of the Additional Acquisitions will not be consummated on the terms set forth in the Additional Acquisition Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has made available to the Contributors' Representative copies of the Additional Acquisition Documentation. Except as set forth on <u>Section 6.17(d)</u> to the Company Disclosure Letter, neither the Company nor any of its Affiliates or Representatives (i) is aware of any material breach of or inaccuracy in any of the representations or warranties set forth in the Additional Acquisition Documentation or (ii) has waived any condition to closing any of the Additional Acquisitions.

Section 6.18 <u>Solvency</u>. Assuming that the representations and warranties of CCCI set forth in <u>Article IV</u> are true and correct in all material respects as of Closing, immediately following Closing, after giving effect to the Transactions, the Company will (a) be able to pay its debts as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts, and (c) have adequate capital to carry on its business. No transfer of property is being made by or at the direction of the Company or any of its Affiliates, and no obligation is being incurred by or at the direction of the Company or any of its Affiliates, in connection with the Transactions with the intent to hinder, delay, or defraud either present or future creditors of the Company or any of its Affiliates.

Section 6.19 <u>Brokers</u>. the Company will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 6.20 <u>Independent Investigation; Disclaimer of Reliance</u>. THE COMPANY acknowledges that it has conducted to its satisfaction an independent investigation and verification of the financial condition, results of operations, assets, liabilities, properties, and projected operations of the Business AND CCCI and, in making its determination to proceed with the Transactions, the Company HAS relied exclusively on the results of its own independent investigation and on the representations and warranties made by CCCI IN <u>Article IV</u> (IN EACH CASE AS MODIFIED BY the ccci DISCLOSURE LETTER) and by the contributors in <u>article V</u> (IN EACH CASE as modified by the contributor Disclosure Letter). Notwithstanding anything to the contrary in this Agreement, the Company on its own behalf and on behalf of its Affiliates and Representatives, acknowledges and agrees that no Person is making or will be deemed to have made any representations or warranties whatsoever, express or implied, at law or in equity, beyond those expressly given by CCCI in <u>Article IV</u> (IN EACH CASE AS MODIFIED BY the Ccci DISCLOSURE LETTER) and by the contributors in <u>article V</u> (IN EACH CASE as modified by the contributor Disclosure Letter), and neither the Company nor any of ITS Affiliates or Representatives is relying on, and each such Person expressly disclaims reliance on, any representations or warranties other than those made by CCCI in <u>Article IV</u> (IN EACH CASE AS MODIFIED BY THE Ccci DISCLOSURE LETTER) and by the contributors in <u>article V</u> (IN EACH CASE as modified by the contributor Disclosure Letter).

**Article VII<br> Pre-Closing Covenants**

Each of the agreements, covenants, and obligations set forth in this <u>Article VII</u> will apply to the applicable Parties during the period beginning on the date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement is terminated in accordance with <u>Article X</u>.

Section 7.1 <u>Commercially Reasonable Efforts</u>. Without limiting CCCI's obligations in <u>Section 7.7(b)</u>, CCCI shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5(a)</u> to be satisfied and to consummate the Transactions as promptly as possible, provided that, for avoidance of doubt, CCCI will not be required to expend any funds to obtain any third-party consents. Without limiting the Company's obligations pursuant to <u>Section 7.2</u>, <u>Section 7.3</u>, <u>Section 7.7(b),</u> and <u>Section 7.7(c)</u>, the Company shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5(b)</u> to be satisfied and to consummate the Transactions as promptly as possible.

Section 7.2 <u>Direct Listing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause its Affiliates to, use commercially reasonable efforts to (i) cause the Registration Statement to be declared effective by the SEC as promptly as practicable after the date of this Agreement and remain effective until December 31, 2026 and (ii) cause the Direct Listing, including the listing of the Common Stock on Nasdaq, to be consummated as promptly as practicable after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make available to the Contributors' Representative all comments or other input received from the SEC with respect to the Registration Statement and allow the Contributors' Representative a reasonable opportunity to review and provide comments or input to the Company regarding the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall cause the Registration Statement not to (i) contain any untrue statement of material fact or any other inaccurate statement that could give rise to any Liability of the Company, Contributors, or any of their respective Affiliates or Representatives, or (ii) omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company shall cause any Prospectus not to contain any untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the date of this Agreement, the Company has submitted an initial listing application with the Nasdaq (the "**Nasdaq Listing Application**") with respect to the Direct Listing. The Company will use commercially reasonable efforts to (i) cause the Nasdaq Listing Application to comply in all material respects with all legal requirements applicable thereto, (ii) respond as promptly as reasonably practicable to and resolve all comments received from the Nasdaq or its staff concerning the Nasdaq Listing Application, and (iii) have the Nasdaq Listing Application approved by the Nasdaq as promptly as practicable after such filing. No submission of, or amendment or supplement to, the Nasdaq Listing Application, or response to Nasdaq comments with respect thereto, will be made by the Company without providing the Contributors' Representative a reasonable opportunity to review and comment thereon, and the Company shall consider in good faith any comments or proposed changes provided by the Contributors' Representative to the Nasdaq Listing Application. The Company will promptly notify the Contributors' Representative upon the receipt of any comments from the Nasdaq or any request from the Nasdaq for amendments or supplements to the Nasdaq Listing Application and will, as promptly as practicable after receipt thereof, provide the Contributors' Representative with copies of all material correspondence between it and its Representatives, on the one hand, and the Nasdaq, on the other hand, and all written comments with respect to the Nasdaq Listing Application received from the Nasdaq and advise the Contributors' Representative on any oral comments with respect to the Nasdaq Listing Application received from the Nasdaq. The Company will advise the Contributors' Representative, promptly after the Company receives notice thereof, of the time of the approval of the Nasdaq Listing Application and the approval of the Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall promptly notify the Contributors' Representative in writing of any event, fact, occurrence, event, act, or omission that would reasonably be expected to result in the Registration Statement not being declared effective by the SEC or the Direct Listing not being consummated or not being consummated prior to the Drop Dead Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company has made available to the Contributors' Representative a business valuation report for the Company dated December 29, 2025 (the "**Company Valuation Report**"). The Company Valuation Report was prepared in good faith by a third-party valuation firm based on estimates reasonably believed by the Company and its Representatives to be fair, reasonable, and accurate under the circumstances, and neither the Company nor any of their respective Representatives have any reason to believe that the Company Valuation Report or any of the assumptions or information contained therein are inaccurate or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to the Direct Listing, the Company shall establish the composition and qualifications (including with respect to independence and requisite expertise) of the board of directors and officers of the Company and any committees of such board of directors in compliance with SEC and Nasdaq listing requirements and shall provide the Contributors' Representative a reasonable opportunity to review a summary of the proposed qualifications before such qualifications are deemed final by the Company.

Section 7.3 <u>Registration Statement Effectiveness</u>. The Company shall, and shall cause its Affiliates to, use commercially reasonable efforts to (a) maintain the effectiveness of the Registration Statement, and (b) to promptly prepare and file with the SEC such amendments and prospectus supplements to the Registration Statement and the prospectus included therein, as applicable, as may be necessary to comply with the requirements of the Securities Act or to avoid or correct any material misstatements or omissions, continuously until such time as all of the Acquisition Shares covered under the Registration Statement have been sold pursuant to the Registration Statement or have become eligible for resale under Rule 144 of the Securities Act without volume, manner-of-sale, notice, public information, or other restrictions or limitations under Rule 144 (i.e., until such time as the Acquisition shares are considered "freely tradeable" without restriction or limitation under Rule 144). The Company shall promptly notify Contributors of (x) any circumstance which necessitates the filing of a post-effective amendment or prospectus supplement to maintain compliance of the Registration Statement with the Securities Act or to avoid or correct any material misstatements or omissions and (y) the filing of any such post-effective amendment or prospectus supplement, and shall furnish to the Contributors copies of the same upon request.

Section 7.4 <u>Subsequent Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Primary/Company-Initiated Registration</u>. In the event the Company or any Affiliate of the Company (including, for the avoidance of doubt, John Rochon, Sr.) determines to file a registration statement for a primary offering of securities by the Company, whether in a firm commitment underwritten offering or otherwise, the Contributors shall be entitled to include any and all shares of the Common Stock held by the Contributors in any such registration statement, subject to a pro rata cutback based on the number of shares each stockholder, including the Contributors, has requested to be included in such offering in the manner and priority as provided below. If the managing underwriter (or entity acting in a similar capacity) advises the Company in writing that the total number of shares to be included in such offering exceeds the amount that can be sold without materially and negatively affecting the success of such offering, the Company shall include in the registration statement the securities requested to be included therein allocated in the following manner and order of priority: (i) any shares initially requested to be issued and sold by the Company in the offering; (ii) the number of shares held by Contributors and Affiliates of the Company, if any, initially requested to be included in the offering, allocated pro rata among Contributors on the one hand and Affiliates of the Company on the other hand based on the number of shares the Contributors, on the one hand, and Affiliates of the Company on the other hand, initially requested to be included the offering; and then (iii) the number of shares initially requested by all other selling stockholders, allocated pro rata based on the number of shares each such selling stockholder initially requested for inclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Secondary Offering</u>. In the event the Company or any Affiliate of the Company (including, for the avoidance of doubt, John Rochon, Sr.) determines to file a registration statement solely for a secondary offering of the Common Stock, whether in a firm commitment underwritten offering or otherwise, the Contributors shall be entitled to include any and all of shares of the Common Stock held by the Contributors in such registration statement, subject to a pro rata cutback among all stockholders based on the number of shares each such stockholder has requested to be included in the offering, subject to subsection (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equivalent Priority</u>. Notwithstanding anything to the contrary in this Agreement and for the avoidance of doubt, the Contributors at all times shall be treated equivalent to all Affiliates of the Company (including John Rochon, Sr.) with respect to any pro rata adjustments to the number of shares to be included by such parties in a registered offering.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Documentation and information requirements</u>. The Company and the Contributors shall enter into such agreements, execute such documents, and provide such information as is customary for the transactions described above, consistent with standard accepted market practice; provided, however, for the avoidance of doubt, the Contributors shall not be liable for any information contained in any registration statement or any prospectus or prospectus supplement contained therein or relating thereto, except for information furnished in writing by the Contributors, or by the Contributors' Representative, to the Company expressly for inclusion therein.

 

Section 7.5 <u>Registration of Additional Acquisition Shares</u>. If additional Acquisition Shares are issued to the Contributors pursuant to <u>Section 2.4</u> and such additional Acquisition Shares are not included in the Registration Statement prior to the Direct Listing, the Company shall prepare and file within 10 Business Days of the final determination of the number of additional Acquisition Shares to be issued to the Contributors a post-effective amendment to the Registration Statement or a new registration statement to register such additional Acquisition Shares for resale, and the Company shall use commercially reasonable efforts to cause such post-effective amendment or new registration statement to be declared effective by the SEC as soon as possible after filing and in any event, by the earlier of (A) five (5) Business Days from the date the SEC notifies the Company that the SEC does not intend to review the filing or (B) thirty (30) calendar days from the date the SEC notifies the Company that it will review the filing.

Section 7.6 <u>Legend Removal</u> . The Company shall remove, or cause to be removed, any restrictive legends, from the any instrument representing the Acquisition Shares upon the effectiveness of the Registration Statement and at such time as the Acquisition Shares or any other shares of Common Stock held by the Contributors become eligible for resale under Rule 144 without volume, manner-of-sale, notice, public information, or other restrictions or limitations under Rule 144 ((i.e., until such time as the Acquisition shares are considered "freely tradeable" without restriction or limitation under Rule 144).

Section 7.7 <u>Third-Party Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall use commercially reasonable efforts to determine the filings and notifications required to be made with, or consents that are required to be obtained from, any third party under the terms of any CCCI Material Contract or Company Material Contract, as applicable, or any Governmental Authority under any applicable Law in connection with the execution and delivery of this Agreement and the consummation of the Transactions. Subject to the remainder of this <u>Section 7.7,</u> CCCI, on the one hand, and the Company, on the other hand, shall, and shall cause their respective Representatives to, promptly file or make or cause to be filed or made, and use commercially reasonable efforts to obtain or cause to be obtained as promptly as practicable, all necessary filings with and consents of such third parties or Governmental Authorities; provided, however, that CCCI shall not be required to expend any funds to obtain third-party consents. For the avoidance of doubt, the SEC shall not be deemed to be a "Governmental Authority" for purposes of this <u>Section 7.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Parties shall use commercially reasonable efforts to take or cause to be taken all other actions necessary, proper, or advisable to cause the expiration or termination of the applicable waiting periods, or receipt of required authorizations, as applicable, under any applicable Antitrust Law as soon as reasonably practicable after the date of this Agreement. If required by the Antitrust Laws and if the appropriate filing pursuant to the Antitrust Laws has not been filed prior to the date hereof, each Party agrees to make, and cause to be made, an appropriate filing pursuant to the Antitrust Laws with respect to the Transactions within five Business Days after the date of this Agreement and to supply as promptly as practicable and advisable to the appropriate Governmental Authority any additional information and documentary material that may be requested pursuant to the Antitrust Laws. Except as may be restricted in connection with any applicable Antitrust Law, (i) the Parties shall use commercially reasonable efforts, and shall cooperate, in responding to any written or oral requests from Governmental Authorities for additional information or documentary evidence, (ii) the Parties shall cooperate and provide one another reasonable advance notice of, and the opportunity to consult regarding, all meetings with Governmental Authorities, whether in person or by electronic or telephonic means, and regarding all written communications with Governmental Authorities, in each case, in connection with the Transactions, and (iii) the Parties shall promptly provide each other with copies of all written communications to or from any Governmental Authority. All analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings (excluding any filings submitted pursuant to any Antitrust Law), arguments, and proposals made by or on behalf of any Party before any Governmental Authority or the staff or regulators of any Governmental Authority, in connection with the Transactions (but, for the avoidance of doubt, not including any interactions between CCCI, the Contributors, or the Company with Governmental Authorities in the ordinary course of business, any disclosure which is not permitted by Law or any disclosure containing confidential information) shall be disclosed to the other Parties (provided that any such disclosure by the Company shall not be required to be made to CCCI and the Contributors' Representative) hereunder in advance of any filing, submission or attendance, it being the intent that the Parties will consult and cooperate with one another, and consider in good faith the views of one another, in connection with any such analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals. No Party shall, and each Party shall not permit any of its Representatives to, participate in any meeting with any Governmental Authority in respect of any filings, investigation, or other inquiry unless it consults with the other Party in advance and, to the extent permitted by such Governmental Authority, gives the other Party the opportunity to attend and participate at such meeting. The Parties shall not willfully take any action that delays, impairs, or impedes the receipt of any required consents, authorizations, Orders, or approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the generality of the Company's obligations pursuant to this <u>Section 7.7</u>, the Company agrees to use commercially reasonable efforts and to take promptly any and all steps necessary to avoid or eliminate each and every impediment under any Antitrust Law that may be asserted by any Governmental Authority or any other Person with respect to the transaction contemplated by this Agreement so as to enable the Closing to occur expeditiously, but in no case later than the Closing Date, including providing information, proposing, negotiating, committing to and/or effecting, by consent decree, hold separate orders, or otherwise, the sale, divesture or disposition of, or holding separate (through the establishment of a trust or otherwise) such of its assets, properties or businesses or of the assets, properties or businesses to be acquired by it pursuant hereto as are required to be divested in order to avoid the entry of, or to effect the dissolution of, any decree, order, judgment, injunction, temporary restraining order or other order in any suit or proceeding, which would otherwise have the effect of materially delaying or preventing the consummation of the transaction contemplated hereby or that would make the consummation of any Transaction in accordance with the terms of this Agreement unlawful. In addition, the Company shall defend through litigation on the merits any claim asserted in court by any party in order to avoid entry of, or to have vacated or terminated, any decree, order or judgment (whether temporary, preliminary or permanent) that would restrain or prevent the Closing by the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party will promptly notify the others in writing of any pending or threatened Action by any Governmental Authority or any other Person (i) challenging or seeking damages in connection with the Transactions or (ii) seeking to restrain or prohibit the consummation of the Transactions.

Section 7.8 <u>Public Company Reporting Readiness</u>. The Company shall use commercially reasonable efforts to take or cause to be taken any and all actions necessary or advisable to prepare the Company (including all the Company's direct or indirect subsidiaries) to operate as a public reporting company (including in compliance with U.S. federal securities Laws and the rules and regulations of the stock exchange upon which the Common Stock shall be listed) no later than ten (10) Business Days prior to the effective date of the Registration Statement, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Establishing and maintaining a system of "disclosure controls and procedures" (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and "internal controls over financial reporting" (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) in compliance with applicable Law, including, without limitation, the requirements of the Exchange Act and the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Hiring and retaining qualified finance, accounting, compliance, and legal personnel with public company SEC reporting experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Engaging a qualified, independent public accounting firm registered with the Public Company Accounting Oversight Board ("**PCAOB**") in connection with the audit of the Company's annual consolidated financial statements and the review of the Company's interim condensed consolidated financial statements (a "**PCAOB Audit Firm**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Preparing and completing the preparation of the Company's consolidated financial statements in accordance with GAAP, with such financial statements to be audited or reviewed (with respect to interim financial statements) by a PCAOB Audit Firm in accordance with PCAOB standards and for the periods and within the deadlines required under applicable SEC rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Implementing and maintaining the ability of the Company to prepare and timely file all reports, forms, and other documents required under the Securities Act, the Exchange Act, and stock exchange listing requirements, including without limitation, proxy statements, registration statements, current reports on Form 8-K, quarterly reports on Form 10-Q, and annual reports on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Taking all actions necessary to enable the Company to effect the Direct Listing and register the Common Stock under the Securities Act and the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Establishing and maintaining corporate governance policies and procedures in compliance with applicable SEC and stock exchange listing requirements.

Section 7.9 <u>HSR Compliance</u>. Each Party agrees that from the date of this Agreement until and through the Closing, it shall not, and shall cause its Affiliates, directors, officers, agents, representatives, and employees not to, make any communications, take any action, or engage in any conduct which may be deemed, or which may reasonably be expected to be, inconsistent with, or in violation of, the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "**HSR Act**") or any other applicable antitrust laws and regulations. Without limiting the foregoing and except as required by or consistent with applicable Law and as specifically permitted under the Agreement, the Parties acknowledge and agree that no Party shall direct, influence, or control, or attempt to direct, influence, or control, the operations, business, policies, decision-making, or management of the other Party. The Company shall be solely responsible for, and shall pay directly, all filing fees required in connection with any filing under the HSR Act.

Section 7.10 <u>Budgets</u>. CCCI shall, within sixty (60) days after the date of this Agreement, prepare budgets and business plans for the 2026 fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months. CCCI shall deliver the budgets and business plans to the Company for the Company's review and input and will reasonably consider the Company's comments.

Section 7.11 <u>Contribution of M42 Equity Interests</u>. At or prior to the effectiveness of the Direct Listing, holders of the Equity Interests of M42 shall contribute, or cause to be contributed, to the Company, Equity Interests of M42 with a value representing not more than 18.5% of the value of the Company's assets on a pro forma basis.

Section 7.12 <u>Closing Capital Contribution</u>. Not later than five (5) Business Days following the Closing, the Company shall contribute or cause to be contributed to CCCI cash in the amount of up twenty million dollars ($20,000,000) solely to increase the availability of performance and payment bonds under CCCI's bonding program related to its construction projects (the "**Closing Capital Contribution**"). Such investment in CCCI shall be recorded as a contribution to capital to CCCI, subject to CCCI's Governing Documents and will not be considered as part of the Final Purchase Price Adjustment.

Section 7.13 <u>Directors and Officers Insurance Coverage</u>. Prior to the Closing, the Company shall obtain, or cause to be obtained, directors and officers liability insurance coverage for CCCI's officers (including Side A and Side B coverage) from financially sound and reputable insurers, in amounts and with coverage appropriate for a publicly traded company (the "**D&O Insurance**"). CCCI shall be solely responsible for the pro rata costs of such D&O Insurance.

Section 7.14 <u>Equipment Lease Guaranty Release</u>. Prior to or effective upon the Closing, the Company shall replace any Contributor or their related Affiliate (including Carlton) that is a guarantor of any equipment lease of CCCI by (i) providing a replacement guaranty acceptable to the applicable equipment lessor and (ii) causing any such Contributor guarantor (including Carlton) to be fully and unconditionally released from such existing guaranty.

Section 7.15 <u>CCCI Conversion</u>. Prior to the Closing, the Contributors shall cause CCCI to undergo the CCCI Conversion, whereby it shall convert from a Texas limited partnership into a Texas limited liability company in accordance with applicable law. Following the CCCI Conversion, CCCI shall continue to be taxed as a partnership for U.S. federal and applicable state income tax purposes. The Parties consent to and approve the CCCI Conversion and agree to cooperate in good faith in connection with any actions reasonably necessary to effectuate the CCCI Conversion in accordance with applicable law. The parties further agree that any changes to the capitalization schedule of CCCI resulting from or in connection with the CCCI Conversion shall be reflected in an amendment to the applicable section of the CCCI Disclosure Letter, which shall be delivered by CCCI to Company no later than three (3) days prior to the Closing Date and shall be subject to Company's review and approval (such approval not to be unreasonably withheld, conditioned, or delayed).

Section 7.16 <u>Replacement Bonding Company</u>. The Company and the Contributors' Representative acknowledge that after the Closing, CCCI's current bonding insurance company will be unable to continue to insure CCCI's ongoing operational obligations after the Closing. The Company hereby agrees to use the Company shall use commercially reasonable efforts to take or cause to be taken any and all actions necessary or advisable to coordinate with CCCI and Carlton to (a) select a new bonding company to cover all of CCCI's ongoing operational obligations (the "New Bond Company") and (b) enter into an agreement with the New Bond Company (the "Bonding Agreement"), which will take effective not later than five (5) Business Days following the Closing, which such Bonding Agreement shall include (i) an aggregate bonding limit of at least $150,000,000, (ii) a single job bonding limit of at least $30,000,000, and (iii) a commitment from the New Bond Company that it has the capacity to assume, and will assume, all of CCCI's ongoing bonding commitments for its operational obligations immediately as of the Closing.

**Article VIII<br> ADDITIONAL COVENANTS**

Section 8.1 <u>Confidentiality</u>. From and after the Closing, each Party shall hold in confidence all Confidential Information of the other Party (the "**Disclosing Party**"), including the terms and conditions of this Agreement and the other Transaction Documents, unless compelled to disclose such Confidential Information by Order or applicable Law, provided that, to the extent allowed under applicable Law, any Party compelled to disclose Confidential Information shall promptly notify the Disclosing Party prior to disclosing any such Confidential Information pursuant to any Order or applicable Law and assist the Disclosing Party (at the Disclosing Party's sole expense) in obtaining confidential treatment for the Confidential Information so disclosed.

Section 8.2 <u>Public Announcements</u>. No Party shall, and each Party shall cause its respective Affiliates and Representatives not to, issue or cause the publication of any press release or other public announcement with respect to the economic or other material terms of the Transactions without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned, or delayed). Notwithstanding anything to the contrary in this Agreement, the Company shall not, prior to the effectiveness of the Registration Statement, directly or indirectly (a) offer to sell or solicit offers to buy any securities in violation of the Securities Act of 1933, as amended (the "**Securities Act**"), or (b) engage in any activity that would be reasonably likely to constitute a "gun-jumping" violation under Section 5 of the Securities Act, including, but not limited to, any communications that could be considered or deemed to be an offer of securities prior to the filing or effectiveness of the Registration Statement, except in compliance with any applicable safe harbors under the Securities Act and subject to the prior written consent of Contributors.

Section 8.3 <u>D&O Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that all rights to indemnification, advancement of expenses, and exculpation by CCCI in favor of each Person who is now or has ever been an officer, director, or manager of CCCI as provided in the Governing Documents of CCCI, in each case, as in effect as of the Closing Date, or pursuant to any other agreements in effect as of the Closing Date, will survive the Closing Date and continue in full force and effect in accordance with their respective terms. To the extent any Contributor becomes an executive officer or director of the Company in connection with the Transactions, the Company shall enter into an indemnification agreement with such Contributor on customary terms and such Contributor shall be subject to the Company's D&O Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Company and CCCI under this <u>Section 8.3</u> may not be terminated or modified in any manner that adversely affects any director, officer, or manager who is the beneficiary of this <u>Section 8.3</u> without the consent of such director, officer, or manager (it being expressly agreed that such directors, officers, and managers are third-party beneficiaries of this <u>Section 8.3</u>).

Section 8.4 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative shall prepare, or cause to be prepared, the Tax Returns of CCCI for taxable periods that end on or before the Closing Date. All such Tax Returns shall be prepared in a manner consistent with CCCI's past practice, unless otherwise required by applicable Laws. The Contributors shall provide copies of each such Tax Return to the Company for its review and consent no later than thirty (30) days prior to the applicable due date. In the event that the Company disagrees with any portion of such Tax Return, the Contributors' Representative and the Company shall negotiate in good faith to resolve any disputes, with any outstanding disputes being resolved by an independent accounting firm reasonably acceptable to both parties, the cost of which shall be borne equally by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties will, and will cause their respective Affiliates to, provide each other with such assistance as may reasonably be requested in connection with the preparation and filing of any Tax Return of CCCI or otherwise relating to the Transactions (including signing any Tax Return), any audit or other examination by any Governmental Authority, or any Actions relating to Liabilities for Taxes of CCCI. Such assistance will include making employees available on a mutually convenient basis to provide additional information or explanation of material provided hereunder and will include providing copies of relevant Tax Returns and supporting material. The Parties and their respective Affiliates will retain for the full period of any statute of limitations, and upon reasonable request will provide the other Parties with, any records or information which may be relevant to such preparation, audit, examination, proceeding or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer, or gains or similar Taxes incurred as a result of the Transactions shall be paid by the Company, and the Company shall file all required change of ownership and similar statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in the Governing Documents of CCCI, the Contributors shall cause to made, and CCCI, shall make, a "push-out" election pursuant to Section 6226 of the Code with respect to any audit or other tax examination of CCCI for any taxable period that ends on or prior to the Closing Date. The Parties shall execute all necessary forms and take all required actions to effectuate the push-out election pursuant to Section 6226 of the Code with respect to any audit or other tax examination of CCCI for any taxable period (or portion thereof) ending on or before the Closing Date. Any tax adjustment resulting from such election shall be allocated to the Contributors and shall not be the responsibility of the Company or CCCI. The Contributors shall indemnify the Company for any costs or liabilities arising from the failure to effectuate such election.

Section 8.5 <u>Record Retention</u>. During the seven-year period immediately following the Closing Date, the Company will, and will cause CCCI to, (a) retain all data, documents, ledgers, databases, books, records, business plans, records of sales, customer and supplier lists, files, Contracts, and Governing Documents of CCCI relating to pre-Closing periods, and (b) upon reasonable notice, provide Contributors' Representative with reasonable access to the same (including the right to make copies at its expense) during normal business hours in a manner that does not unreasonably interfere with the normal business operations of CCCI.

Section 8.6 <u>Further Assurances</u>. Following the Closing, the Parties shall reasonably cooperate with each other and with their respective Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, and the Parties agree (a) to furnish upon request to the other Parties such further information, (b) to execute and deliver to each other Party such other documents, and (c) to do such other acts and things, all as the other Parties reasonably request, for the purpose of carrying out the terms of this Agreement and the Transactions.

Section 8.7 <u>Transaction Expenses True-Up</u>. In the event that the final Transaction Expenses exceed the amount of Transaction Expenses paid by the Company pursuant to <u>Section 3.2</u>, the Contributors' Representative shall notify the Company of such excess, and the Company shall pay, or cause to be paid, the amount of such excess (including reasonable supporting documentation) within ten (10) days of receiving such notice from the Contributors' Representative; *provided, however*, that the Company shall not be obligated to pay or reimburse Transaction Expenses of CCCI or Contributors in excess of the Transaction Expense Maximum Reimbursement Amount, in the aggregate.

Section 8.8 <u>Employee Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a period of six (6) months following the Closing Date (or such shorter period of employment, as the case may be), CCCI shall have the right to provide, or shall cause each of the employees of CCCI who remains employed as of the Closing Date (each, a "**Continuing Employee**") to be provided, with compensation (including base compensation and cash incentive opportunities) and employee benefits that are no less no less favorable than, or are substantially comparable in the aggregate, than such compensation and employee benefits provided to each Continuing Employee immediately prior to the Closing, provided, that nothing in this <u>Section 8.8</u> shall require CCCI to maintain the employment of any particular employee beyond the Closing Date, as indicated in <u>Section 8.8(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this <u>Section 8.8</u>, express or implied, (i) is intended to or shall confer upon any Person other than the parties hereto, including any current or former employee, individual independent contractor or single-member entity independent contractor, director, or officer, any right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement; (ii) shall establish, or constitute an amendment, termination, or modification of, or an undertaking to amend, establish, terminate, or modify, any benefit plan, program, agreement, or arrangement; (iii) shall alter or limit the ability of the Company or any of its Affiliates (including, following the Closing, CCCI) to amend, modify, or terminate any benefit plan, program, agreement, or arrangement at any time assumed, established, sponsored, or maintained by any of them; or (iv) shall create any obligation on the part of the Company or any of its Affiliates (including, following the Closing, CCCI) to continue the employ of any Continuing Employee for any period following the Closing.

**Article IX<br> Indemnification**

Section 9.1 <u>Indemnification by the Company</u>. the Company shall indemnify and hold harmless Contributors and each of their respective Affiliates, Representatives, successors, and assigns (the "**Contributor Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Contributor Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (a) any breach of or inaccuracy in any of the representations or warranties of the Company under this Agreement; (b) any failure by the Company to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by the Company under this Agreement or any other Transaction Document; and (c) any Liability arising from any material misstatements, inaccuracies, or other information contained in the Registration Statement, any Prospectus, or otherwise arising from the Direct Listing, including under Section 11, Section 12(a)(1), or Section 10(b) of the Exchange Act.

Section 9.2 <u>Indemnification by Contributors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contributors shall, in the manner provided below, indemnify and hold harmless the Company and each of its Affiliates, officers, directors, managers, employees, agents, representatives, successors, and assigns (the "**Company Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Company Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (i) severally and not jointly with respect to any breach of or inaccuracy in any of the representations or warranties of such Contributor under this Agreement, (ii) jointly and not severally with respect to any breach of or inaccuracy in any of the representations or warranties of CCCI this Agreement, (iii) severally and not jointly with respect to any failure by such Contributor to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by such Contributor under this Agreement or any other Transaction Document, or (iv) severally and not jointly with respect to any Indemnified Taxes. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, Contributors shall not be liable for any information contained in the Registration Statement or in any Prospectus, or in any subsequent registration statement or prospectus or prospectus supplement contained therein or relating thereto, except for information furnished in writing by Contributors, or by an authorized representative of Contributors on behalf of Contributors, to the Company expressly for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification obligations of the Contributors shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cap on Indemnification</u>. The aggregate amount to be paid by the Contributors for Damages under <u>Section 9.2(a)(ii)</u> and <u>Section 9.2(a)(iv)</u> shall not exceed the Indemnity Holdback Amount and the Company's sole and exclusive remedy with respect to such Damages shall be the retention of the Indemnity Holdback Amount (the "**Cap**") and each Contributor's indemnification obligation hereunder with respect to such Damages shall be limited to such Contributor's Pro Rata Portion; provided, however, that (A) for any Damages arising out of <u>Section 9.2(a)(iv)</u> (solely with respect to CCCI's Indemnified Taxes (i.e. clause (b) within the definition of Indemnified Taxes) ("**CCCI Indemnified Taxes**")), the Cap shall be equal to 25% of the Final Adjusted Purchase Price, and (B) for any Damages arising under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor's Indemnified Taxes (i.e. clause (a) within the definition of Indemnified Taxes) ("**Contributor Indemnified Taxes**")) or out of Fraud or willful misconduct by a Contributor, the Cap shall not exceed the portion of the Final Adjusted Purchase Price actually received by such Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Thresholds</u>. The Contributors shall not be liable in respect of Damages under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to CCCI Indemnified Taxes) unless and until (A) the amount of each such Damages exceeds $25,000 or (B) the aggregate amount of all such Damages exceeds $1,655,000, in which case the Contributors shall be liable for the entire amount of the Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Recourse</u>. Subject to the limitations set forth above, the Company Indemnified Parties may recover Damages either (A) from the Indemnity Holdback Amount or (B) after the Indemnity Holdback Amount is exhausted or fully reserved for disputed claims, for any Damages other than Damages arising from <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to CCCI Indemnified Taxes), directly from the Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Pro Rata Satisfaction</u>. Except for Damages under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor Indemnified Taxes) or resulting from Fraud or intentional misconduct by a Contributor, Damages payable from the Indemnity Holdback Amount or otherwise from the Final Adjusted Purchase Price will be satisfied on the basis of each Contributor's Pro Rata Portion. All other Damages arising under <u>Section 9.2(a)</u>, not otherwise satisfied by the applicable Contributor's Pro Rata Portion of the Final Adjusted Purchase Price, shall be recoverable directly against the applicable Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Other Limitations</u>. The Contributors shall not be liable to make payments in respect of any Damages for which a reduction for such Damages has already been accounted for as a deduction to the Final Adjusted Purchase Price. Damages will be calculated net of any insurance proceeds or any indemnity payment actually received, net of costs of enforcement, deductibles and retro-premium adjustments, by the indemnified party in connection with such Damages or any of the circumstances giving rise thereto.

Section 9.3 <u>Distribution of Indemnity Holdback Amount</u>. Subject to the following requirements and the Adjusted Purchase Price being finally determined in accordance with <u>Section 2.4</u>, on the Indemnity Holdback Expiration Date, all Acquisition Shares then remaining of the Indemnity Holdback Amount shall be distributed as set forth in <u>Section 2.3</u> less any amount that is reasonably necessary, as reflected in a notice delivered by the Company to the Contributors' Representative in good faith prior to the Indemnity Holdback Expiration Date, to satisfy any unsatisfied claims for Damages concerning facts and circumstances existing prior to the Indemnity Holdback Expiration Date.

Section 9.4 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Company, and each covenant, obligation, and agreement of that requires performance by the Company prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of twelve (12) months following the Closing Date. Each covenant, obligation, and agreement of the Company or CCCI requiring performance from and after the Closing (including the indemnification obligations of the Company pursuant to <u>Section 9.1(c)</u>) will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations (it being understood that the Company will also be liable for any breach of a covenant, obligations, or agreement requiring performance by CCCI after the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each representation and warranty of Contributors, and each covenant, obligation, and agreement that requires performance by Contributors or CCCI prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of 12 months following the Closing Date. Each covenant, obligation, and agreement of Contributor requiring performance from and after the Closing will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations.

Section 9.5 <u>Indemnification Procedures</u>. Promptly after becoming aware of a claim for which indemnity may be sought pursuant to this <u>Article IX</u>, the Party seeking indemnification (the "**Indemnified Party**") will notify the Party from whom indemnification is sought (the "**Indemnifying Party**") of such claim. Such notice shall include a reasonably detailed description of the facts and circumstances giving rise to the indemnification claim and shall identify the specific provision(s) of this Agreement under which such indemnification is being sought. The Indemnified Party's failure or delay in providing the notice will not relieve the Indemnifying Party of its obligations under this <u>Article IX</u> except to the extent that the Indemnifying Party is materially prejudiced as a result thereof. Unless the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense or the settlement of such claim (such notice to be given as promptly as reasonably possible in view of the necessity to arrange such defense and in no event later than fifteen (15) days following the notice to the Indemnifying Party), the Indemnified Party will have the exclusive right to defend, settle, or pay such claim. The Indemnified Party will not be liable to the Indemnifying Party for any legal or other expense incurred by the Indemnifying Party in connection with any such defense or settlement undertaken by the Indemnifying Party. If the Indemnifying Party assumes the defense, the Indemnifying Party will not agree to any settlement, compromise, or discharge of a third-party claim without the Indemnified Party's prior written consent (not to be unreasonably withheld). If the Indemnifying Party has assumed the defense or settlement of such claim, the Indemnified Party will have the right to employ its own counsel, at its own expense. Notwithstanding the foregoing, the Indemnified Party will have the right to direct the defense of any such claim at the expense of the Indemnifying Party (but subject to the limitations in this <u>Article IX</u>), and the Indemnifying Party will not be able to assume the defense of any such claim, if (a) the Indemnified Party concludes in good faith that there are specific defenses available to it that are different from or additional to those available to the Indemnifying Party, (b) the underlying claim is reasonably expected to have a material adverse effect on the Indemnified Party, (c) the Indemnifying Party has failed or is failing to prosecute or defend such claim, (d) the claim relates to Taxes or any criminal or regulatory action or the claim seeks damages other than monetary damages, or (e) the Indemnifying Party has failed to unconditionally acknowledge in writing its obligation to indemnify the Indemnified Party with respect to such claim under this Agreement. The defending Party in any event will (i) defend such claim with reasonable diligence, (ii) cooperate with the other Parties in the investigation and analysis of such claim or proceeding, (iii) afford the other Parties reasonable access to such relevant information as it may have in its possession, and (iv) keep the other Parties reasonably informed regarding such claim and any related proceedings.

Section 9.6 <u>Indemnification Payments</u>. No later than five Business Days after (a) agreement by the applicable Indemnifying Party or (b) any final adjudicated determination that any amounts are owed by any Indemnifying Party to any Indemnified Party under this <u>Article IX</u>, the Indemnifying Party shall pay all such amounts to the Indemnified Party in cash by wire transfer of immediately available funds to the account or accounts designated by the Indemnified Party; provided, however, that any such amounts payable to a the Company Indemnified Party by any Contributor Indemnifying Party with respect to claims made under <u>Section 9.2</u> shall be satisfied (i) with respect to claims arising under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u>, solely from the Indemnity Holdback Amount, (ii) with respect to claims arising under <u>Section 9.2(a)(i)</u> or <u>Section 9.2(a)(iii)</u>, first from the Indemnity Holdback Amount, and thereafter through a surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election, or (iii) with respect to Fraud or willful misconduct by a Contributor, from such Contributor's surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election. To the extent any Damages are satisfied from the Indemnity Holdback Amount or through the surrender of Acquisition Shares, the number of Acquisition Shares to be surrendered shall be determined based on the amount of Damages subject to indemnification, divided by the thirty-day trailing volume-weighted closing price of the Common Stock measured from the date of the Indemnified Party's delivery of notice to the Indemnifying Party regarding the matter subject to indemnification.

Section 9.7 <u>Exclusive Remedy</u>. Other than in the event of Fraud or actions for specific performance, the Parties acknowledge and agree that the remedies provided for in this <u>Article IX</u> are their sole and exclusive remedies with respect to any claims based upon, arising out of, with respect to, or by reason of the matters covered by this Agreement.

**Article X<br> Termination**

Section 10.1 <u>Termination Events</u>. This Agreement may be terminated at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the written consent of the Company and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company upon written notice to CCCI and Contributors' Representative if there has been a material breach by Contributors or CCCI of any covenant, representation, or warranty contained in this Agreement such that the conditions to the Closing contained in <u>Section 3.5(a)(i)</u> or <u>Section 3.5(a)(ii)</u> cannot be satisfied, except that (i) if such material breach is capable of being cured by the Drop Dead Date, the Company will not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> prior to the delivery by the Company to the Contributors' Representative of written notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter period of time as remains prior to the Drop Dead Date), stating the Company's intention to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> and the basis for such termination, it being understood that the Company will not be entitled to terminate this Agreement if such material breach has been cured prior to such termination and (ii) the right to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> will not be available to the Company if it is then in breach of any provision of this Agreement which breach would give rise to the failure of the conditions set forth in <u>Section 3.5(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Contributors' Representative (so long as neither Contributors nor CCCI is then in material breach of any provision of this Agreement) upon written notice to the Company if the Company has breached, violated or failed to perform or there is any inaccuracy of or untruth in any of its respective representations, warranties, covenants or other agreements contained in this Agreement, such that the conditions to the Closing contained in <u>Section 3.5(b)(i)</u> or <u>Section 3.5(b)(ii)</u> cannot be satisfied and such breach has not been cured on or prior to the Drop Dead Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by either the Company, on one hand, or the Contributors' Representative, on the other hand, if any of the conditions to the Closing set forth in <u>Section 3.5</u> have not been satisfied by April 30, 2026 (the "**Drop Dead Date**"), it being understood that the right to terminate this Agreement pursuant to this <u>Section 10.1(d)</u> will not be available to any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily resulted in, the failure of the Closing to have occurred prior to the Drop Dead Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by either the Company or CCCI, at any time prior to the Closing Date if, in the written opinion of counsel to the Party seeking termination pursuant to this <u>Section 10.1(e)</u>, (i) any Order or other legal or regulatory restraint or prohibition imposed by a Governmental Authority of competent jurisdiction prevents the consummation of the Transactions is in effect, or any action has been taken by any Governmental Authority of competent jurisdiction, that, in each case, prohibits, makes illegal or enjoins the consummation of the Transactions and has become final and non-appealable; or (ii) an Antitrust Law or Order will have been enacted, entered, enforced, or deemed applicable to the Transactions that prohibits, makes illegal or enjoins the consummation of the Transactions, and such Law or Order has become final and non-appealable, except that the right to terminate this Agreement pursuant to this <u>Section 10.1(e)</u> will not be available to any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily resulted in, the issuance of such Law or Order.

Section 10.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Party terminating this Agreement pursuant to <u>Section 10.1</u> (other than pursuant to <u>Section 10.1(a)</u>) must deliver prompt written notice thereof to the other Parties setting forth in reasonable detail the provision of <u>Section 10.1</u> pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u> will be effective immediately upon the delivery of written notice by the terminating Party to the other Parties. In the event of any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u>, (i) this Agreement will be of no further force or effect without liability of any Party (or any partner, member, manager, stockholder, director, officer, employee, Affiliate, agent or other representative of such Party) to the other Parties, as applicable, except that this <u>Section 10.2</u> and <u>Article XI</u> will each survive the termination of this Agreement in accordance with their respective terms and (ii) nothing in this Agreement will relieve any Party from any liability for Fraud or any willful breach prior to or in connection with the termination of this Agreement.

**Article XI<br> MISCELLANEOUS**

Section 11.1 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay all of its own fees, costs, and expenses (including attorneys' and advisors' fees, costs, and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions. For the avoidance of doubt, nothing in this <u>Section 11.1</u> shall relieve the Company of its obligations to pay or reimburse the Contributors or CCCI for the Transaction Expenses, including pursuant to <u>Section 3.2</u>.

Section 11.2 <u>Amendment</u>. This Agreement may not be amended except by an instrument in writing signed by the Company.

Section 11.3 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes any and all prior agreements between the Parties with respect to such subject matter.

Section 11.4 <u>Notices</u>. Any notice or other communication required or permitted under this Agreement will be deemed made (a) upon receipt by the receiving Party if delivered in writing and served by personal delivery; (b) upon receipt by the receiving Party if delivered by email at the address set forth below provided the notifying Party receives confirmation of receipt by the receiving Party (e.g., a "read receipt"); or (c) three Business Days after postage or deposit, as applicable, if delivered by certified mail, registered mail, or courier service, return receipt requested, to the Persons and addresses indicated below:

If to the Company (or to CCCI after the Closing), to:

AIAI Holdings Corporation

17304 Preston Rd, Suite 520

Dallas, Texas 75252

Attention: Todd Furniss, Chief Executive Officer

Email: tf@aiaiholdings.com

with a copy (which will not constitute notice) to:

Egan Nelson LLP

2911 Turtle Creek Blvd. Suite 1100

Dallas, Texas 75219

Attention: Ken Betts

Email: ken.betts@egannelson.com

If to the Contributors' Representative (or to CCCI prior to the Closing) to:

3102 Bee Cave Rd., Ste. 200

Austin, TX 78746

Attn: C. Craig Carlton

Email: craig.@ccarlton.com

with a copy (which will not constitute notice) to:

Dechert LLP

Attention: Thaddeus Chase, Jr.

Email: thaddeus.chase@dechert.com

and

McDermott Will & Schulte LLP

2801 North Harwood Street, Suite 2600

Dallas, Texas 75201

Attention: David Guedry

Email: Dguedry@mwe.com

Each Party may change its address and contact information for notices under this Agreement by providing the other Parties with notice of such change pursuant to this <u>Section 11.4</u>.

Section 11.5 <u>Waiver</u>. Waiver of any provision of this Agreement by any Party will only be effective if such waiver is affirmatively and expressly provided in writing and will not be construed as a waiver of any subsequent breach or failure of the same provision or a waiver of any other provision of this Agreement.

Section 11.6 <u>Binding Effect; Assignment</u>. No Party may assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other Parties, and any purported assignment will be null and void and of no effect. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective permitted successors and assigns.

Section 11.7 <u>No Third-Party Beneficiary</u>. Except as set forth in <u>Section 8.3</u>, nothing in this Agreement confers any rights, remedies, or claims upon any Person not a Party to this Agreement.

Section 11.8 <u>Governing Law</u>. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), will be governed by the internal Laws of the State of Delaware, without giving effect to its conflict of law principles.

Section 11.9 <u>Consent to Jurisdiction and Service of Process</u>. Any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating to, this Agreement or the Transactions may only be brought in the United States District Court for the Northern District of Texas sitting in Dallas, Texas (or, if such court does not have subject matter jurisdiction, the state courts for the State of Texas sitting in Dallas, Texas), and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance with the notice provisions in <u>Section 11.4</u> will be effective service of process on such Party.

Section 11.10 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH PARTY AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>Section 11.10</u>.

Section 11.11 <u>Counterparts</u>. The Parties may execute this Agreement in one or more counterparts, each of such counterparts will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will constitute effective execution and delivery of this Agreement by the Parties. Signatures of the Parties transmitted by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will be deemed original signatures for all purposes.

Section 11.12 <u>Preamble and Recitals</u>. The preamble and recitals to this Agreement are hereby expressly incorporated into this Agreement as if fully set forth in this <u>Section 11.12</u>.

Section 11.13 <u>Severability</u>. Any provision of this Agreement that is or becomes invalid, illegal, or unenforceable in any respect will not affect the validity, legality, or enforceability of any other provision of this Agreement.

Section 11.14 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise explicitly specified in this Agreement to the contrary, (i) references to an Article, Section, Annex, or Exhibit mean an Article or Section of, or Annex or Exhibit to, this Agreement, unless another agreement is specified; (ii) the word "including" will be construed as "including, without limitation"; (iii) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole; (iv) words in the singular or plural form include the plural and singular form, respectively; (v) pronouns will be deemed to refer to the masculine, feminine, or neuter, as the identity of the Person or Persons requires; (vi) the words "asset" and "property" will be construed to have the same meaning and effect and to refer to all tangible and intangible assets and properties, including cash, securities, accounts, contract rights, and real and personal property; (vii) references to a particular Person include such Person's successors and permitted assigns; (viii) references to a particular statute, rule, or regulation include all rules and regulations thereunder and any predecessor or successor statutes, rules, or regulations, in each case as amended or otherwise modified from time to time; (ix) references to a particular agreement, document, instrument, or certificate mean such agreement, document, instrument, or certificate as amended, supplemented, or otherwise modified from time to time if permitted by the provisions thereof; (x) references to "Dollars" or "$" are references to United States Dollars; (xi) references to "written" or "in writing" include electronic form; (xii) any reference in this Agreement to a "day" or a number of "days" (without explicit reference to "Business Days") will be interpreted as a reference to a calendar day or number of calendar days; (xiii) the words "shall" and "will" have the same meaning; and (xiv) the phrase "made available to the Company" or similar phrases as used in this Agreement shall mean that the subject documents were either posted to the "Project Atlas MWE" data room hosted by Box.com or delivered to the Company or its accountants, attorneys or other agents at least two (2) days prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings of Articles, Sections, Annexes, Exhibits, and Schedules of this Agreement are provided for convenience only and will not affect the construction or interpretation of this Agreement. The Annex and Exhibits hereto, along with the Schedules to the Disclosure Letters, are incorporated into this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each disclosure on any one Schedule to the Disclosure Letters will be deemed to be disclosed on any other Schedule to the Disclosure Letters to the extent that it is reasonably apparent that the information disclosed in such Schedule to the Disclosure Letters is applicable to another Schedule to the Disclosure Letters, notwithstanding the absence of a cross reference contained therein. The information included in the Disclosure Letters is disclosed solely for the purposes of this Agreement, and no information included in the Disclosure Letters will be deemed an admission by CCCI or Contributors to any Person of any matter, including with respect to any violation of Law or breach of any agreement. Disclosure of any information, agreement, or other item in the Disclosure Letters will not imply that such information, agreement, or other item is or is not material or that the inclusion or exclusion of any such item creates a standard of materiality. The specification of any dollar amount or the inclusion of any item in the representations and warranties contained in this Agreement, the Disclosure Letters or exhibits is not intended to imply that the amounts, or higher or lower amounts, are within or outside of the Ordinary Course of Business, and no Party shall use the fact of the setting of the amounts or the fact of the inclusion of any item in this Agreement, the Disclosure Letters, or exhibits in any dispute or controversy between the Parties as to whether any obligation, item or matter not set forth or included in this Agreement or the Disclosure Letters is within or outside of the Ordinary Course of Business for purposes of this Agreement. In addition, matters reflected in the Disclosure Letters are not necessarily limited to matters required by this Agreement to be reflected in the Disclosure Letters. Such additional matters are set forth for informational purposes only and do not necessarily include other matters of a similar nature. Nothing in the Disclosure Letters is intended to broaden the scope of any representation or warranty contained in this Agreement or create any covenant. Such information and the dollar thresholds set forth herein shall not be used as a basis for interpreting the terms "material" or "Material Adverse Effect" or other similar terms in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any period for giving notice or taking action under this Agreement expires on a day that is not a Business Day, the time period will be automatically extended to the Business Day immediately following such day. When calculating the period of time before which, within which, or following which any act will be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge and agree that, for administrative purposes with respect to wire transfers, amounts owing between the Parties at the Closing under this Agreement or any other Transaction Document may be offset against one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

Section 11.15 <u>Specific Performance</u>. Each Party acknowledges that the Parties will be irreparably harmed and that there will be no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement. It is accordingly agreed that, in addition to any other remedies that may be available upon the breach of any such covenants or agreements, but subject to <u>Section 7.7(b)</u>, each of the Parties shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or Orders for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which it is entitled at Law or in equity, as a remedy for any such breach or threatened breach. Each Party further agrees that no Party or any other Person will be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 11.15</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument.

Section 11.16 <u>Contributors' Representative.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Contributors hereby irrevocably appoints C. Craig Carlton as such Contributor's representative (the "**Contributors' Representative**") with respect to all matters arising hereunder or in connection herewith. The Contributors' Representative hereby accepts such appointment and agrees to serve in the capacity contemplated by this <u>Section 11.16</u>. The Contributors' Representative may resign at any time, and the Contributors' Representative may be removed by the vote of a majority of Contributors (the "**Majority Holders**"). In the event that the Contributors' Representative has resigned or been removed, a new Contributors' Representative shall be appointed by a promptly-held vote of the Majority Holders, such appointment to become effective upon the written acceptance thereof by the new Contributors' Representative. Any successor Contributors' Representative must agree to be bound by the terms and conditions of this Agreement applicable to the Contributors' Representative and will thereupon become the Contributors' Representative for purposes of this Agreement and all applicable ancillary agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Contributors' Representative shall act as, and is hereby appointed by each of the Contributors as, true and lawful attorney-in-fact, agent and representative of each Contributor and shall be authorized to act on behalf of Contributors and to take any and all actions required or permitted to be taken by the Contributors' Representative under this Agreement and any ancillary documents. In all matters relating to this <u>Section 11.16</u>, the Contributors' Representative shall be the only party entitled to assert the rights of Contributors hereunder. This power of attorney is granted and conferred in consideration of and for the purpose of completing the transactions contemplated hereby and fulfilling the other purposes hereof. The authority conferred upon the Contributors' Representative shall be irrevocable and coupled with an interest, and shall not be terminated by any act of any Contributor or by operation of law, whether by the death, incapacity, illness, dissolution or other inability to act of any of Contributors or by the occurrence of any event or events (including the termination of any trust or estate or the dissolution of any partnership or other entity), and if after the execution hereof any Contributor shall die or become incapacitated, or if any other event shall occur before the completion of the transactions contemplated hereby, the Contributors' Representative is nevertheless authorized and directed to complete all such transactions as if such death, incapacity or other event or events had not occurred and regardless of notice thereof. Notwithstanding any provision of this Agreement to the contrary, any obligation of the Company herein to consult with, notify, advise or otherwise communicate with Contributors shall be deemed an obligation to consult with, notify, advise or otherwise communicate solely with the Contributors' Representative, and the Company shall be entitled to rely on the on any act or communication of the Contributors' Representative as the act or communication of Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Contributor irrevocably grants the Contributors' Representative, by virtue of such Contributor's execution of this Agreement, exclusive and full power and authority in the name and on behalf of such Contributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to execute and deliver, on behalf of such Contributor, and to accept delivery of, on behalf of such holder, such releases, instruments and other documents as the Contributors' Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to acknowledge receipt of any consideration to be received by such Contributor pursuant to this Agreement (other than the Adjusted Purchase Price to be paid at Closing) as payment in full thereof and to designate the manner of payment of such consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) dispute or refrain from disputing, on behalf of such Contributor, any claim made by the Company under this Agreement and comply with orders and decrees with respect to, any dispute or loss; (2) negotiate and compromise, on behalf of such Contributor, any dispute that may arise under, and to exercise or refrain from exercising any remedies available under, this Agreement or the ancillary agreements; and (3) agree to and execute, on behalf of such Contributor, any settlement agreement, release or other document with respect to such dispute or remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to give and receive notices and communications, or to give or agree to, on behalf of such holder, any and all consents, waivers, amendments or modifications, as the Contributors' Representative determines, in its sole discretion, to be necessary or appropriate under this Agreement, and, in each case, to execute and deliver any documents that may be necessary or appropriate in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to engage attorneys, accountants and agents, and to incur such Representative Expenses as the Contributors' Representative, in its sole discretion, determines are appropriate in the exercise of its powers and authority conferred hereunder, all of which Representative Expenses shall be for the account of Contributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to amend this Agreement, or any of the instruments to be delivered to the Company by such holder pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to have exclusive power and authority to disburse or direct payments of any consideration payable under this Agreement for the benefit of such Contributor; to have exclusive power and authority to institute legal action or otherwise act on behalf of such Contributor with respect to any claims against the Company and to control and direct any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to give such instructions and to take such action or refrain from taking such action, on behalf of such holder, as the Contributors' Representative deems, in its sole discretion, necessary or appropriate to carry out the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to determine, in its sole discretion, the time or times when, purpose for, and manner in which any of the above powers conferred upon the Contributors' Representative shall be exercised, and the conditions, provisions, covenants of any instrument or document that may be executed by the Contributors' Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) to fund the actions and obligations of the Contributors' Representative as authorized hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Contributors hereby agrees, by virtue of the execution of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in all matters in which action by any such Contributor or the Contributors' Representative is required or permitted under this Agreement, the Contributors' Representative is exclusively authorized to act on behalf of such Contributor, notwithstanding any dispute or disagreement among any such Contributors, or between any such Contributor and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any decision, act, consent or instruction of the Contributors' Representative shall constitute a decision of all of such Contributors and shall be final, binding and conclusive upon each such Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the power and authority of the Contributors' Representative, as described in this Agreement, shall continue in force until all rights and obligations of such holders under this Agreement shall have terminated, expired or been fully performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Contributors' Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any such Contributor. All actions, decisions and instructions of the Contributors' Representative shall be conclusive and binding upon such Contributor, and no Contributor shall have any cause of action against the Contributors' Representative, and the Contributors' Representative shall not be liable to any Contributor, for any action taken or not taken, decision made or instruction given by the Contributors' Representative under this Agreement. The Contributors' Representative shall not be liable to any Contributor for any apportionment or distribution of payments made by it in good faith. Neither the Contributors' Representative nor any Representative employed by it shall incur any liability to any such holder by virtue of a failure or refusal of the Contributors' Representative to consummate the transactions contemplated hereby or relating to the performance of its other duties hereunder. Further, the Contributors' Representative shall be indemnified and held harmless by each Contributor from all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be directly or indirectly imposed on, incurred by or asserted against the Contributors' Representative in connection with the exercise of its powers or authority hereunder, provided that, the Contributors' foregoing indemnification obligation shall be on a several basis and allocated to each Contributor on a pro rata basis. In no event shall any Contributor be obligated to indemnify or hold the Contributors' Representative harmless in the case of fraud by the Contributors' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All expenses of the Contributors' Representative incurred in its role as such (the "**Representative Expenses**") shall be promptly reimbursed by Contributors on a pro rata basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributors' Representative shall have such powers and authority as are set forth in this Agreement; provided, however, that the Contributors' Representative shall have no obligation to act on behalf of Contributors except as expressly provided herein. Without limiting the generality of the foregoing, the Contributors' Representative shall have full power, authority and discretion to estimate and determine the amounts of Representative Expenses and to pay such Representative Expenses. As between Contributors and the Contributors' Representative, the Contributors' Representative shall not be required to take any action on behalf of Contributors or otherwise in its capacity as Contributors' Representative under this Agreement that would involve incurring Representative Expenses (and shall have no liability for not taking such action) unless the Contributors' Representative is holding funds delivered to it under this <u>Section 11.16</u> or has been provided with other funds, security or indemnities which, in the sole determination of the Contributors' Representative, are sufficient to protect the Contributors' Representative against the costs, expenses and liabilities which may be incurred by the Contributors' Representative in taking such action. The Contributors' Representative shall be entitled to reimbursement from funds paid to it under this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement, for all Representative Expenses, including all expenses, disbursements and advances of or to its counsel, experts and other agents and consultants incurred by the Contributors' Representative in the exercise of its powers and authority under this Agreement or otherwise in its capacity as Contributors' Representative. In the event that the Contributors' Representative determines, in its sole and absolute discretion, that the funds paid to the Contributors' Representative pursuant to this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement exceed the actual and then-estimated amount of future Representative Expenses, then Contributors' Representative shall transfer such excess amount to Contributors on a pro rata basis.

Section 11.17 <u>Post-Closing Representation; Non-Assertion of Attorney-Client Privilege</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any dispute, proceeding or action arising under or in connection with this Agreement, the Contributors' Representative and the Contributors shall have the right, at their election, to retain the firms of Dechert LLP and McDermott Will & Schulte LLP to represent them in such matter ("**Post-Closing Representation**"), and the Company, for itself and CCCI and for the Company's and CCCI's respective successors and assigns, hereby irrevocably waives any conflict of interest arising from, and consents to, any such Post-Closing Representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company, for itself and CCCI and for the Company's and CCCI's respective successors and assigns, irrevocably acknowledges and agrees that all communications between CCCI, the Contributors' Representative, or the Contributors (the "**Selling Parties**") and counsel, including Dechert LLP and McDermott Will & Schulte LLP, made in connection with the negotiation, preparation, execution, delivery and closing under, or any dispute or proceeding arising under or in connection with, this Agreement which, had the Closing not occurred, would have been deemed to be privileged communications of the Selling Parties and their counsel (the "**Protected Communications**"), shall continue after the Closing to be privileged communications between the Selling Parties and such counsel and neither the Company, CCCI, nor any Person acting or purporting to act on behalf of or through the Company or CCCI shall seek to obtain the same by any process on the grounds that the privilege attaching to such communications belongs to CCCI and not the Selling Parties; provided, however, that the foregoing waiver and acknowledgment of retention shall not extend to any communication not involving this Agreement, any other Transaction Document or any other agreements or transactions contemplated hereby or thereby, or to communications with any Person other than the Selling Parties. Notwithstanding the foregoing, in the event that a dispute arises between the Company or its Affiliates (including CCCI), on the one hand, and a third party other than any of the Selling Parties, on the other hand, the Company and its Affiliates (including CCCI) may assert the attorney-client privilege with respect to Protected Communications to prevent disclosure thereof to such third party; provided, however, that neither the Company nor any of its Affiliates (including CCCI) may waive such privilege without the prior written consent of the Contributors' Representative, which consent shall not be unreasonably withheld.

