# EDGAR Filing Document

**Accession Number:** 0001930313
**File Stem:** 0001493152-23-003427
**Filing Date:** 2023-2
**Character Count:** 620155
**Document Hash:** 8580556b19b830e5be81789dd5bddbb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-003427.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001493152-23-003427

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pono Capital Two, Inc.
- **CENTRAL INDEX KEY:** 0001930313
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 881263511
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41462
- **FILM NUMBER:** 23581357

**BUSINESS ADDRESS:**
- **STREET 1:** 4348 WAIALAE AVE., #632
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96816
- **BUSINESS PHONE:** 8088926611

**MAIL ADDRESS:**
- **STREET 1:** 4348 WAIALAE AVE., #632
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96816

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **January 31, 2023**

**<u>Pono Capital Two, Inc.</u>**

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

<u>001-41462</u> <u>88-1192288</u> <br> (Commission File Number) (IRS Employer Identification No.)

643 Ilalo St. #102

Honolulu, Hawaii 96813

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code <u>(808) 892-6611</u>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant | PTWOU | The Nasdaq Stock Market LLC |
| Class A Common Stock, $0.0001 par value per share | PTWO | The Nasdaq Stock Market LLC |
| Redeemable Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share | PTWOW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 13(a) of the Exchange Act. ☐

**Item 1.01. Entry into a Material Definitive Agreement.**

**<u>Merger Agreement</u>**

*This section describes the material provisions of the Merger Agreement (as defined below) but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of the Merger Agreement, a copy of which is attached hereto as Exhibit 2.1. Unless otherwise defined herein, the capitalized terms used below are defined in the Merger Agreement.*

***The Business Combination***

As previously disclosed, on January 31, 2023, Pono Capital Two, Inc., a Delaware corporation ("**Pono**"), entered into an Agreement and Plan of Merger (the "**Merger Agreement**"), by and among Pono, Pono Two Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Pono ("**Merger Sub**"), SBC Medical Group Holdings Incorporated, a Delaware corporation ("**SBC**"), Mehana Capital, LLC, in its capacity as Purchaser Representative, and Dr. Yoshiyuki Aikawa, in his capacity as Seller Representative.

Pursuant to the Merger Agreement, at the closing of the transactions contemplated by the Merger Agreement (the "**Closing**"), Merger Sub will merge with and into SBC, with SBC continuing as the surviving corporation (the "**Surviving Corporation**"). The transactions contemplated by the Merger Agreement are referred to herein as the "**Business Combination**."

As a condition to closing of the Business Combination, as soon as reasonably practical following execution of the Merger Agreement, SBC will complete certain restructuring transactions pursuant to which SBC or a subsidiary will acquire the economic or other interests of SBC Medical Group Co., Ltd., a Japanese corporation ("**SBC-Japan**") and certain affiliated service companies ("**Service Companies**"), medical corporations ("**Medical Corporations**") and other entities (the Service Companies and the other entities together, the "**Target Companies**", and the restructuring transactions, the "**Restructuring**"), which collectively carry on the business of SBC-Japan and such other related entities. While the interests of the Medical Corporations are expected to be owned by SBC-Japan or another Target Company following the Restructuring, none of SBC or any of the other Target Companies will have any control of the Medical Corporations following the Restructuring, as required by Japanese law.

***Merger Consideration***

As consideration for the Business Combination, the holders of SBC securities collectively shall be entitled to receive from Pono, in the aggregate, a number of Pono securities with an aggregate value equal to (the "**Merger Consideration**") (a) $1,200,000,000, minus (b) the amount, if any, by which $3,000,000 exceeds SBC's Net Working Capital, plus (c) the amount, if any, by which SBC's Net Working Capital exceeds $3,000,000, minus (d) the aggregate amount of any outstanding indebtedness (minus cash held by SBC) of SBC at Closing (the "**Closing Net Indebtedness**"), minus (e) specified transaction expenses of SBC associated with the Business Combination. The SBC stockholder will receive, for each share of SBC common stock held on a fully diluted basis, a number of shares of Pono Class A common stock equal to (i) the Per Share Consideration, divided by (ii) the price at which each share of Pono Class A common stock may be redeemed by public stockholders in connection with the stockholder vote to approve Pono's initial business combination (the "**Redemption Price**"). Certain options and warrants to be issued by SBC prior to the closing of the Business Combination will also be rolled over for the applicable number of options and warrants in Pono, with the exercise price of each remaining at the expected price of $0.0001.

The Merger Consideration otherwise payable to SBC stockholders at the Closing is subject to a number of shares of Pono Class A common stock equal to three percent (3.0%) of the Merger Consideration being placed in escrow with an escrow agent to be agreed by the parties, for post-closing adjustments (if any) to the Merger Consideration.