[Signature Pages Follow]

**IN WITNESS WHEREOF**, the Parties have duly executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| AIAI HOLDINGS CORPORATION | AIAI HOLDINGS CORPORATION |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |

---

*Signature Page to Contribution Agreement*

---

| | |
|:---|:---|
| **CCCI:** | **CCCI:** |
| C.C. CARLTON INDUSTRIES, LTD | C.C. CARLTON INDUSTRIES, LTD |
| By: | */s/ C. Craig Carlton* |
| Name: | C. Craig Carlton |
| Title: | Limited Partner |
| **CONTRIBUTORS' REPRESENTATIVE:** | **CONTRIBUTORS' REPRESENTATIVE:** |
| */s/ C. Craig Carlton* | */s/ C. Craig Carlton* |
| C. Craig Carlton | C. Craig Carlton |
| **CONTRIBUTORS:** | **CONTRIBUTORS:** |
| [Signatures on File] | [Signatures on File] |

---

*Signature Page to Contribution Agreement*

**Annex I**

**Certain Defined Terms**

"**Action**" means any action, claim, demand, arbitration, investigation, hearing, complaint, litigation, suit, or other proceeding of any nature, including civil, criminal, administrative, or regulatory, whether at law or in equity.

"**Additional Acquisition Documentation**" means the definitive transaction documents governing the Additional Acquisitions, each substantially in the form made available to the Contributors.

"**Adjusted Purchase Price**" means an amount equal to (a) the Base Purchase Price *<u>plus</u>* (b) the Estimated Cash; *<u>minus</u>* (c) the Estimated CCCI Indebtedness.

"**Adjustment Holdback Amount**" means a number of Acquisition Shares equal to (a) $1,655,000 divided by (b) the Initial Offering Price.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, the terms "control," "controls," and "controlled" mean the power to direct or cause the direction of the management or policies of such specified Person, directly or indirectly, whether through ownership of voting securities, by contract, or otherwise. For avoidance of doubt, all of the Persons acquired (or to be acquired) by the Company or any of its Affiliates pursuant to the Additional Acquisitions will be deemed an Affiliate of the Company for all purposes hereunder.

"**Antitrust Laws**" means all applicable Laws that are designed or intended to prohibit, restrict, or regulate actions or transactions having the purpose or effect of monopolization, restraint of trade, lessening of competition through merger or acquisition, or effectuating foreign investment, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, and the Federal Trade Commission Act of 1914.

"**Base Purchase Price**" means Three Hundred Thirty-One Million dollars ($331,000,000).

"**Benefit Plan**" means any pension, employment, consulting, retirement, equity or equity-based compensation, incentive, profit-sharing, bonus, severance, change in control, retention, deferred compensation, vacation, health, welfare, accident, disability or other compensation or benefit plan, agreement, policy or arrangement (whether or not written), including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA).

"**Business**" means the business of civil construction services for public and private infrastructure projects.

"**Business Day**" means any day other than a Saturday, a Sunday, or other day on which commercial banks in the State of Texas are authorized or required by Law to close.

"**Cap**" shall have the meaning given such term in <u>Section 9.2(b)(i)</u>.

"**Cash**" means, as of the Effective Time, (a) the amount of all unrestricted cash and cash equivalents on hand at CCCI (including cash resulting from the clearance of checks deposited, wire transfers and ACH payments in any of CCCI's accounts, in each case, as of the Effective Time), *<u>plus</u>* (b) the amount of all marketable securities held by CCCI; <u>provided that</u> Cash shall be calculated net of (A) issued but uncleared checks, wire transfers and drafts and other negative balances, and (B) any cash and cash equivalents that are not freely usable by CCCI because they are subject to restrictions on use or distribution, including any amounts (I) held in escrow or trust (including those posted or deposited with or in favor of any Governmental Authority) to support any of CCCI's financial responsibility or bonding requirements, (II) in respect of securing rent deposits or serving as collateral, customer deposits, equipment deposits, refund claims or credits or (III) posted to support letters of credit or performance bonds.

Annex I-1

"**CCCI Consultant**" means an individual or single-member entity independent contractor, consultant, non-employee sales representative, or other freelancer who provides services to CCCI or with respect to the Business.

"**CCCI Disclosure Letter**" means that certain letter from CCCI to the Company dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by CCCI either in response to an express disclosure requirement of CCCI contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of CCCI in this Agreement.

"**CCCI Indebtedness**" means any Indebtedness of CCCI and any of its Affiliates as of the Effective Time, which, for the avoidance of doubt, shall not include the personal Indebtedness of C. Craig Carlton.

"**CCCI Indemnified Taxes**" shall have the meaning given such term in <u>Section 9.2(b)(i)</u>.

"**CCCI Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on the business, results of operations, properties, or assets of CCCI, provided that any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a CCCI Material Adverse Effect has occurred to the extent resulting from (a) changes in conditions in the United States or global economy or capital or financial markets generally, (b) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (c) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (d) changes in general to the industry (including regulatory changes) in which CCCI operates, or (e) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**CCCI Plan**" means any Benefit Plan (a) under which any current or former CCCI Service Provider has any present or future right to benefits and that is maintained, sponsored, or contributed to by CCCI or (b) with respect to which CCCI has any Liability.

"**CCCI Service Provider**" means any employee, officer, director, CCCI Consultant, or other individual service provider of CCCI.

"**COBRA**" means Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any similar state Law.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Common Stock**" means the Class A Common Stock of the Company, par value $0.001 per share.

Annex I-2

"**Company Disclosure Letter**" means that certain letter from the Company to the Contributors and CCCI dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by the Company either in response to an express disclosure requirement of the Company contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of the Company in this Agreement.

"**Company Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on either (a) the business, results of operations, properties, or assets of the Company or (b) the ability of the Company to consummate the Transactions (including the Direct Listing) on or before the Drop Dead Date, provided that, solely with respect to clause (a) above, any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Company Material Adverse Effect has occurred to the extent resulting from (i) changes in conditions in the United States or global economy or capital or financial markets generally, (ii) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (iii) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (iv) changes in general to the industry (including regulatory changes) in which the Company operates, or (v) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Company Valuation Report**" shall have the meaning given such term in <u>Section 7.2(f)</u>.

"**Confidential Information**" means any information concerning CCCI or the Business that is proprietary in nature and non-public or confidential, in whole or in part, provided that, Confidential Information does not include any information that (a) is or becomes publicly available other than through a violation of this Agreement by the Contributors, (b) is received on a non-confidential basis from a source other than the Parties or their respective Affiliates or Representatives who, to the Knowledge of the Contributors' Representative, is not prohibited from disclosing such information by any legal or contractual obligation, (c) was already known by the Contributors at the time of receipt from the disclosing Person, or (d) is developed by or on behalf of the Contributors without the use of or reference to Confidential Information.

"**Contract**" means any contract, agreement, lease, undertaking, commitment, or other binding arrangement (whether written or oral) between the parties thereto.

"**Contributor Disclosure Letter**" means that certain letter from the Contributors to the Company and dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by the Contributors in response to an express disclosure requirement of the Contributors contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of the Contributors in this Agreement.

"**Contributor Indemnified Taxes**" shall have the meaning given such term in <u>Section 9.2(b)(i)</u>.

"**Damages**" means any and all losses, Liabilities, damages, fees, punitive damages (but only to the extent such punitive damages are actually awarded), and costs and expenses, including reasonable attorney's and accountant's fees and costs and expenses reasonably incurred in investigating, preparing, defending against, or prosecuting any litigation, claim, action, suit, proceeding, or demand of any kind or character, provided that "Damages" shall not include any special, consequential, incidental or indirect damages.

Annex I-3

"**Direct Listing**" means, together, the registration of the Common Stock under Section 12 of the Exchange Act and the listing of the Common Stock for trading on Nasdaq.

"**Disclosure Letters**" means the c Disclosure Letter, the Company Disclosure Letter, and the Contributor Disclosure Letter.

"**Effective Time**" means 12:01 A.M. Central Time on the Closing Date.

"**Enforceability Exceptions**" means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar Laws affecting creditors' rights generally and (b) general principles of equity.

"**Environmental Law**" means any Law, Order, or Contract with any Governmental Authority relating to (a) the environment, (b) the protection of human health and safety, or (c) the regulation or remediation of or exposure to Hazardous Substances.

"**Environmental License**" means any License relating to or required by any Environmental Law in connection with the Business.

"**Equity Interests**" means any (a) shares, interests, or other equivalents (however designated) of capital stock of a corporation; (b) membership, partnership, or other equity ownership interests in a Person other than a corporation; and (c) warrants, options, convertible securities (e.g., convertible debt), calls, or other rights to purchase or acquire any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974.

"**ERISA Affiliate**" means any Person that, together with CCCI or the Company, as applicable, would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code.

"**Estimated Adjusted Purchase Price**" shall have the meaning given such term in <u>Section 2.2</u>.

"**Estimated Cash**" shall have the meaning given such term in <u>Section 2.2</u>.

"**Estimated CCCI Indebtedness**" shall have the meaning given such term in <u>Section 2.2</u>.

"**Estimated Closing Statement**" shall have the meaning given such term in <u>Section 2.2</u>.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

"**Fraud**" means (a) with respect to Contributors or CCCI, the actual fraud of Contributors or CCCI caused by Contributor or CCCI making a representation or warranty in <u>Article IV</u> or <u>Article V</u>, as applicable, with the actual (not constructive or imputed) knowledge of Contributors that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Company and inducing the Company to enter into this Agreement; and (b) with respect to the Company either (i) the actual fraud of the Company caused by the Company making a representation or warranty in <u>Article VI</u> with the actual (not constructive or imputed) knowledge of the Company (or any of its Representatives) that such representation was false or misleading at the time made, with the intention of deceiving or misleading Contributors and CCCI and inducing Contributors and CCCI to enter into this Agreement, or (ii) any act, omission, misstatement, event, occurrence, circumstance, or other event that could lead to Liability pursuant to the Exchange Act (including, without limitation, Section 11, Section 12(a)(1), or Section 10(b) thereof).

Annex I-4

"**GAAP**" means United States generally accepted accounting principles, consistently applied.

"**Governing Documents**" means, with respect to any entity or trust, such entity's constituent or organizational documents, such as its articles of organization, certificate of formation, articles of incorporation, or declaration of trust and any other documents or agreements adopted by the entity to govern the formation or the internal affairs of the entity or trust, such as its operating agreement, bylaws, trust agreement, shareholders or members agreement, or voting agreement, as such documents have been amended, restated, or supplemented from time to time, if applicable.

"**Governmental Authority**" means (a) any government, governmental authority, agency, commission, department, or other similar body, court, tribunal, arbitrator, or arbitral body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing.

"**Hazardous Substance**" means (a) any pollutant, contaminant, waste, or chemical; (b) any toxic or otherwise hazardous substance; or (c) any substance, waste, or material having any constituent elements displaying any of the foregoing characteristics.

"**Holdback Amounts**" means the Indemnity Holdback Amount and the Adjustment Holdback Amount.

"**Indebtedness**" means (a) any indebtedness or other obligation for borrowed money (or any guaranties thereof); (b) any indebtedness evidenced by a note, bond, debenture, or other security or similar instrument; (c) any Liability with respect to interest rate or currency swaps, collars, caps, and similar hedging obligations; (d) any Liability for the deferred purchase price of property or other assets (including any "earn out" or similar payments); (e) any Liability under any letter of credit or any bank overdrafts or similar charges; and (f) any accrued interest, pre-payment penalties, breakage costs, redemption fees, costs, expenses, premiums, and other amounts owing pursuant to instruments evidencing Indebtedness (assuming that such Indebtedness is repaid on the Closing Date); provided, however, that "Indebtedness" shall not include obligations under any equipment leases.

"**Indemnified Taxes**" means (a) Taxes (or the non-payment thereof) of any Contributor, or (b) Taxes (or the non-payment thereof) of CCCI or otherwise in relation to the conduct of the Business of CCCI for any Tax year (or other Tax period) ending on or before the Closing Date.

"**Indemnity Holdback Amount**" means a number of Acquisition Shares equal to (a) $16,550,000 divided by (b) the Initial Offering Price.

"**Indemnity Holdback Expiration Date**" shall have the meaning given such term in <u>Section 2.3</u>.

"**Initial Offering Price**" means the opening public offering price of Common Stock in the Direct Listing.

"**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether registered or unregistered: (a) patents, patentable inventions, and other patent rights; (b) trademarks, service marks, trade dress, trade names, and all related goodwill and similar rights; (c) copyrights, mask works, and designs; (d) trade secrets, know-how, inventions, confidential business information, and other proprietary information and rights; (e) computer software programs, including all related source code, object code, specifications, designs, and documentation; and (f) domain names, Internet addresses, and other computer identifiers.

Annex I-5

"**IRS**" means the United States Internal Revenue Service.

"**Knowledge of CCCI**" means the actual knowledge of C. Craig Carlton after due inquiry of their direct reports responsible for the applicable subject matter; provided, however, that such inquiry shall not require a patent freedom to operate search.

"**Knowledge of the Company**" means the actual knowledge of John Rochon, Sr. and John Rochon, Jr. after due inquiry of their direct reports responsible for the applicable subject matter; provided, however, that such inquiry shall not require a patent freedom to operate search.

"**Knowledge of the Contributors**" means the actual knowledge of C. Craig Carlton after due inquiry of their direct reports responsible for the applicable subject matter; provided, however, that such inquiry shall not require a patent freedom to operate search.

"**Law**" means any applicable domestic or foreign law, statute, ordinance, code, regulation, rule, directive, guideline, standard, policy, Order, or other requirement of a Governmental Authority, whether or not having the force of law.

"**Liability**" means any liability, loss, damage, cost, or expense (including reasonable attorneys' fees), in each case, whether direct or indirect and accrued or contingent.

"**License**" means any license, permit, certificate, approval, consent, registration, or similar authorization of any Governmental Authority.

"**Lien**" means any lien, mortgage, deed, pledge, charge, security interest, right of first refusal, right of first offer, preemptive rights, easement, restriction, covenant, condition, title default, encroachment, survey defect, option, or other encumbrance.

"**Multiemployer Plan**" means any "multiemployer plan" as defined in Section 3(37) of ERISA, any "multiple employer plan" as defined in Section 413(c) of the Code, or "multiple employer welfare arrangement" as defined in Section 3(40) of ERISA.

"**Nasdaq**" means the Nasdaq Global Market of the National Association of Securities Dealers Automated Quotations Systems.

"**Order**" means any order, decision, judgment, writ, injunction, decree, award, or other determination of any Governmental Authority.

"**Ordinary Course**" means the ordinary course of business of CCCI consistent with past practice.

"**Permitted Lien**" means (a) Liens for Taxes not yet due and payable; (b) imperfections of title and other similar Liens that do not and would not reasonably be likely to materially detract from the value of the asset or property subject thereto or materially impair the continued use or occupancy of such asset or property in connection with the operations of CCCI; (c) Liens arising by operation of Law in the Ordinary Course, such as mechanics' Liens, materialmens' Liens, carriers' Liens, warehousemens' Liens, and similar Liens, that are not delinquent or are being disputed in good faith; (d) pledges or deposits under workers' compensation (or similar) Laws, unemployment insurance, or other types of insurance or compensation plans; (e) pledges or deposits that secure the performance of tenders, statutory obligations, bonds, bids, leases, Contracts, and similar obligations; (f) with respect to any lease, title of the lessor and any other Liens arising pursuant to the terms of the applicable lease or arising under zoning, land use, or other applicable Laws that do not and would not reasonably be likely to materially impair the continued use or occupancy of such property by CCCI; and (g) with respect to the Acquired Interest, transfer restrictions arising under the Governing Documents of CCCI or pursuant to applicable federal or state securities Laws.

Annex I-6

"**Person**" means any individual, corporation, company, partnership, association, limited liability company, business enterprise, trust, or other legal entity.

"**Pro Rata Portion**" means, with respect to each Contributor, the percentage set forth on Annex III.

"**Prospectus**" means any prospectus or prospectus supplement contained in or relating to the Registration Statement.

"**Registration Statement**" means the Registration Statement on Form S-1 submitted to, filed with, and/or declared effective by the by the SEC in connection with the Direct Listing, any post-effective amendments to such Registration Statement, as well as any other registration statement filed solely for the purpose of registering any additional Acquisition Shares pursuant to <u>Section 7.5</u>.

"**Representative**" means, with respect to any Person, any director, manager, officer, employee, independent contractor, consultant, legal counsel, accountant, financial advisor, or other agent or representative of such Person.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Tax**" means any tax imposed, assessed, or collected by or under the authority of any Governmental Authority (including any penalty, interest or addition thereto).

"**Tax Return**" means any report, return, declaration, claim for refund, election, disclosure, estimate, or other documentation required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto and amendment thereof.

"**Transaction Documents**" means this Agreement, the Contributor Closing Deliverables, and the Company Closing Deliverables.

"**Transaction Expense Maximum Reimbursement Amount**" means $2,500,000

"**Transaction Expenses**" means any fees, costs, and expenses incurred or subject to reimbursement by CCCI, in each case, in connection with the Transactions, including (i) the fees, costs, and expenses of brokers, counsel, accountants, or other advisors or service providers of CCCI or Contributors, and (ii) the fees associated with making any filings under the HSR Act.

"**Transactions**" means the transactions contemplated by the Transaction Documents.

"**Treasury Regulations**" means the Treasury regulations promulgated under the Code.

"**WARN Act**" means the Worker Adjustment and Retraining Notification Act of 1988 and any similar state or local Laws.

Annex I-7

**Annex II**

**Additional Acquisitions**

---

| | |
|:---|:---|
| **Target Company** | **Additional Acquisition Documentation** |
| Constellation Network, Inc. | Merger Agreement |
| gTC MediGuide LP | Merger Agreement |
| AI Research Corporation (AIR) | Contribution Agreement |
| Vanguard Healthcare Solutions, LLC | Contribution Agreement |
| Bond Street Limited, LLC | Contribution Agreement |

---

Annex II

## Exhibit 10.20

**Exhibit 10.20**

**Execution Version**

**SECOND AMENDED AND RESTATED**

**AGREEMENT AND PLAN OF MERGER**

**by and among**

**AIAI Holdings Corporation, Cathedral Merger Sub, Inc., Constellation Network, Inc.**

**and**

**Shareholder Representative Services LLC, as the Converting Holders' Representative**

**January 23, 2026**

i

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article I DEFINITIONS** | **Article I DEFINITIONS** | **2** |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 2 |
| **Article II MERGER** | **Article II MERGER** | **2** |
| &nbsp;&nbsp;&nbsp;Section 2.1 | The Merger. | 2 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Holdback | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Tax Treatment | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | Payment and Exchange Procedures. | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | No Fractional Shares. | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.6 | Unaccredited Stockholders. | 5 |
| **Article III CLOSING MATTERS** | **Article III CLOSING MATTERS** | **5** |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Closing | 5 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Reimbursement and Payment of Transaction Expenses | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Constellation Closing Deliverables | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | The Company Closing Deliverables | 6 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Conditions to Closing | 7 |
| **Article IV REPRESENTATIONS AND WARRANTIES OF Constellation** | **Article IV REPRESENTATIONS AND WARRANTIES OF Constellation** | **8** |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Organization | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Due Authorization. | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | No Conflict | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Third-Party Consents | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Actions and Orders | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Capitalization | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Financial Statements | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.8 | No Undisclosed Liabilities | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.9 | No Constellation Material Adverse Effect | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.10 | Material Contracts | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.11 | Compliance with Laws | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.12 | Litigation | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.13 | Insurance | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.14 | Licenses | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.15 | Material Vendors | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.16 | Assets and Property | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.17 | Environmental Matters | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.18 | Taxes | 13 |
| &nbsp;&nbsp;&nbsp;Section 4.19 | Intellectual Property; Data Privacy | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.20 | Employment and Labor Matters. | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.21 | Employee Benefit Plans. | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.22 | Brokers | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.23 | No Other Representations | 16 |

---

ii

---

| | | |
|:---|:---|:---|
| **Article V REPRESENTATIONS AND WARRANTIES OF THE Company And Merger Sub** | **Article V REPRESENTATIONS AND WARRANTIES OF THE Company And Merger Sub** | **16** |
| &nbsp;&nbsp;&nbsp;Section 5.1 | Organization; Good Standing; Power | 16 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | Authorization; Execution and Enforceability; No Conflicts | 16 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Capitalization and Indebtedness | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | Actions and Orders | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.5 | Financial Matters | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.6 | Direct Listing and Additional Acquisitions | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.7 | Solvency | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.8 | Brokers | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.9 | Independent Investigation; Disclaimer of Reliance | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.10 | Tax. | 18 |
| **Article VI Pre-Closing Covenants** | **Article VI Pre-Closing Covenants** | **19** |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Commercially Reasonable Efforts | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Direct Listing Matters | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | Third-Party Approvals | 20 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | Constellation Stockholder Approval. | 20 |
| **Article VII ADDITIONAL COVENANTS** | **Article VII ADDITIONAL COVENANTS** | **21** |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Confidentiality | 21 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Public Announcements | 21 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Budgets | 21 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | D&O Indemnification. | 21 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | Tax Matters | 22 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | Record Retention | 23 |
| &nbsp;&nbsp;&nbsp;Section 7.7 | Promised Constellation Options | 23 |
| &nbsp;&nbsp;&nbsp;Section 7.8 | Company Equity Incentive Plan | 23 |
| &nbsp;&nbsp;&nbsp;Section 7.9 | Closing Capital Contribution | 23 |
| &nbsp;&nbsp;&nbsp;Section 7.10 | Further Assurances | 23 |
| **Article VIII Indemnification** | **Article VIII Indemnification** | **24** |
| &nbsp;&nbsp;&nbsp;Section 8.1 | Indemnification by the Company | 24 |
| &nbsp;&nbsp;&nbsp;Section 8.2 | Indemnification by the Converting Holders | 24 |
| &nbsp;&nbsp;&nbsp;Section 8.3 | Distribution of Indemnity Holdback Amount | 25 |
| &nbsp;&nbsp;&nbsp;Section 8.4 | Survival | 25 |
| &nbsp;&nbsp;&nbsp;Section 8.5 | Indemnification Procedures | 26 |
| &nbsp;&nbsp;&nbsp;Section 8.6 | Indemnification Payments | 26 |
| &nbsp;&nbsp;&nbsp;Section 8.7 | Exclusive Remedy | 27 |
| **Article IX Termination** | **Article IX Termination** | **27** |
| &nbsp;&nbsp;&nbsp;Section 9.1 | Termination Events | 27 |
| &nbsp;&nbsp;&nbsp;Section 9.2 | Effect of Termination | 28 |

---

iii

---

| | | |
|:---|:---|:---|
| **Article X MISCELLANEOUS** | **Article X MISCELLANEOUS** | **28** |
| &nbsp;&nbsp;&nbsp;Section 10.1 | Expenses | 28 |
| &nbsp;&nbsp;&nbsp;Section 10.2 | Amendment | 28 |
| &nbsp;&nbsp;&nbsp;Section 10.3 | Entire Agreement | 28 |
| &nbsp;&nbsp;&nbsp;Section 10.4 | Notices | 29 |
| &nbsp;&nbsp;&nbsp;Section 10.5 | Waiver | 29 |
| &nbsp;&nbsp;&nbsp;Section 10.6 | Binding Effect; Assignment | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.7 | No Third Party Beneficiary | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.8 | Governing Law | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.9 | Consent to Jurisdiction and Service of Process | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.10 | Waiver of Jury Trial | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.11 | Counterparts | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.12 | Preamble and Recitals | 30 |
| &nbsp;&nbsp;&nbsp;Section 10.13 | Severability | 31 |
| &nbsp;&nbsp;&nbsp;Section 10.14 | Rules of Construction | 31 |
| &nbsp;&nbsp;&nbsp;Section 10.15 | Specific Performance | 32 |
| &nbsp;&nbsp;&nbsp;Section 10.16 | Converting Holders' Representative. | 32 |

---

<u>Annexes and Exhibits</u>

Annex A Certain Defined Terms <br> Annex B Additional Acquisitions

iv

**SECOND AMENDED AND RESTATED**

**AGREEMENT AND PLAN OF MERGER**

This Second Amended and Restated Agreement and Plan of Merger (this "**Agreement**"), dated as of January 23, 2026, is by and among AIAI Holdings Corporation, a Delaware corporation ("**Company**"), Cathedral Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("**Merger Sub**"), Constellation Network, Inc., a Delaware corporation (the "**Constellation**"), and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the Converting Holders (the "**Converting Holders' Representative**"). The Company, Merger Sub, Constellation and the Converting Holders' Representative are referred to in this Agreement each as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Company, Merger Sub and Constellation intend to effect a merger of Merger Sub with and into Constellation, pursuant to which Constellation would survive and become a wholly owned subsidiary of the Company (the "**Merger**"), in accordance with this Agreement and applicable Law; and

**WHEREAS**, the board of directors of Constellation (the "**Constellation Board**") has carefully considered the terms of this Agreement and has unanimously (1) declared this Agreement and the transactions contemplated by this Agreement and the documents referenced herein, including the Merger (collectively, the "**Transactions**"), upon the terms and subject to the conditions set forth herein, advisable, fair to and in the best interests of Constellation and the Constellation Stockholders, (2) approved this Agreement and the Transactions in accordance with applicable Law and (3) adopted a resolution recommending that this Agreement be adopted, and the principal terms of the Merger be approved, by the Constellation Stockholders (the "**Constellation Board Approval**").

**NOW THEREFORE**, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

**Article I**

**DEFINITIONS**

Section 1.1 <u>Definitions.</u> Capitalized terms used but not otherwise defined in this Agreement have the meanings set forth on <u>Annex A</u>.

**Article II**

**MERGER**

Section 2.1 <u>The Merger</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions set forth in this Agreement, at the Effective Time, Merger Sub shall be merged with and into Constellation, and the separate existence of Merger Sub shall cease and Constellation shall be the surviving corporation and become a wholly owned subsidiary of the Company (referred to herein as the "**Surviving Corporation**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A certificate of merger satisfying the applicable requirements of Delaware Law in form and substance reasonably satisfactory to the Company and Constellation (the "**Certificate of Merger**") shall be duly executed by Constellation and, concurrently with the Closing, delivered to the Secretary of State of the State of Delaware for filing. The Merger shall become effective upon the filing of the Certificate of Merger with the Secretary of State of the State of Delaware (the "**Effective Time**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth herein, at the Effective Time, by virtue of the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each share of Constellation Common Stock immediately prior to the Effective Time shall be cancelled and automatically converted into the right to receive, subject to and in accordance with <u>Section 2.4</u>, the Per Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Constellation Option that is outstanding immediately prior to the Effective Time shall be automatically assumed by the Company (an "**Assumed Option**"). Each Assumed Option shall continue to have, and be subject to, the same terms and conditions that applied to the corresponding Constellation Option as in effect immediately prior to the Effective Time, except that (i) the Assumed Option shall be exercisable solely for shares of Company Common Stock, (ii) the number of shares of Company Common Stock subject to each such Assumed Option shall be equal to the product of (A) the number of shares of Constellation Common Stock subject to the corresponding Constellation Option immediately prior to the Effective Time, multiplied by (B) the Option Exchange Ratio, with any resulting fractional share rounded down to the nearest whole number, (iii) the exercise price per share of each Assumed Option shall be equal to the quotient obtained by dividing (A) the exercise price per share of the corresponding Constellation Option as of immediately prior to the Effective Time by (B) the Option Exchange Ratio, with any resulting fractional cent rounded up to the nearest whole cent and (iv) the Assumed Options shall be fully vested. Notwithstanding the foregoing, the conversions described in this <u>Section 2.1(c)(ii)</u> will be subject to such modifications, if any, as are required to cause the conversion to be made in a manner consistent with the requirements of Section 409A of the Code and, in the case of any Constellation Option to which Section 422 of the Code applies, the exercise price and the number of shares of Company Common Stock issuable upon the exercise of the corresponding Assumed Option shall be determined subject to such adjustments as are necessary in order to satisfy the requirements of Section 424(a) of the Code. At or prior to the Effective Time, and subject to the approval and effectiveness of the Company Equity Incentive Plan pursuant to <u>Section 7.8</u>, Constellation and its board of directors, as applicable, shall adopt any resolutions and take any actions which are reasonably necessary to cause the Constellation Equity Incentive Plan to terminate as of the Effective Time and to effectuate the treatment of the Constellation Options pursuant to this <u>Section 2.1(c)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In consideration for releasing all claims with respect to a Promised Constellation Option, each holder of a Promised Constellation Option shall receive, subject to and in accordance with <u>Section 2.4</u>, the Promised Option Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No outstanding Constellation Safes shall be assumed or substituted by the Company. At the Effective Time, each Constellation Safe that is outstanding immediately prior to the Effective Time, by virtue of the Merger and without any further action on the part of the parties or the respective holder thereof but subject to and in accordance with <u>Section 2.4</u>, shall be cancelled and automatically converted into the right to receive a number of shares of Company Common Stock equal to the Conversion Amount (as defined in the applicable Constellation Safe), <u>divided by</u> the Per Share Dollar Equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and Constellation acknowledge and agree that the Total Share Consideration will be registered for public resale by the holders thereof under the Registration Statement, subject to the terms and conditions of the Lock-Up Agreement, which agreement shall restrict the sale of an aggregate of not more than 80% of the Total Share Consideration for a period of 180 days from the initial trading day of the Company Common Stock on Nasdaq. For the avoidance of doubt, the Company shall only be obligated to issue and deliver to the Converting Holders pursuant to the terms of this Agreement shares of Company Common Stock in an aggregate amount equal to the Total Share Consideration less any shares of Company Common Stock reserved for issuance to holders of Assumed Options.

Section 2.2 <u>Holdback</u>. Upon the Closing, the Company will hold back the Indemnity Holdback Amount from the Total Share Consideration payable to the Converting Holders at Closing for the purposes of satisfying any claims for indemnification by any Company Indemnified Party in accordance with Article IX. Subject to the Company's right to permanently retain all or a portion of the Indemnity Holdback Amount for any Company Indemnified Party's claim for Damages subject to indemnification pursuant to Article IX, as of the date that is the one-year anniversary of the Closing Date (the "**Indemnity Holdback Expiration Date**"), any remaining Indemnity Holdback Amount (other than amounts being permanently retained by the Company in connection with satisfying any Damages or retained pending resolution of any potential unsatisfied claims for Damages in accordance with Article VIII) shall be distributed to the Converting Holders in accordance with such Converting Holders' pro rata portion in accordance with Section 8.3. The adoption of this Agreement and the approval of the principal terms of the Merger by the holders of Constellation Common Stock shall constitute, among other things, approval of the Indemnity Holdback Amount, the withholding of the Indemnity Holdback Amount by the Company and the appointment of the Converting Holders' Representative.

Section 2.3 <u>Tax Treatment</u>. The transactions contemplated by this Agreement are intended to qualify as a tax-free reorganization under Section 368(a)(2)(E) of the Code. The transactions contemplated by this Agreement are intended to be taken together with the Additional Acquisitions occurring at or about the same time, all of which are made as part of the same plan, such that the Additional Acquisitions qualify as tax-deferred contributions of stock under Section 351 of the Code. The Company and Constellation agree to file all Tax Returns and take all Tax positions in a manner consistent with this Section 2.3 unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code. The Company and Constellation hereby agree to file and retain such information as shall be required under Section 1.351-3 of the Treasury Regulations. Furthermore, the Company and Constellation shall consult with their respective tax advisors to ensure that all actions taken in connection with the transactions contemplated hereby comply with the requirements of Sections 368 and, as applicable, 351 of the Code and shall provide the Company with written confirmation of such compliance prior to Closing. Each Party covenants and agrees that it will not (and will cause its Affiliates not to) take any action, or fail to take any action, that could reasonably be expected to cause the Merger and the Additional Acquisitions, taken together, to fail to qualify for the Intended Tax Treatment. For purposes of this Agreement, "Intended Tax Treatment" shall mean the qualification of the Merger as a reorganization within the meaning of Section 368(a) of the Code and the qualification of the Merger and the Additional Acquisitions, taken together, as an exchange described in Section 351 of the Code.

Section 2.4 <u>Payment and Exchange Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Converting Holder shall be entitled to receive promptly following the Closing in exchange for its Constellation Common Stock, and the Company shall deliver, it applicable portion of the Total Share Consideration, as designated by the Converting Holders' Representative in the Allocation Statement, in accordance with the provisions of <u>Section 2.1</u> and <u>Section 2.4(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Surviving Corporation and the Company shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign tax Law. To the extent that amounts are so withheld by the Surviving Corporation or the Company, as the case may be, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Company nor the Surviving Corporation shall be liable to any Converting Holder for any such consideration delivered to a public official pursuant to any abandoned property, escheat or similar Law in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Constellation has delivered to the Company a statement (the "**Allocation Statement**"), setting forth in reasonable detail: (i) the Fully Diluted Constellation Common Stock, (ii) the number of shares of Company Common Stock issuable to each Converting Holder pursuant to this Agreement respect to the Total Share Consideration, and (iii) the percentage of each Converting Holder in the Indemnity Holdback Amount.

Section 2.5 <u>No Fractional Shares</u>. No certificates or scrip representing fractional shares of Company Common Stock shall be issued hereunder and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a holder of shares of Company Common Stock. Notwithstanding any to the contrary contained herein, if the application of any provision of this Agreement would yield a fractional share (after aggregating all fractional shares of Company Common Stock issuable to such holder), such fractional share shall be rounded down to the next whole share. No cash settlements shall be made with respect to fractional shares eliminated by the foregoing and such adjustment represents a mechanical rounding off for purposes of avoiding the expense and inconvenience to the Company that would otherwise be caused by the issuance of fractional shares.

Section 2.6 <u>Unaccredited Stockholders</u>. It is the expectation of the parties that Transactions, including the solicitation of the Constellation Stockholder Approval in accordance with the terms and conditions of this Agreement, will be exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated thereunder. Notwithstanding the foregoing, any shares of Company Common Stock that, but for this Section 2.7 would have become issuable to a Converting Holder pursuant to Section 2.1, may nevertheless, in the Company's sole discretion, be replaced by an amount of cash in lieu of such shares of Company Common Stock on the basis described in the following sentence if the Company does not have a reasonable belief that such holder is an "accredited investor" (as such term is defined in Regulation D promulgated under the Securities Act). In such case, the amount of cash delivered in lieu of the shares of Company Common Stock shall be determined by multiplying the number of shares of Company Common Stock that would have been issued by the Initial Offering Price.

**Article III**

**CLOSING MATTERS**

Section 3.1 <u>Closing</u>. The consummation of the Transactions (the "**Closing**") will occur as promptly as possible and in any event no later than three Business Days after the satisfaction of all of the conditions to Closing set forth in <u>Section 3.5</u>, other than conditions that, by their nature, must be satisfied at the Closing (such date, the "**Closing Date**"), by electronic mail or other electronic transmission or at such place and time as the Parties may mutually agree. All deliveries by one Party to any other Party at the Closing will be deemed to have occurred simultaneously as of the Closing Date and, unless Constellation and the Company otherwise agree, none will be effective unless and until all such deliveries have occurred.

Section 3.2 <u>Reimbursement and Payment of Transaction Expenses.</u> Upon Closing, the Company shall (a) reimburse Constellation for all Transaction Expenses incurred and previously paid by Constellation and (b) pay or cause to be paid all incurred and unpaid Transaction Expenses, by wire transfer of immediately available funds to accounts specified in writing by Constellation (with supporting documentation reasonably acceptable to the Company), such amounts not to exceed $500,000 in the aggregate.

Section 3.3 <u>Constellation Closing Deliverables</u>. At the Closing, Constellation shall deliver or cause to be delivered to the Company (collectively, the "**Constellation Closing Deliverables**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate for Constellation, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that Constellation validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate from a duly authorized officer of Constellation (i) authenticating Constellation's Governing Documents; (ii) attaching all requisite resolutions or actions of Constellation's managing body approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, including, without limitation, the Constellation Stockholder Approval and the Constellation Board Approval, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of Constellation as required under <u>Section 3.5(a)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by Constellation on or prior to the Closing as required under <u>Section 3.5(a)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of Constellation, duly executed by an authorized officer of Constellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Certificate of Merger, duly executed by Constellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lock-up agreements with respect to their applicable portion of the Total Share Consideration, in form and substance reasonably satisfactory to the Company and Constellation (the "**Lock-Up Agreements**"), in each case duly executed by at least ninety five percent of the voting power of the Converting Holders (calculated on an as converted basis); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) an original signed statement from Constellation that it is not, and has not been at any time during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code, a "United States real property holding corporation," as defined in Section 897(c)(2) of the Code, conforming to the requirements of Treasury Regulations Section 1.1445-2(c)(3) and 1.897-2(h), and (ii) an original signed notice to be delivered to the IRS in accordance with the provisions of Treasury Regulations Section 1.897-2(h)(2), together with written authorization for the Company to deliver such notice to the IRS on behalf of Constellation following the Closing, each dated as of the Closing Date, duly executed by an authorized officer of Constellation, and in form and substance reasonably acceptable to the Company.

Section 3.4 <u>The Company Closing Deliverables</u>. At the Closing, the Company shall deliver or cause to be delivered to Constellation (collectively, the "**Company Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate for the Company, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that the Company validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate from a duly authorized officer of the Company (i) authenticating the Company's Governing Documents; (ii) attaching all requisite resolutions of the Company's Board of Directors approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of the Company as required under <u>Section 3.5(b)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by the Company prior to the Closing as required under <u>Section 3.5(b)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of the Company, duly executed by an authorized officer of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Lock-Up Agreements, duly executed by the Company.

Section 3.5 <u>Conditions to Closing.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company and Merger Sub to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of Constellation in <u>Article IV</u> must be true and correct (without giving any effect to any limitation as to "materiality," "Constellation Material Adverse Effect", or similar qualifier must be true and correct in all respects) (other than <u>Section 4.9</u>) as of the Closing Date (or, if any such representation or warranty is made as of a specified date, as of such date only), except where the failure of such representations and warranties to be true and correct (whether as of the Closing Date or such specified date), taken as a whole, does not result in a Constellation Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Constellation must have complied in all material respects with the covenants and obligations applicable to Constellation contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Constellation Stockholder Approval shall have been duly and validly obtained, as required by Delaware Law and the Governing Documents of Constellation, each as in effect on the date of such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Constellation Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Constellation must have delivered or caused to be delivered all of the Constellation Closing Deliverables to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company has received evidence of the receipt by the SEC of its submission of an acceleration request seeking acceleration of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of Constellation to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by Constellation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of the Company and Merger Sub in <u>Article V</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Company Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing Date (or, if any such representation or warranty is made as of a specified date, as of such date only), except where the failure of such representations and warranties to be true and correct (whether as of the Closing Date or such specified date), taken as a whole, does not result in a Company Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company must have complied in all material respects with the covenants and obligations applicable to the Company contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Constellation Stockholder Approval shall have been duly and validly obtained, as required by the Delaware Law and the Governing Documents of Constellation, each as in effect on the date of such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company must have delivered or caused to be delivered all of the Company Closing Deliverables to Constellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no Company Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company must provide Constellation with evidence that the Company has filed, and received evidence of acceptance by the SEC of, the acceleration request seeking the effectiveness of the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Company must provide evidence reasonably satisfactory to Constellation that each of the Additional Acquisitions has been or will be consummated as of the Closing Date.

**Article IV**

**REPRESENTATIONS AND WARRANTIES OF Constellation**

Subject to the disclosures set forth in the Constellation Disclosure Letter, Constellation hereby represents and warrants to the Company and Merger Sub as of the date of this Agreement as follows:

Section 4.1 <u>Organization</u>. Constellation has been duly formed and is validly existing and in good standing under the Laws of its jurisdiction of organization. Constellation has the requisite power and authority to own and lease its assets and properties and to conduct the Business as it is now being conducted. Constellation is duly licensed or qualified and in good standing in all jurisdictions where it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not result in a Constellation Material Adverse Effect. Constellation has made available to the Company a complete and accurate list of all jurisdictions where Constellation is so licensed or qualified.

Section 4.2 <u>Due Authorization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to obtaining the Constellation Stockholder Approval, Constellation has all requisite power and authority to execute and deliver each Transaction Document to which Constellation is or will be a party and to consummate the Transactions. Each Transaction Document to which Constellation is a party has been duly and validly executed and delivered by Constellation and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of Constellation, enforceable against Constellation in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Constellation Board Approval is sufficient to ensure that the restrictions on business combinations set forth in Section 203 of the DGCL shall not apply to the Merger, this Agreement, the Transaction Agreements or the Transactions. To the knowledge of Constellation, no other state takeover statute is applicable to the Merger or the other Transactions. The approval of the holders of at least a majority of the shares of Constellation Common Stock (the "**Constellation Stockholder Approval**") is the only vote of the holders of any class or series of shares of Constellation capital stock required to approve and adopt this Agreement and approve the transactions contemplated hereby.

Section 4.3 <u>No Conflict</u>. The execution and delivery by Constellation of the Transaction Documents to which Constellation is a party and the consummation of the Transactions by Constellation will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, or accelerate the performance required, in each case, in any material respect, or result in the termination of or give any Person the right to terminate, any Material Contract to which Constellation is a party; (b) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to Constellation; (c) violate or conflict with the Governing Documents of Constellation; or (d) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any assets of Constellation.

Section 4.4 <u>Third-Party Consents</u>. Except as required under the Antitrust Laws, no notice to, consent of, or filings with any Governmental Authority or other Person is required by Constellation with respect to the execution or delivery of any Transaction Document or the consummation of the Transactions, except where the failure to obtain any such consent or make any such filing would not reasonably be expected to result in a Constellation Material Adverse Effect.

Section 4.5 <u>Actions and Orders</u>.<u> </u>There are no pending or, to the Knowledge of Constellation, threatened Actions by any Person or by any Governmental Authority against Constellation or that prohibits or otherwise restricts, in any material respect, the ability of Constellation to consummate the Transactions. There is no Order to which Constellation is subject or bound that prohibits or otherwise restricts the ability of Constellation to consummate the Transactions.

Section 4.6 <u>Capitalization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation has made available to the Company complete and accurate copies of the Governing Documents of Constellation. As of the date hereof, (i) the authorized capital stock of Constellation consists solely of 15,000,000 shares of Constellation Common Stock, of which 6,222,692 shares are issued and outstanding. <u>Schedule 4.6(a)</u> to the Constellation Disclosure Letter sets forth the record owners of all of the issued and outstanding shares of Constellation Common Stock as of the date hereof, showing for each such owner the number and class of shares of Constellation Common Stock held by such owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the Constellation Equity Incentive Plan, Constellation does not maintain any equity incentive plan or other plan providing for equity compensation of any Person. As of the date hereof, Constellation has reserved 7,184,296 shares of Constellation Common Stock for issuance to officers, directors, employees and consultants of Constellation pursuant to the Constellation Equity Incentive Plan. Of such reserved shares of Constellation Common Stock, Constellation Options to purchase 5,572,235 shares have been granted and are currently outstanding. <u>Schedule 4.6(b)</u> to the Constellation Disclosure Schedule sets forth, as of the date hereof, (i) the name of each holder of Constellation Options, (ii) the number of shares of Constellation Common Stock underlying such Constellation Options, (iii) the exercise price of such Constellation Options, (iv) and the vesting schedule of such Constellation Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Schedule 4.6(c)</u> to the Constellation Disclosure Letter sets forth, as of the date hereof, the list of individuals who may be entitled to receive Constellation Options (the "**Promised Constellation Options**") pursuant to an offer letter, Contract or other written or unwritten commitment from Constellation, but who have not been granted such Constellation Options, including the number of shares of Constellation Common Stock subject to the Promised Constellation Option, the hypothetical exercise price at which Constellation deems to be the fair market value at which such Promised Constellation Options were anticipated to be granted at (the "**Deemed Exercise Price**"), the vesting commencement date that would have been applicable for each such Promised Constellation Option, and the vesting schedule that would have been applicable for each such Promised Constellation Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Schedule 4.6(d)</u> to the Constellation Disclosure Letter sets forth, as of the date hereof, (i) the name of each holder of Constellation Safe and (ii) the Purchase Amount (as defined therein) applicable to each Constellation Safe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than the shares of Constellation Common Stock, Constellation Options, Promised Constellation Options and Constellation Safes that are identified in this Section 4.6, there are no other issued and outstanding shares of capital stock of Constellation and no commitments or Contracts to issue any shares of capital stock of Constellation.

Section 4.7 <u>Financial Statements</u>. Constellation has made available to the Company complete and accurate copies of (a) the audited, consolidated balance sheets of Constellation as of December 31, 2024, together with the related statements of income of Constellation for the 24-month period then ended (the "**Constellation Year-End Financial Statements**") and (b) the unaudited, consolidated balance sheet of Constellation as of May 31, 2025 (the "**Constellation Latest Balance Sheet**") and the related statement of income of Constellation for the five-month period then ended (the "**Constellation Interim Financial Statements**" and, together with the Constellation Latest Balance Sheet and the Constellation Year-End Financial Statements, the "**Constellation Financial Statements**"). The Constellation Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of Constellation as of the respective dates they were prepared and the results of operations of Constellation for the periods indicated, subject to the absence of notes and, in the case of the Constellation Interim Financial Statements only, year-end adjustments.

Section 4.8 <u>No Undisclosed Liabilities</u>. Constellation does not have any Liability of a type required to be reflected on a balance sheet prepared in accordance with GAAP other than (a) those adequately reflected or reserved against in the Constellation Latest Balance Sheet, (b) those incurred in the Ordinary Course since the date of the Constellation Latest Balance Sheet, or (c) those that would not result in a Constellation Material Adverse Effect.

Section 4.9 <u>No Constellation Material Adverse Effect</u>. Since the date of the Constellation Latest Balance Sheet, no Constellation Material Adverse Effect has occurred and is continuing.

Section 4.10 <u>Material Contracts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation has made available to the Company copies of all Contracts (including all amendments or modifications thereto) to which Constellation is a party that fall within any of the following categories (collectively the "**Material Contracts**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract for goods or services that involves, or that is expected to involve, payments to Constellation of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract for goods or services that involves, or that is expected to involve, payments by Constellation of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to Indebtedness owed by Constellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract under which Constellation would incur any change-in-control payment or similar compensation obligations to its employees by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract under which Constellation has advanced or loaned Indebtedness or any other amount to any Person, other than trade credit in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract relating to the Business for capital expenditures involving payments of more than $100,000 individually or in the aggregate, in each case, under which there are material outstanding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all contracts for Licensed Intellectual Property that involve an annual license fee of $100,000 or more (excluding licenses for "off-the-shelf" or commercially available software pursuant to shrink-wrap, click-through, or similar licenses); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract to which Constellation is a party entered into in the past three years involving any resolution or settlement of any actual or threatened Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Material Contract is a valid and binding obligation of Constellation, is in full force, and effect, and is enforceable against Constellation, subject to the Enforceability Exceptions. Constellation is not in material breach, violation, or default under any Material Contract.

Section 4.11 <u>Compliance with Laws</u>. Constellation is currently, and has been since January 1, 2023, in compliance in all material respects with all Laws and Orders to which Constellation is subject. Since January 1, 2023, Constellation has not received written notice from any Governmental Authority that Constellation is not in compliance with any applicable Law or Order.

Section 4.12 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of Constellation, threatened by or before any Governmental Authority against or relating to or affecting Constellation's assets or the Business.

Section 4.13 <u>Insurance</u>. Constellation maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. Constellation has made available to the Company (a) a complete and accurate list of all policies of insurance providing coverage for Constellation, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since January 1, 2020. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 4.14 <u>Licenses</u>. Constellation has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct the Business in the manner in which they are now owned, operated, used, and maintained (the "**Constellation Licenses**"), except where the failure to obtain any such Constellation License would not result in a Constellation Material Adverse Effect. There are no Actions pending or, to the Knowledge of Constellation, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any Constellation License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any Company License, in each case, that would have a Constellation Material Adverse Effect.

Section 4.15 <u>Material Vendors</u>. Constellation has made available to the Company a list of the 10 largest vendors (by aggregate spend) of Constellation (the "**Material Vendors**"), for the fiscal year ended December 31, 2024, and the three-month period ended September 30, 2025. No Material Vendor has, in the last 12 months, threatened in writing to cancel, materially and adversely modify, or otherwise terminate the relationship or business relations of such Material Vendor with Constellation.

Section 4.16 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for assets disposed of in the Ordinary Course since the date of the Constellation Latest Balance Sheet, Constellation owns good and valid title to, or holds pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by Constellation on the Constellation Latest Balance Sheet, free and clear of all Liens (other than Permitted Liens), except as would not, individually or in the aggregate, be material to Constellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tangible assets used in the operation of the Business (i) are adequate for the uses to which they are being put, and (ii) are in good operating condition and repair, subject to normal wear and tear and ordinary, routine maintenance and repair that are not material in cost or nature, except as would not, individually or in the aggregate, be material to Constellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Constellation has made available to the Company (i) the addresses of each parcel of real property that Constellation leases, subleases, or licenses (each a "**Leased Property**"), and (ii) copies of all Contracts under which Constellation leases, subleases, or licenses such Leased Property (each a "**Real Property Lease**"). Each Real Property Lease is a valid and binding obligation of Constellation, is in full force and effect, and is enforceable against Constellation, subject to the Enforceability Exceptions. Constellation is not in material breach, violation, or default under any Real Property Lease. Constellation has not leased or otherwise granted to any Person the right to use or occupy any Leased Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Constellation does not own any parcel of real property and is not party to any Contract or option to purchase any real property.

Section 4.17 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation is currently, and has been since January 1, 2023, in compliance in all material respects with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Constellation is not using any of the Leased Properties or any other assets pertaining to the Business, or permitted such Leased Properties or assets to be used, to generate, manufacture, refine, treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances. Constellation has not caused or permitted the release of any Hazardous Substances at, on, or under the Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no environmental and operating documents and records relating to the Business required to be maintained by any Environmental Law or Environmental License. Constellation has not breached in any material respect any obligation to report to any Person imposed under any Environmental Laws or Environmental License. No notice, report, demand, request for information, citation, summons, or Order has been received, and no Action is pending or, to the Knowledge of Constellation, threatened by any Person with respect to Constellation relating to or arising out of any Environmental Law or Environmental License.

Section 4.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation has timely filed all Tax Returns required to be filed by it (taking into account applicable extensions), and all material amounts of Taxes required to be paid by Constellation have either been paid or adequate provision therefor has been made in the Constellation Financial Statements. All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Tax Return filed by Constellation is the subject of a current audit or examination by the IRS or any other Governmental Authority responsible for the administration of any Tax. No Governmental Authority has given notice of any intention to conduct such an audit or examination, and no claim has ever been made by a Governmental Authority in a jurisdiction where Constellation does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes required to be deducted or withheld by Constellation have been deducted and withheld and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Constellation has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Constellation will not be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any change in accounting method, use of an improper method of accounting for any period ending on or before the Closing Date, prepaid amount, installment sale or open transaction disposition made on or prior to the Closing Date, or any intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign Tax Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Constellation has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify under Section 355 of the Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Constellation (i) has not in respect of a Tax period that remains open, waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental Authority requested and obtained by Constellation that would have a binding effect after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Constellation has not engaged in any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision in this Agreement to the contrary, the only representations and warranties made with respect to all matters relating to Taxes of Constellation shall be the representations and warranties set forth in this <u>Section 4.18</u> and <u>Section 4.21</u>, and this Agreement shall not be interpreted in any manner that is contrary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the knowledge of Constellation, no Converting Holder (a) has entered into a Contract or other commitment to sell any or all of the shares of Company Common Stock to be received under this Agreement and (b) will not enter into any such Contract or other commitment prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There are no Liens for Taxes upon any of the assets of Constellation other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Constellation is not a party to any joint venture, partnership, or other arrangement or contract that is treated as a partnership for Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No payment or benefit that will or may be made by Constellation or its Affiliates in connection with the Transactions could be characterized as a "parachute payment" within the meaning of Section 280G of the Code, and Constellation has no obligation to gross-up or otherwise indemnify any individual for any excise tax imposed under Section 4999 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Constellation is in compliance with all applicable transfer pricing laws and regulations, including the execution and maintenance of contemporaneous documentation substantiating the transfer pricing practices and methodology of Constellation.

Section 4.19 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Intellectual Property that is used in the operation of the Business is either owned by Constellation (the "**Owned Intellectual Property**") or used by Constellation pursuant to a valid license Contract (the "**Licensed Intellectual Property**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Constellation has made available to the Company a complete and accurate list of (i) all Owned Intellectual Property that is registered, issued, or the subject of a pending application, and (ii) all material unregistered Owned Intellectual Property. All of such registrations, issuances, and applications are valid, in full force and effect, and have not expired or been cancelled, abandoned, or otherwise terminated. Constellation owns and possess all right, title, and interest in and to its Owned Intellectual Property, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of Constellation, (i) the conduct of the Business does not infringe or otherwise violate any Intellectual Property or other proprietary rights of any other Person, and (ii) no Person is infringing or otherwise violating any Owned Intellectual Property or any rights of Constellation in any Licensed Intellectual Property.

Section 4.20 <u>Employment and Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation has made available to the Company a list of all (i) employees of Constellation as of the date of this Agreement (such employees, the "**Constellation Employees**") setting forth each Constellation Employee's name, job title, date of hire, job location (by city), and salary or hourly rate of pay and (ii) Consultants engaged in the operation of this Business as of the date of this Agreement, together with copies of any Contracts relating to such Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Constellation is currently being, and has been since January 1, 2023, operated in compliance in all material respects with all applicable Laws relating to employees. To the Knowledge of Constellation, there are no Liabilities of Constellation pursuant to any applicable Laws relating to Constellation Employees or Consultants. All current assessments under Laws applicable to workers' compensation in applicable jurisdictions for Constellation Employees have been paid or accrued, and Constellation is not currently, nor has it been since January 1, 2023, subject to any unpaid special or penalty assessment under such legislation. To the Knowledge of Constellation, no Constellation Employee or Consultant is in material violation of any term of any employment agreement, non-disclosure agreement, non-competition agreement, or restrictive covenant relating to (i) the right of any such Constellation Employee or Consultant to be employed or engaged by Constellation or (ii) the use or knowledge of trade secrets or proprietary information of Constellation. No Constellation Employee or Consultant has provided Constellation with written notice of such Constellation Employee's or Consultant's intention to terminate employment or engagement with Constellation as a result of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Constellation Employee is covered by a collective bargaining or any other labor-related Contract with any labor union or labor organization, and no such Contract is currently being negotiated.

Section 4.21 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Constellation has made available to the Company complete and accurate copies of the documents relating to each Constellation Plan. Each Constellation Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, and all other applicable Laws, in each case, in all material respects. Each Constellation Plan that is intended to be qualified within the meaning of Section 401(a) of the Code is so qualified and has received (or is entitled to rely upon) a favorable determination or opinion letter from the IRS to the effect that such Constellation Plan satisfies the requirements of Section 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a) of the Code. No non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code has occurred involving any Constellation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Constellation has not incurred any Liability nor reasonably expects to incur any Liability for post-employment health, medical, or life insurance benefits for any current or former Constellation Employee, except as may be required by COBRA Coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither Constellation nor any ERISA Affiliate sponsors, maintains, contributes to, or has any Liability for any defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan subject to Section 412 of the Code or Section 302 of ERISA. No Constellation Plan is a Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery of any Transaction Document and the consummation of the Transactions will not result in (i) severance pay or any increase in severance pay upon any termination of employment after the date of this Agreement; (ii) any payment, compensation, or benefit becoming due, or increase the amount of any payment, compensation, or benefit due, to any current or former employee (including any Constellation Employee), director, or officer of Constellation; (iii) the acceleration of the time of payment or vesting or result in any funding (through a grantor trust or otherwise) of compensation or benefits; or (iv) the payment of any amount that could, individually or in combination with any other such payment, constitute an "excess parachute payment," as defined in Section 280G(b)(1) of the Code.

Section 4.22 <u>Brokers</u>. Constellation will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 4.23 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE IV</u>, NEITHER CONSTELLATION NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO BUYER OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR OTHER REPRESENTATIVE OF CONSTELLATION OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article V**

**REPRESENTATIONS AND WARRANTIES OF THE Company And Merger Sub**

The Company and Merger Sub hereby represent and warrant to Constellation as of the date of this Agreement as follows:

Section 5.1 <u>Organization; Good Standing; Power</u>. Each of the Company and Merger Sub has been duly formed and is validly existing and in good standing under the Laws of the jurisdiction of its organization. The Company and Merger Sub have the requisite power and authority to own and lease their respective assets and properties and to conduct their respective businesses as they are now being conducted.

Section 5.2 <u>Authorization; Execution and Enforceability; No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Company and Merger Sub possess all requisite power and authority, and have taken all actions necessary, to authorize, execute, deliver, and perform this Agreement and each other Transaction Document to which it is or will be a party and to consummate the Transactions. Each Transaction Document to which the Company or Merger Sub is or will be a party has been duly and validly executed and delivered by the Company or Merger Sub, as applicable, and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of the Company or Merger Sub, as applicable, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by the Company and Merger Sub of the Transaction Documents to which the Company or Merger Sub is a party and the consummation of the Transactions by the Company will not (i) conflict with or result in a breach, violation, or infringement of the terms, conditions, or provisions of; (ii) constitute a default under (whether with or without the passage of time, the giving of notice or both); or (iii) require notice, consent, or approval under, or with respect to, (1) the Governing Documents of the Company or Merger Sub, (2) any Law or Order to which the Company or Merger Sub is subject, (3) any material Contract to which the Company or Merger Sub is a party, or (4) any Governmental Authority (other than with under the Antitrust Laws applicable to the Transactions) or other Person.

Section 5.3 <u>Capitalization and Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.3(a)</u> to the Company Disclosure Letter sets forth a complete and accurate list of all of the issued and outstanding Equity Interests of the Company (including the holders thereof and the amount of Equity Interests held by such holders) as of the date of this Agreement, together with a complete and accurate pro forma entity-level capitalization table as of immediately prior to the date of this Agreement after giving effect to all of the Additional Acquisitions. The Persons set forth on <u>Section 5.3(a)</u> to the Company Disclosure Letter own all of the issued and outstanding Equity Interests of the Company as set forth therein as of the date of this Agreement. Except as set forth in the Governing Documents of the Company (complete and accurate copies of which have been made available to Constellation), no Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of the Company. Except as provided in the Additional Acquisition Documentation, the Company does not (a) have any subsidiaries or own Equity Interests of any other Person, (b) have any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person. Upon issuance, the Total Share Consideration will be duly authorized, validly issued, fully paid and nonassessable. The Converting Holders will receive the Total Share Consideration free and clear of all Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.3(b)</u> to the Company Disclosure Letter sets forth a listing of all Indebtedness of the Company (including any Indebtedness convertible into Equity Interests), including (1) the lender thereunder and (2) the outstanding balance thereon as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Merger Sub is wholly owned by the Company and was formed solely for the purpose of effecting the Merger and has not engaged in any business activities or conducted any operations other than in connection with the Transactions.

Section 5.4 <u>Actions and Orders</u>. There are no Actions or Orders pending or threatened against or affecting the Company or Merger Sub seeking to restrain, prohibit, or materially delay, or to obtain damages or other relief in connection with, the Transactions or the Direct Listing.

Section 5.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has made available to Constellation a complete and accurate copy of the audited balance sheet of the Company as of December 31, 2024, together with the balance sheet as September 30, 2025 and the related statements of income of the Company for the 9-month period then ended (the "**Company Financial Statements**"). The Company Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of the Company as of the date they were prepared and the results of operations of the Company for the periods indicated, subject to the absence of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and Merger Sub have no Liabilities other than (a) those adequately reflected or reserved against in the Company Financial Statements or (b) those incurred in the Ordinary Course.

Section 5.6 <u>Direct Listing and Additional Acquisitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement does not, and will not as of the consummation of the Direct Listing, contain (i) any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading or (ii) any other inaccurate statement that could give rise to any Liability of the Company, the Converting Holders, or any of their respective Affiliates or Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Valuation Report does not contain any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has no reason to believe that (i) the Direct Listing will not be consummated or (ii) any of the Additional Acquisitions will not be consummated on the terms set forth in the Additional Acquisition Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 5.6(d)</u> to the Company Disclosure Letter, neither the Company nor any of its Affiliates or Representatives (i) is aware of any material breach of or inaccuracy in any of the representations or warranties set forth in the Additional Acquisition Documentation or (ii) has waived any condition to closing any of the Additional Acquisitions.

Section 5.7 <u>Solvency</u>. Assuming that the representations and warranties of Constellation set forth in <u>Article IV</u> are true and correct in all material respects as of Closing, immediately following Closing, after giving effect to the Transactions, the Company will (a) be able to pay its debts as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts, and (c) have adequate capital to carry on its business. No transfer of property is being made by or at the direction of the Company or any of its Affiliates, and no obligation is being incurred by or at the direction of the Company or any of its Affiliates, in connection with the Transactions with the intent to hinder, delay, or defraud either present or future creditors of the Company or any of its Affiliates.

Section 5.8 <u>Brokers</u>. The Company and Merger Sub will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 5.9 <u>Independent Investigation; Disclaimer of Reliance</u>. THE COMPANY acknowledges that it has conducted to its satisfaction an independent investigation and verification of the financial condition, results of operations, assets, liabilities, properties, and projected operations of the Business AND CONSTELLATION and, in making its determination to proceed with the Transactions, the Company HAS relied exclusively on the results of its own independent investigation and on the representations and warranties made by CONSTELLATION IN <u>Article IV</u> (as modified by the CONSTELLATION Disclosure Letter). Notwithstanding anything to the contrary in this Agreement, the Company on its own behalf and on behalf of its Affiliates and Representatives, acknowledges and agrees that no Person is making or will be deemed to have made any representations or warranties whatsoever, express or implied, at law or in equity, beyond those expressly given by Constellation in <u>Article IV</u> (as modified by the CONSTELLATION Disclosure Letter), and neither the Company nor any of ITS Affiliates or Representatives is relying on, and each such Person expressly disclaims reliance on, any representations or warranties other than those made by Constellation in <u>Article IV</u> (as modified by the CONSTELLATION Disclosure Letter).

Section 5.10 <u>Tax</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company currently has no plan or intention following the Closing to sell any of the equity interests in the Surviving Corporation or any of the assets owned directly or indirectly by the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company intends to continue the principal lines of the Business after the Closing.

**Article VI**

**Pre-Closing Covenants**

Each of the agreements, covenants, and obligations set forth in this <u>Article VI</u> will apply to the applicable Parties during the period beginning on the date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement is terminated in accordance with <u>Article IX</u>.

Section 6.1 <u>Commercially Reasonable Efforts</u>. Except with respect to the matters described in <u>Section 6.2</u> and <u>Section 6.3</u>, each Party shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5</u> to be satisfied and to consummate the Transactions as promptly as possible; provided that, for avoidance of doubt, Constellation will not be required to expend any funds to obtain any third-party consents.

Section 6.2 <u>Direct Listing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause its Affiliates to, use commercially reasonable efforts to cause the Direct Listing, including the Listing of the Company Common Stock on Nasdaq, to be consummated as promptly as practicable after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make available to Constellation a final draft version of the Registration Statement at least 10 Business Days prior to the initial submission of the Registration Statement to the SEC. During such 10-Business-Day period, the Company shall consider in good faith any comments or proposed changes provided by Constellation to the Registration Statement prior to the initial submission of the same to the SEC. The Company shall further make available to Constellation all comments or other input received from the SEC with respect to the Registration Statement and allow Constellation a reasonable opportunity to review and provide comments or input to the Company regarding the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall cause the Registration Statement not to (i) contain any untrue statement of material fact or any other inaccurate statement that could give rise to any Liability of the Company, the Converting Holders, or any of their respective Affiliates or Representatives, or (ii) omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall promptly notify Constellation in writing of any event, fact, occurrence, event, act, or omission that would reasonably be expected to result in the Direct Listing not being consummated or being consummated prior to the Drop Dead Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the date of this Agreement, the Company made available to Constellation a business valuation report for the Company dated December 29, 2025 (the "**Company Valuation Report**"). The Company Valuation Report was prepared in good faith based on estimates reasonably believed by the Company and its Representatives to be fair, reasonable, and accurate under the circumstances, and neither the Company nor any of their respective Representatives have any reason to believe that the Company Valuation Report or any of the assumptions or information contained therein are inaccurate or incomplete in any material respect.

Section 6.3 <u>Third-Party Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties (excluding Converting Holders' Representative herein) shall use commercially reasonable efforts to determine the filings and notifications required to be made with, or consents that are required to be obtained from, any third party under the terms of any Material Contract or any Governmental Authority under any applicable Law in connection with the execution and delivery of this Agreement and the consummation of the Transactions. Subject to the remainder of this <u>Section 7.3</u>, the Company, on the one hand, and Constellation, on the other hand, shall, and shall cause their respective Representatives to, promptly file or make or cause to be filed or made, and use commercially reasonable efforts to obtain or cause to be obtained as promptly as practicable, all necessary filings with and consents of such third parties or Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Parties (excluding Converting Holders' Representative herein) shall use commercially reasonable efforts to take or cause to be taken all other actions necessary, proper, or advisable to cause the expiration or termination of the applicable waiting periods, or receipt of required authorizations, as applicable, under any applicable Antitrust Law as soon as reasonably practicable after the date of this Agreement. If required by the Antitrust Laws and if the appropriate filing pursuant to the Antitrust Laws has not been filed prior to the date hereof, each Party agrees to make, and cause to be made, an appropriate filing pursuant to the Antitrust Laws with respect to the Transactions within five Business Days after the date of this Agreement. Except as may be restricted in connection with any applicable Antitrust Law, (i) the Parties shall use commercially reasonable efforts, and shall cooperate, in responding to any written or oral requests from Governmental Authorities for additional information or documentary evidence, (ii) the Parties shall cooperate and provide one another reasonable advance notice of, and the opportunity to consult regarding, all meetings with Governmental Authorities, whether in person or by electronic or telephonic means, and regarding all written communications with Governmental Authorities, in each case, in connection with the Transactions, and (iii) the Parties shall promptly provide each other with copies of all written communications to or from any Governmental Authority. No Party shall, and each Party shall not permit any of its Representatives to, participate in any meeting with any Governmental Authority in respect of any filings, investigation, or other inquiry unless it consults with the other Party in advance and, to the extent permitted by such Governmental Authority, gives the other Party the opportunity to attend and participate at such meeting. The Parties shall not willfully take any action that delays, impairs, or impedes the receipt of any required consents, authorizations, Orders, or approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party will promptly notify the others in writing of any pending or threatened in writing Action by any Governmental Authority or any other Person (i) challenging or seeking damages in connection with the Transactions or (ii) seeking to restrain or prohibit the consummation of the Transactions.

Section 6.4 <u>Constellation Stockholder Approval</u>. Constellation shall take all action necessary in accordance with this Agreement, Delaware Law and its Governing Documents to obtain the irrevocable Constellation Stockholder Approval. Constellation's obligation to obtain the irrevocable Constellation Stockholder Approval in accordance with this Section 6.4 shall not be limited or otherwise affected by the commencement, disclosure, announcement or submission to Constellation of any alternative transaction or the withholding, withdrawal, amendment or modification by the Constellation Board of its unanimous recommendation to the Constellation Stockholders in favor of the adoption of this Agreement and the approval of the principal terms of the Merger. Constellation shall promptly deliver copies of each executed written consent or other documents evidencing the obtainment of the Constellation Stockholder Approval to the Company.

**Article VII**

**ADDITIONAL COVENANTS**

Section 7.1 <u>Confidentiality</u>. The Company and Constellation acknowledge that the information being provided to the others in connection with this Agreement and the consummation of the Transactions is subject to the terms of the mutual nondisclosure agreement, dated as of May 22, 2025, between Messier 42 d/b/a M42 (an Affiliate of the Company) and Constellation (the "**Confidentiality Agreement**"), the terms of which are incorporated herein by reference and binding upon the Parties (including the Converting Holders' Representative except with respect to communications made to the Converting Holders). The Confidentiality Agreement shall survive the Closing in accordance with its terms. which shall continue in full force and effect in accordance with its terms. Notwithstanding anything herein to the contrary herein or under the terms of the Confidentiality Agreement, following Closing, the Converting Holders' Representative shall be permitted to disclose information as required by law or to advisors and representatives of the Converting Holders' Representative and to the Converting Holders, in each case who have a need to know such information, provided that such persons are subject to confidentiality obligations with respect thereto. Notwithstanding anything to the contrary herein or under the terms of the Confidentiality Agreement as agreed to by the Parties, Section 2 of the Confidentiality Agreement shall not be applicable to the Converting Holders' Representative. Notwithstanding anything to the contrary herein or under Section 3 of the terms of the Confidentiality Agreement as agreed to by the Parties, Converting Holders' Representative shall only be liable for its representatives and advisors to the same extent the Converting Holders' Representative is liable herein. Notwithstanding anything to the contrary herein or under the terms of the Confidentiality Agreement as agreed to by the Parties, Section 6 of the Confidentiality Agreement shall not be applicable to the Converting Holders' Representative, and it is agreed by the Parties herein that the Converting Holders' Representative's duties may persist longer than the two year disclosure limitation provided by the Confidentiality Agreement. Therefore, the Converting Holders' Representative shall be permitted to disclose in accordance with the terms herein as reasonably necessary for the completion of its duties.

Section 7.2 <u>Public Announcements</u>. No Party shall, and each Party shall cause its respective Affiliates and Representatives not to, issue or cause the publication of any press release or other public announcement with respect to the economic or other material terms of the Transactions without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned, or delayed).

Section 7.3 <u>Budgets</u>. Constellation shall, at least 30 days prior to the Closing Date, prepare budgets and business plans for the remainder of the 2026 fiscal year and for 2027 fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months. Constellation shall submit the budgets and business plans for approval by the Company, with such changes thereto as shall be mutually agreed to by Constellation and the Company.

Section 7.4 <u>D&O Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that all rights to indemnification, advancement of expenses, and exculpation by Constellation in favor of each Person who is now or has ever been an officer, director, or manager of Constellation as provided in the Governing Documents of Constellation, in each case, as in effect as of the Closing Date, or pursuant to any other agreements in effect as of the Closing Date, will survive the Closing Date and continue in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Effective Time, Constellation may purchase tail insurance coverage (the "**Tail Insurance Coverage**") for its directors and officers in a form reasonably satisfactory to the Company, which shall provide such Persons with coverage for six years following the Closing Date in an amount not less than the existing coverage and that shall have other terms not materially less favorable to the insured Persons than the directors' and officers' liability insurance coverage maintained by Constellation as of the date hereof. The Company shall cause the Surviving Corporation to maintain the Tail Insurance Coverage in full force and effect and continue to honor the obligations thereunder until the sixth anniversary of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Company and Constellation under this <u>Section 7.4</u> may not be terminated or modified in any manner that adversely affects any director, officer, or manager who is the beneficiary of this <u>Section 7.4</u> without the consent of such director, officer, or manager (it being expressly agreed that such directors, officers, and managers are third-party beneficiaries of this <u>Section 7.4</u>).

Section 7.5 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall prepare, or cause to be prepared, all Tax Returns of Constellation for taxable periods that end on or before the Closing Date and that are filed after the Closing Date. For any such Tax Return that is required to be filed on or before the Closing Date (taking into account extensions), Constellation shall prepare, or cause to be prepared, such Tax Return. All such Tax Returns shall be prepared in a manner that does not adversely affect the Company or its Affiliates in any post-closing taxable period. Constellation shall provide copies of each such Tax Return to the Company for its review and approval no later than thirty (30) days prior to the applicable due date. The Company shall have the right to approve any such Tax Return, which approval shall not be unreasonably withheld, conditioned, or delayed. Any dispute regarding such Tax Return shall be resolved by an independent accountant, the cost of which shall be borne equally by the Company and the Converting Holders. The Company shall reduce the amount of the Total Share Consideration issuable hereunder by the amount, if any, shown as due on such Tax Return, and the Company shall cause Constellation to file such Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties will, and will cause their respective Affiliates to, provide each other with such assistance as may reasonably be requested in connection with the preparation and filing of any Tax Return of Constellation or otherwise relating to the Transactions (including signing any Tax Return), any audit or other examination by any Governmental Authority, or any Actions relating to Liabilities for Taxes of Constellation. Such assistance will include making employees available on a mutually convenient basis to provide additional information or explanation of material provided hereunder and will include providing copies of relevant Tax Returns and supporting material. The Parties and their respective Affiliates will retain for the full period of any statute of limitations, and upon reasonable request will provide the other Parties with, any records or information which may be relevant to such preparation, audit, examination, proceeding or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer, or gains or similar Taxes incurred as a result of the Transactions shall be paid 50% by the Company and 50% by the Converting Holders, and the Company shall file all required change of ownership and similar statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company covenants and agrees that it shall not make, and shall not permit any of its Affiliates to make, any election under the Code or any applicable Treasury Regulations to treat the Transactions as an asset purchase for United States federal income tax purposes, and shall take no position inconsistent with the foregoing characterization on any Tax Return or in any administrative or judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as otherwise required by applicable Law, Constellation shall not, without the prior written consent of the Company, make, change or revoke any Tax election, amend any Tax Return, settle or compromise any Tax claim or liability, or extend or waive the application of any statute of limitations for the assessment or collection of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Taxes for a taxable period that begins before the Closing Date and ends after the Closing Date (a "**Straddle Period**") shall be apportioned between the pre-closing and post-closing portions of such period. For purposes of such apportionment, Taxes that are based on or measured by income, receipts, or payroll shall be apportioned based on an interim closing of the books as of the end of the Closing Date, and all other Taxes shall be apportioned based on the number of days in the pre-closing portion of the Straddle Period compared to the total number of days in such period.

Section 7.6 <u>Record Retention</u>. During the seven-year period immediately following the Closing Date, the Company will, and will cause Constellation to, (a) retain all data, documents, ledgers, databases, books, records, business plans, records of sales, customer and supplier lists, files, Contracts, and Governing Documents of Constellation relating to pre-Closing periods, and (b) upon reasonable notice, provide the Converting Holders' Representative with reasonable access to the same (including the right to make copies at its expense) during normal business hours in a manner that does not unreasonably interfere with the normal business operations of Constellation

Section 7.7 <u>Promised Constellation Options</u>. In consultation with the Company, Constellation shall require each Person who holds a Promised Constellation Option to execute a non-revocable waiver and consent in form and substance reasonably satisfactory to the Company and Constellation in consideration for the payment set forth in Section 2.1(c)(v) of this Agreement or such other amount as agreed between the Company and Constellation (a "**Promised Constellation Option Waiver**").

Section 7.8 <u>Company Equity Incentive Plan</u>. The board of directors of the Company shall approve and adopt an equity incentive plan, in a form mutually agreeable between Constellation and the Company (the "**Company Equity Incentive Plan**"), effective as of immediately prior to the Closing, reserving initially a number of shares of Company Common Stock for grant thereunder equal to the number of shares issuable upon exercise of Assumed Options, plus such additional shares of Company Common Stock as may become available for issuance in accordance with the terms set forth in the Company Equity Incentive Plan.

Section 7.9 <u>Closing Capital Contribution</u>. Not later than (a) five (5) days following the Closing, the Company shall contribute or cause to be contributed to Surviving Corporation cash in the amount of $5,000,000 and (b) forty-five (45) days following the Closing, the Company shall contribute or cause to be contributed to the Surviving Corporation cash in an amount of $20,000,000, in each case for general corporate purposes and to otherwise fund ongoing operations. Such investment in the Surviving Corporation shall be recorded as a contribution to the capital of the Surviving Corporation subject to the Surviving Corporation's Governing Documents. The parties acknowledge and agree that this <u>Section 7.9</u> is an integral and material part of this Agreement and that the Parties would not have entered into this Agreement but for its inclusion. If the Company is unable to make such capital contributions to the Surviving Corporation within such 45-day period, then an additional 12,500,000 shares of the Company Common Stock shall be contributed to the Converting Holders on a pro rata basis. Following the Closing, the Converting Holders' Representative shall have the authority to enforce this provision for and on behalf of the Surviving Corporation and the Converting Holders.

Section 7.10 <u>Further Assurances</u>. Following the Closing, the Parties shall reasonably cooperate with each other and with their respective Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, and the Parties agree (a) to furnish upon request to the other Parties such further information, (b) to execute and deliver to each other Party such other documents, and (c) to do such other acts and things, all as the other Parties reasonably request, for the purpose of carrying out the terms of this Agreement and the Transactions.

**Article VIII<br> Indemnification**

Section 8.1 <u>Indemnification by the Company</u>. The Company shall indemnify and hold harmless the Converting Holders and each of their respective Affiliates, Representatives, successors, and assigns (the "**Converting Holder Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Converting Holder Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (a) any breach of or inaccuracy in any of the representations or warranties of the Company under this Agreement; (b) any failure by the Company to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by the Company under this Agreement or any other Transaction Document; and (c) any Liability arising from any material misstatements, inaccuracies, or other information contained in the Registration Statement, any Prospectus, or otherwise arising from the Direct Listing, including under Section 11 or Section 12(a)(1) of the Securities Act or Section 10(b) of the Exchange Act.

Section 8.2 <u>Indemnification by the Converting Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Converting Holders shall, in the manner provided below, indemnify and hold harmless the Company, Merger Sub and each of their Affiliates, officers, directors, managers, employees, agents, representatives, successors, and assigns (the "**Company Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Company Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (i) severally and not jointly with respect to any breach of or inaccuracy in any of the representations or warranties made by such Converting Holder under any Transaction Document or with respect to any Converting Holder Indemnified Taxes, (ii) jointly and not severally on a pro rata basis with respect to any breach of or inaccuracy in any of the representations or warranties of Constellation under this Agreement, (iii) jointly and not severally on a pro rata basis with respect to any failure by Constellation to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by Constellation under this Agreement or any other Transaction Document, or (iv) jointly and not severally on a pro rata basis with respect to any Constellation Indemnified Taxes. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the Converting Holders shall not be liable for any information contained in the Registration Statement or in any Prospectus, or in any subsequent registration statement or prospectus or prospectus supplement contained therein or relating thereto, except for information furnished in writing by Converting Holders, or by an authorized representative of the Converting Holders on behalf of the Converting Holders, to the Company expressly for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification obligations of the Converting Holders shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Caps on Indemnification</u>. The aggregate amount to be paid by Converting Holders for Damages (A) arising under <u>Section 8.2(a)(ii)</u> (other than with respect to any breach or inaccuracy in any representation or warranty contained in Section 4.18 (Taxes)) shall not exceed the Indemnity Holdback Amount and the Company's sole and exclusive remedy with respect to such Damages shall be the retention of the Indemnity Holdback Amount (the "**Cap**") and each Converting Holder's indemnification obligation hereunder with respect to such Damages shall be limited to such Converting Holder's pro rata portion of the Indemnity Holdback Amount, (B) arising out of <u>Section 8.2(a)(iv)</u> shall not exceed 25% of the Acquisition Total Valuation and each Converting Holder's indemnification obligation hereunder with respect to such Damages shall be limited to such Converting Holder's pro rata portion of such amount, and (C) arising under <u>Section 8.2(a)(i)</u>, <u>Section 8.2(a)(ii)</u> with respect to any breach or inaccuracy in any representation or warranty contained in Section 4.18 (Taxes), <u>Section 8.2(a)(iii)</u> or out of Fraud or willful misconduct by Constellation shall not exceed the portion of the Total Share Consideration actually received by such Converting Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Thresholds</u>. The Converting Holders shall not be liable in respect of Damages under <u>Section 8.2(a)(ii)</u> or <u>Section 8.2(a)(iv)</u> unless and until the aggregate amount of all such Damages exceeds $851,100, in which case the Converting Holders shall be liable for the entire amount of the Damages not to exceed the Cap. Notwithstanding the foregoing, the limitations set forth in this <u>Section 8.2(b)(ii)</u> shall not apply to any claim for Damages arising out of or resulting from (A) a breach of or inaccuracy in any representation or warranty contained in <u>Section 4.18</u> (Taxes) or (B) any Constellation Indemnified Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Recourse</u>. Subject to the limitations set forth above, the Company Indemnified Parties may recover Damages either (A) from the Indemnity Holdback Amount or (B) after the Indemnity Holdback Amount is exhausted or fully reserved for disputed claims, for any Damages other than Damages arising from <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u>, directly from the Converting Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Pro Rata Satisfaction</u>. Except for Damages under <u>Section 8.2(a)(i)</u> or resulting from Fraud or intentional misconduct by a Converting Holder, Damages payable from the Indemnity Holdback Amount or otherwise from the Total Share Consideration will be satisfied on the basis of each Converting Holder's pro rata portion of the Indemnity Holdback amount. All other Damages arising under <u>Section 8.2(a)</u>, not otherwise satisfied by the applicable Converting Holder's pro rata portion of the Total Share Consideration, shall be recoverable directly against the applicable Converting Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Other Limitations</u>. The Converting Holders shall not be liable to make payments in respect of any Damages for which a reduction for such Damages has already been accounted for as a deduction to the Total Share Consideration. Damages will be calculated net of any insurance proceeds or any indemnity payment actually received, net of costs of enforcement, deductibles and retro-premium adjustments, by the indemnified party in connection with such Damages or any of the circumstances giving rise thereto. Each party shall be required to take reasonable actions to mitigate their Damages.

Section 8.3 <u>Distribution of Indemnity Holdback Amount</u>. Subject to the following requirements, on the Indemnity Holdback Expiration Date all shares of Company Common Stock then remaining of the Indemnity Holdback Amount shall be distributed as set forth in <u>Section 2.2</u> less any amount that is reasonably necessary, as reflected in a notice delivered by the Company to the Converting Holders' Representative in good faith prior to the Indemnity Holdback Expiration Date, to satisfy any unsatisfied claims for Damages concerning facts and circumstances existing prior to the Indemnity Holdback Expiration Date.

Section 8.4 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Company, and each covenant, obligation, and agreement of that requires performance by the Company prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of twelve (12) months following the Closing Date. Each covenant, obligation, and agreement of the Company requiring performance from and after the Closing (including the indemnification obligations of the Company pursuant to <u>Section 8.1(c)</u>) will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations (it being understood that the Company will also be liable for any breach of a covenant, obligations, or agreement requiring performance by Constellation after the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each representation and warranty of Constellation, and each covenant, obligation, and agreement that requires performance by Constellation prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of 12 months following the Closing Date; provided, however, that (i) the representations and warranties contained in <u>Section 4.18</u> (Taxes) and (ii) the indemnification obligations with respect to Constellation Indemnified Taxes shall survive until 60 days following the expiration of the applicable statute of limitations (including any extensions thereof) with respect to the underlying Tax claim.

Section 8.5 <u>Indemnification Procedures</u>. Promptly after becoming aware of a claim for which indemnity may be sought pursuant to this <u>Article VIII</u>, the Person seeking indemnification (the "**Indemnified Party**") will notify the Person from whom indemnification is sought (the "**Indemnifying Party**") of such claim. Such notice shall include a reasonably detailed description of the facts and circumstances giving rise to the indemnification claim and shall identify the specific provision(s) of this Agreement under which such indemnification is being sought. The Indemnified Party's failure or delay in providing the notice will not relieve the Indemnifying Party of its obligations under this <u>Article VIII</u> except to the extent that the Indemnifying Party is materially prejudiced as a result thereof. Unless the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense or the settlement of such claim (such notice to be given as promptly as reasonably possible in view of the necessity to arrange such defense and in no event later than fifteen (15) days following the notice to the Indemnifying Party), the Indemnified Party will have the exclusive right to defend, settle, or pay such claim. The Indemnified Party will not be liable to the Indemnifying Party for any legal or other expense incurred by the Indemnifying Party in connection with any such defense or settlement undertaken by the Indemnifying Party. If the Indemnifying Party assumes the defense, the Indemnifying Party will not agree to any settlement, compromise, or discharge of a third-party claim without the Indemnified Party's prior written consent (not to be unreasonably withheld). If the Indemnifying Party has assumed the defense or settlement of such claim, the Indemnified Party will have the right to employ its own counsel, at its own expense. Notwithstanding the foregoing, the Indemnified Party will have the right to direct the defense of any such claim at the expense of the Indemnifying Party (but subject to the limitations in this <u>Article VIII</u>), and the Indemnifying Party will not be able to assume the defense of any such claim, if (a) the Indemnified Party concludes in good faith that there are specific defenses available to it that are different from or additional to those available to the Indemnifying Party, (b) the underlying claim is reasonably expected to have a material adverse effect on the Indemnified Party, (c) the Indemnifying Party has failed or is failing to prosecute or defend such claim, (d) the claim relates to Taxes or any criminal or regulatory action or the claim seeks damages other than monetary damages, or (e) the Indemnifying Party has failed to unconditionally acknowledge in writing its obligation to indemnify the Indemnified Party with respect to such claim under this Agreement. The defending Party in any event will (i) defend such claim with reasonable diligence, (ii) cooperate with the other Parties in the investigation and analysis of such claim or proceeding, (iii) afford the other Parties reasonable access to such relevant information as it may have in its possession, and (iv) keep the other Parties reasonably informed regarding such claim and any related proceedings.

Section 8.6 <u>Indemnification Payments</u>. No later than five Business Days after (a) agreement by the applicable Indemnifying Party or (b) any final adjudicated determination that any amounts are owed by any Indemnifying Party to any Indemnified Party under this <u>Article VIII</u>, the Indemnifying Party shall pay all such amounts to the Indemnified Party in cash by wire transfer of immediately available funds to the account or accounts designated by the Indemnified Party; provided, however, that any such amounts payable to a Company Indemnified Party by any Converting Holder Indemnifying Party with respect to claims made under <u>Section 8.2</u> shall be satisfied (i) with respect to claims arising under <u>Section 8.2(a)(ii)</u>, solely from the Indemnity Holdback Amount, (ii) with respect to claims arising under <u>Section 8.2(a)(i)</u>, <u>Section 8.2(a)(iii)</u> or Section 8.2(a)(iv), first from the Indemnity Holdback Amount, and thereafter through a surrender of additional shares that make up the Total Share Consideration or in cash, at the Company Indemnified Party's election, or (iii) with respect to Fraud or willful misconduct by a Converting Holder, from such Converting Holder's surrender of additional shares that make up the Total Share Consideration or in cash, at the Company Indemnified Party's election; provided, however, with respect to subsection (ii) or (iii) above, if the Company Indemnified Party elects the surrender of shares that make up the Total Share Consideration, the Company Indemnified Party shall give the applicable Converting Holder(s) written notice and ten (10) days to pay such amounts in cash prior to surrendering any shares that make up the Total Share Consideration. To the extent any Damages are satisfied from the Indemnity Holdback Amount or through the surrender of shares that make up the Total Share Consideration, the number of shares from the Total Share Consideration to be surrendered shall be determined based on the amount of Damages subject to indemnification, <u>divided by</u> the thirty-day trailing volume-weighted closing price of the Company Common Stock measured from the date of the Indemnified Party's delivery of notice to the Indemnifying Party regarding the matter subject to indemnification.

Section 8.7 <u>Exclusive Remedy</u>. Other than in the event of Fraud or actions for specific performance, the Parties acknowledge and agree that the remedies provided for in this <u>Article VIII</u> are their sole and exclusive remedies with respect to any claims based upon, arising out of, with respect to, or by reason of the matters covered by this Agreement. Notwithstanding the foregoing, <u>Section 8.7</u>, will not apply to <u>Section 10.16</u> which will be enforceable by the Converting Holders' Representative in its entirety against the Converting Holders.

**Article IX<br> Termination**

Section 9.1 <u>Termination Events</u>. This Agreement may be terminated at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the written consent of the Company and Constellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company upon written notice to Constellation if there has been a material breach by Constellation of any covenant, representation, or warranty contained in this Agreement such that the conditions to the Closing contained in <u>Section 3.5(a)(i)</u> or <u>Section 3.5(a)(ii)</u> cannot be satisfied, except that (i) if such material breach is capable of being cured by the Drop Dead Date, the Company will not be entitled to terminate this Agreement pursuant to this <u>Section 9.1(b)</u> prior to the delivery by the Company to Constellation of written notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter period of time as remains prior to the Drop Dead Date), stating the Company's intention to terminate this Agreement pursuant to this <u>Section 9.1(b)</u> and the basis for such termination, it being understood that the Company will not be entitled to terminate this Agreement if such material breach has been cured prior to such termination and (ii) the right to terminate this Agreement pursuant to this <u>Section 9.1(b)</u> will not be available to the Company if it is then in breach of any provision of this Agreement which breach would give rise to the failure of the conditions set forth in <u>Section 3.5(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Company if Constellation has not delivered the Constellation Stockholder Approval within 48 hours after the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by Constellation (so long as Constellation is then in material breach of any provision of this Agreement) upon written notice to the Company if the Company has breached, violated or failed to perform or there is any inaccuracy of or untruth in any of its respective representations, warranties, covenants or other agreements contained in this Agreement, such that the conditions to the Closing contained in <u>Section 3.5(b)(i)</u> or <u>Section 3.5(b)(ii)</u> cannot be satisfied, except that (i) if such material breach is capable of being cured by the Drop Dead Date, Constellation will not be entitled to terminate this Agreement pursuant to this <u>Section 9.1(d)</u> prior to the delivery by Constellation to the Company of written notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter period of time as remains prior to the Drop Dead Date), stating Constellation's intention to terminate this Agreement pursuant to this <u>Section 9.1(d)</u> and the basis for such termination, it being understood that Constellation will not be entitled to terminate this Agreement if such material breach has been cured prior to such termination and (ii) the right to terminate this Agreement pursuant to this <u>Section 9.1(d)</u> will not be available to Constellation if it is then in breach of any provision of this Agreement which breach would give rise to the failure of the conditions set forth in <u>Section 3.5(a)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by either the Company, on one hand, or Constellation, on the other hand, if any of the conditions to the Closing set forth in <u>Section 3.5</u> have not been satisfied by April 30, 2026 (the "**Drop Dead Date**"), it being understood that the right to terminate this Agreement pursuant to this <u>Section 9.1(e)</u> will not be available to any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily resulted in, the failure of the Closing to have occurred prior to the Drop Dead Date.

Section 9.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Party terminating this Agreement pursuant to <u>Section 9.1</u> (other than pursuant to <u>Section 10.1(a)</u>) must deliver prompt written notice thereof to the other Parties setting forth in reasonable detail the provision of <u>Section 9.1</u> pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any proper and valid termination of this Agreement pursuant to <u>Section 9.1</u> will be effective immediately upon the delivery of written notice by the terminating Party to the other Parties. In the event of any proper and valid termination of this Agreement pursuant to <u>Section 9.1</u>, (i) this Agreement will be of no further force or effect without liability of any Party (or any partner, member, manager, stockholder, director, officer, employee, Affiliate, agent or other representative of such Party) to the other Parties, as applicable, except that this <u>Section 9.2</u> and <u>Article XI</u> will each survive the termination of this Agreement in accordance with their respective terms and (ii) nothing in this Agreement will relieve any Party from any liability for Fraud or any willful breach prior to or in connection with the termination of this Agreement.

**Article X<br> MISCELLANEOUS**

Section 10.1 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay all of its own fees, costs, and expenses (including attorneys' and advisors' fees, costs, and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions.

Section 10.2 <u>Amendment</u>. This Agreement may not be amended except by an instrument in writing signed by the Company.

Section 10.3 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes any and all prior agreements between the Parties with respect to such subject matter.

Section 10.4 <u>Notices</u>. Any notice or other communication required or permitted under this Agreement will be deemed made (a) upon receipt by the receiving Party if delivered in writing and served by personal delivery; (b) upon receipt by the receiving Party if delivered by email at the address set forth below provided the notifying Party receives confirmation of receipt by the receiving Party (e.g., a "read receipt"); or (c) three Business Days after postage or deposit, as applicable, if delivered by certified mail, registered mail, or courier service, return-receipt requested, to the Persons and addresses indicated below:

If to the Company, Merger Sub or, post-Closing, the Surviving Corporation, to:

AIAI Holdings Corporation

17304 Preston Rd, Suite 520

Dallas, Texas 75252

Attention: Todd Furniss, Chief Executive Officer

Email: tf@aiaiholdings.com

with a copy (which will not constitute notice) to:

Egan Nelson LLP

2911 Turtle Creek Blvd. Suite 1100

Dallas, Texas 75219

Attention: Ken Betts

Email: ken.betts@egannelson.com

If to Constellation, to:

Constellation Network, Inc.

480 5th Street

San Francisco, California 94107

Attention: Ben Jorgensen, CEO

Email: ben@constellationnetwork.io

with a copy (which will not constitute notice) to:

Ashbury Legal PC

600 California Street, 11th Floor

San Francisco, California 94108

Attention: Christopher Novak; Ryan David Williams; Lauren Simon

Email: chris@ashburylegal.com; ryan@ashburylegal.com; lauren@ashburylegal.com

If to the Converting Holders' Representative, to:

Shareholder Representative Services LLC

950 17<sup>th</sup> Street, Suite 1400

Denver, CO 80202

Attention: Managing Director

Email: deals@srsacquiom.com

Telephone: (303) 648-4085

Each Party may change its address and contact information for notices under this Agreement by providing the other Parties with notice of such change pursuant to this <u>Section 10.4</u>.

Section 10.5 <u>Waiver</u>. Waiver of any provision of this Agreement by any Party will only be effective if in writing and will not be construed as a waiver of any subsequent breach or failure of the same provision or a waiver of any other provision of this Agreement.

Section 10.6 <u>Binding Effect; Assignment</u>. No Party may assign or delegate this Agreement or any of its rights, interests, or obligations hereunder, in whole or in part, by operation of law or otherwise, without the prior written consent of the other Parties, and any purported assignment will be null and void and of no effect. Subject to the foregoing, this Agreement will be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective permitted successors and assigns.

Section 10.7 <u>No Third Party Beneficiary</u>. Except as set forth in <u>Section 6.2(f)</u>, <u>Section 7.4</u> and <u>Section 8.1</u>, nothing in this Agreement confers any rights, remedies, or claims upon any Person not a Party to this Agreement.

Section 10.8 <u>Governing Law</u>. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), will be governed by the internal Laws of the State of Delaware, without giving effect to its conflict of law principles.

Section 10.9 <u>Consent to Jurisdiction and Service of Process</u>. Any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating to, this Agreement or the Transactions may only be brought in the Delaware Court of Chancery within the State of Delaware, and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance with the notice provisions in <u>Section 10.4</u> will be effective service of process on such Party.

Section 10.10 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH PARTY AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.10</u>.

Section 10.11 <u>Counterparts</u>. The Parties may execute this Agreement in one or more counterparts, each of such counterparts will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will constitute effective execution and delivery of this Agreement by the Parties. Signatures of the Parties transmitted by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will be deemed original signatures for all purposes.

Section 10.12 <u>Preamble and Recitals</u>. The preamble and recitals to this Agreement are hereby expressly incorporated into this Agreement as if fully set forth in this <u>Section 11.12</u>.

Section 10.13 <u>Severability</u>. Any provision of this Agreement that is or becomes invalid, illegal, or unenforceable in any respect will not affect the validity, legality, or enforceability of any other provision of this Agreement.

Section 10.14 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise explicitly specified in this Agreement to the contrary, (i) references to an Article, Section, or Annex mean an Article or Section of, or Annex to, this Agreement, unless another agreement is specified; (ii) the word "including" will be construed as "including, without limitation"; (iii) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole; (iv) words in the singular or plural form include the plural and singular form, respectively; (v) pronouns will be deemed to refer to the masculine, feminine, or neuter, as the identity of the Person or Persons requires; (vi) the words "asset" and "property" will be construed to have the same meaning and effect and to refer to all tangible and intangible assets and properties, including cash, securities, accounts, contract rights, and real and personal property; (vii) references to a particular Person include such Person's successors and permitted assigns; (viii) references to a particular statute, rule, or regulation include all rules and regulations thereunder and any predecessor or successor statutes, rules, or regulations, in each case as amended or otherwise modified from time to time; (ix) references to a particular agreement, document, instrument, or certificate mean such agreement, document, instrument, or certificate as amended, supplemented, or otherwise modified from time to time if permitted by the provisions thereof; (x) references to "Dollars" or "$" are references to United States Dollars; (xi) references to "written" or "in writing" include electronic form; (xii) any reference in this Agreement to a "day" or a number of "days" (without explicit reference to "Business Days") will be interpreted as a reference to a calendar day or number of calendar days; and (xiii) the words "shall" and "will" have the same meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings of Articles, Sections, Annexes, and Schedules to the Disclosure Letters are provided for convenience only and will not affect the construction or interpretation of this Agreement. The Annexes hereto, along with the Schedules to the Disclosure Letters, are incorporated into this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each disclosure on any one Schedule to the Disclosure Letters will be deemed to be disclosed on any other Schedule to the Disclosure Letters to the extent that it is reasonably apparent that the information disclosed in such Schedule to the Disclosure Letters is applicable to another Schedule to the Disclosure Letters. The information included in the Disclosure Letters is disclosed solely for the purposes of this Agreement, and no information included in the Disclosure Letters will be deemed an admission by Constellation to any Person of any matter, including with respect to any violation of Law or breach of any agreement. Disclosure of any information, agreement, or other item in the Disclosure Letters will not imply that such information, agreement, or other item is or is not material or that the inclusion or exclusion of any such item creates a standard of materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any period for giving notice or taking action under this Agreement expires on a day that is not a Business Day, the time period will be automatically extended to the Business Day immediately following such day. When calculating the period of time before which, within which, or following which any act will be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge and agree that, for administrative purposes with respect to wire transfers, amounts owing between the Parties at the Closing under this Agreement or any other Transaction Document may be offset against one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

Section 10.15 <u>Specific Performance</u>. Each Party acknowledges that the Parties will be irreparably harmed and that there will be no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement. It is accordingly agreed that, in addition to any other remedies that may be available upon the breach of any such covenants or agreements, but subject to <u>Section 7.3(b)</u>, each of the Parties shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or Orders for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which it is entitled at Law or in equity, as a remedy for any such breach or threatened breach. Each Party further agrees that no Party or any other Person will be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 10.15</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument.

Section 10.16 <u>Converting Holders' Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By the adoption of the Merger, and by receiving the benefits thereof, including any consideration payable hereunder, the Converting Holders shall be deemed to have approved Shareholder Representative Services LLC as the Converting Holders' Representative as of the Closing for all purposes in connection with this Agreement and any related agreements. The Converting Holders' Representative hereby accepts such appointment and agrees to serve in the capacity contemplated by this <u>Section 10.16</u>. The Converting Holders' Representative may resign at any time, and the Converting Holders' Representative may be removed by the vote of a majority of the voting power of the Converting Holders (calculated on an as converted basis) (the "**Majority Holders**"). In the event that the Converting Holders' Representative has resigned or been removed, a new Converting Holders' Representative shall be appointed by a promptly-held vote of the Majority Holders, such appointment to become effective upon the written acceptance thereof by the new Converting Holders' Representative. Any successor Converting Holders' Representative must agree to be bound by the terms and conditions of this Agreement applicable to the Converting Holders' Representative and will thereupon become the Converting Holders' Representative for purposes of this Agreement and all applicable ancillary agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Converting Holders' Representative shall act as, and is hereby appointed by each of the Converting Holders as, true and lawful attorney-in-fact, agent and representative of each Converting Holder and shall be authorized to act on behalf of the Converting Holders and to take any and all actions required or permitted to be taken by the Converting Holders' Representative under this Agreement and any ancillary documents. In all matters relating to this <u>Section 10.16</u>, the Converting Holders' Representative shall be the only party entitled to assert the rights of the Converting Holders hereunder. This power of attorney is granted and conferred in consideration of and for the purpose of completing the transactions contemplated hereby and fulfilling the other purposes hereof. The authority conferred upon the Converting Holders' Representative shall be irrevocable and coupled with an interest, and shall not be terminated by any act of any Converting Holder or by operation of Law, whether by the death, incapacity, illness, dissolution or other inability to act of any of the Converting Holders or by the occurrence of any event or events (including the termination of any trust or estate or the dissolution of any partnership or other entity), and if after the execution hereof any Converting Holder shall die or become incapacitated, or if any other event shall occur before the completion of the transactions contemplated hereby, the Converting Holders' Representative is nevertheless authorized and directed to complete all such transactions as if such death, incapacity or other event or events had not occurred and regardless of notice thereof. Notwithstanding any provision of this Agreement to the contrary, the Company shall be entitled to rely on the on any act or communication of the Converting Holders' Representative as the act or communication of the Converting Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Converting Holder irrevocably grants the Converting Holders' Representative, automatically by virtue of Constellation's execution of this Agreement and without any other necessary action by any other Person, exclusive and full power and authority in the name and on behalf of such Converting Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to execute and deliver, on behalf of such Converting Holder, and to accept delivery of, on behalf of such Converting Holder, such releases, instruments and other documents as the Converting Holders' Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1) dispute or refrain from disputing, on behalf of such Converting Holder, any claim made by the Company under this Agreement and comply with orders and decrees with respect to, any dispute or loss; (2) negotiate and compromise, on behalf of such Converting Holder, any dispute that may arise under, and to exercise or refrain from exercising any remedies available under, this Agreement or the ancillary agreements; and (3) agree to and execute, on behalf of such Converting Holder, any settlement agreement, release or other document with respect to such dispute or remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to give and receive notices and communications, or to give or agree to, on behalf of such holder, any and all consents, waivers, amendments or modifications, as the Converting Holders' Representative determines, in its sole discretion, to be necessary or appropriate under this Agreement, and, in each case, to execute and deliver any documents that may be necessary or appropriate in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to engage attorneys, accountants and agents, and to incur such Representative Expenses as the Converting Holders' Representative, in its sole discretion, determines are appropriate in the exercise of its powers and authority conferred hereunder, all of which Representative Expenses shall be for the account of the Converting Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to amend this Agreement, or any of the instruments to be delivered to the Company by such Converting Holder pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to have exclusive power and authority to disburse or direct payments of any consideration payable under this Agreement for the benefit of such Converting Holder; to have exclusive power and authority to institute legal action or otherwise act on behalf of such Converting Holder with respect to any claims against the Company and to control and direct any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to give such instructions and to take such action or refrain from taking such action, on behalf of such holder, as the Converting Holders' Representative deems, in its sole discretion, necessary or appropriate to carry out the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to determine, in its sole discretion, the time or times when, purpose for, and manner in which any of the above powers conferred upon the Converting Holders' Representative shall be exercised, and the conditions, provisions, covenants of any instrument or document that may be executed by the Converting Holders' Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to fund the actions and obligations of the Converting Holders' Representative as authorized hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Converting Holders agrees, automatically by virtue of Constellation's execution of this Agreement (and without any other necessary action by any other Person), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in all matters in which action by any such Converting Holder or the Converting Holders' Representative is required or permitted under this Agreement, the Converting Holders' Representative is exclusively authorized to act on behalf of such Converting Holder, notwithstanding any dispute or disagreement among any such Converting Holder, or between any such Converting Holder and the Converting Holders' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any decision, act, consent or instruction of the Converting Holders' Representative shall constitute a decision of all of such Converting Holders and shall be final, binding and conclusive upon each such Converting Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the power and authority of the Converting Holders' Representative, as described in this Agreement, shall continue in force until all rights and obligations of such holders under this Agreement shall have terminated, expired or been fully performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Converting Holders' Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any such Converting Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Converting Holders' Representative shall have such powers and authority as are set forth in this Agreement; provided, however, that the Converting Holders' Representative shall have no obligation to act on behalf of the Converting Holders except as expressly provided herein. Without limiting the generality of the foregoing, the Converting Holders' Representative shall have full power, authority and discretion to estimate and determine the amounts of Representative Expenses and to pay such Representative Expenses. The Converting Holders' Representative will incur no liability in connection with its services pursuant to this Agreement and any related agreements except to the extent resulting from its gross negligence or willful misconduct. The Converting Holders' Representative shall not be liable for any action or omission pursuant to the advice of counsel. The Converting Holders shall indemnify the Converting Holders' Representative against any reasonable, documented, and out-of-pocket losses, liabilities and expenses ("**Representative Losses**") arising out of or in connection with this Agreement and any related agreements, in each case as such Representative Loss is suffered or incurred; provided, that in the event that any such Representative Loss is finally adjudicated to have been caused by the gross negligence or willful misconduct of the Converting Holders' Representative, the Converting Holders' Representative will reimburse the Converting Holders the amount of such indemnified Representative Loss to the extent attributable to such gross negligence or willful misconduct. Representative Losses may be recovered by the Converting Holders' Representative from (i) the funds in the Expense Fund and (ii) any other funds that become payable to the Converting Holders under this Agreement at such time as such amounts would otherwise be distributable to the Converting Holders; provided, that while the Converting Holders' Representative may be paid from the aforementioned sources of funds, this does not relieve the Converting Holders from their obligation to promptly pay such Representative Losses as they are suffered or incurred. In no event will the Converting Holders' Representative be required to advance its own funds on behalf of the Converting Holders or otherwise. Notwithstanding anything in this Agreement to the contrary, any restrictions or limitations on liability or indemnification obligations of, or provisions limiting the recourse against non-parties otherwise applicable to, the Converting Holders set forth elsewhere in this Agreement are not intended to be applicable to the indemnities provided to the Converting Holders' Representative hereunder. The foregoing indemnities will survive the Closing, the resignation or removal of the Converting Holders' Representative or the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the Closing, the Company will wire US$200,000 (the "<u>Expense Fund</u>") to the Converting Holders' Representative, which will be used for any expenses incurred by the Converting Holders' Representative. The Converting Holders will not receive any interest or earnings on the Expense Fund and irrevocably transfer and assign to the Converting Holders' Representative any ownership right that they may otherwise have had in any such interest or earnings. The Converting Holders' Representative will hold these funds separate from its corporate funds and will not voluntarily make these funds available to its creditors in the event of bankruptcy. As soon as practicable following the completion of the Converting Holders' Representative's responsibilities, the Converting Holders' Representative shall cause (at the Converting Holders' expense) the disbursement of any remaining balance of the Expense Fund to the Converting Holders based on such Converting Holders' pro rata portions as set forth on the Spreadsheet, except in the case of payments to employees or former employees of the Company for which employment tax withholding is required, which such amounts shall be delivered to Constellation or the Surviving Corporation and paid through Constellation's or Surviving Corporation's payroll processing service or system. For tax purposes, the Expense Fund shall be treated as having been received and voluntarily set aside by the Converting Holders at the time of Closing. The parties agree that the Converting Holders' Representative is not responsible for any tax reporting or withholding in connection with the distribution of the Expense Fund.

Section 10.17 <u>Legal Representation</u>. In any proceeding by or against the Company wherein the Company or the Converting Holders assert or prosecute any claim under, or otherwise seeks to enforce, this Agreement, the Company agrees in connection with such proceeding (a) that neither the Company nor counsel therefor will move to seek disqualification of Ashbury Legal PC ("**Ashbury**") as counsel to the Converting Holders and (b) to consent to the representation of the Converting Holders by Ashbury, notwithstanding that Ashbury has or may have represented the Converting Holders or Constellation as counsel in connection with the transactions contemplated by this Agreement and the Transaction Documents. This consent and waiver extends to Ashbury representing the Converting Holders in litigation, arbitration or mediation in connection with or arising out of this Agreement. In addition, all attorney-client privileged communications between the Converting Holders and Constellation, on the one hand, and Ashbury, on the other hand, related to this Agreement, the Transaction Documents, or the transactions contemplated hereby and thereby shall be deemed to be attorney-client privileged communications that belong solely to the Converting Holders (and not Constellation) (the "**Constellation Pre-Closing Communications**"). Notwithstanding the foregoing sentence, in the event that a dispute arises after the Closing between the Company or Constellation or any of their Affiliates, on the one hand, and a third party, on the other hand, the Company, Constellation or such Affiliate may assert and control the attorney-client privilege with respect to the Constellation Pre-Closing Communications for the sole purpose of preventing the disclosure thereof to such third party. The Constellation Pre-Closing Communications or the work product of legal counsel with respect thereto, including any related summaries, drafts or analyses that constitute attorney work product, and all rights with respect to any of the foregoing, are hereby retained by, assigned and transferred to the Converting Holders effective as of the Closing. the Company further agrees that, on its own behalf and on behalf of its Affiliates (including, after the Closing, Constellation), Ashbury's representation of Constellation shall be deemed completed and terminated without any further action by any Person effective as of the Closing. The covenants and obligations set forth in this <u>Section 10.17</u> shall survive for five (5) years following the Closing Date.

*Signature Page Attached*

**IN WITNESS WHEREOF**, the Parties have duly executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| AIAI Holdings Corporation | AIAI Holdings Corporation |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |
| **MERGER SUB:** | **MERGER SUB:** |
| Cathedral Merger Sub, Inc. | Cathedral Merger Sub, Inc. |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | President |
| **CONSTELLATION:** | **CONSTELLATION:** |
| Constellation Network, Inc. | Constellation Network, Inc. |
| By: | */s/ Benjamin Jorgenson* |
| Name: | Benjamin Jorgenson |
| Title: | Chief Executive Officer |
| **CONVERTING HOLDERS' REPRESENTATIVE:** | **CONVERTING HOLDERS' REPRESENTATIVE:** |
| Shareholder Representative Services LLC | Shareholder Representative Services LLC |
| By: | */s/ Sam Riffe* |
| Name: | Sam Rife |
| Title: | Managing Director |

---

 

*Signature Page to Agreement and Plan of Merger*

**Annex A**

**Certain Defined Terms**

"**Action**" means any action, claim, demand, arbitration, investigation, hearing, complaint, litigation, suit, or other proceeding of any nature, including civil, criminal, administrative, or regulatory, whether at law or in equity.

"**Additional Acquisition Documentation**" means the definitive transaction documents governing the Additional Acquisitions, each substantially in the form made available to Constellation.

"**Additional Acquisitions**" means a transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Company or any of its subsidiaries (a) acquires the going business or all or substantially all of the assets of, whether through the purchase of assets, merger or otherwise or (b) directly or indirectly acquires at least a majority (in number of votes) of the equity interests of, in each case, those Persons identified on <u>Annex B</u>.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, the terms "control," "controls," and "controlled" mean the power to direct or cause the direction of the management or policies of such specified Person, directly or indirectly, whether through ownership of voting securities, by contract, or otherwise. For avoidance of doubt, all of the Persons acquired (or to be acquired) by the Company or any of its Affiliates pursuant to the Additional Acquisitions will be deemed an Affiliate of the Company for all purposes hereunder.

"**Aggregate Dollar Equivalent**" means a dollar amount equal to the sum of (a) $170,220,000, <u>plus</u> (b) the Deemed Exercise Price of all Promised Constellation Options that have an exercise price less than the Per Share Dollar Equivalent and would otherwise have been exercisable in accordance with the vesting schedule that would have been applicable for each such Promised Constellation Option.

"**Antitrust Laws**" means all applicable Laws that are designed or intended to prohibit, restrict, or regulate actions or transactions having the purpose or effect of monopolization, restraint of trade, lessening of competition through merger or acquisition, or effectuating foreign investment, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, and the Federal Trade Commission Act of 1914.

"**Benefit Plan**" means any pension, employment, retirement, collective bargaining, bonus, severance, compensation, or other benefit plan, agreement, or arrangement, including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) and any Multiemployer Plan.

"**Business**" means the business of Constellation as currently conducted.

"**Business Day**" means any day other than a Saturday, a Sunday, or other day on which commercial banks in the State of are authorized or required by Law to close.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Company Common Stock**" means the common stock, par value $0.001 per share, of the Company.

Annex A-1

"**Company Disclosure Letter**" means that certain letter from the Company to Constellation dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by the Company either in response to an express disclosure requirement of the Company contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of the Company in this Agreement.

"**Company Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on either (a) the business, results of operations, properties, or assets of the Company or (b) the ability of the Company to consummate the Transactions (including the Direct Listing) on or before the Drop-Dead Date, provided that, solely with respect to clause (a) above, any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (i) changes in conditions in the United States or global economy or capital or financial markets generally, (ii) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (iii) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (iv) changes in general to the industry (including regulatory changes) in which the Company operates, or (v) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Constellation Equity Incentive Plan**" means the Constellation Network, Inc. 2018 Stock Plan.

"**Constellation Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on the business, results of operations, properties, or assets of Constellation, provided that any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (a) changes in conditions in the United States or global economy or capital or financial markets generally (including cryptocurrency markets), (b) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (c) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (d) changes in general to the industry (including regulatory changes) in which Constellation operates, or (e) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Constellation Options**" means options to purchase shares of Constellation Common Stock.

"**Constellation Plan**" means any Benefit Plan (a) under which any current or former employee, director, or officer of Constellation or any of its Affiliates, Company Employee, or Consultant has any present or future right to benefits and that is maintained, sponsored, or contributed to by Constellation or any of its subsidiaries or (b) with respect to which Constellation or its subsidiaries has any Liability.

"**Consultant**" means an independent contractor, consultant, sales representative, agent, commercial agent, or other freelancer who provides services to Constellation or with respect to the Business.

"**Contract**" means any contract, agreement, lease, undertaking, commitment, or other binding arrangement (whether written or oral) between the parties thereto.

Annex A-2

"**Constellation Disclosure Letter**" means that certain letter from Constellation to the Company and dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by Constellation either in response to an express disclosure requirement of Constellation contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of Constellation or in this Agreement.

"**Constellation Indemnified Taxes**" means (a) Taxes (or the non-payment thereof) of Constellation or otherwise in relation to the conduct of the Business of Constellation for any Tax year (or other Tax period) ending on or before the Closing Date (including, for the avoidance of doubt, the portion of any Taxes for a Straddle Period that is allocated to the pre-Closing portion of such period pursuant to <u>Section 7.5(f)</u>), (b) any and all Taxes of any Person (other than Constellation) imposed on Constellation as a transferee or successor, by contract, or pursuant to any Law, rule or regulation, which Taxes relate to an event or transaction occurring before the Closing and (c) the Converting Holders' 50% share of transfer Taxes pursuant to <u>Section 7.5(c)</u>.

"**Constellation Safes**" means the simple agreements for future equity set forth on <u>Schedule 4.6(d)</u> of the Constellation Disclosure Letter.

"**Converting Holder Indemnified Taxes**" means Taxes (or the non-payment thereof) of any Converting Holder.

"**Converting Holders**" means the holders of Constellation Common Stock.

"**Damages**" means any and all losses, Liabilities, damages, fees, and costs and expenses, including reasonable attorney's and accountant's fees and costs and expenses reasonably incurred in investigating, preparing, defending against, or prosecuting any litigation, claim, action, suit, proceeding, or demand of any kind or character.

"**Direct Listing**" means, together, the registration of the Company Common Stock under Section 12 of the Exchange Act and the listing of the Company Common Stock for trading on Nasdaq.

"**Disclosure Letters**" means the Company Disclosure Letter and Constellation Disclosure Letter.

"**Enforceability Exceptions**" means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar Laws affecting creditors' rights generally and (b) general principles of equity.

"**Environmental Law**" means any Law, Order, or Contract with any Governmental Authority relating to (a) the environment, (b) the protection of human health and safety, or (c) the regulation or remediation of or exposure to Hazardous Substances.

"**Environmental License**" means any License relating to or required by any Environmental Law in connection with the Business.

"**Equity Interests**" means any (a) shares, interests, or other equivalents (however designated) of capital stock of a corporation; (b) membership, partnership, or other equity ownership interests in a Person other than a corporation; and (c) warrants, options, convertible securities (e.g., convertible debt), calls, or other rights to purchase or acquire any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

Annex A-3

"**ERISA Affiliate**" means any Person that, together with Constellation, would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

"**Fraud**" means (a) with respect to the Converting Holders or Constellation, the actual fraud of any Converting Holder or Constellation caused by such Converting Holder or Constellation making a representation or warranty in any representation or warranty made by such Converting Holder under any Transaction Document, with the actual (not constructive or imputed) knowledge of such Converting Holder that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Company and inducing the Company to enter into this Agreement; and (b) with respect to the Company either (i) the actual fraud of the Company caused by the Company making a representation or warranty in <u>Article V</u> with the actual (not constructive or imputed) knowledge of the Company (or any of its Representatives) that such representation was false or misleading at the time made, with the intention of deceiving or misleading Constellation and inducing Constellation to enter into this Agreement, or (ii) any act, omission, misstatement, event, occurrence, circumstance, or other event that could lead to Liability pursuant to the Exchange Act (including Section 11, Section 12(a)(1), or Section 10(b) thereof).

"**Fully Diluted Constellation Common Stock**" means the sum, without duplication, of (a) the aggregate number of shares of Constellation Common Stock that are issued and outstanding immediately prior to the Effective Time, (b) the aggregate number of shares of Constellation Common Stock that are issuable upon the exercise of Constellation Options, (c) the aggregate number of shares of Constellation Common Stock that would be issuable upon the exercise of Promised Constellation Options assuming all such Promised Constellation Options had been granted and subjected to the vesting schedule that would have been applicable for each such Promised Constellation Option and (d) the aggregate number of shares of Constellation Common Stock that would be issuable as part of the Conversion Amount (as defined in each applicable Constellation Safe) pursuant to each Constellation Safe.

"**GAAP**" means United States generally accepted accounting principles, consistently applied.

"**Governing Documents**" means, with respect to any entity or trust, such entity's constituent or organizational documents, such as its articles of organization, certificate of formation, articles of incorporation, or declaration of trust and any other documents or agreements adopted by the entity to govern the formation or the internal affairs of the entity or trust, such as its operating agreement, bylaws, trust agreement, shareholders or members agreement, or voting agreement, as such documents have been amended, restated, or supplemented from time to time, if applicable.

"**Governmental Authority**" means (a) any government, governmental authority, agency, commission, department, or other similar body, court, tribunal, arbitrator, or arbitral body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing.

"**Hazardous Substance**" means (a) any pollutant, contaminant, waste, or chemical; (b) any toxic or otherwise hazardous substance; or (c) any substance, waste, or material having any constituent elements displaying any of the foregoing characteristics.