The Merger Consideration is subject to adjustment after the Closing based on confirmed amounts of the Closing Net Indebtedness, Net Working Capital and transaction expenses as of the Closing Date. If the adjustment is a negative adjustment in favor of Pono, the escrow agent shall distribute to Pono a number of shares of Pono Class A common stock with a value equal to the absolute value of the adjustment amount. If the adjustment is a positive adjustment in favor of SBC, Pono will issue to the SBC stockholders an additional number of shares of Pono Class A common stock with a value equal to the adjustment amount.

***Sponsor Shares***

In connection with and contingent upon the Closing, Pono's sponsor, Mehana Capital LLC (the "**Sponsor**") will be granted 1,200,000 shares of registered Pono Class A common stock on or prior to the earlier of (i) the six month anniversary of the Closing and (ii) the expiration of the lock-up of Pono's founder shares, or (iii) such later date as determined by the Sponsor in its sole discretion in accordance with the Merger Agreement (the "**Sponsor Shares**").

***Representations and Warranties***

The Merger Agreement contains customary representations and warranties by each of Pono and SBC. Certain of the representations are subject to specified exceptions and qualifications contained in the Merger Agreement or in information provided pursuant to certain disclosure schedules to the Merger Agreement.

***Covenants of the Parties***

Under the Merger Agreement, each party agrees to use its commercially reasonable efforts to effect the Closing. The Merger Agreement also contains certain customary covenants by the parties during the period between the signing of the Merger Agreement and the earlier of the Closing or the termination of the Merger Agreement in accordance with its terms, including covenants regarding the conduct of their respective businesses, efforts, access, confidentiality and public announcements, the Pono proxy statement for the transaction (which includes the adoption of a new equity incentive plan for Pono with a number of awards thereunder equal to 15% of the issued and outstanding shares of Pono immediately after the Closing), notice of breaches, no insider trading, indemnification of directors and officers, and other customary covenants. The parties also have agreed to the following covenants:

● Each
 party is subject to a "no-shop" obligation between signing of the Merger Agreement and Closing or earlier termination
 of the Merger Agreement, and will not be allowed to solicit or discuss competing transactions with other potential parties during
 such time period.

● The
 Pono board of directors as of the Closing will consist of at least five directors, including: (i) three persons designated prior
 to the Closing by SBC, two of whom must qualify as independent directors; (ii) one person designated prior to the Closing by Pono;
 and (iii) one person mutually agreed upon and designated prior to the Closing by Pono and SBC, who must qualify as an independent
 director.

● Prior
 to the closing of the Business Combination, SBC will deliver audited financial statements prepared in accordance with GAAP and audited
 in accordance with PCAOB auditing standards for the fiscal years ended December 31, 2022 and December 31, 2021 to Pono by June 30,
 2023 (the "**PCAOB Audited Financials** ").

● On
 the date that is the earlier of (a) the six (6) month anniversary of the Closing and (b) the expiration of the lock-up of Pono's
 founder shares, the Surviving Corporation will issue to the Sponsor, the Sponsor Shares for no additional consideration.

● SBC
 will complete the Restructuring promptly following execution of the Merger Agreement.

● SBC
 will deliver disclosure schedules and due diligence materials in a form and substance acceptable to Pono and the parties will reasonably
 negotiate on any additional or amended provisions required to the Merger Agreement or the schedules to the Merger Agreement, in each
 case by April 28, 2023. If SBC fails to so deliver the due diligence materials or disclosure schedules by such date, Pono has the
 right to terminate the Merger Agreement and if the parties are unable to so agree on such additional or amended provisions, either
 Pono or SBC has a right to terminate the Merger Agreement.

***Indemnification***

The representations and warranties of SBC and Pono contained in the Merger Agreement will not survive the Closing, and from and after the Closing, SBC and Pono will not have any further obligations, nor shall any claim be asserted or action be brought against SBC and Pono or their respective representatives with respect thereto. The covenants and agreements made by SBC and Pono in the Merger Agreement, including any rights arising out of any breach of such covenants or agreements, shall not survive the Closing, except for those covenants and agreements contained therein that by their terms apply or are to be performed in whole or in part after the Closing (which such covenants shall survive the Closing and continue until fully performed in accordance with their terms).