"**Indebtedness**" means (a) any indebtedness or other obligation for borrowed money (or any guaranties thereof); (b) any indebtedness evidenced by a note, bond, debenture, or other security or similar instrument; (c) any Liability with respect to interest rate or currency swaps, collars, caps, and similar hedging obligations; (d) any Liability for the deferred purchase price of property or other assets (including any "earn out" or similar payments); (e) any Liability under any performance bond or letter of credit or any bank overdrafts or similar charges; and (f) any accrued interest, pre-payment penalties, breakage costs, redemption fees, costs, expenses, premiums, and other amounts owing pursuant to instruments evidencing Indebtedness (assuming that such Indebtedness is repaid on the Closing Date).

Annex A-4

"**Indemnity Holdback Amount**" means a number of shares of Company Common Stock equal to the quotient of (a) $8,511,000, <u>divided by</u> (b) the Initial Offering Price.

"**Indemnity Holdback Expiration Date**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Initial Offering Price**" means the lesser of (a) $20.00 or (b) the initial opening public offering price per share of the Company Common Stock in the Direct Listing.

"**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether registered or unregistered: (a) patents, patentable inventions, and other patent rights; (b) trademarks, service marks, trade dress, trade names, and all related goodwill and similar rights; (c) copyrights, mask works, and designs; (d) trade secrets, know-how, inventions, confidential business information, and other proprietary information and rights; (e) computer software programs, including all related source code, object code, specifications, designs, and documentation; and (f) domain names, Internet addresses, and other computer identifiers.

"**IRS**" means the United States Internal Revenue Service.

"**Knowledge of Constellation**" means the actual knowledge of the Chief Executive Officer of Constellation.

"**Labor Laws**" means any Laws relating to employment, discrimination, health and safety, labor relations, or workplace safety and insurance.

"**Law**" means any applicable domestic or foreign law, statute, ordinance, code, regulation, rule, directive, guideline, standard, policy, Order, or other requirement of a Governmental Authority, whether or not having the force of law.

"**Liability**" means any liability, loss, damage, cost, or expense (including reasonable attorneys' fees), in each case, whether direct or indirect and accrued or contingent.

"**License**" means any license, permit, certificate, approval, consent, registration, or similar authorization of any Governmental Authority.

"**Lien**" means any lien, mortgage, deed, pledge, charge, security interest, right of first refusal, right of first offer, preemptive rights, easement, restriction, covenant, condition, title default, encroachment, survey defect, option, or other encumbrance.

"**Multiemployer Plan**" means any "multiemployer plan" as defined in Section 3(37) of ERISA, any "multiple employer plan" as defined in Section 413(c) of the Code, or "multiple employer welfare arrangement" as defined in Section 3(40) of ERISA.

"**Nasdaq**" means the Nasdaq Global Market of the National Association of Securities Dealers Automated Quotations Systems.

"**Order**" means any order, decision, judgment, writ, injunction, decree, award, or other determination of any Governmental Authority.

Annex A-5

"**Ordinary Course**" means the ordinary course of business of Constellation consistent with past practice.

"**Option Exchange Ratio**" means the quotient obtained by <u>dividing</u> (a) the Aggregate Dollar Equivalent, <u>by</u> (b) the Initial Offering Price, <u>by</u> (c) the number of shares of Fully Diluted Constellation Common Stock.

"**Per Share Consideration**" means a number of shares of Company Common Stock equal to the quotient of (a) the Per Share Dollar Equivalent, <u>divided by</u> (b) the Initial Offering Price.

"**Per Share Dollar Equivalent**" means a dollar amount equal to the quotient of (a)(i) the Aggregate Dollar Equivalent, <u>divided by</u> (b) the Fully Diluted Constellation Common Stock.

"**Permitted Lien**" means (a) Liens for Taxes not yet due and payable; (b) imperfections of title and other similar Liens that do not and would not reasonably be likely to materially detract from the value of the asset or property subject thereto or materially impair the continued use or occupancy of such asset or property in connection with the operations of Constellation; (c) Liens arising by operation of Law in the Ordinary Course, such as mechanics' Liens, materialmens' Liens, carriers' Liens, warehousemens' Liens, and similar Liens, that are not delinquent or are being disputed in good faith; (d) pledges or deposits under workers' compensation (or similar) Laws, unemployment insurance, or other types of insurance or compensation plans; (e) pledges or deposits that secure the performance of tenders, statutory obligations, bonds, bids, leases, Contracts, and similar obligations; (f) with respect to any lease, title of the lessor and any other Liens arising pursuant to the terms of the applicable lease or arising under zoning, land use, or other applicable Laws that do not and would not reasonably be likely to materially impair the continued use or occupancy of such property by Constellation; and (g) with respect to the Acquired Securities, transfer restrictions arising under the Governing Documents of Constellation or pursuant to applicable federal or state securities Laws.

"**Person**" means any individual, corporation, company, partnership, association, limited liability company, business enterprise, trust, or other legal entity.

"**Promised Option Consideration**" means, for any Promised Constellation Option, a number of shares of Company Common Stock equal to the quotient of (a) the Spread Value of such Promised Constellation Option, <u>multiplied by</u> (b) the number of shares of Constellation Common Stock that were subject to such Promised Constellation Option and would otherwise have been exercisable in accordance with the vesting schedule that would have been applicable for each such Promised Constellation Option immediately prior to the Effective Time, <u>divided by</u> (c) the Initial Offering Price.

"**Registration Statement**" means the Registration Statement on Form S-1 submitted and declared effective by the by the SEC in connection with the Direct Listing.

"**Representative**" means, with respect to any Person, any director, manager, officer, employee, independent contractor, consultant, legal counsel, accountant, financial advisor, or other agent or representative of such Person.

"**SEC**" means the United States Securities and Exchange Commission.

"**Securities Act**" means the U.S. Securities Exchange Act of 1933, as amended, and the rules and regulations thereunder.

Annex A-6

"**Spread Value**" means, with respect to any Promised Constellation Option, the positive difference, if any, between (a) the Per Share Dollar Equivalent, <u>less</u> (b) the Deemed Exercise Price of such Promised Constellation Option.

"**Tax**" means any tax imposed, assessed, or collected by or under the authority of any Governmental Authority (including any penalty, interest or addition thereto).

"**Tax Return**" means any report, return, declaration, claim for refund, election, disclosure, estimate, or other documentation required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto and amendment thereof.

"**Total Share Consideration**" means the number of shares of Company Common Stock equal to the quotient of (a) $170,220,000, <u>divided by</u> (b) $20.00. As of the date of this Agreement, it is expected that the Total Share Consideration will be 8,511,000 shares of Company Common Stock, subject to any adjustment set forth in the foregoing.

"**Transaction Documents**" means this Agreement, the Constellation Closing Deliverables, and the Company Closing Deliverables.

"**Transaction Expenses**" means any fees, costs, and expenses incurred or subject to reimbursement by Constellation, in each case, in connection with the Transactions, including the fees, costs, and expenses of brokers, counsel, accountants, or other advisors or service providers of Constellation.

"**Transactions**" means the transactions contemplated by the Transaction Documents.

"**Treasury Regulations**" means the Treasury regulations promulgated under the Code.

Annex A-7

**Annex B**

**Additional Acquisitions**

---

| | |
|:---|:---|
| Target Company | Additional Acquisition Documentation |
| C.C. Carlton Industries, Ltd. | Contribution Agreement |
| gTC MediGuide, LP | Merger Agreement |
| AI Research Corporation | Contribution Agreement |
| Vanguard Healthcare Solutions, LLC | Contribution Agreement |
| Bond Street Limited, LLC | Contribution Agreement |

---

Annex B

## Exhibit 10.21

**Exhibit 10.21**

**SECOND AMENDED AND RESTATED**

**CONTRIBUTION AGREEMENT**

**by and among** 

**AIAI HOLDINGS Corporation, AI Research Corporation, and**

**The Persons Listed Herein, as Contributors**

**January 23, 2026**

i

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article I DEFINITIONS** | **Article I DEFINITIONS** | **1** |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.2 | Other Capitalized Terms | 1 |
| **Article II CONTRIBUTION** | **Article II CONTRIBUTION** | **2** |
| &nbsp;&nbsp;&nbsp;Section 2.1 | Contribution. | 2 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Holdback | 2 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Tax Treatment | 2 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | No Fractional Shares | 3 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | Unaccredited Holders of Acquired Interests | 3 |
| &nbsp;&nbsp;&nbsp;Section 2.6 | Treatment of Option Holders | 3 |
| **Article III CLOSING MATTERS** | **Article III CLOSING MATTERS** | **3** |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Closing | 3 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Debt Repayment; Reimbursement and Payment of Transaction Expenses | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Contributor's Closing Deliverables | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | The Company Closing Deliverables | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Conditions to Closing | 5 |
| **Article IV REPRESENTATIONS AND WARRANTIES OF AI Research** | **Article IV REPRESENTATIONS AND WARRANTIES OF AI Research** | **6** |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Organization | 6 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Due Authorization | 6 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | No Conflict | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Third-Party Consents | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Actions and Orders | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Capitalization | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Financial Statements | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.8 | No Undisclosed Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.9 | No AI Research Material Adverse Effect | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.10 | Material Contracts | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.11 | Compliance with Laws | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.12 | Litigation | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.13 | Insurance | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.14 | Licenses | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.15 | Material Vendors | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.16 | Assets and Property | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.17 | Environmental Matters | 9 |
| &nbsp;&nbsp;&nbsp;Section 4.18 | Taxes | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.19 | Intellectual Property; Data Privacy | 10 |
| &nbsp;&nbsp;&nbsp;Section 4.20 | Employment and Labor Matters. | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.21 | Employee Benefit Plans. | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.22 | Brokers | 12 |
| &nbsp;&nbsp;&nbsp;Section 4.23 | No Other Representations | 12 |

---

ii

---

| | | |
|:---|:---|:---|
| **Article V Representations and warranties OF CONTRIBUTORS** | **Article V Representations and warranties OF CONTRIBUTORS** | **12** |
| &nbsp;&nbsp;&nbsp;Section 5.1 | Due Authorization | 12 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | No Conflict | 12 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Title to Acquired Securities | 13 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | No Other Representations | 13 |
| **Article VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **Article VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **13** |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Organization; Good Standing; Power | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Authorization; Execution and Enforceability; No Conflicts | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | Capitalization and Indebtedness | 14 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | Actions and Orders | 14 |
| &nbsp;&nbsp;&nbsp;Section 6.5 | Financial Matters | 14 |
| &nbsp;&nbsp;&nbsp;Section 6.6 | Direct Listing and Additional Acquisitions | 14 |
| &nbsp;&nbsp;&nbsp;Section 6.7 | Solvency | 15 |
| &nbsp;&nbsp;&nbsp;Section 6.8 | Brokers | 15 |
| &nbsp;&nbsp;&nbsp;Section 6.9 | Independent Investigation; Disclaimer of Reliance | 15 |
| **Article VII Pre-Closing Covenants** | **Article VII Pre-Closing Covenants** | **16** |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Commercially Reasonable Efforts | 16 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Direct Listing Matters | 16 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Third-Party Approvals | 17 |
| **Article VIII ADDITIONAL COVENANTS** | **Article VIII ADDITIONAL COVENANTS** | **17** |
| &nbsp;&nbsp;&nbsp;Section 8.1 | Confidentiality | 17 |
| &nbsp;&nbsp;&nbsp;Section 8.2 | Public Announcements | 17 |
| &nbsp;&nbsp;&nbsp;Section 8.3 | Budgets | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.4 | D&O Indemnification. | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.5 | Tax Matters | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.6 | Record Retention | 19 |
| &nbsp;&nbsp;&nbsp;Section 8.7 | Further Assurances | 19 |
| **Article IX Indemnification** | **Article IX Indemnification** | **19** |
| &nbsp;&nbsp;&nbsp;Section 9.1 | Indemnification by the Company | 19 |
| &nbsp;&nbsp;&nbsp;Section 9.2 | Indemnification by the Contributors | 19 |
| &nbsp;&nbsp;&nbsp;Section 9.3 | Distribution of Indemnity Holdback Amount | 20 |
| &nbsp;&nbsp;&nbsp;Section 9.4 | Survival | 21 |
| &nbsp;&nbsp;&nbsp;Section 9.5 | Indemnification Procedures | 21 |
| &nbsp;&nbsp;&nbsp;Section 9.6 | Indemnification Payments | 22 |
| &nbsp;&nbsp;&nbsp;Section 9.7 | Exclusive Remedy | 22 |
| **Article X Termination** | **Article X Termination** | **22** |
| &nbsp;&nbsp;&nbsp;Section 10.1 | Termination Events | 22 |
| &nbsp;&nbsp;&nbsp;Section 10.2 | Effect of Termination | 23 |

---

iii

---

| | | |
|:---|:---|:---|
| **Article XI MISCELLANEOUS** | **Article XI MISCELLANEOUS** | **23** |
| &nbsp;&nbsp;&nbsp;Section 11.1 | Expenses | 23 |
| &nbsp;&nbsp;&nbsp;Section 11.2 | Amendment | 23 |
| &nbsp;&nbsp;&nbsp;Section 11.3 | Entire Agreement | 23 |
| &nbsp;&nbsp;&nbsp;Section 11.4 | Notices | 24 |
| &nbsp;&nbsp;&nbsp;Section 11.5 | Waiver | 24 |
| &nbsp;&nbsp;&nbsp;Section 11.6 | Binding Effect; Assignment | 24 |
| &nbsp;&nbsp;&nbsp;Section 11.7 | No Third Party Beneficiary | 24 |
| &nbsp;&nbsp;&nbsp;Section 11.8 | Governing Law | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.9 | Consent to Jurisdiction and Service of Process | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.10 | Waiver of Jury Trial | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.11 | Counterparts | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.12 | Preamble and Recitals | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.13 | Severability | 25 |
| &nbsp;&nbsp;&nbsp;Section 11.14 | Rules of Construction | 26 |
| &nbsp;&nbsp;&nbsp;Section 11.15 | Specific Performance | 26 |
| &nbsp;&nbsp;&nbsp;Section 11.16 | Contributors' Representative. | 27 |
| &nbsp;&nbsp;&nbsp;Section 11.17 | Legal Representation. | 30 |

---

<u>Annexes and Exhibits</u>

Annex A Certain Defined Terms <br> Annex B Additional Acquisitions

iv

**SECOND AMENDEDAND RESTATED**

**CONTRIBUTION AGREEMENT**

This Second Amended and Restated Contribution Agreement (this "**Agreement**"), dated as of January 23, 2026, is by and between AIAI Holdings Corporation, a Delaware corporation ("**Company**"), and AI Research Corporation, a Delaware corporation (the "**AI Research**"), and the Persons listed on the signature pages to this Agreement (collectively, "**Contributors**"), on the other hand. The Company, AI Research and the Contributors are referred to in this Agreement each as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Contributors own all of the issued and outstanding Equity Interests (the "**Acquired Securities**") of AI Research; and

**WHEREAS**, the Contributors desire to contribute the Acquired Securities to the Company, and the Company desires to issue to the Contributors shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**"), in an exchange intended to constitute a transfer pursuant to Section 351 of the Code, subject to the terms and conditions set forth in this Agreement.

**NOW THEREFORE**, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

**Article I**

**DEFINITIONS**

Section 1.1 <u>Definitions</u>. Capitalized terms used but not otherwise defined in this Agreement have the meanings set forth on Annex A.

Section 1.2 <u>Other Capitalized Terms</u>. The following capitalized terms are defined on the pages of this Agreement indicated below:

---

| | |
|:---|:---|
| Acquisition Per Share Value | 2 |
| Acquisition Shares | 2 |
| Acquisition Total Valuation | 2 |
| Agreement | 1 |
| Buyer | 1 |
| Buyer Closing Deliverables | 4 |
| Buyer Indemnified Parties | 19 |
| Closing | 3 |
| Closing Date | 3 |
| Lock-Up Agreement | 4 |
| Company Employees | 1 |
| Company Latest Balance Sheet | 1 |
| Company Licenses | 1 |
| Company Year-End Financial Statements | 1 |
| Leased Property | 9 |
| Licensed Intellectual Property | 10 |
| Material Contracts | 7 |
| Owned Intellectual Property | 10 |
| Party | 1 |
| Real Property Lease | 9 |
| Seller | 1 |
| Seller Closing Deliverables | 1 |
| Seller Indemnified Parties | 1 |

---

**Article II**

**CONTRIBUTION**

Section 2.1 <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Contributors shall contribute, assign, transfer, and convey to the Company, and the Company shall acquire from the Contributors, the Acquired Securities, free and clear of any Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In return for the contribution of the Acquired Securities, the Company shall issue to the Contributors a total of 2,500,000 shares of Common Stock (the "**Acquisition Shares**"), which Acquisition Shares have an aggregate value of $50,000,000 (the "**Acquisition Total Valuation**") based on an agreed upon per share value of $20.00 (the "**Acquisition Per Share Value**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and Contributors acknowledge and agree that the Acquisition Shares will be registered for public resale by Contributors under the Registration Statement, subject to the terms and conditions of the Lock-Up Agreement, which agreement shall restrict the sale of an aggregate of not more than 80% of the Acquisition Shares for a period of 180 days from the initial trading day of the Common Stock on Nasdaq.

Section 2.2 <u>Holdback</u>. Upon the Closing, The Company will hold back from the Acquisition Shares the Indemnity Holdback Amount for the purposes of satisfying any claims for indemnification by any Company Indemnified Party in accordance with <u>Article IX</u>. Subject to the Company's right to permanently retain all or a portion of the Indemnity Holdback Amount for any Company Indemnified Party's claim for Damages subject to indemnification pursuant to <u>Article IX</u>, as of the date that is the one-year anniversary of the Closing Date (the "**Indemnity Holdback Expiration Date**"), any remaining Indemnity Holdback Amount (other than amounts being permanently retained by the Company in connection with satisfying any Damages or retained pending resolution of any potential unsatisfied claims for Damages in accordance with <u>Article IX</u>) shall be distributed to the Contributors in accordance with such Contributors' pro rata portion in accordance with <u>Section 9.3</u>.

Section 2.3 <u>Tax Treatment</u>. The Parties acknowledge and agree that the transactions contemplated by this Agreement, taken together with the Additional Acquisitions occurring at or about the same time as the transactions contemplated herein, all of which are made as part of the same plan, are intended to qualify as tax-deferred exchanges under Section 351 of the Code. The Contributors represent and warrant that, immediately after the exchange and the consummation of the Additional Acquisitions, they will, as a group, be in control of the Company within the meaning of Section 368(c) of the Code, which requires ownership of at least 80% of the voting stock and 80% of all other classes of stock. The Parties agree to file all Tax Returns and take all Tax positions in a manner consistent with such intent unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code. The Parties hereby agree to file and retain such information as shall be required under Section 1.351-3 of the Treasury Regulations. Furthermore, the Parties shall consult with their respective tax advisors to ensure that all actions taken in connection with the transactions contemplated hereby comply with the requirements of Section 351 of the Code and shall provide the Company with written confirmation of such compliance prior to Closing.

Section 2.4 <u>No Fractional Shares</u> No fractional shares of Common Stock shall be issuable hereunder. Notwithstanding anything herein to the contrary, if the application any provision of this Agreement would yield a fractional share (after aggregating all fractional shares of Common Stock issuable to such holder), fractional share shall be rounded down to the next whole share. No cash settlements shall be made with respect to fractional shares eliminated by the foregoing and such adjustment represents a mechanical rounding off for purposes of avoiding the expense and inconvenience to the Company that would otherwise be caused by the issuance of fractional shares.

Section 2.5 <u>Unaccredited Holders of Acquired Interests</u> It is the expectation of the Parties that the Transactions will be exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated thereunder. Notwithstanding the foregoing, any shares of Common Stock that, but for this <u>Section 2.5</u>, would have become issuable to a Contributor pursuant to Section 2.1, may, nonetheless, in the Company's sole discretion, be replaced by an amount of cash in lieu of such shares of Common Stock on the basis of the following sentence if the Company does not have a reasonable belief that such holder is an "accredited investor" (as such term is defined in Regulation D promulgated under the Securities Act). In such case, the amount of cash delivered in lieu of such shares of Common Stock shall be determined by multiplying the number of shares of Common Stock that would have been issued by the Initial Offering Price.

Section 2.6 <u>Treatment of Option Holders</u>. Effective immediately prior to the Closing and in accordance with the terms of the AI Research 2019 Equity Incentive Plan and each Option Holder's respective stock option agreement, certain Options vest in full immediately prior to a change of control and shall vest immediately prior to the Closing. Immediately prior to the Closing, each outstanding Option shall be cancelled, and all vested Options, including those that vest in full immediately prior to Closing, shall be converted into the right to receive from the Company, upon the Closing, such Option Holder's pro rata share of the Acquisition Shares (such percentage, their "**Pro Rata Allocation**"). Notwithstanding the foregoing, an amount of Acquisition Shares equal to each Option Holder's Pro Rata Allocation of the Indemnity Holdback Amount shall be withheld with respect to the cancelled vested Options to contribute to the Option Holder's Pro Rata Allocation of the Indemnity Holdback Amount. As a condition to receipt of the Pro Rata Allocation of Acquisition Shares, the applicable Option Holders will be required to execute and deliver to the Company an option termination letter in form and substance reasonably satisfactory to the Parties (the "**Option Termination Letter**"). For the purposes of this Section 2.6, "**Option**" means those stock options to purchase shares of common stock of AI Research issued pursuant to AI Research's 2019 Equity Incentive Plan, and "**Option Holder**" means each holder of an Option.

**Article III**

**CLOSING MATTERS**

Section 3.1 <u>Closing</u>. The consummation of the transactions contemplated by this Agreement (the "**Closing**") will occur no later than three Business Days after the satisfaction of all of the conditions to Closing set forth in Section 3.5, other than conditions that, by their nature, must be satisfied at the Closing (such date, the "**Closing Date**"), by electronic mail or other electronic transmission or at such place and time as the Parties may mutually agree. All deliveries by one Party to any other Party at the Closing will be deemed to have occurred simultaneously as of the Closing Date and, unless the Contributors' Representative and the Company otherwise agree, none will be effective unless and until all such deliveries have occurred.

Section 3.2 <u>Debt Repayment; Reimbursement and Payment of Transaction Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon Closing, the Company shall (a) reimburse the Contributors for all Transaction Expenses incurred and previously paid by AI Research or the Contributors and (b) pay or cause to be paid all incurred and unpaid Transaction Expenses, by wire transfer of immediately available funds to accounts specified in writing by AI Research or Contributors (with supporting documentation reasonably acceptable to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within five (5) days following Closing, the Company shall pay, or cause to be paid, the Sandoval Indebtedness.

Section 3.3 <u>Contributor's Closing Deliverables</u>. At the Closing, the Contributors shall deliver or cause to be delivered to the Company (collectively, the "**Contributor Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an assignment for the Acquired Securities, in form and substance reasonably satisfactory to the Company and the Contributors' Representative, duly executed by the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate for AI Research, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that AI Research validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate from a duly authorized officer of AI Research (i) authenticating AI Research's Governing Documents; (ii) attaching all requisite resolutions or actions of AI Research's managing body approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of AI Research as required under <u>Section 3.5(a)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by Company and Contributors on or prior to the Closing as required under <u>Section 3.5(a)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of AI Research, duly executed by an authorized officer of AI Research;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a duly executed IRS Form W-9 for each Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as requested by the Company, written resignations of each director of AI Research, in form and substance acceptable to the Company, in each case, effective as of the Closing and duly executed by each such director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a lockup agreements with respect to the Acquisition Shares, in form and substance reasonably satisfactory to the Parties (the "**Lock-Up Agreement**"), duly executed by the Contributors.

Section 3.4 <u>The Company Closing Deliverables</u>. At the Closing, the Company shall deliver or cause to be delivered to Contributors (collectively, the "**Company Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence acceptable to the Contributors' Representative that the Contributors hold, beneficially and of record, all of the Acquisition Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate for the Company, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that the Company validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate from a duly authorized officer of the Company (i) authenticating the Company's Governing Documents; (ii) attaching all requisite resolutions or actions of the Company's equity holders and board of directors approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of the Company as required under <u>Section 3.5(b)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by the Company prior to the Closing as required under <u>Section 3.5(b)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of the Company, duly executed by an authorized officer of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Lock-Up Agreements, duly executed by the Company.

Section 3.5 <u>Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of AI Research in <u>Article IV</u> and the Contributors in <u>Article V</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Contributors and AI Research must have complied in all material respects with the covenants and obligations applicable to Contributors and AI Research contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no AI Research Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Contributors must have delivered or caused to be delivered all of the Contributor Closing Deliverables to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company must have received evidence the SEC has accepted its acceleration request seeking the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Contributors to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by Contributors):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of the Company in <u>Article VI</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company must have complied in all material respects with the covenants and obligations applicable to the Company contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company must have delivered or caused to be delivered all of the Company Closing Deliverables to the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no Company Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company must provide the Contributors' Representative with evidence that the Company has filed, and received evidence of the acceptance by the SEC of, the acceleration request seeking the effectiveness of the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company must provide evidence reasonably satisfactory to Contributors' Representative that each of the Additional Acquisitions has been or will be consummated as of the Closing Date.

**Article IV**

**REPRESENTATIONS AND WARRANTIES OF AI Research**

Subject to the disclosures set forth in the Contributor Disclosure Letter, AI Research hereby represents and warrants to the Company as of the date of this Agreement as follows:

Section 4.1 <u>Organization</u>. AI Research has been duly formed and is validly existing and in good standing under the Laws of its jurisdiction of organization. AI Research has the requisite power and authority to own and lease its assets and properties and to conduct the Business as it is now being conducted. AI Research is duly licensed or qualified and in good standing in all jurisdictions where it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not result in a Company Material Adverse Effect. The Contributors' Representative has made available to the Company a complete and accurate list of all jurisdictions where AI Research is so licensed or qualified.

Section 4.2 <u>Due Authorization</u>. AI Research has all requisite power and authority to execute and deliver each Transaction Document to which AI Research is or will be a party and to consummate the Transactions. Each Transaction Document to which AI Research is a party has been duly and validly executed and delivered by AI Research and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of AI Research, enforceable against AI Research in accordance with its terms, subject to the Enforceability Exceptions.

Section 4.3 <u>No Conflict</u>. The execution and delivery by AI Research of the Transaction Documents to which AI Research is a party and the consummation of the Transactions by AI Research will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, or accelerate the performance required, in each case, in any material respect, or result in the termination of or give any Person the right to terminate, any Material Contract to which AI Research is a party; (b) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to AI Research; (c) violate or conflict with the Governing Documents of AI Research; or (d) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any assets of AI Research.

Section 4.4 <u>Third-Party Consents</u>. Except as required under the Antitrust Laws, no notice to, consent of, or filings with any Governmental Authority or other Person is required by AI Research with respect to the execution or delivery of any Transaction Document or the consummation of the Transactions, except where the failure to obtain any such consent or make any such filing would not reasonably be expected to result in an AI Research Material Adverse Effect.

Section 4.5 <u>Actions and Orders</u>. There are no pending or, to the Knowledge of the Contributors' Representative, threatened Actions by any Person or by any Governmental Authority against AI Research or that prohibits or otherwise restricts, in any material respect, the ability of AI Research to consummate the Transactions. There is no Order to which AI Research is subject or bound that prohibits or otherwise restricts the ability of Contributor to consummate the Transactions.

Section 4.6 <u>Capitalization</u>. The Contributors' Representative has made available to the Company complete and accurate copies of the Governing Documents of AI Research and a complete and accurate list of all of the issued and outstanding Acquired Securities. The Acquired Securities constitute all of the issued and outstanding Equity Interests of AI Research. The Contributors own all of the issued and outstanding Equity Interests of AI Research. No Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of any Equity Interests of AI Research. AI Research does not (a) have any subsidiaries or own any Equity Interests of any other Person, (b) have any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person.

Section 4.7 <u>Financial Statements</u>. The Contributors' Representative has made available to the Company complete and accurate copies of the audited, consolidated balance sheet of AI Research as of December 31, 2024 (the "**AI Research Latest Balance Sheet**"), together with the related statements of income of AI Research for the 12-month period then ended (the "**AI Research Financial Statements**"). The AI Research Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of AI Research as of the respective dates they were prepared and the results of operations of AI Research for the periods indicated, subject to the absence of notes.

Section 4.8 <u>No Undisclosed Liabilities</u>. AI Research does not have any Liability of a type required to be reflected on a balance sheet prepared in accordance with GAAP other than (a) those adequately reflected or reserved against in the AI Research Latest Balance Sheet, (b) those incurred in the Ordinary Course since the date of the AI Research Latest Balance Sheet, or (c) those that would not result in an AI Research Material Adverse Effect.

Section 4.9 <u>No AI Research Material Adverse Effect</u>. Since the date of the AI Research Latest Balance Sheet, no AI Research Material Adverse Effect has occurred and is continuing.

Section 4.10 <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has made available to the Company copies of all Contracts (including all amendments or modifications thereto) to which AI Research is a party that falls within any of the following categories (collectively the "**Material Contracts**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract for goods or services that involves, or that is expected to involve, payments to AI Research of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract for goods or services that involves, or that is expected to involve, payments by AI Research of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to Indebtedness owed by AI Research;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract under which AI Research would incur any change-in-control payment or similar compensation obligations to its employees by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract under which AI Research has advanced or loaned Indebtedness or any other amount to any Person, other than trade credit in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract relating to the Business for capital expenditures involving payments of more than $100,000 individually or in the aggregate, in each case, under which there are material outstanding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all contracts for Licensed Intellectual Property that involve an annual license fee of $100,000 or more (excluding licenses for "off-the-shelf" or commercially available software pursuant to shrink-wrap, click-through, or similar licenses); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract to which AI Research is a party entered into in the past three years involving any resolution or settlement of any actual or threatened Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Material Contract is a valid and binding obligation of AI Research, is in full force, and effect, and is enforceable against AI Research, subject to the Enforceability Exceptions. AI Research is not in material breach, violation, or default under any Material Contract.

Section 4.11 <u>Compliance with Laws</u>. AI Research is currently, and has been since January 1, 2020, in compliance in all material respects with all Laws and Orders to which AI Research is subject. Since January 1, 2020, AI Research has not received written notice from any Governmental Authority that AI Research is not in compliance with any applicable Law or Order.

Section 4.12 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of the Contributors' Representative, threatened by or before any Governmental Authority against or relating to or affecting AI Research's assets or the Business.

Section 4.13 <u>Insurance</u>. AI Research maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. The Contributors' Representative has made available to the Company (a) a complete and accurate list of all policies of insurance providing coverage for AI Research, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since January 1, 2020. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 4.14 <u>Licenses</u>. AI Research has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct the Business in the manner in which they are now owned, operated, used, and maintained (the "**AI Research Licenses**"), except where the failure to obtain any such AI Research License would not result in an AI Research Material Adverse Effect. There are no Actions pending or, to the Knowledge of the Contributors' Representative, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any AI Research License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any Company License, in each case, that would have an AI Research Material Adverse Effect.

Section 4.15 <u>Material Vendors</u>. The Contributors' Representative has made available to the Company a list of the 10 largest vendors (by aggregate spend) of AI Research (the "**Material Vendors**"), for the fiscal year ended December 31, 2024, and the three-month period ended September 30, 2025. No Material Vendor has, in the last 12 months, threatened in writing to cancel, materially and adversely modify, or otherwise terminate the relationship or business relations of such Material Vendor with AI Research.

Section 4.16 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for assets disposed of in the Ordinary Course since the date of the AI Research Latest Balance Sheet, AI Research owns good and valid title to, or holds pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by AI Research on the AI Research Latest Balance Sheet, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tangible assets used in the operation of the Business (i) are adequate for the uses to which they are being put, and (ii) are in good operating condition and repair, subject to normal wear and tear and ordinary, routine maintenance and repair that are not material in cost or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributors' Representative has made available to the Company (i) the addresses of each parcel of real property that AI Research leases, subleases, or licenses (each a "**Leased Property**"), and (ii) copies of all Contracts under which AI Research leases, subleases, or licenses such Leased Property (each a "**Real Property Lease**"). Each Real Property Lease is a valid and binding obligation of AI Research, is in full force and effect, and is enforceable against AI Research, subject to the Enforceability Exceptions. AI Research is not in material breach, violation, or default under any Real Property Lease. AI Research has not leased or otherwise granted to any Person the right to use or occupy any Leased Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) AI Research does not own any parcel of real property and is not party to any Contract or option to purchase any real property.

Section 4.17 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AI Research is currently, and has been since January 1, 2020, in compliance in all material respects with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AI Research is not using any of the Leased Properties or any other assets pertaining to the Business, or permitted such Leased Properties or assets to be used, to generate, manufacture, refine, treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances. AI Research has not caused or permitted the release of any Hazardous Substances at, on, or under the Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no environmental and operating documents and records relating to the Business required to be maintained by any Environmental Law or Environmental License. AI Research has not breached in any material respect any obligation to report to any Person imposed under any Environmental Laws or Environmental License. No notice, report, demand, request for information, citation, summons, or Order has been received, and no Action is pending or, to the Knowledge of the Contributors' Representative, threatened by any Person with respect to AI Research relating to or arising out of any Environmental Law or Environmental License.

Section 4.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AI Research has timely filed all Tax Returns required to be filed by it (taking into account applicable extensions), and all material amounts of Taxes required to be paid by AI Research have either been paid or adequate provision therefor has been made in the AI Research Financial Statements. All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Tax Return filed by AI Research is the subject of a current audit or examination by the IRS or any other Governmental Authority responsible for the administration of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes required to be deducted or withheld by AI Research have been deducted and withheld and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) AI Research has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) AI Research will not be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any change in accounting method, prepaid amount, installment sale or open transaction disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) AI Research has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify under Section 355 of the Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) AI Research (i) has not in respect of a Tax period that remains open, waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental Authority requested and obtained by AI Research that would have a binding effect after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) AI Research has not engaged in any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision in this Agreement to the contrary, the only representations and warranties made with respect to all matters relating to Taxes of AI Research shall be the representations and warranties set forth in this <u>Section 4.18</u>, and this Agreement shall not be interpreted in any manner that is contrary thereto.

Section 4.19 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Intellectual Property is either owned by AI Research (the "**Owned Intellectual Property**") or used by AI Research pursuant to a valid license Contract (the "**Licensed Intellectual Property**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Contributors' Representative has made available to the Company a complete and accurate list of (i) all Owned Intellectual Property that is registered, issued, or the subject of a pending application, and (ii) all material unregistered Owned Intellectual Property. All of such registrations, issuances, and applications are valid, in full force and effect, and have not expired or been cancelled, abandoned, or otherwise terminated. AI Research owns and possesses all right, title, and interest in and to its Owned Intellectual Property, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of the Contributors' Representative, (i) the conduct of the Business does not infringe or otherwise violate any Intellectual Property or other proprietary rights of any other Person, and (ii) no Person is infringing or otherwise violating any Owned Intellectual Property or any rights of AI Research in any Licensed Intellectual Property.

Section 4.20 <u>Employment and Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has made available to the Company a list of all (i) employees of AI Research as of the date of this Agreement (such employees, the "**AI Research Employees**") setting forth each AI Research Employee's name, job title, date of hire, job location (by city), and salary or hourly rate of pay and (ii) Consultants engaged in the operation of this Business as of the date of this Agreement, together with copies of any Contracts relating to such Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AI Research is currently being, and has been since January 1, 2020, operated in compliance in all material respects with all applicable Laws relating to employees. To the Knowledge of the Contributors' Representative, there are no Liabilities of AI Research pursuant to any applicable Laws relating to AI Research Employees or Consultants. All current assessments under Laws applicable to workers' compensation in applicable jurisdictions for AI Research Employees have been paid or accrued, and AI Research is not currently, nor has it been since January 1, 2020, subject to any unpaid special or penalty assessment under such legislation. To the Knowledge of the Contributors' Representative, no AI Research Employee or Consultant is in material violation of any term of any employment agreement, non-disclosure agreement, non-competition agreement, or restrictive covenant relating to (i) the right of any such AI Research Employee or Consultant to be employed or engaged by AI Research or (ii) the use or knowledge of trade secrets or proprietary information of AI Research. No AI Research Employee or Consultant has provided AI Research with written notice of such AI Research Employee's or Consultant's intention to terminate employment or engagement with AI Research as a result of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No AI Research Employee is covered by a collective bargaining or any other labor-related Contract with any labor union or labor organization, and no such Contract is currently being negotiated.

Section 4.21 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has made available to the Company complete and accurate copies of the documents relating to each AI Research Plan. Each AI Research Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, and all other applicable Laws, in each case, in all material respects. Each AI Research Plan that is intended to be qualified within the meaning of Section 401(a) of the Code is so qualified and has received a favorable determination or opinion letter from the IRS to the effect that such AI Research Plan satisfies the requirements of Section 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a) of the Code. No non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code has occurred involving any AI Research Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AI Research has not incurred any Liability nor reasonably expects to incur any Liability for post-employment health, medical, or life insurance benefits for any current or former AI Research Employee, except as may be required by COBRA Coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither AI Research nor any ERISA Affiliate sponsors, maintains, contributes to, or has any Liability for any defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan subject to Section 412 of the Code or Section 302 of ERISA. No AI Research Plan is a Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery of any Transaction Document and the consummation of the Transactions will not result in (i) severance pay or any increase in severance pay upon any termination of employment after the date of this Agreement; (ii) any payment, compensation, or benefit becoming due, or increase the amount of any payment, compensation, or benefit due, to any current or former employee (including any AI Research Employee), director, or officer of AI Research; (iii) the acceleration of the time of payment or vesting or result in any funding (through a grantor trust or otherwise) of compensation or benefits; or (iv) the payment of any amount that could, individually or in combination with any other such payment, constitute an "excess parachute payment," as defined in Section 280G(b)(1) of the Code.

Section 4.22 <u>Brokers</u>. Neither AI Research nor any Contributor will have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 4.23 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE IV</u> AND <u>ARTICLE V</u>, NEITHER AI RESEARCH NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR OTHER REPRESENTATIVE OF AI RESEARCH OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article V**

**Representations and warranties OF CONTRIBUTORS**

Subject to the disclosures set forth in the Contributor Disclosure Letter, each Contributor hereby represents and warrants to the Company as of the date of this Agreement as follows:

Section 5.1 <u>Due Authorization</u>. Each Contributor has all requisite legal capacity to execute and deliver each Transaction Document to which such Contributor is or will be a party and to consummate the Transactions. Each Transaction Document to which such Contributor is a party has been duly and validly executed and delivered by such Contributor and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of such Contributor, enforceable against such Contributor in accordance with its terms, subject to the Enforceability Exceptions.

Section 5.2 <u>No Conflict</u>. The execution and delivery by each Contributor of the Transaction Documents to which such Contributor is a party and the consummation of the Transactions by such Contributor will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to such Contributor, or (b) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any portion of the Acquired Securities.

Section 5.3 <u>Title to Acquired Securities</u>. Each Contributor is the record and beneficial owner of, and has good and transferable title to, the Acquired Securities, free and clear of all Liens (other than Permitted Liens). Except pursuant to this Agreement, there is no Contract pursuant to which such Contributor has, directly or indirectly, granted any option, warrant, or other right to any Person to acquire any portion of the Acquired Securities. Such Contributor is not party to any equity holders' agreement, voting agreement, voting trust, proxy, or other Contract relating to the transfer or voting of the Acquired Securities.

Section 5.4 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE V</u> AND <u>ARTICLE IV</u>, NEITHER THE CONTRIBUTORS NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR REPRESENTATIVE OF CONTRIBUTORS OR AI RESEARCH OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article VI**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company hereby represents and warrants to the Contributors and AI Research as of the date of this Agreement as follows:

Section 6.1 <u>Organization; Good Standing; Power</u>. The Company has been duly formed and is validly existing and in good standing under the Laws of the jurisdiction of its organization. The Company has the requisite power and authority to own and lease their respective assets and properties and to conduct their respective businesses as they are now being conducted.

Section 6.2 <u>Authorization; Execution and Enforceability; No Conflicts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company possesses all requisite power and authority, and has taken all actions necessary, to authorize, execute, deliver, and perform this Agreement and each other Transaction Document to which it is or will be a party and to consummate the Transactions. Each Transaction Document to which the Company is or will be a party has been duly and validly executed and delivered by the Company and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of the Company, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by the Company of the Transaction Documents to which the Company is a party and the consummation of the Transactions by the Company will not (i) conflict with or result in a breach, violation, or infringement of the terms, conditions, or provisions of; (ii) constitute a default under (whether with or without the passage of time, the giving of notice or both); or (iii) require notice, consent, or approval under, or with respect to, (1) the Governing Documents of the Company, (2) any Law or Order to which the Company is subject, (3) any material Contract to which the Company is a party, or (4) any Governmental Authority (other than with under the Antitrust Laws applicable to the Transactions) or other Person.

Section 6.3 <u>Capitalization and Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> to the Company Disclosure Letter sets forth a complete and accurate list of the all of the issued and outstanding Equity Interests of the Company (including the holders thereof and the amount of Equity Interests held by such holders) as of the date of this Agreement, together with a complete and accurate pro forma capitalization table with the same information as of immediately prior to the date of this Agreement after giving effect to all of the Additional Acquisitions. The Persons set forth on <u>Section 6.3(a)</u> to the Company Disclosure Letter own all of the issued and outstanding Equity Interests of the Company as set forth therein as of the date of this Agreement or will own such Equity Interests as of the Closing Date. Except as set forth in the Governing Documents of the Company (complete and accurate copies of which have been made available to the Contributors' Representative), no Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of the Company. Except as provided in the Additional Acquisition Documentation, the Company does not (a) have any subsidiaries or own Equity Interests of any other Person, (b) have any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person. Upon issuance, the Acquisition Shares will be duly authorized, validly issued, fully paid and nonassessable. The Contributors will receive the Acquisition Shares free and clear of all Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.3(b)</u> to the Company Disclosure Letters sets forth a listing of all Indebtedness of the Company (including any Indebtedness convertible into Equity Interests), including (1) the lender thereunder and (2) the outstanding balance thereon as of the date of this Agreement.

Section 6.4 <u>Actions and Orders</u>. There are no Actions or Orders pending or threatened against or affecting the Company seeking to restrain, prohibit, or materially delay, or to obtain damages or other relief in connection with, the Transactions or the Direct Listing.

Section 6.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has made available to the Contributors' Representative a complete and accurate copy of the audited balance sheet of the Company as of December 31, 2024, together with the unaudited balance sheet of the Company as of September 30, 2025 and the related statements of income of the Company for the nine-month period then ended (the "**Company Financial Statements**"). The Company Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of the Company as of the date they were prepared and the results of operations of the Company for the periods indicated, subject to the absence of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has no Liabilities other than (a) those adequately reflected or reserved against in the Company Financial Statements or (b) those incurred in the Ordinary Course.

Section 6.6 <u>Direct Listing and Additional Acquisitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement does not, and will not as of the consummation of the Direct Listing, contain (i) any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading or (ii) any other inaccurate statement that could give rise to any Liability of the Company, the Contributors, or any of their respective Affiliates or Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Valuation Report does not contain any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has no reason to believe that (i) the Direct Listing will not be consummated or (ii) any of the Additional Acquisitions will not be consummated on the terms set forth in the Additional Acquisition Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 6.6(d)</u> to the Company Disclosure Letter, neither the Company nor any of its Affiliates or Representatives (i) is aware of any material breach of or inaccuracy in any of the representations or warranties set forth in the Additional Acquisition Documentation or (ii) has waived any condition to closing any of the Additional Acquisitions.

Section 6.7 <u>Solvency</u>. Assuming that the representations and warranties of AI Research set forth in <u>Article IV</u> are true and correct in all material respects as of Closing, immediately following Closing, after giving effect to the Transactions, the Company will (a) be able to pay its debts as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts, and (c) have adequate capital to carry on its business. No transfer of property is being made by or at the direction of the Company or any of its Affiliates, and no obligation is being incurred by or at the direction of the Company or any of its Affiliates, in connection with the Transactions with the intent to hinder, delay, or defraud either present or future creditors of the Company or any of its Affiliates.

Section 6.8 <u>Brokers</u>. The Company will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 6.9 <u>Independent Investigation; Disclaimer of Reliance</u>. THE COMPANY acknowledges that it has conducted to its satisfaction an independent investigation and verification of the financial condition, results of operations, assets, liabilities, properties, and projected operations of the Business AND AI RESEARCH and, in making its determination to proceed with the Transactions, the Company HAS relied exclusively on the results of its own independent investigation and on the representations and warranties made by AI RESEARCH IN <u>Article IV</u> and by THE CONTRIBUTORS in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter). Notwithstanding anything to the contrary in this Agreement, the Company on its own behalf and on behalf of its Affiliates and Representatives, acknowledges and agrees that no Person is making or will be deemed to have made any representations or warranties whatsoever, express or implied, at law or in equity, beyond those expressly given by AI Research in <u>Article IV</u> and by THE CONTRIBUTORS in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter), and neither the Company nor any of ITS Affiliates or Representatives is relying on, and each such Person expressly disclaims reliance on, any representations or warranties other than those made by AI Research in <u>Article IV</u> and by CONTRIBUTORS in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter).

**Article VII**

**Pre-Closing Covenants**

Each of the agreements, covenants, and obligations set forth in this <u>Article VII</u> will apply to the applicable Parties during the period beginning on the date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement is terminated in accordance with <u>Article X</u>.

Section 7.1 <u>Commercially Reasonable Efforts</u>. Except with respect to the matters described in <u>Section 7.2</u> and <u>Section 7.3</u>, each Party shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5</u> to be satisfied and to consummate the Transactions as promptly as possible; provided that, for avoidance of doubt, AI Research will not be required to expend any funds to obtain any third-party consents.

Section 7.2 <u>Direct Listing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause its Affiliates to, use commercially reasonable efforts to cause the Direct Listing, including the listing of the Common Stock on Nasdaq, to be consummated as promptly as practicable after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make available to the Contributors' Representative a final draft version of the Registration Statement at least 10 Business Days prior to the initial submission of the Registration Statement to the SEC. During such 10-Business-Day period, the Company shall consider in good faith any comments or proposed changes provided by the Contributors' Representative to the Registration Statement prior to the initial submission of the same to the SEC. The Company shall further make available to the Contributors' Representative all comments or other input received from the SEC with respect to the Registration Statement and allow the Contributors' Representative a reasonable opportunity to review and provide comments or input to the Company regarding the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall cause the Registration Statement not to (i) contain any untrue statement of material fact or any other inaccurate statement that could give rise to any Liability of the Company, the Contributors, or any of their respective Affiliates or Representatives, or (ii) omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall promptly notify the Contributors' Representative in writing of any event, fact, occurrence, event, act, or omission that would reasonably be expected to result in the Direct Listing not being consummated or being consummated prior to the Drop Dead Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the date of this Agreement, the Company made available to the Contributors' Representative an internally prepared business valuation report for the Company dated December 29, 2025 (the "**Company Valuation Report**"). The Company Valuation Report was prepared in good faith based on estimates reasonably believed by the Company and its Representatives to be fair, reasonable, and accurate under the circumstances, and neither the Company nor any of their respective Representatives have any reason to believe that the Company Valuation Report or any of the assumptions or information contained therein are inaccurate or incomplete in any material respect.

Section 7.3 <u>Third-Party Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall use commercially reasonable efforts to determine the filings and notifications required to be made with, or consents that are required to be obtained from, any third party under the terms of any Material Contract or any Governmental Authority under any applicable Law in connection with the execution and delivery of this Agreement and the consummation of the Transactions. Subject to the remainder of this <u>Section 7.3</u>, the Company, on the one hand, and AI Research, on the other hand, shall, and shall cause their respective Representatives to, promptly file or make or cause to be filed or made, and use commercially reasonable efforts to obtain or cause to be obtained as promptly as practicable, all necessary filings with and consents of such third parties or Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Parties shall use commercially reasonable efforts to take or cause to be taken all other actions necessary, proper, or advisable to cause the expiration or termination of the applicable waiting periods, or receipt of required authorizations, as applicable, under any applicable Antitrust Law as soon as reasonably practicable after the date of this Agreement. If required by the Antitrust Laws and if the appropriate filing pursuant to the Antitrust Laws has not been filed prior to the date hereof, each Party agrees to make, and cause to be made, an appropriate filing pursuant to the Antitrust Laws with respect to the Transactions within five Business Days after the date of this Agreement. Except as may be restricted in connection with any applicable Antitrust Law, (i) the Parties shall use commercially reasonable efforts, and shall cooperate, in responding to any written or oral requests from Governmental Authorities for additional information or documentary evidence, (ii) the Parties shall cooperate and provide one another reasonable advance notice of, and the opportunity to consult regarding, all meetings with Governmental Authorities, whether in person or by electronic or telephonic means, and regarding all written communications with Governmental Authorities, in each case, in connection with the Transactions, and (iii) the Parties shall promptly provide each other with copies of all written communications to or from any Governmental Authority. No Party shall, and each Party shall not permit any of its Representatives to, participate in any meeting with any Governmental Authority in respect of any filings, investigation, or other inquiry unless it consults with the other Party in advance and, to the extent permitted by such Governmental Authority, gives the other Party the opportunity to attend and participate at such meeting. The Parties shall not willfully take any action that delays, impairs, or impedes the receipt of any required consents, authorizations, Orders, or approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party will promptly notify the others in writing of any pending or threatened in writing any Action by any Governmental Authority or any other Person (i) challenging or seeking damages in connection with the Transactions or (ii) seeking to restrain or prohibit the consummation of the Transactions.

**Article VIII**

**ADDITIONAL COVENANTS**

Section 8.1 <u>Confidentiality</u>. From and after the Closing, unless the Company otherwise consents in writing, the Contributors shall hold in confidence all Confidential Information, including the terms and conditions of this Agreement and the other Transaction Documents, unless compelled to disclose such Confidential Information by Order or applicable Law, provided that, to the extent allowed under applicable Law, Contributors shall promptly notify the Company prior to disclosing any such Confidential Information pursuant to any Order or applicable Law and assist the Company (at the Company's sole expense) in obtaining confidential treatment for the Confidential Information so disclosed.

Section 8.2 <u>Public Announcements</u>. No Party shall, and each Party shall cause its respective Affiliates and Representatives not to, issue or cause the publication of any press release or other public announcement with respect to the economic or other material terms of the Transactions without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned, or delayed).

Section 8.3 <u>Budgets</u>. AI Research shall, at least 30 days prior to the Closing Date, prepare budgets and business plans for the remainder of the 2025 fiscal year and for 2026 fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months. AI Research shall submit the budgets and business plans for approval by the Company, with such changes thereto as shall be mutually agreed to by AI Research and the Company.

Section 8.4 <u>D&O Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that all rights to indemnification, advancement of expenses, and exculpation by AI Research in favor of each Person who is now or has ever been an officer, director, or manager of AI Research as provided in the Governing Documents of AI Research, in each case, as in effect as of the Closing Date, or pursuant to any other agreements in effect as of the Closing Date, will survive the Closing Date and continue in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Company and AI Research under this <u>Section 8.4</u> may not be terminated or modified in any manner that adversely affects any director, officer, or manager who is the beneficiary of this <u>Section 8.4</u> without the consent of such director, officer, or manager (it being expressly agreed that such directors, officers, and managers are third-party beneficiaries of this <u>Section 8.4</u>).

Section 8.5 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AI Research shall prepare, or cause to be prepared, the Tax Returns of AI Research for taxable periods that end on or before the Closing Date. All such Tax Returns shall be prepared in a manner consistent with AI Research's past practice, unless otherwise required by applicable Laws. The Contributors' Representative shall provide copies of each such Tax Return to the Company for its review and consent no later than thirty (30) days prior to the applicable due date. In the event that the Company disagrees with any portion of any Tax Return, the Contributors' Representative and the Company shall negotiate in good faith to resolve any such disputes, with any unresolved disputes being resolved by an independent accounting firm reasonably acceptable to the Parties, the cost of which shall be borne equally by AI Research and the Company. The Company shall reduce the amount of Acquisition Shares issuable hereunder by the amount, if any, shown as due on such Tax Return, and the Company shall cause AI Research to file such Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties will, and will cause their respective Affiliates to, provide each other with such assistance as may reasonably be requested in connection with the preparation and filing of any Tax Return of AI Research or otherwise relating to the Transactions (including signing any Tax Return), any audit or other examination by any Governmental Authority, or any Actions relating to Liabilities for Taxes of AI Research. Such assistance will include making employees available on a mutually convenient basis to provide additional information or explanation of material provided hereunder and will include providing copies of relevant Tax Returns and supporting material. The Parties and their respective Affiliates will retain for the full period of any statute of limitations, and upon reasonable request will provide the other Parties with, any records or information which may be relevant to such preparation, audit, examination, proceeding or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer, or gains or similar Taxes incurred as a result of the Transactions shall be paid the Company, and the Company shall file all required change of ownership and similar statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company covenants and agrees that it shall not make, and shall not permit any of its Affiliates to make, any election under the Code or any applicable Treasury Regulations to treat the Transactions as an asset purchase for United States federal income tax purposes, and shall take no position inconsistent with the foregoing characterization on any Tax Return or in any administrative or judicial proceeding.

Section 8.6 <u>Record Retention</u>. During the seven-year period immediately following the Closing Date, the Company will, and will cause AI Research to, (a) retain all data, documents, ledgers, databases, books, records, business plans, records of sales, customer and supplier lists, files, Contracts, and Governing Documents of AI Research relating to pre-Closing periods, and (b) upon reasonable notice, provide the Contributors' Representative with reasonable access to the same (including the right to make copies at its expense) during normal business hours in a manner that does not unreasonably interfere with the normal business operations of AI Research.

Section 8.7 <u>Further Assurances</u>. Following the Closing, the Parties shall reasonably cooperate with each other and with their respective Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, and the Parties agree (a) to furnish upon request to the other Parties such further information, (b) to execute and deliver to each other Party such other documents, and (c) to do such other acts and things, all as the other Parties reasonably request, for the purpose of carrying out the terms of this Agreement and the Transactions.

**Article IX**

**Indemnification**

Section 9.1 <u>Indemnification by the Company</u>. The Company shall indemnify and hold harmless the Contributors and each of their respective Affiliates, Representatives, successors, and assigns (the "**Contributor Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Contributor Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (a) any breach of or inaccuracy in any of the representations or warranties of the Company under this Agreement; (b) any failure by the Company to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by the Company under this Agreement or any other Transaction Document; and (c) any Liability arising from any material misstatements, inaccuracies, or other information contained in the Registration Statement, any Prospectus, or otherwise arising from the Direct Listing, including under Section 11, Section 12(a)(1) of the Securities Act of 1933, as amended, or Section 10(b) of the Exchange Act.

Section 9.2 <u>Indemnification by the Contributors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors shall, in the manner provided below, indemnify and hold harmless the Company and each of its Affiliates, officers, directors, managers, employees, agents, representatives, successors, and assigns (the "**Company Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Company Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (i) severally and not jointly with respect to any breach of or inaccuracy in any of the representations or warranties of such Contributor under this Agreement, (ii) jointly and not severally with respect to any breach of or inaccuracy in any of the representations or warranties of AI Research this Agreement, (iii) severally and not jointly with respect to any failure by such Contributor to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by such Contributor under this Agreement or any other Transaction Document, or (iv) severally and not jointly with respect to any Contributor Indemnified Taxes. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the Contributors shall not be liable for any information contained in the Registration Statement or in any Prospectus, or in any subsequent registration statement or prospectus or prospectus supplement contained therein or relating thereto, except for information furnished in writing by the Contributors, or by an authorized representative of the Contributors on behalf of the Contributors, to the Company expressly for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification obligations of the Contributors shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cap on Indemnification</u>. The aggregate amount to be paid by the Contributors for Damages under <u>Section 9.2(a)(ii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to AI Research's Contributor Indemnified Taxes) shall not exceed the Indemnity Holdback Amount and the Company's sole and exclusive remedy with respect to such Damages shall be the retention of the Indemnity Holdback Amount (the "**Cap**") and each Contributor's indemnification obligation hereunder with respect to such Damages shall be limited to such Contributor's pro rata portion of the Indemnity Holdback Amount; provided, however, that (A) for any Damages arising out of <u>Section 9.2(a)(iv)</u> (solely with respect to AI Research's Contributor Indemnified Taxes), the Cap shall be equal to 25% of the Acquisition Total Valuation, and (B) for any Damages arising under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor's Contributor Indemnified Taxes) or out of Fraud or willful misconduct by a Contributor, the Cap shall not exceed the portion of the Acquisition Total Valuation actually received by such Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Thresholds</u>. The Contributors shall not be liable in respect of Damages under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect AI Research's Contributor Indemnified Taxes) unless and until (A) the amount of each such Damages exceeds $25,000 or (B) the aggregate amount of all such Damages exceeds $250,000, in which case the Contributors shall be liable for the entire amount of the Damages not to exceed the Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Recourse</u>. Subject to the limitations set forth above, the Company Indemnified Parties may recover Damages either (A) from the Indemnity Holdback Amount or (B) after the Indemnity Holdback Amount is exhausted or fully reserved for disputed claims, for any Damages other than Damages arising from <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to AI Research's Contributor Indemnified Taxes), directly from the Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Pro Rata Satisfaction</u>. Except for Damages under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor's Contributor Indemnified Taxes) or resulting from Fraud or intentional misconduct by a Contributor, Damages payable from the Indemnity Holdback Amount or otherwise from the Acquisition Total Valuation will be satisfied on the basis of each Contributor's pro rata portion of the Indemnity Holdback amount. All other Damages arising under <u>Section 9.2(a)</u>, not otherwise satisfied by the applicable Contributor's pro rata portion of the Acquisition Total Valuation, shall be recoverable directly against the applicable Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Other Limitations</u>. The Contributors shall not be liable to make payments in respect of any Damages for which a reduction for such Damages has already been accounted for as a deduction to the Acquisition Total Valuation. Damages will be calculated net of any insurance proceeds or any indemnity payment actually received, net of costs of enforcement, deductibles and retro-premium adjustments, by the indemnified party in connection with such Damages or any of the circumstances giving rise thereto. Each party shall be required to take reasonable actions to mitigate their Damages.

Section 9.3 <u>Distribution of Indemnity Holdback Amount</u>. Subject to the following requirements, on the Indemnity Holdback Expiration Date all Acquisition Shares then remaining of the Indemnity Holdback Amount shall be distributed as set forth in <u>Section 2.2</u> less any amount that is reasonably necessary, as reflected in a notice delivered by the Company to the Contributors' Representative in good faith prior to the Indemnity Holdback Expiration Date, to satisfy any unsatisfied claims for Damages concerning facts and circumstances existing prior to the Indemnity Holdback Expiration Date.

Section 9.4 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Company, and each covenant, obligation, and agreement of that requires performance by the Company prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of twelve (12) months following the Closing Date. Each covenant, obligation, and agreement of the Company requiring performance from and after the Closing (including the indemnification obligations of the Company pursuant to <u>Section 9.1(c)</u>) will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations (it being understood that the Company will also be liable for any breach of a covenant, obligations, or agreement requiring performance by AI Research after the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each representation and warranty of the Contributors, and each covenant, obligation, and agreement that requires performance by the Contributors or AI Research prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of 12 months following the Closing Date. Each covenant, obligation, and agreement of the Contributors requiring performance from and after the Closing will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations.

Section 9.5 <u>Indemnification Procedures</u>. Promptly after becoming aware of a claim for which indemnity may be sought pursuant to this <u>Article IX</u>, the Party seeking indemnification (the "**Indemnified Party**") will notify the Party from whom indemnification is sought (the "**Indemnifying Party**") of such claim. Such notice shall include a reasonably detailed description of the facts and circumstances giving rise to the indemnification claim and shall identify the specific provision(s) of this Agreement under which such indemnification is being sought. The Indemnified Party's failure or delay in providing the notice will not relieve the Indemnifying Party of its obligations under this <u>Article IX</u> except to the extent that the Indemnifying Party is materially prejudiced as a result thereof. Unless the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense or the settlement of such claim (such notice to be given as promptly as reasonably possible in view of the necessity to arrange such defense and in no event later than fifteen (15) days following the notice to the Indemnifying Party), the Indemnified Party will have the exclusive right to defend, settle, or pay such claim. The Indemnified Party will not be liable to the Indemnifying Party for any legal or other expense incurred by the Indemnifying Party in connection with any such defense or settlement undertaken by the Indemnifying Party. If the Indemnifying Party assumes the defense, the Indemnifying Party will not agree to any settlement, compromise, or discharge of a third-party claim without the Indemnified Party's prior written consent (not to be unreasonably withheld). If the Indemnifying Party has assumed the defense or settlement of such claim, the Indemnified Party will have the right to employ its own counsel, at its own expense. Notwithstanding the foregoing, the Indemnified Party will have the right to direct the defense of any such claim at the expense of the Indemnifying Party (but subject to the limitations in this <u>Article IX</u>), and the Indemnifying Party will not be able to assume the defense of any such claim, if (a) the Indemnified Party concludes in good faith that there are specific defenses available to it that are different from or additional to those available to the Indemnifying Party, (b) the underlying claim is reasonably expected to have a material adverse effect on the Indemnified Party, (c) the Indemnifying Party has failed or is failing to prosecute or defend such claim, (d) the claim relates to Taxes or any criminal or regulatory action or the claim seeks damages other than monetary damages, or (e) the Indemnifying Party has failed to unconditionally acknowledge in writing its obligation to indemnify the Indemnified Party with respect to such claim under this Agreement. The defending Party in any event will (i) defend such claim with reasonable diligence, (ii) cooperate with the other Parties in the investigation and analysis of such claim or proceeding, (iii) afford the other Parties reasonable access to such relevant information as it may have in its possession, and (iv) keep the other Parties reasonably informed regarding such claim and any related proceedings.

Section 9.6 <u>Indemnification Payments</u>. No later than five Business Days after (a) agreement by the applicable Indemnifying Party or (b) any final adjudicated determination that any amounts are owed by any Indemnifying Party to any Indemnified Party under this <u>Article IX</u>, the Indemnifying Party shall pay all such amounts to the Indemnified Party in cash by wire transfer of immediately available funds to the account or accounts designated by the Indemnified Party; provided, however, that any such amounts payable to a Company Indemnified Party by any Contributor Indemnifying Party with respect to claims made under <u>Section 9.2</u> shall be satisfied (i) with respect to claims arising under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u>, solely from the Indemnity Holdback Amount, (ii) with respect to claims arising under <u>Section 9.2(a)(i)</u> or <u>Section 9.2(a)(iii)</u>, first from the Indemnity Holdback Amount, and thereafter through a surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election, or (iii) with respect to Fraud or willful misconduct by a Contributor, from such Contributor's surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election; provided, however, with respect to subsection (ii) or (iii) above, if the Company Indemnified Party elects the surrender of Acquisition Shares, the Company Indemnified Party shall give the applicable Contributor(s) written notice and ten (10) days to pay such amounts in cash prior to surrendering Acquisition Shares. To the extent any Damages are satisfied from the Indemnity Holdback Amount or through the surrender of Acquisition Shares, the number of Acquisition Shares to be surrendered shall be determined based on the amount of Damages subject to indemnification, divided by the thirty-day trailing volume-weighted closing price of the Common Stock measured from the date of the Indemnified Party's delivery of notice to the Indemnifying Party regarding the matter subject to indemnification.

Section 9.7 <u>Exclusive Remedy</u>. Other than in the event of Fraud or actions for specific performance, the Parties acknowledge and agree that the remedies provided for in this <u>Article IX</u> are their sole and exclusive remedies with respect to any claims based upon, arising out of, with respect to, or by reason of the matters covered by this Agreement.

**Article X**

**Termination**

Section 10.1 <u>Termination Events</u>. This Agreement may be terminated at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the written consent of the Company and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company upon written notice to AI Research and Contributors' Representative if there has been a material breach by Contributors or AI Research of any covenant, representation, or warranty contained in this Agreement such that the conditions to the Closing contained in <u>Section 3.5(a)(i)</u> or <u>Section 3.5(a)(ii)</u> cannot be satisfied, except that (i) if such material breach is capable of being cured by the Drop Dead Date, the Company will not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> prior to the delivery by the Company to the Contributors' Representative of written notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter period of time as remains prior to the Drop Dead Date), stating the Company's intention to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> and the basis for such termination, it being understood that the Company will not be entitled to terminate this Agreement if such material breach has been cured prior to such termination and (ii) the right to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> will not be available to the Company if it is then in breach of any provision of this Agreement which breach would give rise to the failure of the conditions set forth in <u>Section 3.5(b)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Contributors' Representative (so long as neither the Contributors nor AI Research is then in material breach of any provision of this Agreement) upon written notice to the Company if the Company has breached, violated or failed to perform or there is any inaccuracy of or untruth in any of its respective representations, warranties, covenants or other agreements contained in this Agreement, such that the conditions to the Closing contained in <u>Section 3.5(b)(i)</u> or <u>Section 3.5(b)(ii)</u> cannot be satisfied and such breach has not been cured on or prior to the Drop Dead Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by either the Company, on one hand, or the Contributors' Representative, on the other hand, if any of the conditions to the Closing set forth in <u>Section 3.5</u> have not been satisfied by April 30, 2026 (the "**Drop Dead Date**"), it being understood that the right to terminate this Agreement pursuant to this <u>Section 10.1(d)</u> will not be available to any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily resulted in, the failure of the Closing to have occurred prior to the Drop Dead Date.

Section 10.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Party terminating this Agreement pursuant to <u>Section 10.1</u> (other than pursuant to <u>Section 10.1(a)</u>) must deliver prompt written notice thereof to the other Parties setting forth in reasonable detail the provision of <u>Section 10.1</u> pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u> will be effective immediately upon the delivery of written notice by the terminating Party to the other Parties. In the event of any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u>, (i) this Agreement will be of no further force or effect without liability of any Party (or any partner, member, manager, stockholder, director, officer, employee, Affiliate, agent or other representative of such Party) to the other Parties, as applicable, except that this <u>Section 10.2</u> and <u>Article XI</u> will each survive the termination of this Agreement in accordance with their respective terms and (ii) nothing in this Agreement will relieve any Party from any liability for Fraud or any willful breach prior to or in connection with the termination of this Agreement.

**Article XI**

**MISCELLANEOUS**

Section 11.1 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay all of its own fees, costs, and expenses (including attorneys' and advisors' fees, costs, and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions.

Section 11.2 <u>Amendment</u>. This Agreement may not be amended except by an instrument in writing signed by the Company.

Section 11.3 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes any and all prior agreements between the Parties with respect to such subject matter.

Section 11.4 <u>Notices</u>. Any notice or other communication required or permitted under this Agreement will be deemed made (a) upon receipt by the receiving Party if delivered in writing and served by personal delivery; (b) upon receipt by the receiving Party if delivered by email at the address set forth below provided the notifying Party receives confirmation of receipt by the receiving Party (e.g., a "read receipt"); or (c) three Business Days after postage or deposit, as applicable, if delivered by certified mail, registered mail, or courier service, return receipt requested, to the Persons and addresses indicated below:

If to the Company (or to AI Research after the Closing), to:

AIAI Holdings Corporation

17304 Preston Rd, Suite 520

Dallas, Texas 75252

Attention: Todd Furniss, Chief Executive Officer

Email: tf@aiaiholdings.com

with a copy (which will not constitute notice) to:

Egan Nelson LLP

2911 Turtle Creek Blvd. Suite 1100

Dallas, Texas 75219

Attention: Ken Betts

Email: ken.betts@egannelson.com

If to Contributors' Representative (or to AI Research prior to the Closing) to:

AI Research Corporation

c/o Michael Sandoval

5420 247<sup>th</sup> PL SE

Issaquah, Washington 98029

Attention: Michael Sandoval

Email: 13michael11235813@gmail.com

with a copy (which will not constitute notice) to:

Carney Badley Spellman, P.S.

701 5<sup>th</sup> Ave., Suite 3600

Seattle, Washington 98104

Attention: Susan S. Dippold

Email: sdippold@carneylaw.com

Each Party may change its address and contact information for notices under this Agreement by providing the other Parties with notice of such change pursuant to this <u>Section 11.4</u>.

Section 11.5 <u>Waiver</u>. Waiver of any provision of this Agreement by any Party will only be effective if in writing and will not be construed as a waiver of any subsequent breach or failure of the same provision or a waiver of any other provision of this Agreement.

Section 11.6 <u>Binding Effect; Assignment</u>. No Party may assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other Parties, and any purported assignment will be null and void and of no effect. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective permitted successors and assigns.

Section 11.7 <u>No Third Party Beneficiary</u>. Except as set forth in <u>Section 8.4</u>, nothing in this Agreement confers any rights, remedies, or claims upon any Person not a Party to this Agreement.

Section 11.8 <u>Governing Law</u>. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), will be governed by the internal Laws of the State of Delaware, without giving effect to its conflict of law principles.

Section 11.9 <u>Consent to Jurisdiction and Service of Process</u>. Any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating to, this Agreement or the Transactions may only be brought in the United States District Court for the Northern District of Texas sitting in Dallas, Texas (or, if such court does not have subject matter jurisdiction, the state courts for the State of Texas sitting in Dallas, Texas), and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance with the notice provisions in <u>Section 11.4</u> will be effective service of process on such Party.

Section 11.10 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH PARTY AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.10</u>.

Section 11.11 <u>Counterparts</u>. The Parties may execute this Agreement in one or more counterparts, each of such counterparts will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will constitute effective execution and delivery of this Agreement by the Parties. Signatures of the Parties transmitted by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will be deemed original signatures for all purposes.

Section 11.12 <u>Preamble and Recitals</u>. The preamble and recitals to this Agreement are hereby expressly incorporated into this Agreement as if fully set forth in this <u>Section 11.12</u>.

Section 11.13 <u>Severability</u>. Any provision of this Agreement that is or becomes invalid, illegal, or unenforceable in any respect will not affect the validity, legality, or enforceability of any other provision of this Agreement.

Section 11.14 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise explicitly specified in this Agreement to the contrary, (i) references to an Article, Section, Annex, or Exhibit mean an Article or Section of, or Annex or Exhibit to, this Agreement, unless another agreement is specified; (ii) the word "including" will be construed as "including, without limitation"; (iii) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole; (iv) words in the singular or plural form include the plural and singular form, respectively; (v) pronouns will be deemed to refer to the masculine, feminine, or neuter, as the identity of the Person or Persons requires; (vi) the words "asset" and "property" will be construed to have the same meaning and effect and to refer to all tangible and intangible assets and properties, including cash, securities, accounts, contract rights, and real and personal property; (vii) references to a particular Person include such Person's successors and permitted assigns; (viii) references to a particular statute, rule, or regulation include all rules and regulations thereunder and any predecessor or successor statutes, rules, or regulations, in each case as amended or otherwise modified from time to time; (ix) references to a particular agreement, document, instrument, or certificate mean such agreement, document, instrument, or certificate as amended, supplemented, or otherwise modified from time to time if permitted by the provisions thereof; (x) references to "Dollars" or "$" are references to United States Dollars; (xi) references to "written" or "in writing" include electronic form; (xii) any reference in this Agreement to a "day" or a number of "days" (without explicit reference to "Business Days") will be interpreted as a reference to a calendar day or number of calendar days; and (xiii) the words "shall" and "will" have the same meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings of Articles, Sections, Annexes, Exhibits, and Schedules to the Disclosure Letters are provided for convenience only and will not affect the construction or interpretation of this Agreement. The Annex and Exhibits hereto, along with the Schedules to the Disclosure Letters, are incorporated into this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each disclosure on any one Schedule to the Disclosure Letters will be deemed to be disclosed on any other Schedule to the Disclosure Letters to the extent that it is reasonably apparent that the information disclosed in such Schedule to the Disclosure Letters is applicable to another Schedule to the Disclosure Letters. The information included in the Disclosure Letters is disclosed solely for the purposes of this Agreement, and no information included in the Disclosure Letters will be deemed an admission by AI Research or Contributors to any Person of any matter, including with respect to any violation of Law or breach of any agreement. Disclosure of any information, agreement, or other item in the Disclosure Letters will not imply that such information, agreement, or other item is or is not material or that the inclusion or exclusion of any such item creates a standard of materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any period for giving notice or taking action under this Agreement expires on a day that is not a Business Day, the time period will be automatically extended to the Business Day immediately following such day. When calculating the period of time before which, within which, or following which any act will be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge and agree that, for administrative purposes with respect to wire transfers, amounts owing between the Parties at the Closing under this Agreement or any other Transaction Document may be offset against one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

Section 11.15 <u>Specific Performance</u>. Each Party acknowledges that the Parties will be irreparably harmed and that there will be no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement. It is accordingly agreed that, in addition to any other remedies that may be available upon the breach of any such covenants or agreements, but subject to Section 7.3(b), each of the Parties shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or Orders for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which it is entitled at Law or in equity, as a remedy for any such breach or threatened breach. Each Party further agrees that no Party or any other Person will be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 11.15</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument.

Section 11.16 <u>Contributors' Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Contributors hereby irrevocably appoints Michael Sandoval as such Contributor's representative (the "**Contributors' Representative**") with respect to all matters arising hereunder or in connection herewith. The Contributors' Representative hereby accepts such appointment and agrees to serve in the capacity contemplated by this <u>Section 11.16</u>. The Contributors' Representative may resign at any time, and the Contributors' Representative may be removed by the vote of a majority of Contributors (the "**Majority Holders**"). In the event that the Contributors' Representative has resigned or been removed, a new Contributors' Representative shall be appointed by a promptly-held vote of the Majority Holders, such appointment to become effective upon the written acceptance thereof by the new Contributors' Representative. Any successor Contributors' Representative must agree to be bound by the terms and conditions of this Agreement applicable to the Contributors' Representative and will thereupon become the Contributors' Representative for purposes of this Agreement and all applicable ancillary agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Contributors' Representative shall act as, and is hereby appointed by each of the Contributors as, true and lawful attorney-in-fact, agent and representative of each Contributor and shall be authorized to act on behalf of Contributors and to take any and all actions required or permitted to be taken by the Contributors' Representative under this Agreement and any ancillary documents. In all matters relating to this <u>Section 11.16</u>, the Contributors' Representative shall be the only party entitled to assert the rights of Contributors hereunder. This power of attorney is granted and conferred in consideration of and for the purpose of completing the transactions contemplated hereby and fulfilling the other purposes hereof. The authority conferred upon the Contributors' Representative shall be irrevocable and coupled with an interest, and shall not be terminated by any act of any Contributor or by operation of law, whether by the death, incapacity, illness, dissolution or other inability to act of any of Contributors or by the occurrence of any event or events (including the termination of any trust or estate or the dissolution of any partnership or other entity), and if after the execution hereof any Contributor shall die or become incapacitated, or if any other event shall occur before the completion of the transactions contemplated hereby, the Contributors' Representative is nevertheless authorized and directed to complete all such transactions as if such death, incapacity or other event or events had not occurred and regardless of notice thereof. Notwithstanding any provision of this Agreement to the contrary, any obligation of the Company herein to consult with, notify, advise or otherwise communicate with Contributors shall be deemed an obligation to consult with, notify, advise or otherwise communicate solely with the Contributors' Representative, and the Company shall be entitled to rely on the on any act or communication of the Contributors' Representative as the act or communication of Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Contributor irrevocably grants the Contributors' Representative, by virtue of such Contributor's execution of this Agreement, exclusive and full power and authority in the name and on behalf of such Contributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to execute and deliver, on behalf of such Contributor, and to accept delivery of, on behalf of such holder, such releases, instruments and other documents as the Contributors' Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to acknowledge receipt of any consideration to be received by such Contributor pursuant to this Agreement (other than the Acquisition Total Valuation to be paid at Closing) and the Escrow Agreement as payment in full thereof and to designate the manner of payment of such consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) dispute or refrain from disputing, on behalf of such Contributor, any claim made by the Company under this Agreement and comply with orders and decrees with respect to, any dispute or loss; (2) negotiate and compromise, on behalf of such Contributor, any dispute that may arise under, and to exercise or refrain from exercising any remedies available under, this Agreement or the ancillary agreements; and (3) agree to and execute, on behalf of such Contributor, any settlement agreement, release or other document with respect to such dispute or remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to give and receive notices and communications, or to give or agree to, on behalf of such holder, any and all consents, waivers, amendments or modifications, as the Contributors' Representative determines, in its sole discretion, to be necessary or appropriate under this Agreement, and, in each case, to execute and deliver any documents that may be necessary or appropriate in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to engage attorneys, accountants and agents, and to incur such Representative Expenses as the Contributors' Representative, in its sole discretion, determines are appropriate in the exercise of its powers and authority conferred hereunder, all of which Representative Expenses shall be for the account of the Contributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to amend this Agreement, or any of the instruments to be delivered to the Company by such holder pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to have exclusive power and authority to disburse or direct payments of any consideration payable under this Agreement for the benefit of such Contributor; to have exclusive power and authority to institute legal action or otherwise act on behalf of such Contributor with respect to any claims against the Company and to control and direct any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to give such instructions and to take such action or refrain from taking such action, on behalf of such holder, as the Contributors' Representative deems, in its sole discretion, necessary or appropriate to carry out the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to determine, in its sole discretion, the time or times when, purpose for, and manner in which any of the above powers conferred upon the Contributors' Representative shall be exercised, and the conditions, provisions, covenants of any instrument or document that may be executed by the Contributors' Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) to fund the actions and obligations of the Contributors' Representative as authorized hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Contributors hereby agrees, by virtue of the execution of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in all matters in which action by any such Contributor or the Contributors' Representative is required or permitted under this Agreement, the Contributors' Representative is exclusively authorized to act on behalf of such Contributor, notwithstanding any dispute or disagreement among any such Contributors, or between any such Contributor and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any decision, act, consent or instruction of the Contributors' Representative shall constitute a decision of all of such Contributors and shall be final, binding and conclusive upon each such Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the power and authority of the Contributors' Representative, as described in this Agreement, shall continue in force until all rights and obligations of such holders under this Agreement shall have terminated, expired or been fully performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Contributors' Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any such Contributor. All actions, decisions and instructions of the Contributors' Representative shall be conclusive and binding upon such Contributor, and no Contributor shall have any cause of action against the Contributors' Representative, and the Contributors' Representative shall not be liable to any Contributor, for any action taken or not taken, decision made or instruction given by the Contributors' Representative under this Agreement. The Contributors' Representative shall not be liable to any Contributor for any apportionment or distribution of payments made by it in good faith. Neither the Contributors' Representative nor any Representative employed by it shall incur any liability to any such holder by virtue of a failure or refusal of the Contributors' Representative to consummate the transactions contemplated hereby or relating to the performance of its other duties hereunder. Further, the Contributors' Representative shall be indemnified and held harmless by each Contributor from all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be directly or indirectly imposed on, incurred by or asserted against the Contributors' Representative in connection with the exercise of its powers or authority hereunder, provided that, the Contributors' foregoing indemnification obligation shall be on a several basis and allocated to each Contributor on a pro rata basis. In no event shall any Contributor be obligated to indemnify or hold the Contributors' Representative harmless in the case of fraud by the Contributors' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Representative Expenses shall be promptly reimbursed by Contributors on a pro rata basis for all fees and expenses that have been or will be incurred by the Contributors' Representative in connection with the completion of the Transactions, including the exercise of its powers and authority as the Contributors' Representative as set forth herein (the "**Representative Expenses**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributors' Representative shall have such powers and authority as are set forth in this Agreement; provided, however, that the Contributors' Representative shall have no obligation to act on behalf of Contributors except as expressly provided herein. Without limiting the generality of the foregoing, the Contributors' Representative shall have full power, authority and discretion to estimate and determine the amounts of Representative Expenses and to pay such Representative Expenses. As between Contributors and the Contributors' Representative, the Contributors' Representative shall not be required to take any action on behalf of Contributors or otherwise in its capacity as Contributors' Representative under this Agreement that would involve incurring Representative Expenses (and shall have no liability for not taking such action) unless the Contributors' Representative is holding funds delivered to it under this <u>Section 11.16</u> or has been provided with other funds, security or indemnities which, in the sole determination of the Contributors' Representative, are sufficient to protect the Contributors' Representative against the costs, expenses and liabilities which may be incurred by the Contributors' Representative in taking such action. The Contributors' Representative shall be entitled to reimbursement from funds paid to it under this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement, for all Representative Expenses, including all expenses, disbursements and advances of or to its counsel, experts and other agents and consultants incurred by the Contributors' Representative in the exercise of its powers and authority under this Agreement or otherwise in its capacity as Contributors' Representative. In the event that the Contributors' Representative determines, in its sole and absolute discretion, that the funds paid to the Contributors' Representative pursuant to this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement exceed the actual and then-estimated amount of future Representative Expenses, then Contributors' Representative shall transfer such excess amount to Contributors on a pro rata basis.

Section 11.17 <u>Legal Representation</u>. In any proceeding by or against the Company wherein the Company or Contributors assert or prosecute any claim under, or otherwise seeks to enforce, this Agreement, the Company agrees in connection with such proceeding (a) that neither the Company nor counsel therefor will move to seek disqualification of Carney Badley Spellman, PS (the "**Contributor Parties Law Firm**") as counsel to the Contributors and (b) to consent to the representation of the Contributors by the Contributor Parties Law Firm, notwithstanding that the Contributor Parties Law Firm has or may have represented the Contributors or AI Research as counsel in connection with the transactions contemplated by this Agreement and the Transaction Documents. This consent and waiver extends to the Contributor Parties Law Firm representing the Contributors in litigation, arbitration or mediation in connection with or arising out of this Agreement. In addition, all attorney-client privileged communications between the Contributors and AI Research, on the one hand, and the Contributor Parties Law Firm, on the other hand, related to this Agreement, the Transaction Documents, or the transactions contemplated hereby and thereby shall be deemed to be attorney-client privileged communications that belong solely to the Contributors (and not AI Research) (the "**Contributor Pre-Closing Communications**"). Notwithstanding the foregoing sentence, in the event that a dispute arises after the Closing between the Company or AI Research or any of their Affiliates, on the one hand, and a third party, on the other hand, the Company, AI Research or such Affiliate may assert and control the attorney-client privilege with respect to the Contributor Pre-Closing Communications for the sole purpose of preventing the disclosure thereof to such third party. The Contributor Pre-Closing Communications or the work product of legal counsel with respect thereto, including any related summaries, drafts or analyses that constitute attorney work product, and all rights with respect to any of the foregoing, are hereby retained by, assigned and transferred to the Contributors effective as of the Closing. The Company further agrees that, on its own behalf and on behalf of its Affiliates (including, after the Closing, AI Research), the Contributor Parties Law Firm's representation of AI Research shall be deemed completed and terminated without any further action by any Person effective as of the Closing. The covenants and obligations set forth in this <u>Section 11.17</u> shall survive for five (5) years following the Closing Date.

*Signature Page Attached*

 

**IN WITNESS WHEREOF**, the Parties have duly executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| AIAI Holdings Corporation | AIAI Holdings Corporation |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |
| **AI RESEARCH:** | **AI RESEARCH:** |
| AI Research Corporation | AI Research Corporation |
| By: | */s/ Michael Sandoval* |
| Name: | Michael Sandoval |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **CONTRIBUTORS:** |
| [Signatures on File] |

---

*Signature Page to Contribution Agreement*

**Annex A**

**Certain Defined Terms**

"**Acquired Securities**" has the meaning set forth in the recitals.

"**Action**" means any action, claim, demand, arbitration, investigation, hearing, complaint, litigation, suit, or other proceeding of any nature, including civil, criminal, administrative, or regulatory, whether at law or in equity.

"**Additional Acquisition Documentation**" means the definitive transaction documents governing the Additional Acquisitions, each substantially in the form made available to the Contributors' Representative.

"**Additional Acquisitions**" means those Persons identified on <u>Annex B</u>.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, the terms "control," "controls," and "controlled" mean the power to direct or cause the direction of the management or policies of such specified Person, directly or indirectly, whether through ownership of voting securities, by contract, or otherwise. For avoidance of doubt, all of the Persons acquired (or to be acquired) by the Company or any of its Affiliates pursuant to the Additional Acquisitions will be deemed an Affiliate of the Company for all purposes hereunder.

"**AI Research Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on the business, results of operations, properties, or assets of AI Research, provided that any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (a) changes in conditions in the United States or global economy or capital or financial markets generally, (b) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (c) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (d) changes in general to the industry (including regulatory changes) in which AI Research operates, or (e) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**AI Research Plan**" means any Benefit Plan (a) under which any current or former employee, director, or officer of AI Research or any of its Affiliates, Company Employee, or Consultant has any present or future right to benefits and that is maintained, sponsored, or contributed to by AI Research or any of its Affiliates or (b) with respect to which AI Research or its Affiliates has any Liability.

"**Antitrust Laws**" means all applicable Laws that are designed or intended to prohibit, restrict, or regulate actions or transactions having the purpose or effect of monopolization, restraint of trade, lessening of competition through merger or acquisition, or effectuating foreign investment, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, and the Federal Trade Commission Act of 1914.

"**Benefit Plan**" means any pension, employment, retirement, collective bargaining, bonus, severance, compensation, or other benefit plan, agreement, or arrangement, including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) and any Multiemployer Plan.

Annex A-1

"**Business**" means the business of conducting research and development in artificial intelligence and related fields and implementing the same.

"**Business Day**" means any day other than a Saturday, a Sunday, or other day on which commercial banks in the State of are authorized or required by Law to close.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Common Stock**" means the common stock, par value $0.001 per share, of the Company.

"**Company Disclosure Letter**" means that certain letter from the Company to the Contributors and AI Research dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by the Company either in response to an express disclosure requirement of the Company contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of the Company in this Agreement.

"**Company Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on either (a) the business, results of operations, properties, or assets of the Company or (b) the ability of the Company to consummate the Transactions (including the Direct Listing) on or before the Drop-Dead Date, provided that, solely with respect to clause (a) above, any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (i) changes in conditions in the United States or global economy or capital or financial markets generally, (ii) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (iii) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (iv) changes in general to the industry (including regulatory changes) in which the Company operates, or (v) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Confidential Information**" means any information concerning AI Research or the Business that is proprietary in nature and non-public or confidential, in whole or in part, provided that, Confidential Information does not include any information that (a) is or becomes publicly available other than through a violation of this Agreement by Contributors, (b) is received on a non-confidential basis from a source other than the Parties or their respective Affiliates or Representatives who, to the Knowledge of the Contributors' Representative, is not prohibited from disclosing such information by any legal or contractual obligation, (c) was already known by Contributor at the time of receipt from the disclosing Person, or (d) is developed by or on behalf of Contributors without the use of or reference to Confidential Information.

"**Consultant**" means an independent contractor, consultant, sales representative, agent, commercial agent, or other freelancer who provides services to AI Research or with respect to the Business.

"**Contract**" means any contract, agreement, lease, undertaking, commitment, or other binding arrangement (whether written or oral) between the parties thereto.

"**Contributor Disclosure Letter**" means that certain letter from AI Research to the Company and dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by AI Research or Contributors either in response to an express disclosure requirement of AI Research or Contributors contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of AI Research or Contributors in this Agreement.

Annex A-2

"**Contributor Indemnified Taxes**" means (a) Taxes (or the non-payment thereof) of any Contributor, or (b) Taxes (or the non-payment thereof) of AI Research or otherwise in relation to the conduct of the Business of AI Research for any Tax year (or other Tax period) ending on or before the Closing Date.

"**Damages**" means any and all losses, Liabilities, damages, fees, and costs and expenses, including reasonable attorney's and accountant's fees and costs and expenses reasonably incurred in investigating, preparing, defending against, or prosecuting any litigation, claim, action, suit, proceeding, or demand of any kind or character.

"**Direct Listing**" means, together, the registration of the Common Stock under Section 12 of the Exchange Act and the listing of the Common Stock for trading on Nasdaq.

"**Disclosure Letters**" means the Company Disclosure Letter and Contributor Disclosure Letter.

"**Enforceability Exceptions**" means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar Laws affecting creditors' rights generally and (b) general principles of equity.

"**Environmental Law**" means any Law, Order, or Contract with any Governmental Authority relating to (a) the environment, (b) the protection of human health and safety, or (c) the regulation or remediation of or exposure to Hazardous Substances.

"**Environmental License**" means any License relating to or required by any Environmental Law in connection with the Business.

"**Equity Interests**" means any (a) shares, interests, or other equivalents (however designated) of capital stock of a corporation; (b) membership, partnership, or other equity ownership interests in a Person other than a corporation; and (c) warrants, options, convertible securities (e.g., convertible debt), calls, or other rights to purchase or acquire any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

"**ERISA Affiliate**" means any Person that, together with AI Research, would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

"**Fraud**" means (a) with respect to Contributors or AI Research, the actual fraud of Contributors or AI Research caused by Contributor or AI Research making a representation or warranty in <u>Article IV</u> or <u>Article V</u>, as applicable, with the actual (not constructive or imputed) knowledge of Contributors that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Company and inducing the Company to enter into this Agreement; and (b) with respect to the Company either (i) the actual fraud of the Company caused by the Company making a representation or warranty in <u>Article VI</u> with the actual (not constructive or imputed) knowledge of the Company (or any of its Representatives) that such representation was false or misleading at the time made, with the intention of deceiving or misleading Contributors and AI Research and inducing Contributors and AI Research to enter into this Agreement, or (ii) any act, omission, misstatement, event, occurrence, circumstance, or other event that could lead to Liability pursuant to the Exchange Act (including Section 11, Section 12(a)(1), or Section 10(b) thereof).

Annex A-3

"**GAAP**" means United States generally accepted accounting principles, consistently applied.

"**Governing Documents**" means, with respect to any entity or trust, such entity's constituent or organizational documents, such as its articles of organization, certificate of formation, articles of incorporation, or declaration of trust and any other documents or agreements adopted by the entity to govern the formation or the internal affairs of the entity or trust, such as its operating agreement, bylaws, trust agreement, shareholders or members agreement, or voting agreement, as such documents have been amended, restated, or supplemented from time to time, if applicable.

"**Governmental Authority**" means (a) any government, governmental authority, agency, commission, department, or other similar body, court, tribunal, arbitrator, or arbitral body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing.

"**Hazardous Substance**" means (a) any pollutant, contaminant, waste, or chemical; (b) any toxic or otherwise hazardous substance; or (c) any substance, waste, or material having any constituent elements displaying any of the foregoing characteristics.

"**Indebtedness**" means (a) any indebtedness or other obligation for borrowed money (or any guaranties thereof); (b) any indebtedness evidenced by a note, bond, debenture, or other security or similar instrument; (c) any Liability with respect to interest rate or currency swaps, collars, caps, and similar hedging obligations; (d) any Liability for the deferred purchase price of property or other assets (including any "earn out" or similar payments); (e) any Liability under any performance bond or letter of credit or any bank overdrafts or similar charges; and (f) any accrued interest, pre-payment penalties, breakage costs, redemption fees, costs, expenses, premiums, and other amounts owing pursuant to instruments evidencing Indebtedness (assuming that such Indebtedness is repaid on the Closing Date).

"**Indemnity Holdback Amount**" means a number of Acquisition Shares equal to (a) $2,500,000 divided by (b) the Initial Offering Price.

"**Indemnity Holdback Expiration Date**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Initial Offering Price**" means the opening public offering price per share of Common Stock in the Direct Listing.

"**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether registered or unregistered: (a) patents, patentable inventions, and other patent rights; (b) trademarks, service marks, trade dress, trade names, and all related goodwill and similar rights; (c) copyrights, mask works, and designs; (d) trade secrets, know-how, inventions, confidential business information, and other proprietary information and rights; (e) computer software programs, including all related source code, object code, specifications, designs, and documentation; and (f) domain names, Internet addresses, and other computer identifiers.

"**IRS**" means the United States Internal Revenue Service.

"**Knowledge of the Contributors' Representative**" means the actual knowledge of the Contributors' Representative following consultation with the Contributors.

"**Labor Laws**" means any Laws relating to employment, discrimination, health and safety, labor relations, or workplace safety and insurance.

Annex A-4

"**Law**" means any applicable domestic or foreign law, statute, ordinance, code, regulation, rule, directive, guideline, standard, policy, Order, or other requirement of a Governmental Authority, whether or not having the force of law.

"**Liability**" means any liability, loss, damage, cost, or expense (including reasonable attorneys' fees), in each case, whether direct or indirect and accrued or contingent.

"**License**" means any license, permit, certificate, approval, consent, registration, or similar authorization of any Governmental Authority.

"**Lien**" means any lien, mortgage, deed, pledge, charge, security interest, right of first refusal, right of first offer, preemptive rights, easement, restriction, covenant, condition, title default, encroachment, survey defect, option, or other encumbrance.

"**Multiemployer Plan**" means any "multiemployer plan" as defined in Section 3(37) of ERISA, any "multiple employer plan" as defined in Section 413(c) of the Code, or "multiple employer welfare arrangement" as defined in Section 3(40) of ERISA.

"**Nasdaq**" means the Nasdaq Global Market of the National Association of Securities Dealers Automated Quotations Systems.

"**Order**" means any order, decision, judgment, writ, injunction, decree, award, or other determination of any Governmental Authority.

"**Ordinary Course**" means the ordinary course of business of AI Research consistent with past practice.

"**Permitted Lien**" means (a) Liens for Taxes not yet due and payable; (b) imperfections of title and other similar Liens that do not and would not reasonably be likely to materially detract from the value of the asset or property subject thereto or materially impair the continued use or occupancy of such asset or property in connection with the operations of AI Research; (c) Liens arising by operation of Law in the Ordinary Course, such as mechanics' Liens, materialmens' Liens, carriers' Liens, warehousemens' Liens, and similar Liens, that are not delinquent or are being disputed in good faith; (d) pledges or deposits under workers' compensation (or similar) Laws, unemployment insurance, or other types of insurance or compensation plans; (e) pledges or deposits that secure the performance of tenders, statutory obligations, bonds, bids, leases, Contracts, and similar obligations; (f) with respect to any lease, title of the lessor and any other Liens arising pursuant to the terms of the applicable lease or arising under zoning, land use, or other applicable Laws that do not and would not reasonably be likely to materially impair the continued use or occupancy of such property by AI Research; and (g) with respect to the Acquired Securities, transfer restrictions arising under the Governing Documents of AI Research or pursuant to applicable federal or state securities Laws.

"**Person**" means any individual, corporation, company, partnership, association, limited liability company, business enterprise, trust, or other legal entity.

"**Registration Statement**" means the Registration Statement on Form S-1 submitted and declared effective by the by the SEC in connection with the Direct Listing.

"**Representative**" means, with respect to any Person, any director, manager, officer, employee, independent contractor, consultant, legal counsel, accountant, financial advisor, or other agent or representative of such Person.

Annex A-5

"**Sandoval Indebtedness**" means an amount equal to $3,263,756.64.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Tax**" means any tax imposed, assessed, or collected by or under the authority of any Governmental Authority (including any penalty, interest or addition thereto).

"**Tax Return**" means any report, return, declaration, claim for refund, election, disclosure, estimate, or other documentation required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto and amendment thereof.

"**Transaction Documents**" means this Agreement, the Contributor Closing Deliverables, and the Company Closing Deliverables.

"**Transaction Expenses**" means any fees, costs, and expenses incurred or subject to reimbursement by AI Research, in each case, in connection with the Transactions, including the fees, costs, and expenses of brokers, counsel, accountants, or other advisors or service providers of AI Research or the Contributors.

"**Transactions**" means the transactions contemplated by the Transaction Documents.

"**Treasury Regulations**" means the Treasury regulations promulgated under the Code.

Annex A-6

**Annex B**

**Additional Acquisitions**

---

| | |
|:---|:---|
| Target Company | Additional Acquisition Documentation |
| C.C. Carlton Industries, Ltd. | Contribution Agreement |
| gTC MediGuide, LP | Merger Agreement |
| Constellation Network, Inc. | Merger Agreement |
| Vanguard Healthcare Solutions, LLC | Contribution Agreement |
| Bond Street Limited, LLC | Contribution Agreement |

---

Annex B

## Exhibit 10.22

**Exhibit 10.22**

**SECOND AMENDED AND RESTATED**

**AGREEMENT AND PLAN OF MERGER**

**by and among**

**AIAI Holdings Corporation, MediGuide Merger Sub, LLC**

**GTC MediGuide GP, LLC**

**And**

**GTC MediGuide, LP**

**January 23, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE I DEFINITIONS** | **ARTICLE I DEFINITIONS** | **1** |
| Section 1.1 | Definitions. | 1 |
| Section 1.2 | Other Capitalized Terms. | 1 |
| **ARTICLE II MERGER** | **ARTICLE II MERGER** | **2** |
| Section 2.1 | The Merger. | 2 |
| Section 2.2 | Holdback. | 2 |
| Section 2.4 | Payment and Exchange Procedures. | 3 |
| **ARTICLE III CLOSING MATTERS** | **ARTICLE III CLOSING MATTERS** | **3** |
| Section 3.1 | Closing. | 3 |
| Section 3.2 | Reimbursement and Payment of Transaction Expenses. | 3 |
| Section 3.3 | Closing Deliverables. | 3 |
| Section 3.4 | Company Closing Deliverables. | 4 |
| Section 3.5 | Conditions to Closing. | 4 |
| **ARTICLE IV REPRESENTATIONS AND WARRANTIES OF GTC LP AND GTC GP** | **ARTICLE IV REPRESENTATIONS AND WARRANTIES OF GTC LP AND GTC GP** | **6** |
| Section 4.1 | Organization. | 6 |
| Section 4.2 | Due Authorization. | 6 |
| Section 4.3 | No Conflict. | 6 |
| Section 4.4 | Third-Party Consents. | 6 |
| Section 4.5 | Actions and Orders. | 7 |
| Section 4.6 | Capitalization. | 7 |
| Section 4.7 | Financial Statements. | 7 |
| Section 4.8 | No Undisclosed Liabilities. | 7 |
| Section 4.9 | No MediGuide Material Adverse Effect. | 7 |
| Section 4.10 | Material Contracts. | 7 |
| Section 4.11 | Compliance with Laws. | 8 |
| Section 4.12 | Litigation. | 8 |
| Section 4.13 | Insurance. | 8 |
| Section 4.14 | Licenses. | 8 |
| Section 4.15 | Material Vendors. | 8 |
| Section 4.16 | Assets and Property. | 9 |
| Section 4.17 | Environmental Matters. | 9 |
| Section 4.18 | Taxes. | 9 |
| Section 4.19 | Intellectual Property; Data Privacy. | 10 |
| Section 4.20 | Employment and Labor Matters. | 11 |
| Section 4.21 | Employee Benefit Plans. | 11 |
| Section 4.22 | Brokers. | 12 |
| Section 4.23 | No Other Representations. | 12 |

---

i

---

| | | |
|:---|:---|:---|
| **ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE CONVERTING HOLDERS** | **ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE CONVERTING HOLDERS** | **12** |
| Section 5.1 | Due Authorization. | 12 |
| Section 5.2 | No Conflict. | 12 |
| Section 5.3 | Title to Acquired Interest. | 12 |
| Section 5.4 | No Other Representations. | 13 |
| **ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **13** |
| Section 6.1 | Organization; Good Standing; Power. | 13 |
| Section 6.2 | Authorization; Execution and Enforceability; No Conflicts. | 13 |
| Section 6.3 | Capitalization and Indebtedness. | 14 |
| Section 6.4 | Actions and Orders. | 14 |
| Section 6.5 | Financial Matters. | 14 |
| Section 6.6 | Direct Listing and Additional Acquisitions. | 14 |
| Section 6.7 | Solvency. | 15 |
| Section 6.8 | Brokers. | 15 |
| Section 6.9 | Independent Investigation; Disclaimer of Reliance. | 15 |
| **ARTICLE VII PRE-CLOSING COVENANTS** | **ARTICLE VII PRE-CLOSING COVENANTS** | **15** |
| Section 7.1 | Commercially Reasonable Efforts. | 15 |
| Section 7.2 | Direct Listing Matters. | 15 |
| Section 7.3 | Third-Party Approvals. | 16 |
| Section 7.4 | GTC Partner Approval. | 17 |
| **ARTICLE VIII ADDITIONAL COVENANTS** | **ARTICLE VIII ADDITIONAL COVENANTS** | **17** |
| Section 8.1 | Confidentiality. | 17 |
| Section 8.2 | Public Announcements. | 17 |
| Section 8.3 | Budgets. | 17 |
| Section 8.4 | D&O Indemnification and Insurance. | 17 |
| Section 8.5 | Tax Matters. | 18 |
| Section 8.6 | Further Assurances. | 19 |
| **ARTICLE IX INDEMNIFICATION** | **ARTICLE IX INDEMNIFICATION** | **19** |
| Section 9.1 | Indemnification by the Company. | 19 |
| Section 9.2 | Indemnification by the Converting Holders. | 19 |
| Section 9.3 | Distribution of Indemnity Holdback Amount. | 20 |
| Section 9.4 | Survival. | 21 |
| Section 9.5 | Indemnification Procedures. | 21 |
| Section 9.6 | Indemnification Payments. | 22 |
| Section 9.7 | Exclusive Remedy. | 22 |
| **ARTICLE X TERMINATION** | **ARTICLE X TERMINATION** | **22** |
| Section 10.1 | Termination Events. | 22 |
| Section 10.2 | Effect of Termination. | 23 |

---

ii

---

| | | |
|:---|:---|:---|
| **ARTICLE XI MISCELLANEOUS** | **ARTICLE XI MISCELLANEOUS** | **23** |
| Section 11.1 | Expenses. | 23 |
| Section 11.2 | Amendment. | 23 |
| Section 11.3 | Entire Agreement. | 23 |
| Section 11.4 | Notices. | 23 |
| Section 11.5 | Waiver. | 24 |
| Section 11.6 | Binding Effect; Assignment. | 24 |
| Section 11.8 | Governing Law. | 24 |
| Section 11.9 | Consent to Jurisdiction and Service of Process. | 25 |
| Section 11.10 | Waiver of Jury Trial. | 25 |
| Section 11.11 | Counterparts. | 25 |
| Section 11.12 | Preamble and Recitals. | 25 |
| Section 11.13 | Severability. | 25 |
| Section 11.14 | Rules of Construction. | 25 |
| Section 11.15 | Specific Performance. | 26 |
| Section 11.16 | Converting Holders' Representative. | 27 |

---

<u>Annexes and Exhibits</u>

Annex A Certain Defined Terms <br> Annex B Additional Acquisitions

iii

**SECOND AMENDED AND RESTATED**

**AGREEMENT AND PLAN OF MERGER**

This Second Amended and Restated Agreement and Plan of Merger (this "**Agreement**"), dated as of January 23, 2026, by and among AIAI Holdings Corporation, a Delaware corporation (the "**Company**"), MediGuide Merger Sub, LLC, a Delaware limited liability company ("**Merger Sub**"), GTC MediGuide GP, LLC ("**GTC GP**"), GTC MediGuide, LP, a Delaware limited partnership ("**GTC LP**"), and Todd Furniss, solely in his capacity as the representative of the Converting Holders (the "**Converting Holders' Representative**"). The Company, Merger Sub, GTC GP, GTC LP, and the Converting Holders' Representative are referred to in this Agreement each as a "**Party**" and collectively as the "**Parties**."

WHEREAS, the Company, Merger Sub, GTC GP, and GTC LP intend to effect a merger of GTC GP and GTC LP with and into Merger Sub, pursuant to which Merger Sub would survive and remain a wholly-owned subsidiary of the Company (the "**Merger**"), in accordance with this Agreement and applicable Law; and

WHEREAS, GTC GP, as the sole general partner of GTC LP has carefully considered the terms of this Agreement and has (1) declared this Agreement and the transactions contemplated by the Agreement and the documents referenced herein, including the Merger (collectively, the "Transactions"), upon the terms and conditions set forth herein, are advisable, fair to, and in the best interests of GTC LP and the holders of the GTC LP Equity Interests, (2) approved this Agreement and the Transactions in accordance with the terms of the Partnership Agreement and applicable Law, and (3) adopted a resolution recommending that this Agreement be adopted, and the principal terms of the Merger be approved by, the holders of the GTC LP Equity Interests (the "**GTC Partner Approval**").

NOW THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

**ARTICLE I**

**DEFINITIONS**

Section 1.1 <u>Definitions</u>. Capitalized terms used but not otherwise defined in this Agreement have the meanings set forth on Annex A.

Section 1.2 <u>Other Capitalized Terms</u>. The following capitalized terms are defined on the pages of this Agreement indicated below:

---

| | |
|:---|:---|
| Agreement | 1 |
| Cap | 20 |
| Company Closing Deliverables | 4 |
| Company Indemnified Parties | 19 |
| Company Valuation Report | 16 |
| Converting Holder Closing Deliverables | 3 |
| Converting Holder Indemnified Parties | 19 |
| Closing | 3 |
| Closing Date | 3 |
| Drop Dead Date | 22 |
| Lock-Up Agreement | 4 |
| MediGuide Employees | 11 |
| MediGuide Financial Statements | 7 |
| MediGuide Interim Financial Statements | 7 |
| MediGuide Latest Balance Sheet | 7 |
| MediGuide Year-End Financial Statements | 7 |
| Indemnified Party | 22 |
| Indemnifying Party | 22 |
| Indemnity Holdback Expiration Date | 2 |
| Leased Property | 9 |
| Licensed Intellectual Property | 10 |
| Material Contracts | 7 |
| Owned Intellectual Property | 10 |
| Party | 1 |
| Performance Shares | 2 |
| Real Property Lease | 9 |
| Representative Expenses | 29 |

---

**ARTICLE II**

**MERGER**

Section 2.1 The Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the terms and subject to the conditions set forth in this Agreement, at the Effective Time,
 GTC GP and GTC LP shall be merged with and into Merger Sub, and the separate existence of
 GTC GP and GTC LP shall cease and Merger Sub shall be the surviving entity and remain a wholly-owned
 subsidiary of the Company (referred to herein as the "**Surviving Entity** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 certificate of merger satisfying the applicable requirements of Delaware Law in form and
 substance reasonably satisfactory to the Parties (the "Certificate of Merger")
 shall be dully executed by Merger Sub and, concurrently with the Closing, delivered to the
 Secretary of State of the State of Delaware for filing. The Merger shall become effective
 upon the fling of the Certificate of Merger with the Secretary of State of the State of Delaware
 (the "**Effective Time** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 the terms and subject to the conditions set forth herein, at the Effective Time, by virtue
 of the Merger: (i) each Partnership Interest held by the Limited Partners of GTC LP immediately
 prior to the Effective Time shall be cancelled and automatically converted into the right
 to receive, subject to and in accordance with, <u>Section 2.3</u>, the Per Partner Consideration
 and (ii) the Partnership Interest held by GTC GP immediately prior to the Effective Time
 shall be cancelled and automatically converted into the right to receive, subject to and
 in accordance with <u>Section 2.3</u>, the Per Partner Consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company and GTC LP acknowledge and agree that the Total Interest Consideration will be registered
 for public resale by the holders thereof under the Registration Statement, subject to the
 terms and conditions of the Lock-Up Agreement, which agreement shall restrict the sale of
 80% of the Total Interest Consideration for a period of 180 days from the initial trading
 day of the Company Common Stock on Nasdaq.

Section 2.2 <u>Holdback</u>. Upon the Closing, Company will hold back from the Total Interest Consideration the Indemnity Holdback Amount for the purposes of satisfying any claims for indemnification by any Company Indemnified Party in accordance with <u>Article IX</u>. Subject to Company's right to permanently retain all or a portion of the Indemnity Holdback Amount for any Company Indemnified Party's claim for Damages subject to indemnification pursuant to <u>Article IX</u>, as of date that is the one-year anniversary of the Closing Date (the "**Indemnity Holdback Expiration Date**"), any remaining Indemnity Holdback Amount (other than amounts being permanently retained by Company in connection with satisfying any Damages or retained pending resolution of any potential unsatisfied claims for Damages in accordance with <u>Article IX</u>) shall be distributed to the Converting Holders in accordance with such Converting Holders' pro rata portion of the Total Interest Consideration.

Section 2.3 <u>Tax Treatment</u>. The Parties acknowledge and agree that the transactions contemplated by this Agreement, taken together with other similar contributions occurring at or about the same time as the transactions contemplated herein, all of which are made as part of the same plan, are intended to qualify as tax-deferred exchanges under Section 351 of the Code. The Converting Holders represent and warrant that, immediately after the exchange, they will, as a group, be in control of Company within the meaning of Section 368(c) of the Code, which requires ownership of at least 80% of the voting stock and 80% of all other classes of stock. The Parties agree to file all Tax Returns and take all Tax positions in a manner consistent with such intent unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code. The Parties hereby agree to file and retain such information as shall be required under Section 1.351-3 of the Treasury Regulations. Furthermore, the Parties shall consult with their respective tax advisors to ensure that all actions taken in connection with the transactions comply with the requirements of Section 351 and shall provide the Company with written confirmation of such compliance prior to Closing. Each Party covenants and agrees that it will not (and will cause its Affiliates not to) take any action, or fail to take any action, that could reasonably be expected to cause the Merge and the Additional Acquisitions, taken together, to fail to qualify for the Intended Tax Treatment. For purposes of this Agreement, "**Intended Tax Treatment**" shall mean the qualification of the Merger as a reorganization within the meaning of Section 368(a) of the Code and the qualification of the Merger and the Additional Acquisitions, taken together, as an exchange describe in Section 351 of the Code.

Section 2.4 <u>Payment and Exchange Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as practicable after the date of this Agreement but not later than 30 days following
 the initial submission of the Registration Statement to the SEC, the Company shall mail to
 each Converting Holder entitled to receive a portion of the Total Interest Consideration
 pursuant to Section 2.1 a letter of transmittal in form and substance reasonably satisfactory
 to the Parties (the "**Letter of Transmittal** "), which shall request the
 recipient thereof to complete, execute, and return such Letter of Transmittal to the Company
 within ten (10) Business Days following the delivery thereof to such Converting Holders.
 At Closing, each Converting Holder, which has previously delivered to the Company a Letter
 of Transmittal, duly completed and validly executed in accordance with the instructions thereto,
 along with such other documents as may be required pursuant to such instructions, shall be
 entitled to receive in exchange therefor, and the Company shall deliver, the applicable portion
 of the Total Interest Consideration in accordance with the Allocation Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 later than five (5) days prior to the Closing Date, GTC GP shall deliver to the Company a
 statement (the "**Allocation Statement** "), setting forth in reasonable detail
 the number of shares of Company Common Stock issuable to each Converting Holder.

**ARTICLE III**

**CLOSING MATTERS**

Section 3.1 <u>Closing</u>. The consummation of the Transactions (the "**Closing**") will occur no later than three Business Days after the satisfaction of all of the conditions to Closing set forth in <u>Section 3.5</u>, other than conditions that, by their nature, must be satisfied at the Closing (such date, the "**Closing Date**"), by electronic mail or other electronic transmission or at such place and time as the Parties may mutually agree. All deliveries by one Party to any other Party at the Closing will be deemed to have occurred simultaneously as of the Closing Date and, unless GTC GP and the Company otherwise agree, none will be effective unless and until all such deliveries have occurred.

Section 3.2 <u>Reimbursement and Payment of Transaction Expenses</u>. Upon Closing, the Company shall (a) reimburse the Converting Holders for all Transaction Expenses incurred and previously paid by GTC LP and (b) pay or cause to be paid all incurred and unpaid Transaction Expenses, by wire transfer of immediately available funds to accounts specified in writing by GTC GP (with supporting documentation reasonably acceptable to the Company), such amounts not to exceed $150,000 in the aggregate.

Section 3.3 <u>Closing Deliverables</u>. At the Closing, GTC GP shall deliver or cause to be delivered to the Company (collectively, the "**Converting Holder Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Allocation Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certificates
 for each of GTC GP and GTC LP, dated no more than 15 days prior to the Closing Date, from
 the applicable Governmental Authority in its jurisdiction of organization to the effect that
 each of GTC LP and GTC GP validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate from a duly authorized officer of GTC GP (i) authenticating the Governing Documents
 of each of GTC GP and GTC LP; (ii) attaching all requisite resolutions or actions of the
 managing body and owners of each of GTC LP and GTC GP approving the execution, delivery,
 and performance of the Transaction Documents and the consummation of the Transactions, and
 certifying that such resolutions or actions were duly adopted, have not been amended, modified,
 or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to
 the accuracy of the representations and warranties of GTC GP and GTC LP as required under <u>Section 3.5(a)(i)</u>; (iv) certifying to the performance of the covenants and obligations
 to be performed by GTC GP, GTC LP, and the Converting Holders on or prior to the Closing
 as required under <u>Section 3.5(a)(ii)</u>; and (v) attesting to the authority and incumbency
 of, and authenticating the signatures of, any Person executing the Transaction Documents
 on behalf of GTC GP, duly executed by an authorized officer of GTC GP;

(d) the
 Certificate of Merger, duly executed by GTC GP; and

(e) lockup
 agreements with respect to the Total Interest Consideration, in form and substance reasonably
 satisfactory to the Parties (the "**Lock-Up Agreement** "), duly executed by
 each of the Converting Holders.

Section 3.4 <u>Company Closing Deliverables</u>. At the Closing, Company shall deliver or cause to be delivered to Converting Holders (collectively, the "**Company Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence
 acceptable to the Converting Holders' Representative that the Converting Holders hold,
 beneficially and of record, all of the Total Interest Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 certificate for Company, dated no more than 15 days prior to the Closing Date, from the applicable
 Governmental Authority in its jurisdiction of organization to the effect that Company validly
 exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate from a duly authorized officer of Company (i) attaching all requisite resolutions
 or actions of Company's equity holders and board of directors approving the execution,
 delivery, and performance of the Transaction Documents and the consummation of the Transactions,
 and certifying that such resolutions or actions were duly adopted, have not been amended,
 modified, or rescinded, and remain in full force and effect as of the Closing; (ii) certifying
 to the accuracy of the representations and warranties of Company as required under <u>Section 3.5(b)(i)</u>; (iii) certifying to the performance of the covenants and obligations to be
 performed by Company prior to the Closing as required under <u>Section 3.5(b)(ii)</u>; and
 (iv) attesting to the authority and incumbency of, and authenticating the signatures of,
 any Person executing the Transaction Documents on behalf of Company, duly executed by an
 authorized officer of Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Lock-Up Agreements, duly executed by Company.

Section 3.5 <u>Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 obligation of Company to consummate the Transactions is subject to the satisfaction of the
 following conditions at or prior to the Closing (unless otherwise waived by Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 of the representations and warranties of GTC LP and GTC GP in <u>Article IV</u> and the Converting
 Holders in <u>Article V</u> must be true and correct in all material respects (except that
 any such representation or warranty expressly qualified by "materiality," "Material
 Adverse Effect," or similar qualifier must be true and correct in all respects) as
 of the Closing (or, if any such representation or warranty is made as of a specified date,
 as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Converting Holders and MediGuide must have complied in all material respects with the covenants
 and obligations applicable to Converting Holders and MediGuide contained in this Agreement
 that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 GTC Partner Approval shall have been duly made and validly obtained, as required by Delaware
 Law and Governing Documents of GTC LP, each as in effect on the date of such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no
 MediGuide Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) GTC
 GP must have delivered or caused to be delivered all of the Converting Holder Closing Deliverables
 to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) there
 must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect
 as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation
 of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 waiting period under the Antitrust Laws applicable to the Transactions must have expired
 or been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 Company must have received evidence of the acceptance by the SEC of the Company's
 filing of the acceleration request seeking the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligations of the Converting Holders to consummate the Transactions are subject to the satisfaction
 of the following conditions at or prior to the Closing (unless otherwise waived by the Converting
 Holders' Representative):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 of the representations and warranties of the Company in Article VI must be true and correct
 in all material respects (except that any such representation or warranty expressly qualified
 by "materiality," "Material Adverse Effect," or similar qualifier
 must be true and correct in all respects) as of the Closing (or, if any such representation
 or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company must have complied in all material respects with the covenants and obligations applicable
 to the Company contained in this Agreement that are required to be performed or complied
 with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company must have delivered or caused to be delivered all of the Company Closing Deliverables
 to the Converting Holders' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 GTC Partner Approval shall have been duly and validly obtained, as required by Delaware Law
 and the Governing Documents of GTC LP, each as in effect on the date of such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there
 must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect
 as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation
 of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 waiting period under the Antitrust Laws applicable to the Transactions must have expired
 or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no
 Company Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 Company must provide the Converting Holders' Representative with evidence that the Company has filed, and received evidence of the acceptance by the SEC of, the acceleration request seeking the
effectiveness of the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the
 Company must provide evidence reasonably satisfactory to the Converting Holders' Representative
 that each of the Additional Acquisitions has been or will be consummated as of the Closing
 Date.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF GTC LP AND GTC GP**

Subject to the disclosures set forth in the Converting Holder Disclosure Letter, each of GTC LP and GTC GP hereby represents and warrants to Company as of the date of this Agreement as follows:

Section 4.1 <u>Organization</u>. Each of GTC LP and GTC GP has been duly formed and is validly existing and in good standing under the Laws of its jurisdiction of organization. Each of GTC LP and GTC GP has the requisite power and authority to own and lease its assets and properties and to conduct the Business as it is now being conducted. MediGuide is duly licensed or qualified and in good standing in all jurisdictions where it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not result in a MediGuide Material Adverse Effect. The Converting Holders' Representative has made available to the Company a complete and accurate list of all jurisdictions where MediGuide is so licensed or qualified.

Section 4.2 <u>Due Authorization</u>. Each of GTC LP and GTC GP has all requisite power and authority to execute and deliver each Transaction Document to which it is or will be a party and to consummate the Transactions. Each Transaction Document to which GTC GP and/or GTC LP is a party has been duly and validly executed and delivered by GTC LP or GTC GP, as applicable, and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of GTC GP and/or GTC LP, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

Section 4.3 <u>No Conflict</u>. The execution and delivery by each of GTC GP and GTC LP of the Transaction Documents to which it is a party and the consummation of the Transactions by it will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, or accelerate the performance required, in each case, in any material respect, or result in the termination of or give any Person the right to terminate, any Material Contract to which MediGuide is a party; (b) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to MediGuide; (c) violate or conflict with the Governing Documents of MediGuide; or (d) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any assets of MediGuide.

Section 4.4 <u>Third-Party Consents</u>. Except as required under the Antitrust Laws, no notice to, consent of, or filings with any Governmental Authority or other Person is required by MediGuide with respect to the execution or delivery of any Transaction Document or the consummation of the Transactions, except where the failure to obtain any such consent or make any such filing would not reasonably be expected to result in a MediGuide Material Adverse Effect.

Section 4.5 <u>Actions and Orders.</u> There are no pending or, to the Knowledge of the Converting Holders' Representative, threatened Actions by any Person or before or by any Governmental Authority against MediGuide or that prohibits or otherwise restricts, in any material respect, the ability of MediGuide to consummate the Transactions. There is no Order to which MediGuide is subject or bound other than rules promulgated by a Governmental Authority of general applicability. There is no Order to which MediGuide is subject or bound that prohibits or otherwise restricts the ability of the Converting Holders to consummate the Transactions.

Section 4.6 <u>Capitalization</u>. The Contributing Holders' Representative has made available to Company complete and accurate copies of the Governance Documents of MediGuide and a complete and accurate list of all of the issued and outstanding Equity Interests of GTC GP and GTC LP. The Converting Holders own all of the issued and outstanding Equity Interests of GTC LP and GTC GP and GTC LP owns all of the issued and outstanding Equity Interests of each of is Affiliates. No Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of MediGuide. The Converting Holders' Representative has delivered to the Company a complete list of all Affiliates of GTC LP (the "**Existing Affiliates**") and, other than the Existing Affiliates, neither GTC GP nor GTC LP (a) has any subsidiaries or owns Equity Interests of any other Person, (b) has any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise controls any other Person.

Section 4.7 <u>Financial Statements</u>. The Contributing Holders' Representative has made available to the Company complete and accurate copies of (a) the audited, consolidated balance sheets of MediGuide as of December 31, 2024, together with the related statements of income of MediGuide for the 24-month period then ended (the "**MediGuide Year-End Financial Statements**") and (b) the unaudited, consolidated balance sheet of MediGuide as of June 30, 2025 (the "**MediGuide Latest Balance Sheet**") and the related statement of income of MediGuide for the six-month period then ended (the "**MediGuide Interim Financial Statements**" and, together with MediGuide Latest Balance Sheet and MediGuide Year-End Financial Statements, the "**MediGuide Financial Statements**"). MediGuide Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of MediGuide as of the respective dates they were prepared and the results of operations of MediGuide for the periods indicated, subject to the absence of notes and, in the case of MediGuide Interim Financial Statements only, year-end adjustments.

Section 4.8 <u>No Undisclosed Liabilities</u>. MediGuide does not have any Liability of a type required to be reflected on a balance sheet prepared in accordance with GAAP other than (a) those adequately reflected or reserved against in the MediGuide Latest Balance Sheet, (b) those incurred in the Ordinary Course since the date of the MediGuide Latest Balance Sheet, or (c) those that would not result in a MediGuide Material Adverse Effect.

Section 4.9 <u>No MediGuide Material Adverse Effect</u>. Since the date of MediGuide Latest Balance Sheet, no MediGuide Material Adverse Effect has occurred and is continuing.

Section 4.10 <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Converting Holders' Representative has available to Company copies of all Contracts
 (including all amendments or modifications thereto) to which MediGuide is a party that falls
 within any of the following categories (collectively the "**Material Contracts** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Contract for goods or services that involves, or that is expected to involve, payments to
 MediGuide of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 Contract for goods or services that involves, or that is expected to involve, payments by
 MediGuide of more than $100,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Contract relating to Indebtedness owed by MediGuide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 Contract under which MediGuide would incur any change-in-control payment or similar compensation
 obligations to its employees by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 Contract under which MediGuide has advanced or loaned Indebtedness or any other amount to
 any Person, other than trade credit in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 Contract relating to the Business for capital expenditures involving payments of more than
 $100,000 individually or in the aggregate, in each case, under which there are material outstanding
 obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 Contracts for Licensed Intellectual Property that involve an annual license fee of $100,000
 or more (excluding licenses for "off-the-shelf" or commercially available software
 pursuant to shrink-wrap, click-through, or similar licenses); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 Contract to which MediGuide is a party entered into in the past three years involving any
 resolution or settlement of any actual or threatened Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Material Contract is a valid and binding obligation of MediGuide, is in full force, and effect,
 and is enforceable against MediGuide, subject to the Enforceability Exceptions. MediGuide
 is not in material breach, violation, or default under any Material Contract.

Section 4.11 <u>Compliance with Laws</u>. MediGuide is currently, and has been since July 25, 2022, in compliance in all material respects with all Laws and Orders to which MediGuide is subject. Since July 25, 2022, MediGuide has not received any written notice from any Governmental Authority that MediGuide is not in compliance with any applicable Law or Order.

Section 4.12 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of the Converting Holders' Representative, threatened by or before any Governmental Authority against or relating to or affecting MediGuide's assets or the Business.

Section 4.13 <u>Insurance</u>. MediGuide maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. The Converting Holders' Representative has made available to Company (a) a complete and accurate list of all policies of insurance providing coverage for MediGuide, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since January 1, 2020. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 4.14 <u>Licenses</u>. MediGuide has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct the Business in the manner in which they are now owned, operated, used, and maintained (the "**MediGuide Licenses**"), except where the failure to obtain any such MediGuide License would not result in a MediGuide Material Adverse Effect. There are no Actions pending or, to the Knowledge of the Converting Holders' Representative, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any MediGuide License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any MediGuide License, in each case, that would have a MediGuide Material Adverse Effect.

Section 4.15 <u>Material Vendors</u>. The Converting Holders' Representative has made available to Company a list of the 10 largest vendors (by aggregate spend) of MediGuide (the "**Material Vendors**"), for the fiscal year ended December 31, 2024, and the six-month period ending June 30, 2025. No Material Vendor has, in the last 12 months, threatened in writing to cancel, materially and adversely modify, or otherwise terminate the relationship or business relations of such Material Vendor with MediGuide.

Section 4.16 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 for assets disposed of in the Ordinary Course since the date of the MediGuide Latest Balance
 Sheet, MediGuide owns good and valid title to, or holds pursuant to valid and enforceable
 leases, all of the personal property shown to be owned or leased by MediGuide on the MediGuide
 Latest Balance Sheet, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 tangible assets used in the operation of the Business (i) are adequate for the uses to which
 they are being put, and (ii) are in good operating condition and repair, subject to normal
 wear and tear and ordinary, routine maintenance and repair that are not material in cost
 or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Converting Holders' Representative has made available to Company (i) the addresses
 of each parcel of real property that MediGuide leases, subleases, or licenses (each a "**Leased Property** "), and (ii) copies of all Contracts under which MediGuide leases, subleases,
 or licenses such Leased Property (each a "**Real Property Lease** "). Each
 Real Property Lease is a valid and binding obligation of MediGuide, is in full force and
 effect, and is enforceable against MediGuide, subject to the Enforceability Exceptions. MediGuide
 is not in material breach, violation, or default under any Real Property Lease. MediGuide
 has not leased or otherwise granted to any Person the right to use or occupy any Leased Property
 or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MediGuide
 does not own any parcel of real property and is not party to any Contract or option to purchase
 any real property.

Section 4.17 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MediGuide
 is currently, and has been since July 25, 2022, in compliance in all material respects with
 all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MediGuide
 is not using any of the Leased Properties or any other assets pertaining to the Business,
 or permitted such Leased Properties or assets to be used, to generate, manufacture, refine,
 treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances.
 MediGuide has not caused or permitted the release of any Hazardous Substances at, on, or
 under the Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 are no environmental and operating documents and records relating to the Business required
 to be maintained by any Environmental Law or Environmental License. MediGuide has not breached
 in any material respect any obligation to report to any Person imposed under any Environmental
 Laws or Environmental License. No notice, report, demand, request for information, citation,
 summons, or Order has been received, and no Action is pending or, to the Knowledge of the
 Converting Holders' Representative, threatened by any Person with respect to MediGuide
 relating to or arising out of any Environmental Law or Environmental License.

Section 4.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MediGuide
 has timely filed all Tax Returns required to be filed by it (taking into account applicable
 extensions), and all material amounts of Taxes required to be paid by MediGuide have either
 been paid or adequate provision therefor has been made in MediGuide Financial Statements.
 All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Tax Return filed by MediGuide is the subject of a current audit or examination by the IRS
 or any other Governmental Authority responsible for the administration of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 material Taxes required to be deducted or withheld by MediGuide have been deducted and withheld
 and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MediGuide
 has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6
 (or any similar provision of state, local or foreign Law), as a transferee or successor,
 by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) MediGuide
 will not be required to include any material item of income in, or exclude any material deduction
 from, taxable income for any taxable period (or portion thereof) ending after the Closing
 Date as a result of any change in accounting method, prepaid amount, installment sale or
 open transaction disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) MediGuide
 has not constituted either a "distributing corporation" or a "controlled
 corporation" in a distribution of stock intended to qualify under Section 355 of the
 Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) MediGuide
 (i) has not in respect of a Tax period that remains open, waived any statute of limitations
 in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or
 deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121
 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental
 Authority requested and obtained by MediGuide that would have a binding effect after the
 Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) MediGuide
 has not engaged in any "listed transaction" as defined in Treasury Regulations
 Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding
 any provision in this Agreement to the contrary, the only representations and warranties
 made with respect to all matters relating to Taxes of MediGuide shall be the representations
 and warranties set forth in this <u>Section 4.18</u>, and this Agreement shall not be interpreted
 in any manner that is contrary thereto.

Section 4.19 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Intellectual Property is either owned by MediGuide (the "**Owned Intellectual Property** ")
 or used by MediGuide pursuant to a valid license Contract (the "**Licensed Intellectual Property** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Converting Holders' Representative has made available to Company a complete and accurate
 list of (i) all Owned Intellectual Property that is registered, issued, or the subject of
 a pending application, and (ii) all material unregistered Owned Intellectual Property. All
 of such registrations, issuances, and applications are valid, in full force and effect, and
 have not expired or been cancelled, abandoned, or otherwise terminated. MediGuide owns and
 possess all right, title, and interest in and to its Owned Intellectual Property, free and
 clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the Knowledge of the Converting Holders' Representative, (i) the conduct of the Business
 does not infringe or otherwise violate any Intellectual Property or other proprietary rights
 of any other Person, and (ii) no Person is infringing or otherwise violating any Owned Intellectual
 Property or any rights of MediGuide in any Licensed Intellectual Property.

Section 4.20 <u>Employment and Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Converting Holders' Representative has made available to the Company a list of all
 (i) employees of MediGuide as of the date of this Agreement (such employees, the "**MediGuide Employees**") setting forth each MediGuide Employee's name, job title, date
 of hire, job location (by city), and salary or hourly rate of pay and (ii) Consultants engaged
 in the operation of this Business as of the date of this Agreement, together with copies
 of any Contracts relating to such Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MediGuide
 is currently being, and has been since July 25, 2022, operated in compliance in all material
 respects with all applicable Laws relating to employees. To the Knowledge of the Converting
 Holders' Representative, there are no Liabilities of MediGuide pursuant to any applicable
 Laws relating to MediGuide Employees or Consultants. All current assessments under Laws applicable
 to workers' compensation in applicable jurisdictions for MediGuide Employees have been
 paid or accrued, and MediGuide is not currently, nor has it been since July 25, 2022, subject
 to any unpaid special or penalty assessment under such legislation. To the Knowledge of the
 Converting Holders' Representative, no MediGuide Employee or Consultant is in material
 violation of any term of any employment agreement, non-disclosure agreement, non-competition
 agreement, or restrictive covenant relating to (i) the right of any such MediGuide Employee
 or Consultant to be employed or engaged by MediGuide or (ii) the use or knowledge of trade
 secrets or proprietary information of MediGuide. No MediGuide Employee or Consultant has
 provided MediGuide with written notice of such MediGuide Employee's or Consultant's
 intention to terminate employment or engagement with MediGuide as a result of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 MediGuide Employee is covered by a collective bargaining or any other labor-related Contract
 with any labor union or labor organization, and no such Contract is currently being negotiated.

Section 4.21 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Converting Holders' Representative has made available to the Company complete and accurate
 copies of the documents relating to each MediGuide Plan. Each MediGuide Plan has been established
 and administered in accordance with its terms and in compliance with the applicable provisions
 of ERISA, the Code, and all other applicable Laws, in each case, in all material respects.
 Each MediGuide Plan that is intended to be qualified within the meaning of Section 401(a)
 of the Code is so qualified and has received a favorable determination or opinion letter
 from the IRS to the effect that such MediGuide Plan satisfies the requirements of Section
 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a)
 of the Code. No non-exempt "prohibited transaction" within the meaning of Section
 406 of ERISA or Section 4975 of the Code has occurred involving any MediGuide Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MediGuide
 has not incurred any Liability nor reasonably expects to incur any Liability for post-employment
 health, medical, or life insurance benefits for any current or former MediGuide Employee,
 except as may be required by COBRA Coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither
 MediGuide nor any ERISA Affiliate sponsors, maintains, contributes to, or has any Liability
 for any defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan subject
 to Section 412 of the Code or Section 302 of ERISA. No MediGuide Plan is a Multiemployer
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 execution and delivery of any Transaction Document and the consummation of the Transactions
 will not result in (i) severance pay or any increase in severance pay upon any termination
 of employment after the date of this Agreement; (ii) any payment, compensation, or benefit
 becoming due, or increase the amount of any payment, compensation, or benefit due, to any
 current or former employee (including any MediGuide Employee), director, or officer of MediGuide;
 (iii) the acceleration of the time of payment or vesting or result in any funding (through
 a grantor trust or otherwise) of compensation or benefits; or (iv) the payment of any amount
 that could, individually or in combination with any other such payment, constitute an "excess
 parachute payment," as defined in Section 280G(b)(1) of the Code.

Section 4.22 <u>Brokers</u>. Neither MediGuide nor any Converting Holder will have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 4.23 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE IV</u> AND <u>ARTICLE V</u>, NEITHER MEDIGUIDE NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR OTHER REPRESENTATIVE OF MEDIGUIDE OR ANY ESTIMATES, PROJECTIONS, OR OTHER FORECASTS (INCLUDING THE REASONABLENESS OF THE ASSUMPTIONS UNDERLYING SUCH ESTIMATES, PROJECTIONS, OR FORECASTS) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**ARTICLE V**

**REPRESENTATIONS AND WARRANTIES OF THE CONVERTING HOLDERS**

Subject to the disclosures set forth in the Converting Holder Disclosure Letter, each Converting Holder hereby severally represents and warrants to Company as of the date of this Agreement as follows:

Section 5.1 <u>Due Authorization</u>. Each Converting Holder has all requisite legal capacity to execute and deliver each Transaction Document to which such Converting Holder is or will be a party and to consummate the Transactions. Each Transaction Document to which such Converting Holder is a party has been duly and validly executed and delivered by such Converting Holder and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of such Converting Holder, enforceable against such Converting Holder in accordance with its terms, subject to the Enforceability Exceptions.

Section 5.2 <u>No Conflict</u>. The execution and delivery by each Converting Holder of the Transaction Documents to which such Converting Holder is a party and the consummation of the Transactions by such Converting Holder will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to such Converting Holder, or (b) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any portion of the Partnership Interests held by the Converting Holders.

Section 5.3 <u>Title to Acquired Interest</u>. Each Converting Holder is the record and beneficial owner of, and has good and transferable title to, the Partnership Interest held by it, free and clear of all Liens (other than Permitted Liens). Except pursuant to this Agreement, there is no Contract pursuant to which such Converting Holder has, directly or indirectly, granted any option, warrant, or other right to any Person to acquire any portion of the Partnership Interest held by it. Such Converting Holder is not party to any equity holder agreement, voting agreement, voting trust, proxy, or other Contract relating to the transfer or voting of the Partnership Interest held by it.

Section 5.4 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE V</u> AND <u>ARTICLE IV</u>, NEITHER CONVERTING HOLDERS NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR REPRESENTATIVE OF CONVERTING HOLDERS OR MEDIGUIDE OR ANY ESTIMATES, PROJECTIONS, OR OTHER FORECASTS (INCLUDING THE REASONABLENESS OF THE ASSUMPTIONS UNDERLYING SUCH ESTIMATES, PROJECTIONS, OR FORECASTS) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company hereby represents and warrants to the Converting Holders as of the date of this Agreement as follows:

Section 6.1 <u>Organization; Good Standing; Power</u>. The Company has been duly formed and is validly existing and in good standing under the Laws of the jurisdiction of its organization. The Company has the requisite power and authority to own and lease its assets and properties and to conduct its business as they are now being conducted.

Section 6.2 <u>Authorization; Execution and Enforceability; No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company possesses all requisite power and authority, and has taken all actions necessary,
 to authorize, execute, deliver, and perform this Agreement and each other Transaction Document
 to which it is or will be a party and to consummate the Transactions. Each Transaction Document
 to which the Company is or will be a party has been duly and validly executed and delivered
 by the Company and constitutes a legal, valid, and (assuming the due authorization, execution,
 and delivery by each other party thereto) binding obligation of the Company, enforceable
 against it in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 execution and delivery by the Company of the Transaction Documents to which the Company is
 a party and the consummation of the Transactions by the Company will not (i) conflict with
 or result in a breach, violation, or infringement of the terms, conditions, or provisions
 of; (ii) constitute a default under (whether with or without the passage of time, the giving
 of notice or both); or (iii) require notice, consent, or approval under, or with respect
 to, (1) the Governing Documents of the Company, (2) any Law or Order to which the Company
 is subject, (3) any material Contract to which Company is a party, or (4) any Governmental
 Authority (other than with under the Antitrust Laws applicable to the Transactions) or other
 Person.

Section 6.3 <u>Capitalization and Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 6.3(a) to the Company Disclosure Letter sets forth a complete and accurate list of the all
 of the issued and outstanding Equity Interests of the Company (including the holders thereof
 and the amount of Equity Interests held by such holders) as of the date of this Agreement,
 together with a complete and accurate pro forma capitalization table with entity-level information
 as of immediately prior to the Effective Time after giving effect to all of the Additional
 Acquisitions. The Persons set forth on <u>Section 6.3(a)</u> to the Company Disclosure Letter
 own all of the issued and outstanding Equity Interests of Company as set forth therein as
 of the date of this Agreement or will own such Equity Interests as of the Effective Time.
 Except as set forth in the Governing Documents of the Company (complete and accurate copies
 of which have been made available to Converting Holders), no Person has any right of first
 offer, right of first refusal, or preemptive right in connection with any future offer, sale,
 or issuance of Equity Interests of the Company. Except as provided in the Additional Acquisition
 Documentation, the Company does not (a) have any subsidiaries or own Equity Interests of
 any other Person, (b) have any obligation to invest in, or make a capital contribution to,
 any Person, or (c) otherwise control any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section
 6.3(b) to the Company Disclosure Letters sets forth a listing of all Indebtedness of the
 Company (including any Indebtedness convertible into Equity Interests), including (1) the
 lender thereunder and (2) the outstanding balance thereon as of the date of this Agreement.

Section 6.4 <u>Actions and Orders</u>. There are no Actions or Orders pending or threatened against or affecting the Company seeking to restrain, prohibit, or materially delay, or to obtain damages or other relief in connection with, the Transactions or the Direct Listing.

Section 6.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Company
 has made available to the Converting Holders' Representative a complete and accurate
 copy of the audited balance sheet of the Company, together with the related statements of
 income of Company for the period then ended (the "**Company Financial Statements** ").
 The Company Financial Statements were prepared in accordance with GAAP and fairly present
 in all material respects the financial position of Company as of the date they were prepared
 and the results of operations of Company for the periods indicated, subject to the absence
 of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company has no Liabilities other than (a) those adequately reflected or reserved against
 in the Company Financial Statements or (b) those incurred in the Ordinary Course.

Section 6.6 <u>Direct Listing and Additional Acquisitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registration Statement does not, and will not as of the consummation of the Direct Listing,
 contain (i) any untrue statement of material fact or omit to state any material fact necessary,
 in light of circumstances under which it was made, to make the statements therein not misleading
 or (ii) any other inaccurate statement that could give rise to any Liability of the Company,
 the Converting Holders, or any of their respective Affiliates or Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company Valuation Report does not contain any untrue statement of material fact or omit to
 state any material fact necessary, in light of circumstances under which it was made, to
 make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company
 has no reason to believe that (i) the Direct Listing will not be consummated or (ii) any
 of the Additional Acquisitions will not be consummated on the terms set forth in the Additional
 Acquisition Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as set forth on <u>Section 6.6(d)</u> to the Company Disclosure Letter, neither Company nor
 any of its Affiliates or Representatives (i) is aware of any material breach of or inaccuracy
 in any of the representations or warranties set forth in the Additional Acquisition Documentation
 or (ii) has waived any condition to closing any of the Additional Acquisitions.

Section 6.7 <u>Solvency</u>. Assuming that the representations and warranties of MediGuide set forth in Article IV are true and correct in all material respects as of Closing, immediately following Closing, after giving effect to the Transactions, Company will (a) be able to pay its debts as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts, and (c) have adequate capital to carry on its business. No transfer of property is being made by or at the direction of Company or any of its Affiliates, and no obligation is being incurred by or at the direction of Company or any of its Affiliates, in connection with the Transactions with the intent to hinder, delay, or defraud either present or future creditors of Company or any of its Affiliates.

Section 6.8 <u>Brokers</u>. The Company will not have any Liability for brokerage, finders' or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 6.9 <u>Independent Investigation; Disclaimer of Reliance</u>. THE COMPANY ACKNOWLEDGES THAT IT HAS CONDUCTED TO ITS SATISFACTION AN INDEPENDENT INVESTIGATION AND VERIFICATION OF THE FINANCIAL CONDITION, RESULTS OF OPERATIONS, ASSETS, LIABILITIES, PROPERTIES, AND PROJECTED OPERATIONS OF THE BUSINESS AND MEDIGUIDE AND, IN MAKING ITS DETERMINATION TO PROCEED WITH THE TRANSACTIONS, THE COMPANY HAS RELIED EXCLUSIVELY ON THE RESULTS OF ITS OWN INDEPENDENT INVESTIGATION AND ON THE REPRESENTATIONS AND WARRANTIES MADE BY MEDIGUIDE IN <u>ARTICLE IV</u> AND BY CONVERTING HOLDERS IN <u>ARTICLE V</u> (IN EACH CASE AS MODIFIED BY THE MEDIGUIDE DISCLOSURE LETTER). NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE COMPANY ON ITS OWN BEHALF AND ON BEHALF OF ITS AFFILIATES AND REPRESENTATIVES, ACKNOWLEDGES AND AGREES THAT NO PERSON IS MAKING OR WILL BE DEEMED TO HAVE MADE ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, BEYOND THOSE EXPRESSLY GIVEN BY MEDIGUIDE IN <u>ARTICLE IV</u> AND BY CONVERTING HOLDERS IN <u>ARTICLE V</u> (IN EACH CASE AS MODIFIED BY THE MEDIGUIDE DISCLOSURE LETTER), AND NEITHER THE COMPANY NOR ANY OF ITS AFFILIATES OR REPRESENTATIVES IS RELYING ON, AND EACH SUCH PERSON EXPRESSLY DISCLAIMS RELIANCE ON, ANY REPRESENTATIONS OR WARRANTIES OTHER THAN THOSE MADE BY MEDIGUIDE IN <u>ARTICLE IV</u> AND BY CONVERTING HOLDERS IN <u>ARTICLE V</u> (IN EACH CASE AS MODIFIED BY THE MEDIGUIDE DISCLOSURE LETTER).

**ARTICLE VII**

**PRE-CLOSING COVENANTS**

Each of the agreements, covenants, and obligations set forth in this <u>Article VII</u> will apply to the applicable Parties during the period beginning on the date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement is terminated in accordance with <u>Article X</u>.

Section 7.1 <u>Commercially Reasonable Efforts</u>. Except with respect to the matters described in <u>Section 7.2</u> and <u>Section 7.3</u>, each Party shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5</u> to be satisfied and to consummate the Transactions as promptly as possible; provided that, for avoidance of doubt, MediGuide will not be required to expend any funds to obtain any third-party consents.

Section 7.2 <u>Direct Listing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall, and shall cause its Affiliates to, use reasonable best efforts to cause the
 Direct Listing, including the Listing of Company Common Stock on Nasdaq, to be consummated
 as promptly as practicable after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall make available to the Converting Holders' Representative a final draft
 version of the Registration Statement at least seven (7) days prior to the initial submission
 of the Registration Statement to the SEC. During such 10-Business-Day period, the Company
 shall consider in good faith any comments or proposed changes provided by the Converting
 Holders' Representative to the Registration Statement prior to the initial submission
 of the same to the SEC. The Company shall further make available to the Converting Holders'
 Representative all comments or other input received from the SEC with respect to the Registration
 Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall cause the Registration Statement not to (i) contain any untrue statement of
 material fact or any other inaccurate statement that could give rise to any Liability of
 the Company, the Converting Holders, or any of their respective Affiliates or Representatives,
 or (ii) omit to state any material fact necessary, in light of circumstances under which
 it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company shall promptly notify the Converting Holders' Representative in writing of
 any event, fact, occurrence, event, act, or omission that would reasonably be expected to
 result in the Direct Listing not being consummated or being consummated prior to the Drop
 Dead Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Company has made available to the Converting Holders' Representative a business valuation
 report for the Company, dated December 29, 2025 (the "**Company Valuation Report** ").
 The Company Valuation Report was prepared by a third-party valuation firm in good faith based
 on estimates reasonably believed by the Company and its Representatives to be fair, reasonable,
 and accurate under the circumstances, and neither the Company nor any of their respective
 Representatives have any reason to believe that the Company Valuation Report or any of the
 assumptions or information contained therein are inaccurate or incomplete in any material
 respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 connection with the Direct Listing, the Company shall facilitate the resale of shares of
 Company Common Stock constituting a portion of the Total Interest Consideration by the Converting
 Holders (on a pro rata basis) in an aggregate amount equal to at least $14,000,000 in gross
 proceeds or such lesser amount as the Converting Holders' Representative may request.

Section 7.3 <u>Third-Party Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall use commercially reasonable efforts to determine the filings and notifications
 required to be made with, or consents that are required to be obtained from, any third party
 under the terms of any Material Contract or any Governmental Authority under any applicable
 Law in connection with the execution and delivery of this Agreement and the consummation
 of the Transactions. Subject to the remainder of this <u>Section 7.3</u>, the Company, on
 the one hand, and MediGuide, on the other hand, shall, and shall cause their respective Representatives
 to, promptly file or make or cause to be filed or made, and use commercially reasonable efforts
 to obtain or cause to be obtained as promptly as practicable, all necessary filings with
 and consents of such third parties or Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the foregoing, the Parties shall use commercially reasonable efforts to take or
 cause to be taken all other actions necessary, proper, or advisable to cause the expiration
 or termination of the applicable waiting periods, or receipt of required authorizations,
 as applicable, under any applicable Antitrust Law as soon as reasonably practicable after
 the date of this Agreement. If required by the Antitrust Laws and if the appropriate filing
 pursuant to the Antitrust Laws has not been filed prior to the date hereof, each Party agrees
 to make, and cause to be made, an appropriate filing pursuant to the Antitrust Laws with
 respect to the Transactions within five Business Days after the date of this Agreement. Except
 as may be restricted in connection with any applicable Antitrust Law, (i) the Parties shall
 use best efforts, and shall cooperate, in responding to any written or oral requests from
 Governmental Authorities for additional information or documentary evidence, (ii) the Parties
 shall cooperate and provide one another reasonable advance notice of, and the opportunity
 to consult regarding, all meetings with Governmental Authorities, whether in person or by
 electronic or telephonic means, and regarding all written communications with Governmental
 Authorities, in each case, in connection with the Transactions, and (iii) the Parties shall
 promptly provide each other with copies of all written communications to or from any Governmental
 Authority. No Party shall, and each Party shall not permit any of its Representatives to,
 participate in any meeting with any Governmental Authority in respect of any filings, investigation,
 or other inquiry unless it consults with the other Party in advance and, to the extent permitted
 by such Governmental Authority, gives the other Party the opportunity to attend and participate
 at such meeting. Except in the event of a Burdensome Condition, the Parties shall not willfully
 take any action that delays, impairs, or impedes the receipt of any required consents, authorizations,
 Orders, or approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party will promptly notify the others in writing of any pending or threatened Action by any
 Governmental Authority or any other Person (i) challenging or seeking damages in connection
 with the Transactions or (ii) seeking to restrain or prohibit the consummation of the Transactions.

Section 7.4 <u>GTC Partner Approval</u>. GTC GP shall take all action necessary in accordance with this Agreement, Delaware Law, and the Governing Documents of GTC LP to obtain the irrevocable approval of the holders of the GTC LP Equity Interests to the Transactions, including, without limitation, the Merger, within 30 days following the date of this Agreement.

**ARTICLE VIII<br> ADDITIONAL COVENANTS**

Section 8.1 <u>Confidentiality</u>. From and after the Closing, unless the Company otherwise consents in writing, the Converting Holders shall hold in confidence all Confidential Information, including the terms and conditions of this Agreement and the other Transaction Documents, unless compelled to disclose such Confidential Information by Order or applicable Law, provided that, to the extent allowed under applicable Law, the Converting Holders shall promptly notify the Company prior to disclosing any such Confidential Information pursuant to any Order or applicable Law and assist the Company (at the Company's sole expense) in obtaining confidential treatment for the Confidential Information so disclosed.

Section 8.2 <u>Public Announcements</u>. No Party shall, and each Party shall cause its respective Affiliates and Representatives not to, issue or cause the publication of any press release or other public announcement with respect to the economic or other material terms of the Transactions without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned, or delayed).

Section 8.3 <u>Budgets</u>. MediGuide shall, at least 30 days prior to the Closing Date, prepare budgets and business plans for the remainder of the 2025 fiscal year and for the 2026 fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months. MediGuide shall submit the budgets and business plans for approval by the Company, with such changes thereto as shall be mutually agreed to by MediGuide and the Company.

Section 8.4 <u>D&O Indemnification and Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company agrees that all rights to indemnification, advancement of expenses, and exculpation
 by MediGuide in favor of each Person who is now or has ever been a partner, officer, or manager
 of MediGuide as provided in the Governing Documents of MediGuide, in each case, as in effect
 as of the Closing Date, or pursuant to any other agreements in effect as of the Closing Date,
 will survive the Closing Date and continue in full force and effect in accordance with their
 respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligations of Company and MediGuide under this <u>Section 8.4</u> may not be terminated
 or modified in any manner that adversely affects any partner, officer, or manager who is
 the beneficiary of this Section 8.4 without the consent of such director, officer, or manager
 (it being expressly agreed that such directors, officers, and managers are third-party beneficiaries
 of this <u>Section 8.4</u>).

Section 8.5 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall prepare, or cause to be prepared, all Tax Returns of MediGuide for taxable
 periods that end on or before the Closing Date and that are filed after the Closing Date.
 For any such Tax Return that is required to be filed on or before the Closing Date (taking
 into account extensions), MediGuide shall prepare, or cause to be prepared, such Tax Return.
 All such Tax Returns shall be prepared in a manner that does not adversely affect the Company
 or its Affiliates in any post-Closing taxable period. MediGuide shall provide copies of each
 such Tax Return to the Company for its review and approval no later than thirty (30) days
 prior to the applicable due date. The Company shall have the right to approve any such Tax
 Return, which approval shall not be unreasonably withheld, conditioned, or delayed. In the
 event that Company disagrees with any portion of such Tax Return, the Converting Holders
 and the Company shall negotiate in good faith to resolve any disputes, with any outstanding
 disputes being resolved by an independent accounting firm reasonably acceptable to both parties,
 the cost of which shall be borne equally by both parties. The Converting Holders shall promptly
 transfer to the Company funds in an amount equal to the amount, if any, shown as due on such
 Tax Return, and Company shall cause MediGuide to file such Tax Return and pay any such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties will, and will cause their respective Affiliates to, provide each other with such
 assistance as may reasonably be requested in connection with the preparation and filing of
 any Tax Return of MediGuide or otherwise relating to the Transactions (including signing
 any Tax Return), any audit or other examination by any Governmental Authority, or any Actions
 relating to Liabilities for Taxes of MediGuide. Such assistance will include making employees
 available on a mutually convenient basis to provide additional information or explanation
 of material provided hereunder and will include providing copies of relevant Tax Returns
 and supporting material. The Parties and their respective Affiliates will retain for the
 full period of any statute of limitations, and upon reasonable request will provide the other
 Parties with, any records or information which may be relevant to such preparation, audit,
 examination, proceeding or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 sales, use, value added, transfer, stamp, registration, documentary, excise, real property
 transfer, or gains or similar Taxes incurred as a result of the Transactions shall be paid
 by 50% by the Company and 50% by the Converting Holders, and the Company shall file all required
 change of ownership and similar statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as otherwise required by applicable Law, MediGuide shall not, without the prior written consent
 of the Company, make, change, or revoke any Tax election, amend any Tax Return, settle or
 compromise and Tax claim or liability, or extend or waive the application of any statute
 of limitations for the assessment or collection of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 anything to the contrary in the Governing Documents of MediGuide, the Converting Holders
 shall cause to be made, and MediGuide shall make, a "push-out" election pursuant
 to Section 6226 of the Code with respect to any audit or other tax examination of MediGuide
 for any taxable period (or portion thereof) that begins prior to the Closing Date. The Parties
 shall execute all necessary forms and take all required actions to effectuate the push-out
 election pursuant to Section 6226 of the Code with respect to any audit or other tax examination
 of MediGuide for any taxable period (or portion thereof) ending on or before the Closing
 Date. Any tax adjustments resulting from such election shall be allocated to the Converting
 Holders and shall not be the responsibility of Company or MediGuide. The Contributing Holders
 shall indemnify the Company for any costs or liabilities arising from the failure to properly
 effectuate such election.

Section 8.6 <u>Further Assurances</u>. Following the Closing, the Parties shall reasonably cooperate with each other and with their respective Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, and the Parties agree (a) to furnish upon request to the other Parties such further information, (b) to execute and deliver to each other Party such other documents, and (c) to do such other acts and things, all as the other Parties reasonably request, for the purpose of carrying out the terms of this Agreement and the Transactions.

**ARTICLE IX**

**INDEMNIFICATION**

Section 9.1 <u>Indemnification by the Company</u>. The Company shall indemnify and hold harmless the Converting Holders and each of their respective Affiliates, Representatives, successors, and assigns (the "**Converting Holder Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Converting Holder Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (a) any breach of or inaccuracy in any of the representations or warranties of the Company under this Agreement; (b) any failure by the Company to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by the Company under this Agreement or any other Transaction Document; and (c) except with respect to information provided by, or omitted by, MediGuide or the Converting Holders, any Liability arising from any material misstatements, inaccuracies, or other information contained in the Registration Statement, any Prospectus, or otherwise arising from the Direct Listing, including under Section 11 or Section 12(a)(1) of the Securities Act of 1933, as amended, or Section 10(b) of the Exchange Act.

Section 9.2 <u>Indemnification by the Converting Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Converting Holders shall, in the manner provided below, indemnify and hold harmless Company
 and each of its Affiliates, officers, directors, managers, employees, agents, representatives,
 successors, and assigns (the "**Company Indemnified Parties**") from, against,
 and with respect to, and will compensate and reimburse the Company Indemnified Parties for,
 any Damages of any kind or character, regardless of whether or not such Damages relate to
 any direct or third party claim, arising out of or resulting from: (i) severally and not
 jointly with respect to any breach of or inaccuracy in any of the representations or warranties
 of such Converting Holder under this Agreement, (ii) jointly and not severally with respect
 to any breach of or inaccuracy in any of the representations or warranties of MediGuide in
 this Agreement, (iii) severally and not jointly with respect to any failure by such Converting
 Holder to perform or observe, or to have performed or observed, in full any covenant, agreement,
 or condition to be performed or observed by such Converting Holder under this Agreement or
 any other Transaction Document, or (iv) severally and not jointly with respect to any Converting
 Holder Indemnified Taxes. For the avoidance of doubt and notwithstanding anything to the
 contrary in this Agreement, the Converting Holders shall not be liable for any information
 contained in the Registration Statement or in any Prospectus, or in any subsequent registration
 statement or prospectus or prospectus supplement contained therein or relating thereto, except
 for information furnished in writing by the Converting Holders, or by an authorized Representative
 of Converting Holders on behalf of the Converting Holders, to the Company expressly for inclusion
 therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnification obligations of the Converting Holders shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cap on Indemnification</u>. The aggregate amount to be paid by the Converting Holders for Damages
 under <u>Section 9.2(a)(ii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to Converting
 Holder Indemnified Taxes) shall not exceed the Indemnity Holdback Amount and Company's
 sole and exclusive remedy with respect to such Damages shall be the retention of the Indemnity
 Holdback Amount (the "**Cap**") and each Converting Holder's indemnification
 obligation hereunder with respect to such Damages shall be limited to such Converting Holders
 pro rata portion of the Total Interest Consideration; provided, however, that (A) for any
 Damages arising out of <u>Section 9.2(a)(iv)</u> (solely with respect to the Converting Holders
 Indemnified Taxes), the Cap shall be equal to 25% of the Total Interest Consideration, and
 (B) for any Damages arising under Section 9.2(a)(i), <u>Section 9.2(a)(iii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to a Converting Holder's Converting Holder Indemnified
 Taxes) or out of Fraud or willful misconduct by a Converting Holder, the Cap shall not exceed
 the portion of the Total Interest Consideration actually received by such Converting Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Thresholds</u>.
 The Converting Holders shall not be liable in respect of Damages under Section 9.2(a)(ii)
 or Section 9.2(a)(iv) (solely with respect MediGuide's Converting Holder Indemnified
 Taxes) unless and until (A) the amount of each such Damages exceeds $25,000 or (B) the aggregate
 amount of all such Damages exceeds $250,000, in which case the Converting Holders shall be
 liable for the entire amount of the Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Recourse</u>.
 Subject to the limitations set forth above, the Company Indemnified Parties may recover Damages
 either (A) from the Indemnity Holdback Amount or (B) after the Indemnity Holdback Amount
 is exhausted or fully reserved for disputed claims, for any Damages other than Damages arising
 from <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to MediGuide's
 Converting Holder Indemnified Taxes), directly from the Converting Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Pro Rata Satisfaction</u>. Except for Damages under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to a Converting Holder's Converting
 Holder Indemnified Taxes) or resulting from Fraud or intentional misconduct by a Converting
 Holder, Damages payable from the Indemnity Holdback Amount or otherwise from the Total Interest
 Consideration will be satisfied on the basis of each Converting Holder's pro rata portion
 of the Total Interest Consideration. All other Damages arising under <u>Section 9.2(a)</u>,
 not otherwise satisfied by the applicable Converting Holder's pro rata portion of the
 Total Interest Consideration, shall be recoverable directly against the applicable Converting
 Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Other Limitations</u>. The Converting Holders shall not be liable to make payments in respect of
 any Damages for which a reduction for such Damages has already been accounted for as a deduction
 to the Total Interest Consideration. Damages will be calculated net of any insurance proceeds
 or any indemnity payment actually received, net of costs of enforcement, deductibles and
 retro-premium adjustments, by the indemnified party in connection with such Damages or any
 of the circumstances giving rise thereto.

Section 9.3 <u>Distribution of Indemnity Holdback Amount</u>. Subject to the following requirements, on the Indemnity Holdback Expiration Date, all shares of Company Common Stock then remaining of the Indemnity Holdback Amount shall be distributed as set forth in <u>Section 2.3</u>, less any amount that is reasonably necessary, as reflected in a notice delivered by Company to the Converting Holders' Representative in good faith prior to the Indemnity Holdback Expiration Date, to satisfy any unsatisfied claims for Damages concerning facts and circumstances existing prior to the Indemnity Holdback Expiration Date.

Section 9.4 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 representation and warranty of the Company, and each covenant, obligation, and agreement
 of that requires performance by the Company prior to the Closing, contained in this Agreement
 or in any certificate delivered hereunder will, in each case, survive for a period of twelve
 (12) months following the Closing Date. Each covenant, obligation, and agreement of a Company
 Party or MediGuide requiring performance from and after the Closing (including the indemnification
 obligations of the Company pursuant to Section 9.1(c)) will, in each case, expressly survive
 the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed
 or until the expiration of the applicable statute of limitations (it being understood that
 Company will also be liable for any breach of a covenant, obligations, or agreement requiring
 performance by MediGuide after the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 representation and warranty of the Contributing Parties or MediGuide, and each covenant,
 obligation, and agreement that requires performance by the Contributing Parties or MediGuide
 prior to the Closing, contained in this Agreement or in any certificate delivered hereunder
 will, in each case, survive for a period of 12 months following the Closing Date, provided
 that the representations and warranties set forth in Section 4.18 (Taxes) shall survive until
 sixty (60) days following the expiration of the applicable statute of limitations. Each covenant,
 obligation, and agreement of the Converting Holders requiring performance from and after
 the Closing will, in each case, expressly survive the Closing (i) in accordance with its
 terms or (ii) if no term is specified, until performed or until the expiration of the applicable
 statute of limitations.

Section 9.5 <u>Indemnification Procedures</u>. Promptly after becoming aware of a claim for which indemnity may be sought pursuant to this <u>Article IX</u>, the Party seeking indemnification (the "**Indemnified Party**") will notify the Party from whom indemnification is sought (the "**Indemnifying Party**") of such claim. Such notice shall include a reasonably detailed description of the facts and circumstances giving rise to the indemnification claim and shall identify the specific provision(s) of this Agreement under which such indemnification is being sought. The Indemnified Party's failure or delay in providing the notice will not relieve the Indemnifying Party of its obligations under this <u>Article IX</u> except to the extent that the Indemnifying Party is materially prejudiced as a result thereof. Unless the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense or the settlement of such claim (such notice to be given as promptly as reasonably possible in view of the necessity to arrange such defense and in no event later than fifteen (15) days following the notice to the Indemnifying Party), the Indemnified Party will have the exclusive right to defend, settle, or pay such claim. The Indemnified Party will not be liable to the Indemnifying Party for any legal or other expense incurred by the Indemnifying Party in connection with any such defense or settlement undertaken by the Indemnifying Party. If the Indemnifying Party assumes the defense, the Indemnifying Party will not agree to any settlement, compromise, or discharge of a third-party claim without the Indemnified Party's prior written consent (not to be unreasonably withheld). If the Indemnifying Party has assumed the defense or settlement of such claim, the Indemnified Party will have the right to employ its own counsel, at its own expense. Notwithstanding the foregoing, the Indemnified Party will have the right to direct the defense of any such claim at the expense of the Indemnifying Party (but subject to the limitations in this <u>Article IX</u>), and the Indemnifying Party will not be able to assume the defense of any such claim, if (a) the Indemnified Party concludes in good faith that there are specific defenses available to it that are different from or additional to those available to the Indemnifying Party, (b) the underlying claim is reasonably expected to have a material adverse effect on the Indemnified Party, (c) the Indemnifying Party has failed or is failing to prosecute or defend such claim, (d) the claim relates to Taxes or any criminal or regulatory action or the claim seeks damages other than monetary damages, or (e) the Indemnifying Party has failed to unconditionally acknowledge in writing its obligation to indemnify the Indemnified Party with respect to such claim under this Agreement. The defending Party in any event will (i) defend such claim with reasonable diligence, (ii) cooperate with the other Parties in the investigation and analysis of such claim or proceeding, (iii) afford the other Parties reasonable access to such relevant information as it may have in its possession, and (iv) keep the other Parties reasonably informed regarding such claim and any related proceedings.

Section 9.6 <u>Indemnification Payments</u>. No later than five (5) Business Days after (a) agreement by the applicable Indemnifying Party or (b) any final adjudicated determination that any amounts are owed by any Indemnifying Party to any Indemnified Party under this <u>Article IX</u>, the Indemnifying Party shall pay all such amounts to the Indemnified Party in cash by wire transfer of immediately available funds to the account or accounts designated by the Indemnified Party; provided, however, that any such amounts payable to a Company Indemnified Party by any Converting Holder Indemnifying Party with respect to claims made under <u>Section 9.2</u> shall be satisfied (i) with respect to claims arising under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u>, solely from the Indemnity Holdback Amount, (ii) with respect to claims arising under <u>Section 9.2(a)(i)</u> or <u>Section 9.2(a)(iii)</u>, first from the Indemnity Holdback Amount, and thereafter through a surrender of additional shares of Company Common Stock or in cash, at the Company Indemnified Party's election, or (iii) with respect to Fraud or willful misconduct by a Converting Holder, from such Converting Holder's surrender of additional shares of Company Common Stock or in cash, at the Company Indemnified Party's election. To the extent any Damages are satisfied from the Indemnity Holdback Amount or through the surrender of shares of Company Common Stock, the number of shares of Company Common Stock to be surrendered shall be determined based on the amount of Damages subject to indemnification, divided by the thirty-day trailing volume-weighted closing price of the Company Common Stock measured from the date of the Indemnified Party's delivery of notice to the Indemnifying Party regarding the matter subject to indemnification.

Section 9.7 <u>Exclusive Remedy</u>. Other than in the event of Fraud or actions for specific performance, the Parties acknowledge and agree that the remedies provided for in this <u>Article IX</u> are their sole and exclusive remedies with respect to any claims based upon, arising out of, with respect to, or by reason of the matters covered by this Agreement.

**ARTICLE X**

**TERMINATION**

Section 10.1 <u>Termination Events</u>. This Agreement may be terminated at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the written consent of the Company and the Converting Holders' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 Company upon written notice to MediGuide and Converting Holders' Representative if
 there has been a material breach by the Converting Holders or MediGuide of any covenant,
 representation, or warranty contained in this Agreement such that the conditions to the Closing
 contained in <u>Section 3.5(a)(i)</u> or <u>Section 3.5(a)(ii)</u> cannot be satisfied, except
 that (i) if such material breach is capable of being cured by the Drop Dead Date, the Company
 will not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> prior to the delivery by the Company to the Converting Holders' Representative of written
 notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter
 period of time as remains prior to the Drop Dead Date), stating the Company's intention
 to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> and the basis for such
 termination, it being understood that the Company will not be entitled to terminate this
 Agreement if such material breach has been cured prior to such termination and (ii) the right
 to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> will not be available
 to the Company if it is then in breach of any provision of this Agreement which breach would
 give rise to the failure of the conditions set forth in <u>Article XI</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 the Converting Holders' Representative (so long as neither the Converting Holders nor
 MediGuide is then in material breach of any provision of this Agreement) upon written notice
 to the Company if the Company has breached, violated or failed to perform or there is any
 inaccuracy of or untruth in any of its respective representations, warranties, covenants
 or other agreements contained in this Agreement, such that the conditions to the Closing
 contained in <u>Section 3.5(b)(i)</u> or <u>Section 3.5(b)(ii)</u> cannot be satisfied and
 such breach has not been cured on or prior to the Drop Dead Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 either the Company, on one hand, or the Converting Holders' Representative, on the
 other hand, if any of the conditions to the Closing set forth in Section 3.5 have not been
 satisfied by April 30, 2026 (the "**Drop Dead Date** "), it being understood
 that the right to terminate this Agreement pursuant to this Section 10.1(d) will not be available
 to any Party whose action or failure to act (which action or failure to act constitutes a
 breach by such Party of this Agreement) has been the primary cause of, or primarily resulted
 in, the failure of the Closing to have occurred prior to the Drop Dead Date.

Section 10.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Party terminating this Agreement pursuant to <u>Section 10.1</u> (other than pursuant to <u>Article XI</u>) must deliver prompt written notice thereof to the other Parties setting
 forth in reasonable detail the provision of Section 10.1 pursuant to which this Agreement
 is being terminated and the facts and circumstances forming the basis for such termination
 pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 proper and valid termination of this Agreement pursuant to <u>Section 10.1</u> will be effective
 immediately upon the delivery of written notice by the terminating Party to the other Parties.
 In the event of any proper and valid termination of this Agreement pursuant to <u>Section 10.1, (i)</u> this Agreement will be of no further force or effect without liability of any
 Party (or any partner, member, manager, stockholder, director, officer, employee, Affiliate,
 agent or other representative of such Party) to the other Parties, as applicable, except
 that this <u>Section 10.2</u> and <u>Article XI</u> will each survive the termination of
 this Agreement in accordance with their respective terms and (ii) nothing in this Agreement
 will relieve any Party from any liability for Fraud or any willful breach prior to or in
 connection with the termination of this Agreement.

**ARTICLE XI**

**MISCELLANEOUS**

Section 11.1 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay all of its own fees, costs, and expenses (including attorneys' and advisors' fees, costs, and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions.

Section 11.2 <u>Amendment</u>. This Agreement may not be amended except by an instrument in writing signed by the Company, MediGuide and the Converting Holders' Representative.

Section 11.3 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding among the Parties with respect to the subject matter hereof and supersedes any and all prior agreements between the Parties with respect to such subject matter.

Section 11.4 <u>Notices</u>. Any notice or other communication required or permitted under this Agreement will be deemed made (a) upon receipt by the receiving Party if delivered in writing and served by personal delivery; (b) upon receipt by the receiving Party if delivered by email at the address set forth below provided the notifying Party receives confirmation of receipt by the receiving Party (e.g., a "read receipt"); or (c) three Business Days after postage or deposit, as applicable, if delivered by certified mail, registered mail, or courier service, return receipt requested, to the Persons and addresses indicated below:

If to Company (or to MediGuide after the Closing), to:

AIAI Holdings Corporation

17304 Preston Rd, Suite 520

Dallas, Texas 75252

Attention: Todd Furniss, Chief Executive Officer

Email: tf@aiaiholdings.com

with a copy (which will not constitute notice) to:

Egan Nelson LLP

2911 Turtle Creek Blvd. Suite 1100

Dallas, Texas 75219

Attention: Ken Betts

Email: ken.betts@egannelson.com

If to a Contributing Holder (or to MediGuide prior to the Closing) to:

GTC MediGuide GP, LLC

GTC MediGuide, L.P.

25 Highland Park Village

Suite 100 – Box 368

Dallas, TX 75205

Attention: Todd Furniss

Email: tfurniss@gtc.group

with a copy (which will not constitute notice) to:

VLP Law Group LLP

25 Highland Park Village

Suite 100-761

Dallas, Texas 75205

Attention: Gina Betts

Email: gbetts@vlplawgroup.com

Each Party may change its address and contact information for notices under this Agreement by providing the other Parties with written notice of such change pursuant to this <u>Section 11.4</u>.

Section 11.5 <u>Waiver</u>. Waiver of any provision of this Agreement by any Party will only be effective if in writing and will not be construed as a waiver of any subsequent breach or failure of the same provision or a waiver of any other provision of this Agreement.

Section 11.6 <u>Binding Effect; Assignment</u>. No Party may assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other Parties, and any purported assignment will be null and void and of no effect. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective permitted successors and assigns.

Section 11.7 <u>No Third Party Beneficiary</u>. Except as set forth in Section 8.4, nothing in this Agreement confers any rights, remedies, or claims upon any Person not a Party to this Agreement.

Section 11.8 <u>Governing Law</u>. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), will be governed by the internal Laws of the State of Delaware, without giving effect to its conflict of law principles.

Section 11.9 <u>Consent to Jurisdiction and Service of Process</u>. Any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating to, this Agreement or the Transactions may only be brought in the United States District Court for the Northern District of Texas sitting in Dallas, Texas (or, if such court does not have subject matter jurisdiction, the state courts for the State of Texas sitting in Dallas, Texas), and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance with the notice provisions in <u>Section 11.4</u> will be effective service of process on such Party.

Section 11.10 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH PARTY AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.10</u>.

Section 11.11 <u>Counterparts</u>. The Parties may execute this Agreement in one or more counterparts, each of such counterparts will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, e.g., www.docusign.com) will constitute effective execution and delivery of this Agreement by the Parties. Signatures of the Parties transmitted by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, e.g., www.docusign.com) will be deemed original signatures for all purposes.

Section 11.12 <u>Preamble and Recitals</u>. The preamble and recitals to this Agreement are hereby expressly incorporated into this Agreement as if fully set forth in this <u>Section 11.12</u>.

Section 11.13 <u>Severability</u>. Any provision of this Agreement that is or becomes invalid, illegal, or unenforceable in any respect will not affect the validity, legality, or enforceability of any other provision of this Agreement.

Section 11.14 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise explicitly specified in this Agreement to the contrary, (i) references to an
 Article, Section, Annex, or Exhibit mean an Article or Section of, or Annex or Exhibit to,
 this Agreement, unless another agreement is specified; (ii) the word "including"
 will be construed as "including, without limitation;" (iii) the words "herein,"
 "hereof," "hereby," "hereto," and "hereunder"
 refer to this Agreement as a whole; (iv) words in the singular or plural form include the
 plural and singular form, respectively; (v) pronouns will be deemed to refer to the masculine,
 feminine, or neuter, as the identity of the Person or Persons requires; (vi) the words "asset"
 and "property" will be construed to have the same meaning and effect and to refer
 to all tangible and intangible assets and properties, including cash, securities, accounts,
 contract rights, and real and personal property; (vii) references to a particular Person
 include such Person's successors and permitted assigns; (viii) references to a particular
 statute, rule, or regulation include all rules and regulations thereunder and any predecessor
 or successor statutes, rules, or regulations, in each case as amended or otherwise modified
 from time to time; (ix) references to a particular agreement, document, instrument, or certificate
 mean such agreement, document, instrument, or certificate as amended, supplemented, or otherwise
 modified from time to time if permitted by the provisions thereof; (x) references to "Dollars"
 or "$" are references to United States Dollars; (xi) references to "written"
 or "in writing" include electronic form; (xii) any reference in this Agreement
 to a "day" or a number of "days" (without explicit reference to "Business
 Days") will be interpreted as a reference to a calendar day or number of calendar days;
 and (xiii) the words "shall" and "will" have the same meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 headings of Articles, Sections, Annexes, Exhibits, and Schedules to the Disclosure Letters
 are provided for convenience only and will not affect the construction or interpretation
 of this Agreement. The Annex and Exhibits hereto, along with the Schedules to the Disclosure
 Letters, are incorporated into this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 disclosure on any one Schedule to the Disclosure Letters will be deemed to be disclosed on
 any other Schedule to the Disclosure Letters to the extent that it is reasonably apparent
 that the information disclosed in such Schedule to the Disclosure Letters is applicable to
 another Schedule to the Disclosure Letters. The information included in the Disclosure Letters
 is disclosed solely for the purposes of this Agreement, and no information included in the
 Disclosure Letters will be deemed an admission by MediGuide or the Converting Holders to
 any Person of any matter, including with respect to any violation of Law or breach of any
 agreement. Disclosure of any information, agreement, or other item in the Disclosure Letters
 will not imply that such information, agreement, or other item is or is not material or that
 the inclusion or exclusion of any such item creates a standard of materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 any period for giving notice or taking action under this Agreement expires on a day that
 is not a Business Day, the time period will be automatically extended to the Business Day
 immediately following such day. When calculating the period of time before which, within
 which, or following which any act will be done or step taken pursuant to this Agreement,
 the date that is the reference date in calculating such period will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Parties acknowledge and agree that, for administrative purposes with respect to wire transfers,
 amounts owing between the Parties at the Closing under this Agreement or any other Transaction
 Document may be offset against one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Parties have participated jointly in the negotiation and drafting of this Agreement. In the
 event an ambiguity or question of intent or interpretation arises, this Agreement will be
 construed as if drafted jointly by the Parties and no presumption or burden of proof will
 arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions
 of this Agreement.

Section 11.15 <u>Specific Performance</u>. Each Party acknowledges that the Parties will be irreparably harmed and that there will be no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement. It is accordingly agreed that, in addition to any other remedies that may be available upon the breach of any such covenants or agreements, but subject to Section 7.3(b), each of the Parties shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or Orders for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which it is entitled at Law or in equity, as a remedy for any such breach or threatened breach. Each Party further agrees that no Party or any other Person will be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 11.15</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument.

Section 11.16 <u>Converting Holders' Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Converting Holders shall irrevocably appoint Todd Furniss as such Converting Holder's
 representative (the "**Converting Holders' Representative**") with respect
 to all matters arising hereunder or in connection herewith. The Converting Holders'
 Representative hereby accepts such appointment and agrees to serve in the capacity contemplated
 by this <u>Section 11.16</u>. The Converting Holders' Representative may resign at
 any time, and the Converting Holders' Representative may be removed by the vote of
 a majority of Converting Holders (the "**Majority Holders** "). In the event
 that the Converting Holders' Representative has resigned or been removed, a new Converting
 Holders' Representative shall be appointed by a promptly-held vote of the Majority
 Holders, such appointment to become effective upon the written acceptance thereof by the
 new Converting Holders' Representative. Any successor Converting Holders' Representative
 must agree to be bound by the terms and conditions of this Agreement applicable to the Converting
 Holders' Representative and will thereupon become the Converting Holders' Representative
 for purposes of this Agreement and all applicable ancillary agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Converting Holders' Representative shall act as, and is hereby appointed by each of
 the Converting Holders as, true and lawful attorney-in-fact, agent and representative of
 each Converting Holder and shall be authorized to act on behalf of Converting Holders and
 to take any and all actions required or permitted to be taken by the Converting Holders'
 Representative under this Agreement and any ancillary documents. In all matters relating
 to this <u>Section 11.16</u>, the Converting Holders' Representative shall be the only
 party entitled to assert the rights of the Converting Holders hereunder. This power of attorney
 is granted and conferred in consideration of and for the purpose of completing the transactions
 contemplated hereby and fulfilling the other purposes hereof. The authority conferred upon
 the Converting Holders' Representative shall be irrevocable and coupled with an interest,
 and shall not be terminated by any act of any Converting Holder or by operation of law, whether
 by the death, incapacity, illness, dissolution or other inability to act of any of Converting
 Holders or by the occurrence of any event or events (including the termination of any trust
 or estate or the dissolution of any partnership or other entity), and if after the execution
 hereof any Converting Holder shall die or become incapacitated, or if any other event shall
 occur before the completion of the transactions contemplated hereby, the Converting Holders'
 Representative is nevertheless authorized and directed to complete all such transactions
 as if such death, incapacity or other event or events had not occurred and regardless of
 notice thereof. Notwithstanding any provision of this Agreement to the contrary, any obligation
 of the Company herein to consult with, notify, advise or otherwise communicate with the Converting
 Holders shall be deemed an obligation to consult with, notify, advise or otherwise communicate
 solely with the Converting Holders' Representative, and the Company shall be entitled
 to rely on the on any act or communication of the Contributing Holders' Representative
 as the act or communication of Converting Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Converting Holder irrevocably grants the Converting Holders' Representative, by virtue
 of such Converting Holder's execution of this Agreement, exclusive and full power and
 authority in the name and on behalf of such Converting Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to
 execute and deliver, on behalf of such Converting Holder, and to accept delivery of, on behalf
 of such holder, such releases, instruments and other documents as the Converting Holders'
 Representative determines, in its sole discretion, to be appropriate to consummate the transactions
 contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to
 acknowledge receipt of any consideration to be received by such Converting Holder pursuant
 to this Agreement (other than the Total Interest Consideration to be paid at Closing) and
 the Escrow Agreement as payment in full thereof and to designate the manner of payment of
 such consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1)
 dispute or refrain from disputing, on behalf of such Converting Holder, any claim made by
 the Company under this Agreement and comply with orders and decrees with respect to, any
 dispute or loss; (2) negotiate and compromise, on behalf of such Converting Holder, any dispute
 that may arise under, and to exercise or refrain from exercising any remedies available under,
 this Agreement or the ancillary agreements; and (3) agree to and execute, on behalf of such
 Converting Holder, any settlement agreement, release or other document with respect to such
 dispute or remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to
 give and receive notices and communications, or to give or agree to, on behalf of such holder,
 any and all consents, waivers, amendments or modifications, as the Converting Holders'
 Representative determines, in its sole discretion, to be necessary or appropriate under this
 Agreement, and, in each case, to execute and deliver any documents that may be necessary
 or appropriate in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to
 engage attorneys, accountants and agents, and to incur such Representative Expenses as the
 Converting Holders' Representative, in its sole discretion, determines are appropriate
 in the exercise of its powers and authority conferred hereunder, all of which Representative
 Expenses shall be for the account of the Converting Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to
 amend this Agreement, or any of the instruments to be delivered to the Company by such holder
 pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to
 have exclusive power and authority to disburse or direct payments of any consideration payable
 under this Agreement for the benefit of such Converting Holder; to have exclusive power and
 authority to institute legal action or otherwise act on behalf of such Converting Holder
 with respect to any claims against the Company and to control and direct any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to
 give such instructions and to take such action or refrain from taking such action, on behalf
 of such holder, as the Converting Holders' Representative deems, in its sole discretion,
 necessary or appropriate to carry out the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to
 determine, in its sole discretion, the time or times when, purpose for, and manner in which
 any of the above powers conferred upon the Converting Holders' Representative shall
 be exercised, and the conditions, provisions, covenants of any instrument or document that
 may be executed by the Converting Holders' Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) to
 fund the actions and obligations of the Converting Holders' Representative as authorized
 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of the Converting Holders hereby agrees, by virtue of the execution of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in
 all matters in which action by any such Converting Holder or the Converting Holders'
 Representative is required or permitted under this Agreement, the Converting Holders'
 Representative is exclusively authorized to act on behalf of such Converting Holder, notwithstanding
 any dispute or disagreement among any such Converting Holders, or between any such Converting
 Holder and the Converting Holders' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 decision, act, consent or instruction of the Converting Holders' Representative shall
 constitute a decision of all of such Converting Holders and shall be final, binding and conclusive
 upon each such Converting Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 power and authority of the Converting Holders' Representative, as described in this
 Agreement, shall continue in force until all rights and obligations of such holders under
 this Agreement shall have terminated, expired or been fully performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 Converting Holders' Representative shall not have by reason of this Agreement a fiduciary
 relationship in respect of any such Converting Holder. All actions, decisions and instructions
 of the Converting Holders' Representative shall be conclusive and binding upon such
 Converting Holder, and no Converting Holder shall have any cause of action against the Converting
 Holders' Representative, and the Converting Holders' Representative shall not
 be liable to any Converting Holder, for any action taken or not taken, decision made or instruction
 given by the Converting Holders' Representative under this Agreement. The Converting
 Holders' Representative shall not be liable to any Converting Holder for any apportionment
 or distribution of payments made by it in good faith. Neither the Converting Holders'
 Representative nor any Representative employed by it shall incur any liability to any such
 holder by virtue of a failure or refusal of the Converting Holders' Representative
 to consummate the transactions contemplated hereby or relating to the performance of its
 other duties hereunder. Further, the Converting Holders' Representative shall be indemnified
 and held harmless by each Converting Holder from all liabilities, obligations, losses, damages,
 penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
 whatsoever which may be directly or indirectly imposed on, incurred by or asserted against
 the Converting Holders' Representative in connection with the exercise of its powers
 or authority hereunder, provided that, the Converting Holders' foregoing indemnification
 obligation shall be on a several basis and allocated to each Converting Holder on a pro rata
 basis. In no event shall any Converting Holder be obligated to indemnify or hold the Converting
 Holders' Representative harmless in the case of Fraud by the Converting Holders'
 Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All
 Representative Expenses shall be promptly reimbursed by Converting Holders on a pro rata
 basis for all fees and expenses that have been or will be incurred by the Converting Holders'
 Representative in connection with the completion of the Transactions, including the exercise
 of its powers and authority as the Converting Holders' Representative as set forth
 herein (the "**Representative Expenses** "). The Converting Holders'
 Representative may effect any reimbursement for such Representative Expenses from the Representative
 Fund, which shall have an initial balance of $100,000, which funds shall not be comingled
 with any other funds of the Converting Holders' Representative or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Converting Holders' Representative shall have such powers and authority as are set
 forth in this Agreement; provided, however, that the Converting Holders' Representative
 shall have no obligation to act on behalf of the Converting Holders except as expressly provided
 herein. Without limiting the generality of the foregoing, the Converting Holders' Representative
 shall have full power, authority and discretion to estimate and determine the amounts of
 Representative Expenses and to pay such Representative Expenses. As between Converting Holders
 and the Converting Holders' Representative, the Converting Holders' Representative
 shall not be required to take any action on behalf of the Converting Holders or otherwise
 in its capacity as the Converting Holders' Representative under this Agreement that
 would involve incurring Representative Expenses (and shall have no liability for not taking
 such action) unless the Converting Holders' Representative is holding funds delivered
 to it under this <u>Section 11.16</u> or has been provided with other funds, security or
 indemnities which, in the sole determination of the Converting Holders' Representative,
 are sufficient to protect the Converting Holders' Representative against the costs,
 expenses and liabilities which may be incurred by the Converting Holders' Representative
 in taking such action. The Converting Holders' Representative shall be entitled to
 reimbursement from funds paid to it under this <u>Section 11.16</u> or otherwise received
 by it in its capacity as the Converting Holders' Representative pursuant to or in connection
 with this Agreement, for all Representative Expenses, including all expenses, disbursements
 and advances of or to its counsel, experts and other agents and consultants incurred by the
 Converting Holders' Representative in the exercise of its powers and authority under
 this Agreement or otherwise in its capacity as the Converting Holders' Representative.
 In the event that the Converting Holders' Representative determines, in its sole and
 absolute discretion, that the funds paid to the Converting Holders' Representative
 pursuant to this <u>Section 11.16</u> or otherwise received by it in its capacity as the
 Converting Holders' Representative pursuant to or in connection with this Agreement
 exceed the actual and then-estimated amount of future Representative Expenses, then Converting
 Holders' Representative shall transfer such excess amount to the Converting Holders
 on a pro rata basis.

[Signature Pages Follow]

**IN WITNESS WHEREOF**, the Parties have duly executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| AIAI Holdings Corporation | AIAI Holdings Corporation |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **MERGER SUB** | **MERGER SUB** |
| MediGuide Merger Sub, LLC | MediGuide Merger Sub, LLC |
| By: | */s/ John P. Rochon* |
| Name: | John P. Rochon |
| Title: | President |

---

---

| | |
|:---|:---|
| **MEDIGUIDE** | **MEDIGUIDE** |
| GTC MediGuide, LP | GTC MediGuide, LP |
| By: | GTC MediGuide GP, LLC, |
|  | its General Partner |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chairman of the Board |
| GTC MediGuide GP, LLC | GTC MediGuide GP, LLC |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chairman of the Board |

---

**Annex A**

**Certain Defined Terms**

"**Action**" means any action, claim, demand, arbitration, investigation, hearing, complaint, litigation, suit, or other proceeding of any nature, including civil, criminal, administrative, or regulatory, whether at law or in equity.

"**Additional Acquisition Documentation**" means the definitive transaction documents governing the Additional Acquisitions, each substantially in the form made available to the Converting Holders' Representative.

"**Additional Acquisitions**" means those Persons identified on <u>Annex B</u>.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, the terms "control," "controls," and "controlled" mean the power to direct or cause the direction of the management or policies of such specified Person, directly or indirectly, whether through ownership of voting securities, by contract, or otherwise. For avoidance of doubt, all of the Persons acquired (or to be acquired) by Company or any of its Affiliates pursuant to the Additional Acquisitions will be deemed an Affiliate of Company for all purposes hereunder.

"**Allocation Statement**" shall have the meaning set forth in <u>Section 2.4(b)</u>.

"**Antitrust Laws**" means all applicable Laws that are designed or intended to prohibit, restrict, or regulate actions or transactions having the purpose or effect of monopolization, restraint of trade, lessening of competition through merger or acquisition, or effectuating foreign investment, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, and the Federal Trade Commission Act of 1914.

"**Benefit Plan**" means any pension, employment, retirement, collective bargaining, bonus, severance, compensation, or other benefit plan, agreement, or arrangement, including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) and any Multiemployer Plan.

"**Business**" means the business of providing a comprehensive suite of healthcare services, including medical second opinions that connects patients to leading specialists, preventative health programs for practice care and telehealth services.

"**Business Day**" means any day other than a Saturday, a Sunday, or other day on which commercial banks in the State of Texas are authorized or required by Law to close.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Company Common Stock**" means the common stock, par value $0.001 per share, of Company.

"**Company Disclosure Letter**" means that certain letter from the Company to the Converting Holders and MediGuide dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by Company either in response to an express disclosure requirement of Company contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of Company in this Agreement.

Annex A-1

"**Company Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on either (a) the business, results of operations, properties, or assets of the Company or (b) the ability of the Company to consummate the Transactions (including the Direct Listing) on or before the Drop-Dead Date, provided that, solely with respect to clause (a) above, any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (i) changes in conditions in the United States or global economy or capital or financial markets generally, (ii) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (iii) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (iv) changes in general to the industry (including regulatory changes) in which Company operates, or (v) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Confidential Information**" means any information concerning MediGuide or the Business that is proprietary in nature and non-public or confidential, in whole or in part, provided that, Confidential Information does not include any information that (a) is or becomes publicly available other than through a violation of this Agreement by the Converting Holders, (b) is received on a non-confidential basis from a source other than the Parties or their respective Affiliates or Representatives who, to the Knowledge of the Converting Holders' Representative, is not prohibited from disclosing such information by any legal or contractual obligation, (c) was already known by the Converting Holder at the time of receipt from the disclosing Person, or (d) is developed by or on behalf of Converting Holders without the use of or reference to Confidential Information.

"**Consultant**" means an independent contractor, consultant, sales representative, agent, commercial agent, or other freelancer who provides services to MediGuide or with respect to the Business.

"**Contract**" means any contract, agreement, lease, undertaking, commitment, or other binding arrangement (whether written or oral) between the parties thereto.

"**Converting Holder Indemnified Taxes**" means (a) Taxes (or the non-payment thereof) of any Converting Holder, or (b) Taxes (or the non-payment thereof) of MediGuide or otherwise in relation to the conduct of the Business of MediGuide for any Tax year (or other Tax period) ending on or before the Closing Date.

"**Converting Holders**" means the holders of the Partnership Interests.

"**Damages**" means any and all losses, Liabilities, damages, fees, punitive damages (but only to the extent such punitive damages are actually awarded to a third party), and costs and expenses, including reasonable attorney's and accountant's fees and costs and expenses reasonably incurred in investigating, preparing, defending against, or prosecuting any litigation, claim, action, suit, proceeding, or demand of any kind or character.

"**Direct Listing**" means, together, the registration of the Company Common Stock under Section 12 of the Exchange Act and the listing of the Company Common Stock for trading on Nasdaq.

"**Disclosure Letters**" means the Company Disclosure Letter and MediGuide Disclosure Letter.

"**Enforceability Exceptions**" means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar Laws affecting creditors' rights generally and (b) general principles of equity.

"**Environmental Law**" means any Law, Order, or Contract with any Governmental Authority relating to (a) the environment, (b) the protection of human health and safety, or (c) the regulation or remediation of or exposure to Hazardous Substances.

Annex A-2

"**Environmental License**" means any License relating to or required by any Environmental Law in connection with the Business.

"**Equity Interests**" means any (a) shares, interests, or other equivalents (however designated) of capital stock of a corporation; (b) membership, partnership, or other equity ownership interests in a Person other than a corporation; and (c) warrants, options, convertible securities (e.g., convertible debt), calls, or other rights to purchase or acquire any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974.

"**ERISA Affiliate**" means any Person that, together with MediGuide, would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

"**Fraud**" means (a) with respect to the Converting Holders or MediGuide, the actual fraud of the Converting Holders or MediGuide caused by the Converting Holders or MediGuide making a representation or warranty in <u>Article IV</u> or <u>Article V</u>, as applicable, with the actual (not constructive or imputed) knowledge of the Converting Holders or MediGuide, as applicable that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Company and inducing the Company to enter into this Agreement; and (b) with respect to the Company either (i) the actual fraud of the Company caused by the Company making a representation or warranty in <u>Article VI</u> with the actual (not constructive or imputed) knowledge of the Company (or any of its Representatives) that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Converting Holders and MediGuide and inducing the Converting Holders and MediGuide to enter into this Agreement, or (ii) any act, omission, misstatement, event, occurrence, circumstance, or other event that could lead to Liability pursuant to the Exchange Act (including Section 11, Section 12(a)(1), or Section 10(b) thereof).

"**GAAP**" means United States generally accepted accounting principles, consistently applied.

"**Governing Documents**" means, with respect to any entity or trust, such entity's constituent or organizational documents, such as its articles of organization, certificate of formation, articles of incorporation, or declaration of trust and any other documents or agreements adopted by the entity to govern the formation or the internal affairs of the entity or trust, such as its operating agreement, bylaws, trust agreement, shareholders or members agreement, or voting agreement, as such documents have been amended, restated, or supplemented from time to time, if applicable.

"**Governmental Authority**" means (a) any government, governmental authority, agency, commission, department, or other similar body, court, tribunal, arbitrator, or arbitral body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing."

"**GTC GP**" shall have the meaning set forth in the introductory paragraph of this Agreement.

"**GTC LP**" shall have the meaning set forth in the introductory paragraph of this Agreement.

"**GTC Partner Approval**" shall have the meaning set forth in the Recitals to this Agreement.

"**Hazardous Substance**" means (a) any pollutant, contaminant, waste, or chemical; (b) any toxic or otherwise hazardous substance; or (c) any substance, waste, or material having any constituent elements displaying any of the foregoing characteristics.

Annex A-3

"**Indebtedness**" means (a) any indebtedness or other obligation for borrowed money (or any guaranties thereof); (b) any indebtedness evidenced by a note, bond, debenture, or other security or similar instrument; (c) any Liability with respect to interest rate or currency swaps, collars, caps, and similar hedging obligations; (d) any Liability for the deferred purchase price of property or other assets (including any "earn out" or similar payments); (e) any Liability under any performance bond or letter of credit or any bank overdrafts or similar charges; and (f) any accrued interest, pre-payment penalties, breakage costs, redemption fees, costs, expenses, premiums, and other amounts owing pursuant to instruments evidencing Indebtedness (assuming that such Indebtedness is repaid on the Closing Date).

"**Indemnity Holdback Amount**" means a number of shares of Company Common Stock constituting a portion of the Total Interest Consideration equal to (a) $2,565,000 divided by (b) the Initial Offering Price.

"**Indemnity Holdback Expiration Date**" shall have the meaning set forth in <u>Section 2.3</u>.

"**Initial Offering Price**" means the lesser of (a) $20.00 or (b) the initial offering price of the Company's Common Stock in the Direct Listing.

"**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether registered or unregistered: (a) patents, patentable inventions, and other patent rights; (b) trademarks, service marks, trade dress, trade names, and all related goodwill and similar rights; (c) copyrights, mask works, and designs; (d) trade secrets, know-how, inventions, confidential business information, and other proprietary information and rights; (e) computer software programs, including all related source code, object code, specifications, designs, and documentation; and (f) domain names, Internet addresses, and other computer identifiers.

"**IRS**" means the United States Internal Revenue Service.

"**Knowledge of the Converting Holders' Representative**" means the actual knowledge of the Converting Holders' Representative following consultation with the Converting Holders.

"**Labor Laws**" means any Laws relating to employment, discrimination, health and safety, labor relations, or workplace safety and insurance.

"**Law**" means any applicable domestic or foreign law, statute, ordinance, code, regulation, rule, directive, guideline, standard, policy, Order, or other requirement of a Governmental Authority, whether or not having the force of law.

"**Liability**" means any liability, loss, damage, cost, or expense (including reasonable attorneys' fees), in each case, whether direct or indirect and accrued or contingent.

"**License**" means any license, permit, certificate, approval, consent, registration, or similar authorization of any Governmental Authority.

"**Lien**" means any lien, mortgage, deed, pledge, charge, security interest, right of first refusal, right of first offer, preemptive rights, easement, restriction, covenant, condition, title default, encroachment, survey defect, option, or other encumbrance.

"**MediGuide**" shall mean, collectively, GTC GP, GTC LP, and all of their Affiliates.

"**MediGuide Disclosure Letter**" means that certain letter from MediGuide to the Company and dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by MediGuide or the Converting Holders either in response to an express disclosure requirement of MediGuide or the Converting Holders contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of MediGuide or the Converting Holders in this Agreement.

Annex A-4

"**MediGuide Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on the business, results of operations, properties, or assets of MediGuide, provided that any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (a) changes in conditions in the United States or global economy or capital or financial markets generally, (b) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (c) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (d) changes in general to the industry (including regulatory changes) in which MediGuide operates, or (e) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**MediGuide Plan**" means any Benefit Plan (a) under which any current or former employee, director, or officer of MediGuide or any of its Affiliates, MediGuide Employee, or Consultant has any present or future right to benefits and that is maintained, sponsored, or contributed to by MediGuide or any of its Affiliates or (b) with respect to which MediGuide or its Affiliates has any Liability.

"**Multiemployer Plan**" means any "multiemployer plan" as defined in Section 3(37) of ERISA, any "multiple employer plan" as defined in Section 413(c) of the Code, or "multiple employer welfare arrangement" as defined in Section 3(40) of ERISA.

"**Nasdaq**" means the Nasdaq Global Market of the National Association of Securities Dealers Automated Quotations Systems.

"**Order**" means any order, decision, judgment, writ, injunction, decree, award, or other determination of any Governmental Authority.

"**Ordinary Course**" means the ordinary course of business of MediGuide consistent with past practice.

"**Partnership Interest**" means a partnership interest in GTC MediGuide, LP.

"**Permitted Lien**" means (a) Liens for Taxes not yet due and payable; (b) imperfections of title and other similar Liens that do not and would not reasonably be likely to materially detract from the value of the asset or property subject thereto or materially impair the continued use or occupancy of such asset or property in connection with the operations of MediGuide; (c) Liens arising by operation of Law in the Ordinary Course, such as mechanics' Liens, materialmens' Liens, carriers' Liens, warehousemens' Liens, and similar Liens, that are not delinquent or are being disputed in good faith; (d) pledges or deposits under workers' compensation (or similar) Laws, unemployment insurance, or other types of insurance or compensation plans; (e) pledges or deposits that secure the performance of tenders, statutory obligations, bonds, bids, leases, Contracts, and similar obligations; (f) with respect to any lease, title of the lessor and any other Liens arising pursuant to the terms of the applicable lease or arising under zoning, land use, or other applicable Laws that do not and would not reasonably be likely to materially impair the continued use or occupancy of such property by MediGuide; and (g) with respect to the Acquired Interest, transfer restrictions arising under the Governing Documents of MediGuide or pursuant to applicable federal or state securities Laws.

"**Per Partner Consideration**" means the portion of the Total Interest Consideration issuable to each Converting Holder as set forth on the Allocation Statement.

Annex A-5

"**Person**" means any individual, corporation, company, partnership, association, limited liability company, business enterprise, trust, or other legal entity.

"**Registration Statement**" means the Registration Statement on Form S-1 submitted and declared effective by the by the SEC in connection with the Direct Listing.

"**Representative**" means, with respect to any Person, any director, manager, officer, employee, independent contractor, consultant, legal counsel, accountant, financial advisor, or other agent or representative of such Person.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Tax**" means any tax imposed, assessed, or collected by or under the authority of any Governmental Authority (including any penalty, interest or addition thereto).

"**Tax Return**" means any report, return, declaration, claim for refund, election, disclosure, estimate, or other documentation required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto and amendment thereof

"**Total Interest Consideration**" means $51,300,000, consisting of 2,565,000 shares of Company Common Stock, as adjusted in accordance with the terms hereof.

"**Transaction Documents**" means this Agreement, the Converting Holder Closing Deliverables, and the Company Closing Deliverables.

"**Transaction Expenses**" means any fees, costs, and expenses incurred or subject to reimbursement by MediGuide, in each case, in connection with the Transactions, including the fees, costs, and expenses of brokers, counsel, accountants, or other advisors or service providers of MediGuide or the Converting Holders.

"**Transactions**" means the transactions contemplated by the Transaction Documents.

"**Treasury Regulations**" means the Treasury regulations promulgated under the Code.

"**Value**" means the number of shares of Company Common Stock equal to (i) the specified dollar amount divided by (ii) the thirty-day trailing weighted-average closing price of the Company Common Stock ending on the second trading day prior to the applicable date of issuance.

Annex A-6

**Annex B**

**Additional Acquisitions**

C.C. Carlton Industries, Ltd.

Constellation Network, Inc.

AI Research Corporation

Vanguard Healthcare Solutions, LLC

Bond Street Limited, LLC

Annex B-1

## Exhibit 10.25

**Exhibit 10.25**

**SECOND AMENDED AND RESTATED**

**CONTRIBUTION AGREEMENT**

**by and among**

**AIAI Holdings Corporation, as the Company**

**Vanguard Healthcare Solutions LLC, and**

**The Persons Listed Herein, as the Contributors**

**January 23, 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Article I DEFINITIONS** | **1** |
| Section 1.1 Definitions | 1 |
| Section 1.2 Other Capitalized Terms | 1 |
| **ARTICLE II PURCHASE AND SALE OF SHARES** | **2** |
| Section 2.1 Contribution | 2 |
| Section 2.2 Additional Consideration | 2 |
| Section 2.3 Holdback | 3 |
| Section 2.4 Tax Treatment | 3 |
| **Article III CLOSING MATTERS** | **3** |
| Section 3.1 Closing | 3 |
| Section 3.2 Reimbursement and Payment of Transaction Expenses/Repayment of Vanguard Indebtedness. | 3 |
| Section 3.3 Contributor Closing Deliverables | 4 |
| Section 3.4 Company Closing Deliverables | 5 |
| Section 3.5 Conditions to Closing | 5 |
| **Article IV REPRESENTATIONS AND WARRANTIES OF VANGUARD** | **6** |
| Section 4.1 Organization | 6 |
| Section 4.2 Due Authorization | 6 |
| Section 4.3 No Conflict | 7 |
| Section 4.4 Third-Party Consents | 7 |
| Section 4.5 Actions and Orders | 7 |
| Section 4.6 Capitalization | 7 |
| Section 4.7 Financial Statements | 7 |
| Section 4.8 No Undisclosed Liabilities | 8 |
| Section 4.9 No Vanguard Material Adverse Effect | 8 |
| Section 4.10 Material Contracts | 8 |
| Section 4.11 Compliance with Laws | 8 |
| Section 4.12 Litigation | 8 |
| Section 4.13 Insurance | 9 |
| Section 4.14 Licenses | 9 |
| Section 4.15 Material Vendors | 9 |
| Section 4.16 Assets and Property | 9 |
| Section 4.17 Environmental Matters | 10 |
| Section 4.18 Taxes | 10 |
| Section 4.19 Intellectual Property; Data Privacy | 11 |
| Section 4.20 Employment and Labor Matters. | 11 |
| Section 4.21 Employee Benefit Plans. | 12 |
| Section 4.22 Brokers | 12 |
| Section 4.23 No Other Representations | 12 |

---

i

---

| | |
|:---|:---|
| **Article V Representations and warranties OF the Contributors** | **13** |
| Section 5.1 Due Authorization | 13 |
| Section 5.2 No Conflict | 13 |
| Section 5.3 Title to Acquired Interest | 13 |
| Section 5.4 No Other Representations | 13 |
| **Article VI REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **14** |
| Section 6.1 Organization; Good Standing; Power | 14 |
| Section 6.2 Authorization; Execution and Enforceability; No Conflicts | 14 |
| Section 6.3 Capitalization and Indebtedness | 14 |
| Section 6.4 Actions and Orders | 14 |
| Section 6.5 Financial Matters | 15 |
| Section 6.6 Direct Listing and Additional Acquisitions | 15 |
| Section 6.7 Solvency | 15 |
| Section 6.8 Brokers | 15 |
| Section 6.9 Independent Investigation; Disclaimer of Reliance | 15 |
| **Article VII Pre-Closing Covenants** | **16** |
| Section 7.1 Commercially Reasonable Efforts | 16 |
| Section 7.2 Direct Listing Matters | 16 |
| Section 7.3 Third-Party Approvals | 17 |
| Section 7.4 Resignations | 17 |
| **Article VIII ADDITIONAL COVENANTS** | **18** |
| Section 8.1 Confidentiality | 18 |
| Section 8.2 Public Announcements | 18 |
| Section 8.3 Budgets | 18 |
| Section 8.4 D&O Indemnification and Insurance. | 18 |
| Section 8.5 Tax Matters | 18 |
| Section 8.6 Record Retention | 19 |
| Section 8.7 Further Assurances | 19 |
| Section 8.8 Equity Incentive Plan. | 19 |
| **Article IX Indemnification** | **20** |
| Section 9.1 Indemnification by the Company | 20 |
| Section 9.2 Indemnification by the Contributors | 20 |
| Section 9.3 Distribution of Indemnity Holdback Amount | 21 |
| Section 9.4 Survival | 21 |
| Section 9.5 Indemnification Procedures | 22 |
| Section 9.6 Indemnification Payments | 22 |
| Section 9.7 Exclusive Remedy | 23 |
| **Article X Termination** | **23** |
| Section 10.1 Termination Events | 23 |
| Section 10.2 Effect of Termination | 23 |
| **Article XI MISCELLANEOUS** | **24** |
| Section 11.1 Expenses | 24 |
| Section 11.2 Amendment | 24 |
| Section 11.3 Entire Agreement | 24 |
| Section 11.4 Notices | 24 |
| Section 11.5 Waiver | 25 |
| Section 11.6 Binding Effect; Assignment | 25 |
| Section 11.7 No Third Party Beneficiary | 25 |
| Section 11.8 Governing Law | 25 |
| Section 11.9 Consent to Jurisdiction and Service of Process | 25 |
| Section 11.10 Waiver of Jury Trial | 25 |
| Section 11.11 Counterparts | 26 |
| Section 11.12 Preamble and Recitals | 26 |
| Section 11.13 Severability | 26 |
| Section 11.14 Rules of Construction | 26 |
| Section 11.15 Specific Performance | 27 |
| Section 11.16 The Contributors' Representative. | 27 |
| Annexes and Exhibits |  |
| Annex A Certain Defined Terms | A-1 |
| Annex B Additional Acquisitions | B-1 |

---

ii

**SECOND** **AMENDED AND RESTATED**

**CONTRIBUTION AGREEMENT**

This Second Amended and Restated Contribution Agreement (this "**Agreement**"), dated as of January 23, 2026, is by and among AIAI Holdings Corporation, a Delaware corporation (the "**Company**"), and Vanguard Healthcare Solutions LLC, a Texas limited liability company ("**Vanguard**"), and the Persons listed on the signature pages to this Agreement (collectively, the "**Contributors**"), on the other hand. The Company, Vanguard, and the Contributors are referred to in this Agreement each as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Contributors own all of the issued and outstanding Equity Interests (the "**Acquired Interests**") of Vanguard and

**WHEREAS**, the Contributors desire to contribute the Acquired Interest to the Company, and the Company desires to issue to the Contributors shares of Common Stock, in an exchange intended to constitute a transfer pursuant to Section 351 of the Code, subject to the terms and conditions set forth in this Agreement.

**NOW THEREFORE**, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

**Article I<br> DEFINITIONS**

Section 1.1 <u>Definitions</u>. Capitalized terms used but not otherwise defined in this Agreement have the meanings set forth on Annex A.

Section 1.2 <u>Other Capitalized Terms</u>. The following capitalized terms are defined on the pages of this Agreement indicated below:

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| | |
|:---|:---|
| Acquisition Per Share Value | 2 |
| Acquisition Shares | 2 |
| Adjusted Purchase Price | 2 |
| Agreement | 1 |
| Closing | 3 |
| Closing Date | 3 |
| Company | 1 |
| Company Closing Deliverables | 5 |
| Company Financial Statements | 15 |
| Company Indemnified Parties | 20 |
| Contributor Closing Deliverables | 4 |
| Contributor Indemnified Parties | 20 |
| Contributor | 1 |
| Contributors' Representative | 27 |
| Drop Dead Date | 23 |
| Indemnified Party | 22 |
| Indemnifying Party | 22 |
| Initial Offering Price | 2 |
| Leased Property | 9 |
| Licensed Intellectual Property | 11 |
| Lock-Up Agreement | 4 |
| Majority Holders | 27 |
| Material Contracts | 8 |
| Owned Intellectual Property | 11 |
| Party | 1 |
| Real Property Lease | 9 |
| Representative Expenses | 30 |
| Vanguard Employees | 11 |
| Vanguard Financial Statements | 7 |
| Vanguard Interim Financial Statements | 7 |
| Vanguard Latest Balance Sheet | 7 |
| Vanguard Licenses | 9 |
| Vanguard Year-End Financial Statements | 7 |

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**Article II**

**PURCHASE AND SALE OF SHARES**

Section 2.1 <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, the Contributors shall sell, assign, transfer, and convey to the Company, and the Company shall acquire from the Contributors, the Acquired Interests, free and clear of any Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In return for the Acquired Interests, at Closing the Company shall issue to the Contributors, on a pro rata basis, an aggregate number of shares of Common Stock (the "**Acquisition Shares**") equal to (a) the Adjusted Purchase Price divided by (b) an agreed upon per share value of $20.00 (the "**Acquisition Per Share Value**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and the Contributors acknowledge and agree that the Acquisition Shares will be registered for public resale by the Contributors under the Registration Statement, subject to the terms and conditions of the Lock-Up Agreement, which agreement shall restrict the sale of an aggregate of 480,000 Acquisition Shares (which number shall include the Indemnity Holdback Amount) for a period of 180 days from the initial trading day of the Common Stock on Nasdaq or such lesser number of days as may be agreed to by the Company.

Section 2.2 <u>Additional Consideration</u>. If Vanguard's trailing twelve-month gross revenues at the end of any month during the period commencing on the Closing Date and ending with the month preceding the fifth anniversary of the Closing Date is equal to or greater than (a) $14,000,000 (the "**Initial Target Revenues**"), then the Company shall pay to the Contributors (on a pro rata basis) additional shares of Common Stock with a Value of $12,000,000 (the "**Initial Performance Shares**"), (b) $21,000,000 (the "**Secondary Target Revenues**"), then the Company shall pay to the Contributors (on a pro rata basis) addition shares of Common Stock with a Value of $6,000,000 (the "**Secondary Performance Shares**"), and (c) $28,000,000 (the "**Tertiary Target Revenues**"), then the Company shall pay to the Contributors (on a pro rata basis) additional shares of Common Stock (the "**Tertiary Performance Shares**").

The dollar amount used to calculate the number of Performance Shares issuable upon the achievement of any of the revenue thresholds set forth above (i.e., $14,000,000, $21,000,000 or $28,000,000, as applicable) shall be adjusted as follows: (i) the applicable payout amount shall be multiplied by the CPI Adjustment Factor and (ii) the resulting adjusted amount shall be divided by the applicable Value to determine the number of Performance Shares to be issued. For the avoidance of doubt, the Revenue Threshold amounts of $14,000,000, $21,000,000, and $28,000,000 shall not be so adjusted.

The Initial Performance Shares, the Secondary Performance Shares, and the Tertiary Performance Shares, as applicable, shall be issuable by the Company within five (5) Business Days following confirmation that the Initial Target Revenues, the Secondary Target Revenues, and the Tertiary Target Revenues, as applicable, have been achieved based on Vanguard's financial statements prepared in accordance with GAAP. Vanguard agrees to provide the Company with such information as the Company shall reasonably request in order for it to be able complete the confirmation process. Any disagreement regarding the achievement of the revenue targets shall be resolved by an independent accounting firm selected by the mutual agreement of the Parties, with the costs of such firm being shared equally by the Contributors and the Company. The Initial Performance Shares, the Secondary Performance Shares, and the Tertiary Performance Shares, if issued, will be registered for public resale under a registration statement filed by the Company with the SEC effective as of the time of the issuance of the applicable Performance Shares.

Section 2.3 <u>Holdback</u>. Upon the Closing, the Company will hold back from the Acquisition Shares the Indemnity Holdback Amount for the purposes of satisfying any claims for indemnification by any Company Indemnified Party in accordance with <u>Article IX</u>. Subject to the Company's right to permanently retain all or a portion of the Indemnity Holdback Amount for any Company Indemnified Party's claim for Damages subject to indemnification pursuant to <u>Article IX</u>, as of date that is the one-year anniversary of the Closing Date (the "**Indemnity Holdback Expiration Date**"), any remaining Indemnity Holdback Amount (other than amounts being permanently retained by the Company in connection with satisfying any Damages or retained pending resolution of any potential unsatisfied claims for Damages in accordance with <u>Article IX</u>) shall be distributed to the Contributors in accordance with such Contributors' pro rata portion in accordance with <u>Section 9.3</u>.

Section 2.4 <u>Tax Treatment</u>. The Parties acknowledge that the Transactions, taken together with the Additional Acquisitions, all of which are made as part of the same plan, are intended to qualify as tax-deferred exchanges under Section 351 of the Code. The Contributors represent and warrant that, immediately after the exchange, they will, as a group together with the contributors pursuant to the Additional Acquisitions, be in control of the Company within the meaning of Section 368(c) of the Code, which requires ownership of at least 80% of the voting stock and 80% of all other classes of stock. The Parties agree to file all Tax Returns and take all Tax positions in a manner consistent with such intent unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code. The Parties hereby agree to file and retain such information as shall be required under Section 1.351-3 of the Treasury Regulations. Furthermore, the Parties shall consult with their respective tax advisors to ensure that all actions taken in connection with the Transactions comply with the requirements of Section 351 and shall provide the Company with written confirmation of such compliance prior to Closing.

**Article III**

**CLOSING MATTERS**

Section 3.1 <u>Closing</u>. The consummation of the transactions contemplated by this Agreement (the "**Closing**") will occur no later than the Business Day after which all of the conditions to Closing set forth in <u>Section 3.5</u> have been satisfied, other than conditions that, by their nature, must be satisfied at the Closing (such date, the "**Closing Date**"), by electronic mail or other electronic transmission or at such place and time as the Parties may mutually agree. All deliveries by one Party to any other Party at the Closing will be deemed to have occurred simultaneously as of the Closing Date and, unless the Contributors' Representative and the Company otherwise agree, none will be effective unless and until all such deliveries have occurred.

Section 3.2 <u>Reimbursement and Payment of Transaction Expenses/Repayment of Vanguard Indebtedness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon Closing, the Company shall (a) reimburse the Contributors for all Transaction Expenses incurred and previously paid by Vanguard or the Contributors and (b) pay or cause to be paid all incurred and unpaid Transaction Expenses, by wire transfer of immediately available funds to accounts specified in writing by Vanguard or the Contributors (with supporting documentation reasonably acceptable to the Company), such amounts not to exceed $150,000 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At Closing, the Company, on behalf certain Contributors as designated by the Contributors' Representative (the "**Escrow Contributors**"), shall contribute the Adjustment Holdback Amount into an escrow account with an escrow agent mutually agreeable to the Company and the Escrow Contributors to be administered by such escrow agent in accordance with the terms of an escrow agreement in form and substance reasonably acceptable to the Company and the Escrow Contributors. The proceeds from the sale of the Adjustment Holdback Amount, pursuant to the terms of such escrow agreement, shall be used to repay the Vanguard Indebtedness to the Persons identified in and accordance with the Payoff Letters.

Section 3.3 <u>Contributor Closing Deliverables</u>. At the Closing, the Contributors shall deliver or cause to be delivered to the Company (collectively, the "**Contributor Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assignments of membership interest for the Acquired Interests, in form and substance reasonably satisfactory to the Company and the Contributors' Representative, each duly executed by the Contributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as applicable, payoff letters (collectively, the "**Payoff Letters**") with respect to the Vanguard Indebtedness (i) setting forth the amount required to repay in full all such Vanguard Indebtedness and (ii) providing for the termination of such Vanguard Indebtedness in each case upon the receipt fo the applicable payoff amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate for Vanguard, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that Vanguard validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate from a duly authorized officer of Vanguard (i) authenticating Vanguard's Governing Documents; (ii) attaching all requisite resolutions or actions of Vanguard's managing body approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (iii) certifying to the accuracy of the representations and warranties of Vanguard as required under <u>Section 3.5(a)(i)</u>; (iv) certifying to the performance of the covenants and obligations to be performed by Vanguard and the Contributors on or prior to the Closing as required under <u>Section 3.5(a)(ii)</u>; and (v) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of Vanguard, duly executed by an authorized officer of Vanguard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a duly executed IRS Form W-9 for each Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as requested by the Company, written resignations of each director of Vanguard, in form and substance acceptable to the Company, in each case, effective as of the Closing and duly executed by each such director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a lockup agreements with respect to the Acquisition Shares, in form and substance reasonably satisfactory to the Parties (the "**Lock-Up Agreement**"), duly executed by the Contributors.

Section 3.4 <u>Company Closing Deliverables</u>. At the Closing, the Company shall deliver or cause to be delivered to the Contributors (collectively, the "**Company Closing Deliverables**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence acceptable to the Contributors that the Contributors hold, beneficially and of record, all of the Acquisition Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate for the Company, dated no more than 15 days prior to the Closing Date, from the applicable Governmental Authority in its jurisdiction of organization to the effect that the Company validly exists and is in good standing in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate from a duly authorized officer of the Company (i) attaching all requisite resolutions or actions of the Company's equity holders and board of directors approving the execution, delivery, and performance of the Transaction Documents and the consummation of the Transactions, and certifying that such resolutions or actions were duly adopted, have not been amended, modified, or rescinded, and remain in full force and effect as of the Closing; (ii) certifying to the accuracy of the representations and warranties of the Company as required under <u>Section 3.5(b)(i)</u>; (iii) certifying to the performance of the covenants and obligations to be performed by the Company prior to the Closing as required under <u>Section 3.5(b)(ii)</u>; and (iv) attesting to the authority and incumbency of, and authenticating the signatures of, any Person executing the Transaction Documents on behalf of the Company, duly executed by an authorized officer of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Lock-Up Agreements, duly executed by the Company.

Section 3.5 <u>Conditions to Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of Vanguard in <u>Article IV</u> and the Contributors in <u>Article V</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Contributors and Vanguard must have complied in all material respects with the covenants and obligations applicable to the Contributors and Vanguard contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Vanguard Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Contributor must have delivered or caused to be delivered all of the Contributor Closing Deliverables to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company must provide the Contributors with evidence that the Company has filed, and received evidence of acceptance by the SEC of, the acceleration request seeking the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Contributors to consummate the Transactions is subject to the satisfaction of the following conditions at or prior to the Closing (unless otherwise waived by Contributor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the representations and warranties of the Company in <u>Article VI</u> must be true and correct in all material respects (except that any such representation or warranty expressly qualified by "materiality," "Material Adverse Effect", or similar qualifier must be true and correct in all respects) as of the Closing (or, if any such representation or warranty is made as of a specified date, as of such date only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company must have complied in all material respects with the covenants and obligations applicable to the Company contained in this Agreement that are required to be performed or complied with on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company must have delivered or caused to be delivered all of the Company Closing Deliverables to Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there must be no enactment, issuance, promulgation, enforcement, or entry of any Order in effect as of the Closing that makes the Transactions illegal or otherwise prohibits the consummation of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the waiting period under the Antitrust Laws applicable to the Transactions must have expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no Company Material Adverse Effect shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company must provide the Contributors with evidence that the Company has filed, and received evidence of acceptance by the SEC of, the acceleration request seeking the effectiveness of the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company must provide evidence reasonably satisfactory to the Contributors that each of the Additional Acquisitions has been or will be consummated as of the Closing Date.

**Article IV**

**REPRESENTATIONS AND WARRANTIES OF VANGUARD**

Subject to the disclosures set forth in the Contributor Disclosure Letter, Vanguard hereby represents and warrants to the Company as of the date of this Agreement as follows:

Section 4.1 <u>Organization</u>. Vanguard has been duly formed and is validly existing and in good standing under the Laws of its jurisdiction of organization. Vanguard has the requisite power and authority to own and lease its assets and properties and to conduct the Business as it is now being conducted. Vanguard is duly licensed or qualified and in good standing in all jurisdictions where it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not result in a Vanguard Material Adverse Effect. The Contributors' Representative has made available to the Company a complete and accurate list of all jurisdictions where Vanguard is so licensed or qualified.

Section 4.2 <u>Due Authorization</u>. Vanguard has all requisite power and authority to execute and deliver each Transaction Document to which Vanguard is or will be a party and to consummate the Transactions. Each Transaction Document to which Vanguard is a party has been duly and validly executed and delivered by Vanguard and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of Vanguard, enforceable against Vanguard in accordance with its terms, subject to the Enforceability Exceptions.

Section 4.3 <u>No Conflict</u>. The execution and delivery by Vanguard of the Transaction Documents to which Vanguard is a party and the consummation of the Transactions by Vanguard will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, or accelerate the performance required, in each case, in any material respect, or result in the termination of or give any Person the right to terminate, any Material Contract to which Vanguard is a party; (b) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to Vanguard; (c) violate or conflict with the Governing Documents of Vanguard; or (d) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any assets of Vanguard.

Section 4.4 <u>Third-Party Consents</u>. Except as required under the Antitrust Laws, no notice to, consent of, or filings with any Governmental Authority or other Person is required by Vanguard with respect to the execution or delivery of any Transaction Document or the consummation of the Transactions, except where the failure to obtain any such consent or make any such filing would not reasonably be expected to result in a Vanguard Material Adverse Effect.

Section 4.5 <u>Actions and Orders</u>. There are no pending or, to the Knowledge of the Contributors' Representative, threatened Actions by any Person or before or by any Governmental Authority against Vanguard or that prohibits or otherwise restricts, in any material respect, the ability of Vanguard to consummate the Transactions. There is no Order to which Vanguard is subject or bound other than rules promulgated by a Governmental Authority of general applicability. There is no Order to which Vanguard is subject or bound that prohibits or otherwise restricts the ability of Contributor to consummate the Transactions.

Section 4.6 <u>Capitalization</u>. The Contributors' Representative has made available to the Company complete and accurate copies of the Governance Documents of Vanguard and a complete and accurate list of the all of the issued and outstanding Equity Interests of Vanguard. The Contributors own all of the issued and outstanding Equity Interests of Vanguard. No Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of Vanguard. Vanguard does not (a) have any subsidiaries or own Equity Interests of any other Person, (b) any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person.

Section 4.7 <u>Financial Statements</u>. The Contributors' Representative has made available to the Company complete and accurate copies of (a) the audited, consolidated balance sheets of Vanguard as of December 31, 2024, together with the related statements of income of Vanguard for the 24-month period then ended (the "**Vanguard Year-End Financial Statements**") and (b) the unaudited, consolidated balance sheet of Vanguard as of September 30, 2025 (the "**Vanguard Latest Balance Sheet**") and the related statement of income of Vanguard for the nine-month period then ended (the "**Vanguard Interim Financial Statements**" and, together with the Vanguard Latest Balance Sheet and the Vanguard Year-End Financial Statements, the "**Vanguard Financial Statements**"). The Vanguard Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of Vanguard as of the respective dates they were prepared and the results of operations of Vanguard for the periods indicated, subject to the absence of notes and, in the case of Vanguard Interim Financial Statements only, year-end adjustments.

Section 4.8 <u>No Undisclosed Liabilities</u>. Vanguard does not have any Liability of a type required to be reflected on a balance sheet prepared in accordance with GAAP other than (a) those adequately reflected or reserved against Vanguard Latest Balance Sheet, (b) those incurred in the Ordinary Course since the date of Vanguard Latest Balance Sheet, or (c) those that would not result in a Vanguard Material Adverse Effect.

Section 4.9 <u>No Vanguard Material Adverse Effect</u>. Since the date of Vanguard Latest Balance Sheet, no Vanguard Material Adverse Effect has occurred and is continuing.

Section 4.10 <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has available to the Company copies of all Contracts (including all amendments or modifications thereto) to which Vanguard is a party that falls within any of the following categories (collectively the "**Material Contracts**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract for goods or services that involves, or that is expected to involve, payments to Vanguard of more than $50,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract for goods or services that involves, or that is expected to involve, payments by Vanguard of more than $50,000 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to Indebtedness owed by Vanguard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract under which Vanguard would incur any change-in-control payment or similar compensation obligations to its employees by reason of the Transactions or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract under which Vanguard has advanced or loaned Indebtedness or any other amount to any Person, other than trade credit in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Contract relating to the Business for capital expenditures involving payments of more than $50,000 individually or in the aggregate, in each case, under which there are material outstanding obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all Contracts for Licensed Intellectual Property that involve an annual license fee of $50,000 or more (excluding licenses for "off-the-shelf" or commercially available software pursuant to shrink-wrap, click-through, or similar licenses); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract to which Vanguard is a party entered into in the past three years involving any resolution or settlement of any actual or threatened Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Material Contract is a valid and binding obligation of Vanguard, is in full force, and effect, and is enforceable against Vanguard, subject to the Enforceability Exceptions. Vanguard is not in material breach, violation, or default under any Material Contract.

Section 4.11 <u>Compliance with Laws</u>. Vanguard is currently, and has been since January 1, 2020, in compliance in all material respects with all Laws and Orders to which Vanguard is subject. Since January 1, 2020, Vanguard has not received written notice from any Governmental Authority that Vanguard is not in compliance with any applicable Law or Order.

Section 4.12 <u>Litigation</u>. There is no material Action pending or, to the Knowledge of the Contributors' Representative, threatened by or before any Governmental Authority against or relating to or affecting Vanguard's assets or the Business.

Section 4.13 <u>Insurance</u>. Vanguard maintains insurance policies with financially sound insurance companies providing commercially reasonable protection against Liabilities arising or accruing prior to the Closing. The Contributors' Representative has made available to the Company (a) a complete and accurate list of all policies of insurance providing coverage for Vanguard, and (b) a print-out of the aggregate claims and all individual claims made under each such policy (or any predecessor policy) since January 1, 2020. No notice of cancellation, termination, or reduction in coverage has been received with respect to any such policy.

Section 4.14 <u>Licenses</u>. Vanguard has obtained all of the Licenses necessary to permit it to own, operate, use, and maintain its assets and conduct the Business in the manner in which they are now owned, operated, used, and maintained (the "**Vanguard Licenses**"), except where the failure to obtain any such Vanguard License would not result in a Vanguard Material Adverse Effect. There are no Actions pending or, to the Knowledge of the Contributors' Representative, threatened that would reasonably be expected to result in the termination, revocation, suspension, or restriction of any Vanguard License or the imposition of any fine, penalty, sanction, or other Liability for violation of any Law or Order relating to any Vanguard License, in each case, that would have a Vanguard Material Adverse Effect.

Section 4.15 <u>Material Vendors</u>. The Contributors' Representative has made available to the Company a list of the 10 largest vendors (by aggregate spend) of Vanguard (the "**Material Vendors**"), for the fiscal year ended December 31, 2024, and the [five]-month period ending [June 30], 2025. No Material Vendor has, in the last 12 months, threatened in writing to cancel, materially and adversely modify, or otherwise terminate the relationship or business relations of such Material Vendor with Vanguard.

Section 4.16 <u>Assets and Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for assets disposed of in the Ordinary Course since the date of Vanguard Latest Balance Sheet, Vanguard owns good and valid title to, or hold pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by Vanguard on Vanguard Latest Balance Sheet, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tangible assets used in the operation of the Business (i) are adequate for the uses to which they are being put, and (ii) are in good operating condition and repair, subject to normal wear and tear and ordinary, routine maintenance and repair that are not material in cost or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributors' Representative has made available to the Company (i) the addresses of each parcel of real property that Vanguard leases, subleases, or licenses (each a "**Leased Property**"), and (ii) copies of all Contracts under which Vanguard leases, subleases, or licenses such Leased Property (each a "**Real Property Lease**"). Each Real Property Lease is a valid and binding obligation of Vanguard, is in full force and effect, and is enforceable against Vanguard, subject to the Enforceability Exceptions. Vanguard is not in material breach, violation, or default under any Real Property Lease. Vanguard has not leased or otherwise granted to any Person the right to use or occupy any Leased Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vanguard does not own any parcel of real property and is not party to any Contract or option to purchase any real property.

Section 4.17 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vanguard is currently, and has been since January 1, 2020, in compliance in all material respects with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vanguard is not using any of the Leased Properties or any other assets pertaining to the Business, or permitted such Leased Properties or assets to be used, to generate, manufacture, refine, treat, transport, store, handle, transfer, import, produce, or process Hazardous Substances. Vanguard has not caused or permitted the release of any Hazardous Substances at, on, or under the Leased Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no environmental and operating documents and records relating to the Business required to be maintained by any Environmental Law or Environmental License. Vanguard has not breached in any material respect any obligation to report to any Person imposed under any Environmental Laws or Environmental License. No notice, report, demand, request for information, citation, summons, or Order has been received, and no Action is pending or, to the Knowledge of the Contributors' Representative, threatened by any Person with respect to Vanguard relating to or arising out of any Environmental Law or Environmental License.

Section 4.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vanguard has timely filed all Tax Returns required to be filed by it (taking into account applicable extensions), and all material amounts of Taxes required to be paid by Vanguard have either been paid or adequate provision therefor has been made in Vanguard Financial Statements. All such Tax Returns are true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Tax Return filed by Vanguard is the subject of a current audit or examination by the IRS or any other Governmental Authority responsible for the administration of any Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material Taxes required to be deducted or withheld by Vanguard have been deducted and withheld and, to the extent required, have been timely paid to the proper Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vanguard has no Liability for Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee or successor, by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Vanguard will not be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any change in accounting method, prepaid amount, installment sale or open transaction disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Vanguard has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify under Section 355 of the Code within the two-year period prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Vanguard (i) has not in respect of a Tax period that remains open, waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, or (ii) is not subject to a closing agreement entered into under Section 7121 of the Code, a private letter ruling of the IRS or comparable rulings of any other Governmental Authority requested and obtained by Vanguard that would have a binding effect after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Vanguard has not engaged in any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision in this Agreement to the contrary, the only representations and warranties made with respect to all matters relating to Taxes of Vanguard shall be the representations and warranties set forth in this <u>Section 4.18</u>, and this Agreement shall not be interpreted in any manner that is contrary thereto.

Section 4.19 <u>Intellectual Property; Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Intellectual Property is either owned by Vanguard (the "**Owned Intellectual Property**") or used by Vanguard pursuant to a valid license Contract (the "**Licensed Intellectual Property**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Contributors' Representative has made available to the Company a complete and accurate list of (i) all Owned Intellectual Property that is registered, issued, or the subject of a pending application, and (ii) all material unregistered Owned Intellectual Property. All of such registrations, issuances, and applications are valid, in full force and effect, and have not expired or been cancelled, abandoned, or otherwise terminated. Vanguard owns and possess all right, title, and interest in and to its Owned Intellectual Property, free and clear of all Liens (other than Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Knowledge of the Contributors' Representative, (i) the conduct of the Business does not infringe or otherwise violate any Intellectual Property or other proprietary rights of any other Person, and (ii) no Person is infringing or otherwise violating any Owned Intellectual Property or any rights of Vanguard in any Licensed Intellectual Property.

Section 4.20 <u>Employment and Labor Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has made available to the Company a list of all (i) employees of Vanguard as of the date of this Agreement (such employees, the "**Vanguard Employees**") setting forth each Vanguard Employee's name, job title, date of hire, job location (by city), and salary or hourly rate of pay and (ii) Consultants engaged in the operation of this Business as of the date of this Agreement, together with copies of any Contracts relating to such Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vanguard is currently being, and has been since January 1, 2020, operated in compliance in all material respects with all applicable Laws relating to employees. To the Knowledge of the Contributors' Representative, there are no Liabilities of Vanguard pursuant to any applicable Laws relating to the Vanguard Employees or Consultants. All current assessments under Laws applicable to workers' compensation in applicable jurisdictions for Vanguard Employees have been paid or accrued, and Vanguard is not currently, nor has it been since January 1, 2020, subject to any unpaid special or penalty assessment under such legislation. To the Knowledge of the Contributors' Representative, no Vanguard Employee or Consultant is in material violation of any term of any employment agreement, non-disclosure agreement, non-competition agreement, or restrictive covenant relating to (i) the right of any such Vanguard Employee or Consultant to be employed or engaged by Vanguard or (ii) the use or knowledge of trade secrets or proprietary information of Vanguard. No Vanguard Employee or Consultant has provided Vanguard with written notice of such Vanguard Employee's or Consultant's intention to terminate employment or engagement with Vanguard as a result of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Vanguard Employee is covered by a collective bargaining or any other labor-related Contract with any labor union or labor organization, and no such Contract is currently being negotiated.

Section 4.21 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative has made available to the Company complete and accurate copies of the documents relating to each Vanguard Plan. Each Vanguard Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code, and all other applicable Laws, in each case, in all material respects. Each Vanguard Plan that is intended to be qualified within the meaning of Section 401(a) of the Code is so qualified and has received a favorable determination or opinion letter from the IRS to the effect that such Vanguard Plan satisfies the requirements of Section 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a) of the Code. No non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code has occurred involving any Vanguard Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vanguard has not incurred any Liability nor reasonably expects to incur any Liability for post-employment health, medical, or life insurance benefits for any current or former Vanguard Employee, except as may be required by COBRA Coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither Vanguard nor any ERISA Affiliate sponsors, maintains, contributes to, or has any Liability for any defined benefit pension plan (as defined in Section 3(35) of ERISA) or plan subject to Section 412 of the Code or Section 302 of ERISA. No Vanguard Plan is a Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery of any Transaction Document and the consummation of the Transactions will not result in (i) severance pay or any increase in severance pay upon any termination of employment after the date of this Agreement; (ii) any payment, compensation, or benefit becoming due, or increase the amount of any payment, compensation, or benefit due, to any current or former employee (including any Vanguard Employee), director, or officer of Vanguard; (iii) the acceleration of the time of payment or vesting or result in any funding (through a grantor trust or otherwise) of compensation or benefits; or (iv) the payment of any amount that could, individually or in combination with any other such payment, constitute an "excess parachute payment," as defined in Section 280G(b)(1) of the Code.

Section 4.22 <u>Brokers</u>. Neither Vanguard nor any Contributor will have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 4.23 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE IV</u> AND <u>ARTICLE V</u>, NEITHER VANGUARD NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR OTHER REPRESENTATIVE OF VANGUARD OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article V**

**Representations and warranties OF the Contributors**

Subject to the disclosures set forth in the Contributor Disclosure Letter, each Contributor hereby represents and warrants to the Company as of the date of this Agreement as follows:

Section 5.1 <u>Due Authorization</u>. Each Contributor has all requisite legal capacity to execute and deliver each Transaction Document to which such Contributor is or will be a party and to consummate the Transactions. Each Transaction Document to which such Contributor is a party has been duly and validly executed and delivered by such Contributor and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of such Contributor, enforceable against such Contributor in accordance with its terms, subject to the Enforceability Exceptions.

Section 5.2 <u>No Conflict</u>. The execution and delivery by each Contributor of the Transaction Documents to which such Contributor is a party and the consummation of the Transactions by such Contributor will not (a) breach, result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach of or default under, in each case, in any material respect, any applicable Law or Order binding upon or applicable to such Contributor, or (b) result in the creation or imposition of any Lien (other than Permitted Liens), with or without notice or lapse of time or both, on any portion of the Acquired Interest.

Section 5.3 <u>Title to Acquired Interest</u>. Each Contributor is the record and beneficial owner of, and has good and transferable title to, the Acquired Interest, free and clear of all Liens (other than Permitted Liens). Except pursuant to this Agreement, there is no Contract pursuant to which such Contributor has, directly or indirectly, granted any option, warrant, or other right to any Person to acquire any portion of the Acquired Interest. Such Contributor is not party to any shareholders agreement, voting agreement, voting trust, proxy, or other Contract relating to the transfer or voting of the Acquired Interest.

Section 5.4 <u>No Other Representations</u>. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS <u>ARTICLE V</u> AND <u>ARTICLE IV</u>, NEITHER THE CONTRIBUTORS NOR ANY OTHER PERSON HAS MADE ANY OTHER REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) AND HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT MADE, OR INFORMATION COMMUNICATED (WHETHER ORALLY OR IN WRITING) OR MADE AVAILABLE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY OPINION, INFORMATION, OR ADVICE THAT MAY HAVE BEEN PROVIDED TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OR AFFILIATES BY ANY DIRECT OR INDIRECT EQUITYHOLDER, DIRECTOR, MANAGER, OFFICER, EMPLOYEE, ACCOUNTING FIRM, LEGAL COUNSEL, OR OTHER AGENT, CONSULTANT, OR REPRESENTATIVE OF THE CONTRIBUTORS OR VANGUARD OR ANY estimates, projections, OR other forecasts (including the reasonableness of the assumptions underlying such estimates, projections, OR forecasts) INCLUDED IN ANY SUCH INFORMATION OR COMMUNICATIONS.

**Article VI**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company hereby represents and warrants to the Contributors and Vanguard as of the date of this Agreement as follows:

Section 6.1 <u>Organization; Good Standing; Power</u>. The Company has been duly formed and is validly existing and in good standing under the Laws of the jurisdiction of its organization. The Company has the requisite power and authority to own and lease their respective assets and properties and to conduct their respective businesses as they are now being conducted.

Section 6.2 <u>Authorization; Execution and Enforceability; No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company possesses all requisite power and authority, and has taken all actions necessary, to authorize, execute, deliver, and perform this Agreement and each other Transaction Document to which it is or will be a party and to consummate the Transactions. Each Transaction Document to which the Company is or will be a party has been duly and validly executed and delivered by the Company and constitutes a legal, valid, and (assuming the due authorization, execution, and delivery by each other party thereto) binding obligation of the Company, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery by the Company of the Transaction Documents to which the Company is a party and the consummation of the Transactions by the Company will not (i) conflict with or result in a breach, violation, or infringement of the terms, conditions, or provisions of; (ii) constitute a default under (whether with or without the passage of time, the giving of notice or both); or (iii) require notice, consent, or approval under, or with respect to, (1) the Governing Documents of the Company, (2) any Law or Order to which the Company is subject, (3) any material Contract to which the Company is a party, or (4) any Governmental Authority (other than with under the Antitrust Laws applicable to the Transactions) or other Person.

Section 6.3 <u>Capitalization and Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3(a)</u> to the Company Disclosure Letter sets forth a complete and accurate list of the all of the issued and outstanding Equity Interests of the Company (including the holders thereof and the amount of Equity Interests held by such holders) as of the date of this Agreement, together with a complete and accurate entity-level pro forma capitalization table with the same information as of immediately prior to the Effective Time after giving effect to all of the Additional Acquisitions. The Persons set forth on <u>Section 6.3(a)</u> to the Company Disclosure Letter own all of the issued and outstanding Equity Interests of the Company as set forth therein as of the date of this Agreement or will own such Equity Interests as of the Effective Time. Except as set forth in the Governing Documents of the Company (complete and accurate copies of which have been made available to Contributor), no Person has any right of first offer, right of first refusal, or preemptive right in connection with any future offer, sale, or issuance of Equity Interests of the Company. Except as provided in the Additional Acquisition Documentation, the Company does not (a) have any subsidiaries or own Equity Interests of any other Person, (b) have any obligation to invest in, or make a capital contribution to, any Person, or (c) otherwise control any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.3(b)</u> to the Company Disclosure Letter sets forth a listing of all Indebtedness of the Company (including any Indebtedness convertible into Equity Interests), including (1) the lender thereunder and (2) the outstanding balance thereon as of the date of this Agreement.

Section 6.4 <u>Actions and Orders</u>. There are no Actions or Orders pending or threatened against or affecting the Company seeking to restrain, prohibit, or materially delay, or to obtain damages or other relief in connection with, the Transactions or the Direct Listing.

Section 6.5 <u>Financial Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has made available to the Contributors' Representative a complete and accurate copy of the audited balance sheet of the Company as of December 31, 2024, together with the balance sheet dated September 30, 2025 and the related statements of income for the Company for the nine-month period then ended (the "**Company Financial Statements**"). The Company Financial Statements were prepared in accordance with GAAP and fairly present in all material respects the financial position of the Company as of the date they were prepared and the results of operations of the Company for the periods indicated, subject to the absence of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has any no Liabilities other than (a) those adequately reflected or reserved against in the Company Financial Statements or (b) those incurred in the Ordinary Course.

Section 6.6 <u>Direct Listing and Additional Acquisitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement does not, and will not as of the consummation of the Direct Listing, contain (i) any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading or (ii) any other inaccurate statement that could give rise to any Liability of the Company, the Contributors, or any of their respective Affiliates or Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Valuation Report does not contain any untrue statement of material fact or omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has no reason to believe that (i) the Direct Listing will not be consummated or (ii) any of the Additional Acquisitions will not be consummated on the terms set forth in the Additional Acquisition Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 6.6(d)</u> to the Company Disclosure Letter, neither the Company nor any of its Affiliates or Representatives (i) is aware of any material breach of or inaccuracy in any of the representations or warranties set forth in the Additional Acquisition Documentation or (ii) has waived any condition to closing any of the Additional Acquisitions.

Section 6.7 <u>Solvency</u>. Assuming that the representations and warranties of Vanguard set forth in <u>Article IV</u> are true and correct in all material respects as of Closing, immediately following Closing, after giving effect to the Transactions, the Company will (a) be able to pay its debts as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts, and (c) have adequate capital to carry on its business. No transfer of property is being made by or at the direction of the Company or any of its Affiliates, and no obligation is being incurred by or at the direction of the Company or any of its Affiliates, in connection with the Transactions with the intent to hinder, delay, or defraud either present or future creditors of the Company or any of its Affiliates.

Section 6.8 <u>Brokers</u>. The Company will not have any Liability for brokerage, finders', or other advisory fees, costs, expenses, commissions, or similar payments in connection with the Transactions.

Section 6.9 <u>Independent Investigation; Disclaimer of Reliance</u>. the company acknowledges that it has conducted to its satisfaction an independent investigation and verification of the financial condition, results of operations, assets, liabilities, properties, and projected operations of the Business AND vanguard and, in making its determination to proceed with the Transactions, the Company HAS relied exclusively on the results of its own independent investigation and on the representations and warranties made by vanguard IN <u>Article IV</u> and by the Contributors in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter). Notwithstanding anything to the contrary in this Agreement, the Company on its own behalf and on behalf of its Affiliates and Representatives, acknowledges and agrees that no Person is making or will be deemed to have made any representations or warranties whatsoever, express or implied, at law or in equity, beyond those expressly given by the vanguard in <u>Article IV</u> and by the Contributors in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter), and neither the Company nor any of ITS Affiliates or Representatives is relying on, and each such Person expressly disclaims reliance on, any representations or warranties other than those made by Vanguard in <u>Article IV</u> and by the Contributors in <u>article V</u> (IN EACH CASE as modified by the CONTRIBUTOR Disclosure Letter).

**Article VII**

**Pre-Closing Covenants**

Each of the agreements, covenants, and obligations set forth in this <u>Article VII</u> will apply to the applicable Parties during the period beginning on the date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement is terminated in accordance with <u>Article X</u>.

Section 7.1 <u>Commercially Reasonable Efforts</u>. Except with respect to the matters described in <u>Section 7.2</u> and <u>Section 7.3</u>, each Party shall use commercially reasonable efforts to cause the conditions to the Closing set forth in <u>Section 3.5</u> to be satisfied and to consummate the Transactions as promptly as possible; provided that, for avoidance of doubt, Vanguard will not be required to expend any funds to obtain any third-party consents.

Section 7.2 <u>Direct Listing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, and shall cause its Affiliates to, use commercially reasonable efforts to cause the Direct Listing, including the Listing of the Common Stock on Nasdaq, to be consummated as promptly as practicable after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make available to the Contributors' Representative a final draft version of the Registration Statement at least 10 Business Days prior to the initial submission of the Registration Statement to the SEC. During such 10-Business-Day period, the Company shall consider in good faith any comments or proposed changes provided by the Contributors' Representative to the Registration Statement prior to the initial submission of the same to the SEC. The Company shall further make available to the Contributors' Representative all comments or other input received from the SEC with respect to the Registration Statement and allow the Contributors' Representative a reasonable opportunity to review and provide comments or input to the Company regarding the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall cause the Registration Statement not to (i) contain any untrue statement of material fact or any other inaccurate statement that could give rise to any Liability of the Company, the Contributors, or any of their respective Affiliates or Representatives, or (ii) omit to state any material fact necessary, in light of circumstances under which it was made, to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall promptly notify the Contributors' Representative in writing of any event, fact, occurrence, event, act, or omission that would reasonably be expected to result in the Direct Listing not being consummated or being consummated prior to the Drop Dead Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the date of this Agreement, the Company has made available to the Contributors' Representative a third party prepared business valuation report for the Company dated December 29, 2025 (the "**Company Valuation Report**"). The Company Valuation Report was prepared in good faith based on estimates reasonably believed by the Company and its Representatives to be fair, reasonable, and accurate under the circumstances, and neither the Company nor any of their respective Representatives have any reason to believe that the Company Valuation Report or any of the assumptions or information contained therein are inaccurate or incomplete in any material respect.

Section 7.3 <u>Third-Party Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall use commercially reasonable efforts to determine the filings and notifications required to be made with, or consents that are required to be obtained from, any third party under the terms of any Material Contract or any Governmental Authority under any applicable Law in connection with the execution and delivery of this Agreement and the consummation of the Transactions. Subject to the remainder of this <u>Section 7.3</u>, the Company, on the one hand, and the Company, on the other hand, shall, and shall cause their respective Representatives to, promptly file or make or cause to be filed or made, and use commercially reasonable efforts to obtain or cause to be obtained as promptly as practicable, all necessary filings with and consents of such third parties or Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Parties shall use efforts to take or cause to be taken all other actions necessary, proper, or advisable to cause the expiration or termination of the applicable waiting periods, or receipt of required authorizations, as applicable, under any applicable Antitrust Law as soon as reasonably practicable after the date of this Agreement. If required by the Antitrust Laws and if the appropriate filing pursuant to the Antitrust Laws has not been filed prior to the date hereof, each Party agrees to make, and cause to be made, an appropriate filing pursuant to the Antitrust Laws with respect to the Transactions within five Business Days after the date of this Agreement. Except as may be restricted in connection with any applicable Antitrust Law, (i) the Parties shall use commercially reasonable efforts, and shall cooperate, in responding to any written or oral requests from Governmental Authorities for additional information or documentary evidence, (ii) the Parties shall cooperate and provide one another reasonable advance notice of, and the opportunity to consult regarding, all meetings with Governmental Authorities, whether in person or by electronic or telephonic means, and regarding all written communications with Governmental Authorities, in each case, in connection with the Transactions, and (iii) the Parties shall promptly provide each other with copies of all written communications to or from any Governmental Authority. No Party shall, and each Party shall not permit any of its Representatives to, participate in any meeting with any Governmental Authority in respect of any filings, investigation, or other inquiry unless it consults with the other Party in advance and, to the extent permitted by such Governmental Authority, gives the other Party the opportunity to attend and participate at such meeting. The Parties shall not willfully take any action that delays, impairs, or impedes the receipt of any required consents, authorizations, Orders, or approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party will promptly notify the others in writing of any pending or threatened in writing any Action by any Governmental Authority or any other Person (i) challenging or seeking damages in connection with the Transactions or (ii) seeking to restrain or prohibit the consummation of the Transactions.

Section 7.4 <u>Resignations</u>. As requested by the Company, Vanguard will cause its directors to resign as directors of Vanguard, provided that no such resignation will be deemed a termination of employment or otherwise affect any arrangements with respect to such directors.

Section 7.5 <u>Closing Capital Contribution</u>. Not later than 45 days following the Closing, the Company shall contribute or cause to be contributed to Vanguard cash in the amount of $5,000,000 solely for the purpose of initiating an internally funded and operated program for acquiring medical debt from healthcare providers.

**Article VIII**

**ADDITIONAL COVENANTS**

Section 8.1 <u>Confidentiality</u>. From and after the Closing, unless the Company otherwise consents in writing, the Contributors shall hold in confidence all Confidential Information, including the terms and conditions of this Agreement and the other Transaction Documents, unless compelled to disclose such Confidential Information by Order or applicable Law, provided that, to the extent allowed under applicable Law, the Contributors shall promptly notify the Company prior to disclosing any such Confidential Information pursuant to any Order or applicable Law and assist the Company (at the Company's sole expense) in obtaining confidential treatment for the Confidential Information so disclosed.

Section 8.2 <u>Public Announcements</u>. No Party shall, and each Party shall cause its respective Affiliates and Representatives not to, issue or cause the publication of any press release or other public announcement with respect to the economic or other material terms of the Transactions without the prior written consent of the other Parties (such consent not to be unreasonably withheld, conditioned, or delayed).

Section 8.3 <u>Budgets</u>. Vanguard shall, at least 30 days following the Closing Date, prepare budgets and business plans for the remainder of the 2026 fiscal year and for 2027 fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months. Vanguard shall submit the budgets and business plans for approval by the Company, with such changes thereto as shall be mutually agreed to by Vanguard and the Company.

Section 8.4 <u>D&O Indemnification and Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that all rights to indemnification, advancement of expenses, and exculpation by Vanguard in favor of each Person who is now or has ever been an officer, director, or manager of Vanguard as provided in the Governing Documents of Vanguard, in each case, as in effect as of the Closing Date, or pursuant to any other agreements in effect as of the Closing Date, will survive the Closing Date and continue in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Company and Vanguard under this <u>Section 8.4</u> may not be terminated or modified in any manner that adversely affects any director, officer, or manager who is the beneficiary of this <u>Section 8.4</u> without the consent of such director, officer, or manager (it being expressly agreed that such directors, officers, and managers are third-party beneficiaries of this <u>Section 8.4</u>).

Section 8.5 <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors' Representative shall prepare, or cause to be prepared, the Tax Returns of Vanguard for taxable periods that end on or before the Closing Date. All such Tax Returns shall be prepared in a manner consistent with Vanguard's past practice, unless otherwise required by applicable Laws. The Contributors shall provide copies of each such Tax Return to the Company for its review and consent not later that thirty (30) days prior to the applicable due date. In the event that the Company disagrees with any portion of such Tax Return, the Contributors' Representative and the Company shall negotiate n good faith to resolve any disputes, with any outstanding disputes being resolved by an independent accounting firm reasonably acceptable to both Parties, the cost of which shall be borne equally by both Parties. The number of Acquisition Shares issuable hereunder shall be reduced by the amount, if any, shown as due on any such Tax Return, and the Company shall cause Vanguard to file such Tax Returns and to pay such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties will, and will cause their respective Affiliates to, provide each other with such assistance as may reasonably be requested in connection with the preparation and filing of any Tax Return of Vanguard or otherwise relating to the Transactions (including signing any Tax Return), any audit or other examination by any Governmental Authority, or any Actions relating to Liabilities for Taxes of Vanguard. Such assistance will include making employees available on a mutually convenient basis to provide additional information or explanation of material provided hereunder and will include providing copies of relevant Tax Returns and supporting material. The Parties and their respective Affiliates will retain for the full period of any statute of limitations, and upon reasonable request will provide the other Parties with, any records or information which may be relevant to such preparation, audit, examination, proceeding or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All sales, use, value added, transfer, stamp, registration, documentary, excise, real property transfer, or gains or similar Taxes incurred as a result of the Transactions shall be paid by Vanguard, and Vanguard shall file all required change of ownership and similar statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in the Governing Documents of Vanguard, the Contributors shall cause to be made, and Vanguard shall make, a "push-out" election pursuant to Section 6226 of the Code with respect to any audit or other tax examination of Vanguard for any taxable period (or portion thereof) that begins prior to the Closing Date. The Parties shall execute all necessary forms and take all required actions to effectuate the push-out election pursuant to Section 6226 of the Code with respect to any audit of other tax examination of Vanguard for any taxable period (or portion thereof) ending on or before the Closing Date. Any tax adjustments resulting from such election shall be allocated to the Contributors and shall not be the responsibility of the Company or Vanguard. The Contributors shall indemnify the Company for any costs or liabilities arising from the failure to properly effectuate such election.

Section 8.6 <u>Record Retention</u>. During the seven-year period immediately following the Closing Date, the Company will, and will cause Vanguard to, (a) retain all data, documents, ledgers, databases, books, records, business plans, records of sales, customer and supplier lists, files, Contracts, and Governing Documents of Vanguard relating to pre-Closing periods, and (b) upon reasonable notice, provide Contributor Representative with reasonable access to the same (including the right to make copies at its expense) during normal business hours in a manner that does not unreasonably interfere with the normal business operations of Vanguard.

Section 8.7 <u>Further Assurances</u>. Following the Closing, the Parties shall reasonably cooperate with each other and with their respective Representatives in connection with any steps required to be taken as part of their respective obligations under this Agreement, and the Parties agree (a) to furnish upon request to the other Parties such further information, (b) to execute and deliver to each other Party such other documents, and (c) to do such other acts and things, all as the other Parties reasonably request, for the purpose of carrying out the terms of this Agreement and the Transactions.

Section 8.8 <u>Equity Incentive Plan</u>. Following the Closing, the Parties shall cooperate with each other to develop a plan in form and substance reasonably acceptable to the Parties to permit Vanguard management to participate in the Company's 2026 Equity Incentive Plan.

**Article IX**

**Indemnification**

Section 9.1 <u>Indemnification by the Company</u>. The Company shall indemnify and hold harmless the Contributors and each of their respective Affiliates, Representatives, successors, and assigns (the "**Contributor Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Contributor Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (a) any breach of or inaccuracy in any of the representations or warranties of the Company under this Agreement; (b) any failure by the Company to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by the Company under this Agreement or any other Transaction Document; and (c) any Liability arising from any material misstatements, inaccuracies, or other information contained in the Registration Statement, any Prospectus, or otherwise arising from the Direct Listing, including under Section 11 or Section 12(a)(1) of the Securities Act of 1933, as amended, or Section 10(b) of the Exchange Act.

Section 9.2 <u>Indemnification by the Contributors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributors shall, in the manner provided below, indemnify and hold harmless the Company and each of its Affiliates, officers, directors, managers, employees, agents, representatives, successors, and assigns (the "**Company Indemnified Parties**") from, against, and with respect to, and will compensate and reimburse the Company Indemnified Parties for, any Damages of any kind or character, regardless of whether or not such Damages relate to any direct or third party claim, arising out of or resulting from: (i) severally and not jointly with respect to any breach of or inaccuracy in any of the representations or warranties of such Contributor under this Agreement, (ii) jointly and not severally with respect to any breach of or inaccuracy in any of the representations or warranties of Vanguard this Agreement, (iii) severally and not jointly with respect to any failure by such Contributor to perform or observe, or to have performed or observed, in full any covenant, agreement, or condition to be performed or observed by such Contributor under this Agreement or any other Transaction Document, or (iv) severally and not jointly with respect to any Contributor Indemnified Taxes. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the Contributors shall not be liable for any information contained in the Registration Statement or in any Prospectus, or in any subsequent registration statement or prospectus or prospectus supplement contained therein or relating thereto, except for information furnished in writing by the Contributors, or by an authorized representative of the Contributors on behalf of the Contributors, to the Company expressly for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification obligations of the Contributors shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cap on Indemnification</u>. The aggregate amount to be paid by the Contributors for Damages under <u>Section 9.2(a)(ii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to Vanguard's Contributor Indemnified Taxes) shall not exceed the Indemnity Holdback Amount and the Company's sole and exclusive remedy with respect to such Damages shall be the retention of the Indemnity Holdback Amount (the "**Cap**") and each Contributor's indemnification obligation hereunder with respect to such Damages shall be limited to such Contributor's Pro Rata Portion; provided, however, that (A) for any Damages arising out of <u>Section 9.2(a)(iv)</u> (solely with respect to Vanguard's Contributor Indemnified Taxes), the Cap shall be equal to 25% of the Adjusted Purchase Price, and (B) for any Damages arising under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor's Contributor Indemnified Taxes) or out of Fraud or willful misconduct by a Contributor, the Cap shall not exceed the portion of the Adjusted Purchase Price actually received by such Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Thresholds</u>. The Contributors shall not be liable in respect of Damages under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect Vanguard's Contributor Indemnified Taxes) unless and until (A) the amount of each such Damages exceeds $25,000 or (B) the aggregate amount of all such Damages exceeds $120,000, in which case the Contributors shall be liable for the entire amount of the Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Recourse</u>. Subject to the limitations set forth above, the Company Indemnified Parties may recover Damages either (A) from the Indemnity Holdback Amount or (B) after the Indemnity Holdback Amount is exhausted or fully reserved for disputed claims, for any Damages other than Damages arising from <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u> (solely with respect to Vanguard's Contributor Indemnified Taxes), directly from the Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Pro Rata Satisfaction</u>. Except for Damages under <u>Section 9.2(a)(i)</u>, <u>Section 9.2(a)(iii)</u> and <u>Section 9.2(a)(iv)</u> (solely with respect to a Contributor's Contributor Indemnified Taxes) or resulting from Fraud or intentional misconduct by a Contributor, Damages payable from the Indemnity Holdback Amount or otherwise from the Adjusted Purchase Price will be satisfied on the basis of each Contributor's Pro Rata Portion. All other Damages arising under <u>Section 9.2(a)</u>, not otherwise satisfied by the applicable Contributor's Pro Rata Portion of the Adjusted Purchase Price, shall be recoverable directly against the applicable Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Other Limitations</u>. The Contributors shall not be liable to make payments in respect of any Damages for which a reduction for such Damages has already been accounted for as a deduction to the Adjusted Purchase Price. Damages will be calculated net of any insurance proceeds or any indemnity payment actually received, net of costs of enforcement, deductibles and retro-premium adjustments, by the indemnified party in connection with such Damages or any of the circumstances giving rise thereto.

Section 9.3 <u>Distribution of Indemnity Holdback Amount</u>. Subject to the following requirements, on the Indemnity Holdback Expiration Date, all Acquisition Shares then remaining of the Indemnity Holdback Amount shall be distributed as set forth in <u>Section 2.3</u> less any amount that is reasonably necessary, as reflected in a notice delivered by the Company to the Contributors' Representative in good faith prior to the Indemnity Holdback Expiration Date, to satisfy any unsatisfied claims for Damages concerning facts and circumstances existing prior to the Indemnity Holdback Expiration Date.

Section 9.4 <u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation and warranty of the Company, and each covenant, obligation, and agreement of that requires performance by the Company prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of twelve (12) months following the Closing Date. Each covenant, obligation, and agreement of a Company Party or Vanguard requiring performance from and after the Closing (including the indemnification obligations of the Company pursuant to <u>Section 9.1(c)</u>) will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations (it being understood that the Company will also be liable for any breach of a covenant, obligations, or agreement requiring performance by Vanguard after the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each representation and warranty of Vanguard and the Contributors, and each covenant, obligation, and agreement that requires performance by the Contributors or Vanguard prior to the Closing, contained in this Agreement or in any certificate delivered hereunder will, in each case, survive for a period of 12 months following the Closing Date. Each covenant, obligation, and agreement of Contributor requiring performance from and after the Closing will, in each case, expressly survive the Closing (i) in accordance with its terms or (ii) if no term is specified, until performed or until the expiration of the applicable statute of limitations.

Section 9.5 <u>Indemnification Procedures</u>. Promptly after becoming aware of a claim for which indemnity may be sought pursuant to this <u>Article IX</u>, the Party seeking indemnification (the "**Indemnified Party**") will notify the Party from whom indemnification is sought (the "**Indemnifying Party**") of such claim. Such notice shall include a reasonably detailed description of the facts and circumstances giving rise to the indemnification claim and shall identify the specific provision(s) of this Agreement under which such indemnification is being sought. The Indemnified Party's failure or delay in providing the notice will not relieve the Indemnifying Party of its obligations under this <u>Article IX</u> except to the extent that the Indemnifying Party is materially prejudiced as a result thereof. Unless the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense or the settlement of such claim (such notice to be given as promptly as reasonably possible in view of the necessity to arrange such defense and in no event later than fifteen (15) days following the notice to the Indemnifying Party), the Indemnified Party will have the exclusive right to defend, settle, or pay such claim. The Indemnified Party will not be liable to the Indemnifying Party for any legal or other expense incurred by the Indemnifying Party in connection with any such defense or settlement undertaken by the Indemnifying Party. If the Indemnifying Party assumes the defense, the Indemnifying Party will not agree to any settlement, compromise, or discharge of a third-party claim without the Indemnified Party's prior written consent (not to be unreasonably withheld). If the Indemnifying Party has assumed the defense or settlement of such claim, the Indemnified Party will have the right to employ its own counsel, at its own expense. Notwithstanding the foregoing, the Indemnified Party will have the right to direct the defense of any such claim at the expense of the Indemnifying Party (but subject to the limitations in this <u>Article IX</u>), and the Indemnifying Party will not be able to assume the defense of any such claim, if (a) the Indemnified Party concludes in good faith that there are specific defenses available to it that are different from or additional to those available to the Indemnifying Party, (b) the underlying claim is reasonably expected to have a material adverse effect on the Indemnified Party, (c) the Indemnifying Party has failed or is failing to prosecute or defend such claim, (d) the claim relates to Taxes or any criminal or regulatory action or the claim seeks damages other than monetary damages, or (e) the Indemnifying Party has failed to unconditionally acknowledge in writing its obligation to indemnify the Indemnified Party with respect to such claim under this Agreement. The defending Party in any event will (i) defend such claim with reasonable diligence, (ii) cooperate with the other Parties in the investigation and analysis of such claim or proceeding, (iii) afford the other Parties reasonable access to such relevant information as it may have in its possession, and (iv) keep the other Parties reasonably informed regarding such claim and any related proceedings.

Section 9.6 <u>Indemnification Payments</u>. No later than five Business Days after (a) agreement by the applicable Indemnifying Party or (b) any final adjudicated determination that any amounts are owed by any Indemnifying Party to any Indemnified Party under this <u>Article IX</u>, the Indemnifying Party shall pay all such amounts to the Indemnified Party in cash by wire transfer of immediately available funds to the account or accounts designated by the Indemnified Party; provided, however, that any such amounts payable to a Company Indemnified Party by any Contributor Indemnified Party with respect to claims made under <u>Section 9.2</u> shall be satisfied (i) with respect to claims arising under <u>Section 9.2(a)(ii)</u> or <u>Section 9.2(a)(iv)</u>, solely from the Indemnity Holdback Amount, (ii) with respect to claims arising under <u>Section 9.2(a)(i)</u> or <u>Section 9.2(a)(iii)</u>, first from the Indemnity Holdback Amount, and thereafter through a surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election, or (iii) with respect to Fraud or willful misconduct by a Contributor, from such Contributor's surrender of additional Acquisition Shares or in cash, at the Company Indemnified Party's election. To the extent any Damages are satisfied from the Indemnity Holdback Amount or through the surrender of Acquisition Shares, the number of Acquisition Shares to be surrendered shall be determined based on the amount of Damages subject to indemnification, divided by the thirty-day trailing volume-weighted closing price of the Common Stock measured from the date of the Indemnified Party's delivery of notice to the Indemnifying Party regarding the matter subject to indemnification.

Section 9.7 <u>Exclusive Remedy</u>. Other than in the event of Fraud or actions for specific performance, the Parties acknowledge and agree that the remedies provided for in this <u>Article IX</u> are their sole and exclusive remedies with respect to any claims based upon, arising out of, with respect to, or by reason of the matters covered by this Agreement.

**Article X**

**Termination**

Section 10.1 <u>Termination Events</u>. This Agreement may be terminated at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the written consent of the Company and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Company upon written notice to Vanguard and the Contributors' Representative if there has been a material breach by the Contributors or Vanguard of any covenant, representation, or warranty contained in this Agreement such that the conditions to the Closing contained in <u>Section 3.5(a)(i)</u> or <u>Section 3.5(a)(ii)</u> cannot be satisfied, except that (i) if such material breach is capable of being cured by the Drop Dead Date, the Company will not be entitled to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> prior to the delivery by the Company to the Contributors' Representative of written notice thereof, delivered at least twenty (20) days prior to such termination (or such shorter period of time as remains prior to the Drop Dead Date), stating the Company's intention to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> and the basis for such termination, it being understood that the Company will not be entitled to terminate this Agreement if such material breach has been cured prior to such termination and (ii) the right to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> will not be available to the Company if it is then in breach of any provision of this Agreement which breach would give rise to the failure of the conditions set forth in <u>Section 3.5(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Contributors' Representative (so long as neither the Contributors nor Vanguard is then in material breach of any provision of this Agreement) upon written notice to the Company if the Company has breached, violated or failed to perform or there is any inaccuracy of or untruth in any of its respective representations, warranties, covenants or other agreements contained in this Agreement, such that the conditions to the Closing contained in <u>Section 3.5(b)(i)</u> or <u>Section 3.5(b)(ii)</u> cannot be satisfied and such breach has not been cured on or prior to the Drop Dead Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by either the Company, on one hand, or the Contributors' Representative, on the other hand, if any of the conditions to the Closing set forth in <u>Section 3.5</u> have not been satisfied by April 30, 2026 (the "**Drop Dead Date**"), it being understood that the right to terminate this Agreement pursuant to this <u>Section 10.1(d)</u> will not be available to any Party whose action or failure to act (which action or failure to act constitutes a breach by such Party of this Agreement) has been the primary cause of, or primarily resulted in, the failure of the Closing to have occurred prior to the Drop Dead Date.

Section 10.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Party terminating this Agreement pursuant to <u>Section 10.1</u> (other than pursuant to <u>(Section 10.1(a)</u>) must deliver prompt written notice thereof to the other Parties setting forth in reasonable detail the provision of <u>Section 10.1</u> pursuant to which this Agreement is being terminated and the facts and circumstances forming the basis for such termination pursuant to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u> will be effective immediately upon the delivery of written notice by the terminating Party to the other Parties. In the event of any proper and valid termination of this Agreement pursuant to <u>Section 10.1</u>, (i) this Agreement will be of no further force or effect without liability of any Party (or any partner, member, manager, stockholder, director, officer, employee, Affiliate, agent or other representative of such Party) to the other Parties, as applicable, except that this <u>Section 10.2</u> and <u>Article XI</u> will each survive the termination of this Agreement in accordance with their respective terms and (ii) nothing in this Agreement will relieve any Party from any liability for Fraud or any willful breach prior to or in connection with the termination of this Agreement.

**Article XI**

**MISCELLANEOUS**

Section 11.1 <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay all of its own fees, costs, and expenses (including attorneys' and advisors' fees, costs, and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions.

Section 11.2 <u>Amendment</u>. This Agreement may not be amended except by an instrument in writing signed by the Company and the Contributors' Representative.

Section 11.3 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes any and all prior agreements between the Parties with respect to such subject matter.

Section 11.4 <u>Notices</u>. Any notice or other communication required or permitted under this Agreement will be deemed made (a) upon receipt by the receiving Party if delivered in writing and served by personal delivery; (b) upon receipt by the receiving Party if delivered by email at the address set forth below provided the notifying Party receives confirmation of receipt by the receiving Party (e.g., a "read receipt"); or (c) three Business Days after postage or deposit, as applicable, if delivered by certified mail, registered mail, or courier service, return-receipt requested, to the Persons and addresses indicated below:

If to the Company (or to Vanguard after the Closing), to:

AIAI Holdings Corporation

17304 Preston Rd, Suite 520

Dallas, Texas 75252

Attention: Todd Furniss, Chief Executive Officer

Email: tf@aiaiholdings.com

with a copy (which will not constitute notice) to:

Egan Nelson LLP

2911 Turtle Creek Blvd. Suite 1100

Dallas, Texas 75219

Attention: Ken Betts

Email: ken.betts@egannelson.com

If to Contributor (or to Vanguard prior to the Closing) to:

Vanguard Healthcare Solutions LLC

18383 Preston Road, Suite 110

Dallas, Texas 75252

Attention: Richard Delgado

Email: <u>rdelgado@vanguardhcs.com</u>

Each Party may change its address and contact information for notices under this Agreement by providing the other Parties with notice of such change pursuant to this <u>Section 11.4</u>.

Section 11.5 <u>Waiver</u>. Waiver of any provision of this Agreement by any Party will only be effective if in writing and will not be construed as a waiver of any subsequent breach or failure of the same provision or a waiver of any other provision of this Agreement.

Section 11.6 <u>Binding Effect; Assignment</u>. No Party may assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other Parties, and any purported assignment will be null and void and of no effect. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective permitted successors and assigns.

Section 11.7 <u>No Third Party Beneficiary</u>. Except as set forth in <u>Section 8.4</u>, nothing in this Agreement confers any rights, remedies, or claims upon any Person not a Party to this Agreement.

Section 11.8 <u>Governing Law</u>. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), will be governed by the internal Laws of the State of Delaware, without giving effect to its conflict of law principles.

Section 11.9 <u>Consent to Jurisdiction and Service of Process</u>. Any Action seeking to enforce any provision of, or, directly or indirectly arising out of or in any way relating to, this Agreement or the Transactions may only be brought in the United States District Court for the Northern District of Texas sitting in Dallas, Texas (or, if such court does not have subject matter jurisdiction, the state courts for the State of Texas sitting in Dallas, Texas), and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance with the notice provisions in <u>Section 11.4</u> will be effective service of process on such Party.

Section 11.10 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH PARTY AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.10</u>.

Section 11.11 <u>Counterparts</u>. The Parties may execute this Agreement in one or more counterparts, each of such counterparts will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will constitute effective execution and delivery of this Agreement by the Parties. Signatures of the Parties transmitted by facsimile, electronic mail, or other means of electronic transmission (including pdf or any electronic signature complying with the United States Federal ESIGN Act of 2000, *e.g.*, www.docusign.com) will be deemed original signatures for all purposes.

Section 11.12 <u>Preamble and Recitals</u>. The preamble and recitals to this Agreement are hereby expressly incorporated into this Agreement as if fully set forth in this <u>Section 11.11</u>.

Section 11.13 <u>Severability</u>. Any provision of this Agreement that is or becomes invalid, illegal, or unenforceable in any respect will not affect the validity, legality, or enforceability of any other provision of this Agreement.

Section 11.14 <u>Rules of Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise explicitly specified in this Agreement to the contrary, (i) references to an Article, Section, Annex, or Exhibit mean an Article or Section of, or Annex or Exhibit to, this Agreement, unless another agreement is specified; (ii) the word "including" will be construed as "including, without limitation"; (iii) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole; (iv) words in the singular or plural form include the plural and singular form, respectively; (v) pronouns will be deemed to refer to the masculine, feminine, or neuter, as the identity of the Person or Persons requires; (vi) the words "asset" and "property" will be construed to have the same meaning and effect and to refer to all tangible and intangible assets and properties, including cash, securities, accounts, contract rights, and real and personal property; (vii) references to a particular Person include such Person's successors and permitted assigns; (viii) references to a particular statute, rule, or regulation include all rules and regulations thereunder and any predecessor or successor statutes, rules, or regulations, in each case as amended or otherwise modified from time to time; (ix) references to a particular agreement, document, instrument, or certificate mean such agreement, document, instrument, or certificate as amended, supplemented, or otherwise modified from time to time if permitted by the provisions thereof; (x) references to "Dollars" or "$" are references to United States Dollars; (xi) references to "written" or "in writing" include electronic form; (xii) any reference in this Agreement to a "day" or a number of "days" (without explicit reference to "Business Days") will be interpreted as a reference to a calendar day or number of calendar days; and (xiii) the words "shall" and "will" have the same meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings of Articles, Sections, Annexes, Exhibits, and Schedules to the Disclosure Letters are provided for convenience only and will not affect the construction or interpretation of this Agreement. The Annex and Exhibits hereto, along with the Schedules to the Disclosure Letters, are incorporated into this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each disclosure on any one Schedule to the Disclosure Letters will be deemed to be disclosed on any other Schedule to the Disclosure Letters to the extent that it is reasonably apparent that the information disclosed in such Schedule to the Disclosure Letters is applicable to another Schedule to the Disclosure Letters. The information included in the Disclosure Letters is disclosed solely for the purposes of this Agreement, and no information included in the Disclosure Letters will be deemed an admission by Vanguard or the Contributors to any Person of any matter, including with respect to any violation of Law or breach of any agreement. Disclosure of any information, agreement, or other item in the Disclosure Letters will not imply that such information, agreement, or other item is or is not material or that the inclusion or exclusion of any such item creates a standard of materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any period for giving notice or taking action under this Agreement expires on a day that is not a Business Day, the time period will be automatically extended to the Business Day immediately following such day. When calculating the period of time before which, within which, or following which any act will be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge and agree that, for administrative purposes with respect to wire transfers, amounts owing between the Parties at the Closing under this Agreement or any other Transaction Document may be offset against one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

Section 11.15 <u>Specific Performance</u>. Each Party acknowledges that the Parties will be irreparably harmed and that there will be no adequate remedy at law for any violation by any Party of any of the covenants or agreements contained in this Agreement. It is accordingly agreed that, in addition to any other remedies that may be available upon the breach of any such covenants or agreements, but subject to Section 7.3(b), each of the Parties shall be entitled to equitable relief, without proof of actual damages, including an injunction or injunctions or Orders for specific performance to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which it is entitled at Law or in equity, as a remedy for any such breach or threatened breach. Each Party further agrees that no Party or any other Person will be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 11.15</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument.

Section 11.16 <u>The Contributors' Representative.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Contributors hereby irrevocably appoints Richard Delgado as such Contributor's representative (the "**Contributors' Representative**") with respect to all matters arising hereunder or in connection herewith. The Contributors' Representative hereby accepts such appointment and agrees to serve in the capacity contemplated by this <u>Section 11.16</u>. The Contributors' Representative may resign at any time, and the Contributors' Representative may be removed by the vote of a majority of the Contributors (the "**Majority Holders**"). In the event that the Contributors' Representative has resigned or been removed, a new Contributors' Representative shall be appointed by a promptly-held vote of the Majority Holders, such appointment to become effective upon the written acceptance thereof by the new Contributors' Representative. Any successor Contributors' Representative must agree to be bound by the terms and conditions of this Agreement applicable to the Contributors' Representative and will thereupon become the Contributors' Representative for purposes of this Agreement and all applicable ancillary agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Contributors' Representative shall act as, and is hereby appointed by each of the Contributors as, true and lawful attorney-in-fact, agent and representative of each Contributor and shall be authorized to act on behalf of the Contributors and to take any and all actions required or permitted to be taken by the Contributors' Representative under this Agreement and any ancillary documents. In all matters relating to this <u>Section 11.16</u>, the Contributors' Representative shall be the only party entitled to assert the rights of the Contributors hereunder. This power of attorney is granted and conferred in consideration of and for the purpose of completing the transactions contemplated hereby and fulfilling the other purposes hereof. The authority conferred upon the Contributors' Representative shall be irrevocable and coupled with an interest, and shall not be terminated by any act of any Contributor or by operation of law, whether by the death, incapacity, illness, dissolution or other inability to act of any of the Contributors or by the occurrence of any event or events (including the termination of any trust or estate or the dissolution of any partnership or other entity), and if after the execution hereof any Contributor shall die or become incapacitated, or if any other event shall occur before the completion of the transactions contemplated hereby, the Contributors' Representative is nevertheless authorized and directed to complete all such transactions as if such death, incapacity or other event or events had not occurred and regardless of notice thereof. Notwithstanding any provision of this Agreement to the contrary, any obligation of the Company herein to consult with, notify, advise or otherwise communicate with the Contributors shall be deemed an obligation to consult with, notify, advise or otherwise communicate solely with the Contributors' Representative, and the Company shall be entitled to rely on the on any act or communication of the Contributors' Representative as the act or communication of the Contributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Contributor irrevocably grants the Contributors' Representative, by virtue of such Contributor's execution of this Agreement, exclusive and full power and authority in the name and on behalf of such Contributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to execute and deliver, on behalf of such Contributor, and to accept delivery of, on behalf of such holder, such releases, instruments and other documents as the Contributors' Representative determines, in its sole discretion, to be appropriate to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to acknowledge receipt of any consideration to be received by such Contributor pursuant to this Agreement (other than the Adjusted Purchase Price to be paid at Closing) and the Escrow Agreement as payment in full thereof and to designate the manner of payment of such consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1) to dispute or refrain from disputing, on behalf of such Contributor, any claim made by the Company under this Agreement and comply with orders and decrees with respect to, any dispute or loss; (2) negotiate and compromise, on behalf of such Contributor, any dispute that may arise under, and to exercise or refrain from exercising any remedies available under, this Agreement or the ancillary agreements; and (3) agree to and execute, on behalf of such Contributor, any settlement agreement, release or other document with respect to such dispute or remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to give and receive notices and communications, or to give or agree to, on behalf of such holder, any and all consents, waivers, amendments or modifications, as the Contributors' Representative determines, in its sole discretion, to be necessary or appropriate under this Agreement, and, in each case, to execute and deliver any documents that may be necessary or appropriate in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to engage attorneys, accountants and agents, and to incur such Representative Expenses as the Contributors' Representative, in its sole discretion, determines are appropriate in the exercise of its powers and authority conferred hereunder, all of which Representative Expenses shall be for the account of the Contributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to amend this Agreement, or any of the instruments to be delivered to the Company by such holder pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to have exclusive power and authority to disburse or direct payments of any consideration payable under this Agreement for the benefit of such Contributor; to have exclusive power and authority to institute legal action or otherwise act on behalf of such Contributor with respect to any claims against the Company and to control and direct any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to give such instructions and to take such action or refrain from taking such action, on behalf of such holder, as the Contributors' Representative deems, in its sole discretion, necessary or appropriate to carry out the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to determine, in its sole discretion, the time or times when, purpose for, and manner in which any of the above powers conferred upon the Contributors' Representative shall be exercised, and the conditions, provisions, covenants of any instrument or document that may be executed by the Contributors' Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) to fund the actions and obligations of the Contributors' Representative as authorized hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Contributors hereby agrees, by virtue of the execution of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in all matters in which action by any such Contributor or the Contributors' Representative is required or permitted under this Agreement, the Contributors' Representative is exclusively authorized to act on behalf of such Contributor, notwithstanding any dispute or disagreement among any such Contributors, or between any such Contributor and the Contributors' Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any decision, act, consent or instruction of the Contributors' Representative shall constitute a decision of all of such Contributors and shall be final, binding and conclusive upon each such Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the power and authority of the Contributors' Representative, as described in this Agreement, shall continue in force until all rights and obligations of such holders under this Agreement shall have terminated, expired or been fully performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Contributors' Representative shall not have by reason of this Agreement a fiduciary relationship in respect of any such Contributor. All actions, decisions and instructions of the Contributors' Representative shall be conclusive and binding upon such Contributor, and no Contributor shall have any cause of action against the Contributors' Representative, and the Contributors' Representative shall not be liable to any Contributor, for any action taken or not taken, decision made or instruction given by the Contributors' Representative under this Agreement. The Contributors' Representative shall not be liable to any Contributor for any apportionment or distribution of payments made by it in good faith. Neither the Contributors' Representative nor any Representative employed by it shall incur any liability to any such holder by virtue of a failure or refusal of the Contributors' Representative to consummate the transactions contemplated hereby or relating to the performance of its other duties hereunder. Further, the Contributors' Representative shall be indemnified and held harmless by each Contributor from all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be directly or indirectly imposed on, incurred by or asserted against the Contributors' Representative in connection with the exercise of its powers or authority hereunder, provided that, the Contributors' foregoing indemnification obligation shall be on a several basis and allocated to each Contributor on a pro rata basis. In no event shall any Contributor be obligated to indemnify or hold the Contributors' Representative harmless in the case of fraud by the Contributors' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Representative Expenses shall be promptly reimbursed by the Contributors on a pro rata basis for all fees and expenses that have been or will be incurred by the Contributors' Representative in connection with the completion of the Transactions, including the exercise of its powers and authority as the Contributors' Representative as set forth herein (the "**Representative Expenses**"). The Contributors' Representative may effect any reimbursement for such Representative Expenses from the Contributor's Representative Fund, which funds shall not be comingled with any other funds of the Contributors' Representative or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributors' Representative shall have such powers and authority as are set forth in this Agreement; provided, however, that the Contributors' Representative shall have no obligation to act on behalf of the Contributors except as expressly provided herein. Without limiting the generality of the foregoing, the Contributors' Representative shall have full power, authority and discretion to estimate and determine the amounts of Representative Expenses and to pay such Representative Expenses. As between the Contributors and the Contributors' Representative, the Contributors' Representative shall not be required to take any action on behalf of the Contributors or otherwise in its capacity as the Contributors' Representative under this Agreement that would involve incurring Representative Expenses (and shall have no liability for not taking such action) unless the Contributors' Representative is holding funds delivered to it under this <u>Section 11.16</u> or has been provided with other funds, security or indemnities which, in the sole determination of the Contributors' Representative, are sufficient to protect the Contributors' Representative against the costs, expenses and liabilities which may be incurred by the Contributors' Representative in taking such action. The Contributors' Representative shall be entitled to reimbursement from funds paid to it under this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement, for all Representative Expenses, including all expenses, disbursements and advances of or to its counsel, experts and other agents and consultants incurred by the Contributors' Representative in the exercise of its powers and authority under this Agreement or otherwise in its capacity as the Contributors' Representative. In the event that the Contributors' Representative determines, in its sole and absolute discretion, that the funds paid to the Contributors' Representative pursuant to this <u>Section 11.16</u> or otherwise received by it in its capacity as the Contributors' Representative pursuant to or in connection with this Agreement exceed the actual and then-estimated amount of future Representative Expenses, then the Contributors' Representative shall transfer such excess amount to the Contributors on a pro rata basis.

**IN WITNESS WHEREOF**, the Parties have duly executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| AIAI Holdings Corporation | AIAI Holdings Corporation |
| By: | */s/ Todd Furniss* |
| Name: | Todd Furniss |
| Title: | Chief Executive Officer |

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*Signature Page to Contribution Agreement*

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| | |
|:---|:---|
| **VANGUARD** | **VANGUARD** |
| Vanguard Healthcare Solutions LLC | Vanguard Healthcare Solutions LLC |
| By: | */s/ Richard Delgado* |
| Name: | Richard Delgado |
| Title: | Chief Operating Officer |
| **CONTRIBUTORS** | **CONTRIBUTORS** |
| **[**Signatures on File] | **[**Signatures on File] |

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*Signature Page to Contribution Agreement*

**Annex A**

**Certain Defined Terms**

"**Action**" means any action, claim, demand, arbitration, investigation, hearing, complaint, litigation, suit, or other proceeding of any nature, including civil, criminal, administrative, or regulatory, whether at law or in equity.

"**Additional Acquisition Documentation**" means the definitive transaction documents governing the Additional Acquisitions, each substantially in the form made available to the Contributors' Representative.

"**Additional Acquisitions**" means those Persons identified on <u>Annex B</u>.

"**Adjusted Purchase Price**" means an amount equal to the Base Purchase Price minus the amount of the Assumed Vanguard Indebtedness.

"**Adjustment Holdback Amount**" means the number of Acquisition Shares equal to (a) $3,000,000 minus the amount of the Assumed Vanguard Indebtedness divided by (b) the Initial Offering Price.

"**Affiliate**" means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, the terms "control," "controls," and "controlled" mean the power to direct or cause the direction of the management or policies of such specified Person, directly or indirectly, whether through ownership of voting securities, by contract, or otherwise. For avoidance of doubt, all of the Persons acquired (or to be acquired) by the Company or any of its Affiliates pursuant to the Additional Acquisitions will be deemed an Affiliate of the Company for all purposes hereunder.

"**Antitrust Laws**" means all applicable Laws that are designed or intended to prohibit, restrict, or regulate actions or transactions having the purpose or effect of monopolization, restraint of trade, lessening of competition through merger or acquisition, or effectuating foreign investment, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, and the Federal Trade Commission Act of 1914.

"**Assumed Vanguard Indebtedness**" means an amount of Vanguard Indebtedness agreed to by the Company and the Contributors' Representative not later than 10 days prior to the Closing Date.

"**Base Purchase Price**" means $12,000,000.

"**Benefit Plan**" means any pension, employment, retirement, collective bargaining, bonus, severance, compensation, or other benefit plan, agreement, or arrangement, including any "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) and any Multiemployer Plan.

"**Business**" means the business of delivering clinical and medical practice management innovations to improve patient care, drive physician efficiency, and enhance medical practice revenue.

"**Business Day**" means any day other than a Saturday, a Sunday, or other day on which commercial banks in the State of are authorized or required by Law to close.

Annex A-1

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Common Stock**" means the common stock, par value $0.001 per share, of the Company.

"**Company Disclosure Letter**" means that certain letter from the Company to the Contributors and Vanguard dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by the Company either in response to an express disclosure requirement of the Company contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of the Company in this Agreement.

"**Company Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on either (a) the business, results of operations, properties, or assets of the Company or (b) the ability of the Company to consummate the Transactions (including the Direct Listing) on or before the Drop-Dead Date, provided that, solely with respect to clause (a) above, any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (i) changes in conditions in the United States or global economy or capital or financial markets generally, (ii) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (iii) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (iv) changes in general to the industry (including regulatory changes) in which the Company operates, or (v) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Confidential Information**" means any information concerning Vanguard or the Business that is proprietary in nature and non-public or confidential, in whole or in part, provided that, Confidential Information does not include any information that (a) is or becomes publicly available other than through a violation of this Agreement by the Contributors, (b) is received on a non-confidential basis from a source other than the Parties or their respective Affiliates or Representatives who, to the Knowledge of the Contributors' Representative, is not prohibited from disclosing such information by any legal or contractual obligation, (c) was already known by Contributor at the time of receipt from the disclosing Person, or (d) is developed by or on behalf of the Contributors without the use of or reference to Confidential Information.

"**Consultant**" means an independent contractor, consultant, sales representative, agent, commercial agent, or other freelancer who provides services to Vanguard or with respect to the Business.

"**Contract**" means any contract, agreement, lease, undertaking, commitment, or other binding arrangement (whether written or oral) between the parties thereto.

"**Contributor Disclosure Letter**" means that certain letter from Vanguard to the Company and dated as of the date of this Agreement setting forth, among other items, those matters required, necessary, or appropriate to be disclosed by Vanguard or the Contributors either in response to an express disclosure requirement of Vanguard or the Contributors contained in this Agreement or as an exception to one or more representations, warranties, covenants, obligations, or agreements of Vanguard or the Contributors in this Agreement.

"**Contributor Indemnified Taxes**" means (a) Taxes (or the non-payment thereof) of any Contributor, or (b) Taxes (or the non-payment thereof) of Vanguard or otherwise in relation to the conduct of the Business of Vanguard for any Tax year (or other Tax period) ending on or before the Closing Date.

Annex A-2

"**CPI Adjustment Factor**" means, with respect to any Performance Shares, the quotient (rounded to four decimal places) obtained by dividing (a) the most recently published Consumer Price Index for All Urban Consumers (CPI-U, U.S. City Average, All Items, not seasonally adjusted, 1982-84=100) published by the U.S. Bureau of Labor Statistics as of the end of the calendar month immediately prior to the Revenue Threshold achievement date, by (b) the CPI-U published as of the Closing Date. If such CPI-U data in not available within thirty (30) days of the relevant month-end, the parties shall use the most recently published CPI-U data.

"**Damages**" means any and all losses, Liabilities, damages, fees, punitive damages (but only to the extent such punitive damages are actually awarded to a third party), and costs and expenses, including reasonable attorney's and accountant's fees and costs and expenses reasonably incurred in investigating, preparing, defending against, or prosecuting any litigation, claim, action, suit, proceeding, or demand of any kind or character.

"**Direct Listing**" means, together, the registration of the Common Stock under Section 12 of the Exchange Act and the listing of the Common Stock for trading on Nasdaq.

"**Disclosure Letters**" means the Company Disclosure Letter and the Contributor Disclosure Letter.

"**Enforceability Exceptions**" means (a) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar Laws affecting creditors' rights generally and (b) general principles of equity.

"**Environmental Law**" means any Law, Order, or Contract with any Governmental Authority relating to (a) the environment, (b) the protection of human health and safety, or (c) the regulation or remediation of or exposure to Hazardous Substances.

"**Environmental License**" means any License relating to or required by any Environmental Law in connection with the Business.

"**Equity Interests**" means any (a) shares, interests, or other equivalents (however designated) of capital stock of a corporation; (b) membership, partnership, or other equity ownership interests in a Person other than a corporation; and (c) warrants, options, convertible securities (e.g., convertible debt), calls, or other rights to purchase or acquire any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974.

"**ERISA Affiliate**" means any Person that, together with Vanguard, would be treated as a single employer under Section 4001 of ERISA or Section 414 of the Code.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

Annex A-3

"**Fraud**" means (a) with respect to the Contributors or Vanguard, the actual fraud of the Contributors or Vanguard caused by Contributor or Vanguard making a representation or warranty in <u>Article IV</u> or <u>Article V</u>, as applicable, with the actual (not constructive or imputed) knowledge of the Contributors that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Company and inducing the Company to enter into this Agreement; and (b) with respect to the Company either (i) the actual fraud of the Company caused by the Company making a representation or warranty in <u>Article VI</u> with the actual (not constructive or imputed) knowledge of the Company (or any of its Representatives) that such representation was false or misleading at the time made, with the intention of deceiving or misleading the Contributors and Vanguard and inducing the Contributors and Vanguard to enter into this Agreement, or (ii) any act, omission, misstatement, event, occurrence, circumstance, or other event that could lead to Liability pursuant to the Exchange Act (including Section 11, Section 12(a)(1), or Section 10(b) thereof).

"**GAAP**" means United States generally accepted accounting principles, consistently applied.

"**Governing Documents**" means, with respect to any entity or trust, such entity's constituent or organizational documents, such as its articles of organization, certificate of formation, articles of incorporation, or declaration of trust and any other documents or agreements adopted by the entity to govern the formation or the internal affairs of the entity or trust, such as its operating agreement, bylaws, trust agreement, shareholders or members agreement, or voting agreement, as such documents have been amended, restated, or supplemented from time to time, if applicable.

"**Governmental Authority**" means (a) any government, governmental authority, agency, commission, department, or other similar body, court, tribunal, arbitrator, or arbitral body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing.

"**Hazardous Substance**" means (a) any pollutant, contaminant, waste, or chemical; (b) any toxic or otherwise hazardous substance; or (c) any substance, waste, or material having any constituent elements displaying any of the foregoing characteristics.

"**Indebtedness**" means (a) any indebtedness or other obligation for borrowed money (or any guaranties thereof); (b) any indebtedness evidenced by a note, bond, debenture, or other security or similar instrument; (c) any Liability with respect to interest rate or currency swaps, collars, caps, and similar hedging obligations; (d) any Liability for the deferred purchase price of property or other assets (including any "earn out" or similar payments); (e) any Liability under any performance bond or letter of credit or any bank overdrafts or similar charges; and (f) any accrued interest, pre-payment penalties, breakage costs, redemption fees, costs, expenses, premiums, and other amounts owing pursuant to instruments evidencing Indebtedness (assuming that such Indebtedness is repaid on the Closing Date).

"**Indemnity Holdback Amount**" means a number of Acquisition Shares equal to (a) $600,000 divided by (b) the Initial Offering Price.

"**Indemnity Holdback Expiration Date**" shall have the meaning set forth in <u>Section 2.3</u>.

"**Initial Offering Price**" meanse the opening public offering price per share of Common Stock in the Direct Listing.

"**Initial Performance Shares**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Initial Target Revenues**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether registered or unregistered: (a) patents, patentable inventions, and other patent rights; (b) trademarks, service marks, trade dress, trade names, and all related goodwill and similar rights; (c) copyrights, mask works, and designs; (d) trade secrets, know-how, inventions, confidential business information, and other proprietary information and rights; (e) computer software programs, including all related source code, object code, specifications, designs, and documentation; and (f) domain names, Internet addresses, and other computer identifiers.

Annex A-4

"**IRS**" means the United States Internal Revenue Service.

"**Knowledge of the Contributors' Representative**" means the actual knowledge of the Contributors' Representative following consultation with the Contributors.

"**Labor Laws**" means any Laws relating to employment, discrimination, health and safety, labor relations, or workplace safety and insurance.

"**Law**" means any applicable domestic or foreign law, statute, ordinance, code, regulation, rule, directive, guideline, standard, policy, Order, or other requirement of a Governmental Authority, whether or not having the force of law.

"**Liability**" means any liability, loss, damage, cost, or expense (including reasonable attorneys' fees), in each case, whether direct or indirect and accrued or contingent.

"**License**" means any license, permit, certificate, approval, consent, registration, or similar authorization of any Governmental Authority.

"**Lien**" means any lien, mortgage, deed, pledge, charge, security interest, right of first refusal, right of first offer, preemptive rights, easement, restriction, covenant, condition, title default, encroachment, survey defect, option, or other encumbrance.

"**Multiemployer Plan**" means any "multiemployer plan" as defined in Section 3(37) of ERISA, any "multiple employer plan" as defined in Section 413(c) of the Code, or "multiple employer welfare arrangement" as defined in Section 3(40) of ERISA.

"**Nasdaq**" means the Nasdaq Global Market of the National Association of Securities Dealers Automated Quotations Systems.

"**Order**" means any order, decision, judgment, writ, injunction, decree, award, or other determination of any Governmental Authority.

"**Ordinary Course**" means the ordinary course of business of Vanguard consistent with past practice.

"**Payoff Letters**" shall have the meaning set forth in <u>Section 3.3(b)</u>.

"**Permitted Lien**" means (a) Liens for Taxes not yet due and payable; (b) imperfections of title and other similar Liens that do not and would not reasonably be likely to materially detract from the value of the asset or property subject thereto or materially impair the continued use or occupancy of such asset or property in connection with the operations of Vanguard; (c) Liens arising by operation of Law in the Ordinary Course, such as mechanics' Liens, materialmens' Liens, carriers' Liens, warehousemens' Liens, and similar Liens, that are not delinquent or are being disputed in good faith; (d) pledges or deposits under workers' compensation (or similar) Laws, unemployment insurance, or other types of insurance or compensation plans; (e) pledges or deposits that secure the performance of tenders, statutory obligations, bonds, bids, leases, Contracts, and similar obligations; (f) with respect to any lease, title of the lessor and any other Liens arising pursuant to the terms of the applicable lease or arising under zoning, land use, or other applicable Laws that do not and would not reasonably be likely to materially impair the continued use or occupancy of such property by Vanguard; and (g) with respect to the Acquired Interest, transfer restrictions arising under the Governing Documents of Vanguard or pursuant to applicable federal or state securities Laws.

Annex A-5

"**Person**" means any individual, corporation, company, partnership, association, limited liability company, business enterprise, trust, or other legal entity.

"**Registration Statement**" means the Registration Statement on Form S-1 submitted and declared effective by the by the SEC in connection with the Direct Listing.

"**Representative**" means, with respect to any Person, any director, manager, officer, employee, independent contractor, consultant, legal counsel, accountant, financial advisor, or other agent or representative of such Person.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Secondary Performance Shares**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Secondary Target Revenues**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Tax**" means any tax imposed, assessed, or collected by or under the authority of any Governmental Authority (including any penalty, interest or addition thereto).

"**Tax Return**" means any report, return, declaration, claim for refund, election, disclosure, estimate, or other documentation required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto and amendment thereof.

"**Tertiary Performance Shares**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Tertiary Target Revenues**" shall have the meaning set forth in <u>Section 2.2</u>.

"**Transaction Documents**" means this Agreement, the Contributor Closing Deliverables, and the Company Closing Deliverables.

"**Transaction Expenses**" means any fees, costs, and expenses incurred or subject to reimbursement by Vanguard, in each case, in connection with the Transactions, including the fees, costs, and expenses of brokers, counsel, accountants, or other advisors or service providers of Vanguard or the Contributors.

"**Transactions**" means the transactions contemplated by the Transaction Documents.

"**Treasury Regulations**" means the Treasury regulations promulgated under the Code.

"**Value**" means the number of shares of the Common Stock equal to (i) the specified dollar amount adjusted for inflation pursuant to the CPI Adjustment Factor divided by (ii) the thirty-day trailing weighted-average closing price of the Common Stock ending on the second trading day prior to the applicable date of issuance of the Performance Shares.

"**Vanguard Indebtedness**" means any Indebtedness of Vanguard and any of its Affiliates as of a date not later than 10 days prior to the Closing Date.

"**Vanguard Material Adverse Effect**" means any result, occurrence, fact, change, event, or effect that, individually or in the aggregate with any other results, occurrences, facts, changes, events, or effects, has or would reasonably be expected to have a material adverse effect on the business, results of operations, properties, or assets of Vanguard, provided that any result, occurrence, fact, change, event, or effect will not be taken into account in determining whether a Material Adverse Effect has occurred to the extent resulting from (a) changes in conditions in the United States or global economy or capital or financial markets generally, (b) changes in GAAP (or the interpretation thereof) or applicable Laws (or the interpretation thereof), (c) acts of war, armed hostilities, sabotage, terrorism, social unrest (including protests, riots, or looting), or pandemics or epidemics (including the COVID-19 pandemic), or the response of any Governmental Authority thereto, (d) changes in general to the industry (including regulatory changes) in which Vanguard operates, or (e) the execution and delivery of this Agreement, the taking of any action by any Party required by the terms of this Agreement, or the announcement of the Transactions.

"**Vanguard Plan**" means any Benefit Plan (a) under which any current or former employee, director, or officer of Vanguard or any of its Affiliates, the Vanguard Employee, or Consultant has any present or future right to benefits and that is maintained, sponsored, or contributed to by Vanguard or any of its Affiliates or (b) with respect to which Vanguard or its Affiliates has any Liability.

Annex A-6

**Annex B**

**Additional Acquisitions**

&nbsp;&nbsp;&nbsp;&nbsp;1. C.C.
 Carlton Industries, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;2. Constellation
 Industries, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;3. gTC
 MediGuide, LP

&nbsp;&nbsp;&nbsp;&nbsp;4. AI
 Research Corporation

&nbsp;&nbsp;&nbsp;&nbsp;5. Bond
 Street Limited, LLC

Annex B-1

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Amendment No. 5 to the Registration Statement on Form S-1 of AIAI Holdings Corporation (the Corporation) of our report dated March 3, 2026, with respect to the financial statements of the Corporation included herein. We also consent to the reference to our firm under the caption "Experts" in this Registration Statement.

/s/ Forvis Mazars, LLP

Dallas, Texas

April 24, 2026

## Exhibit 23.3

**Exhibit 23.3**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Amendment No. 5 to the Registration Statement on Form S-1 of AIAI Holdings Corporation of our report dated March 4, 2026, with respect to the financial statements of C.C. Carlton Industries, Ltd. included herein. We also consent to the reference to our firm under the caption "Experts" in this Registration Statement.

/s/ Forvis Mazars, LLP

Dallas, Texas

April 24, 2026

## Exhibit 23.4

**Exhibit 23.4**

**<u>Independent Auditor's Consent</u>**

We consent to the inclusion in this Registration Statement on Form S-1 of our report dated February 15, 2026, relating to the consolidated financial statements of Constellation Network, Inc., appearing elsewhere in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

**M/s Lilling & Company LLP**

Certified Public Accountants

Port Washington, New York

April 24, 2026