***Conditions to Consummation of the Business Combination***

The consummation of the Business Combination is subject to customary Closing conditions unless waived, including:

● the
 approval of the Business Combination by the stockholders of each of SBC and Pono;

● approvals
 of any required governmental authorities and the expiration or termination of any anti-trust waiting periods and no governmental
 authority having imposed any terms or conditions on the Restructuring which would reasonably be expected to materially impact the
 operations of SBC following the completion of the Restructuring;

● receipt
 of specified third-party consents;

● no
 law or order preventing the transactions;

● the
 members of the post-Closing Pono board having been elected or appointed as of the Closing;

● the
 SEC having completed their review of the proxy statement in connection with the Business Combination;

● the
 shares of Pono Class A common stock issued as Merger Consideration shall having been approved for listing on Nasdaq, subject to official
 notice of issuance; and

● the
 Restructuring having been completed and Pono has received evidence of such completion in a form and substance reasonably satisfactory
 to Pono.

In addition, unless waived by SBC, the obligations of SBC to consummate the Business Combination are subject to the satisfaction of the following Closing conditions, in addition to customary certificates and other closing deliveries: (a) the representations and warranties of Pono being true and correct as of the date of the Merger Agreement and as of the Closing (except for (i) those representations and warranties that address matters only as of a particular date (which representations and warranties are required to be accurate as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material Adverse Effect (as defined in the Merger Agreement), individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect (as defined in the Merger Agreement) on, or with respect to, Pono; (b) Pono having performed in all material respects with its obligations and complied in all material respects with its covenants and agreements under the Merger Agreement required to be performed or complied with on or prior the date of the Closing; (c) the absence of any Material Adverse Effect with respect to Pono since the date of the Merger Agreement which is continuing and uncured; and (d) the Escrow Agreement and the Registration Rights Agreement being executed and delivered.

Unless waived by Pono, the obligations of Pono and Merger Sub to consummate the Business Combination are subject to the satisfaction of the following Closing conditions, in addition to customary certificates and other closing deliveries: (a) the representations and warranties of SBC and Seller Representative being true and correct as of the date of the Merger Agreement and as of the Closing (except for (i) those representations and warranties that address matters only as of a particular date (which representations and warranties are required to be accurate as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect on, or with respect to, the SBC, the Target Companies and the Medical Corporations, taken as a whole; (b) SBC having performed in all material respects all of its obligations and having complied in all material respects with its covenants and agreements under the Merger Agreement required to be performed or complied with on or prior the date of the Closing; (c) absence of any Material Adverse Effect with respect to SBC, the Target Companies and the Medical Corporations as a whole since the date of the Merger Agreement which is continuing and uncured; and (d) each Lock-Up Agreement, the Non-Competition Agreement, the Escrow Agreement, the Registration Rights Agreement, and employment agreements with specified employees being executed and delivered.

***Termination***

The Merger Agreement may be terminated under certain customary and limited circumstances at any time prior to the Closing, including:

● by
 mutual agreement;

● for
 the other party's uncured breach;

● if
 there is a government order preventing the Closing;

● by
 either party if the Closing does not occur by September 30, 2023, subject to extension by Pono in connection with an extension of
 the time period for it to close a business combination transaction;

● by
 Pono if there has been an event after the signing of the Merger Agreement that has had a Material Adverse Effect on SBC, the Target
 Companies or the Medical Corporations that is continuing and uncured;

● by
 SBC if there has been an event after the signing of the Merger Agreement that has had a Material Adverse Effect on Pono that is continuing
 and uncured;

● by
 Pono or SBC if the Pono stockholders vote and do not approve the Business Combination;

● By
 Pono if, after SBC delivers the PCAOB Audited Financials, Pono reasonably determines that the PCAOB Audited Financials differ in
 any material respect from SBC' unaudited annual financial statements, or if the PCAOB Audited Financials are not delivered
 to Purchaser on or before May 31, 2023;

● By
 Pono if, SBC fails to deliver disclosure schedules by April 28, 2023 and due diligence materials in a form and substance acceptable
 to Pono or if Pono does not receive sufficient due diligence materials or is otherwise materially unsatisfied with the results of
 its due diligence investigation and examination of SBC, its subsidiaries or the Medical Corporations; and

● By
 SBC if, SBC and Pono are unable to agree on the form and substance of the disclosure schedules, or any amendments to the Merger Agreement
 resulting from the final form of the disclosure schedules or the review of the Merger Agreement by the advisors of each party.

***Trust Account Waiver***

SBC agreed that it and its affiliates will not have any right, title, interest or claim of any kind in or to any monies in Pono's trust account held for its public shareholders, and agrees not to, and waives any right to, make any claim against the trust account (including any distributions therefrom).

The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is attached to this Current Report on Form 8-K as <u>Exhibit 2.1</u> and is incorporated herein by reference.

The representations, warranties and covenants of each party set forth in the Merger Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Merger Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them as statements of fact. In addition, such representations and warranties (i) have certain limited exceptions, will not survive consummation of the Business Combination indefinitely unless otherwise stated in the Merger Agreement, and (ii) were made only as of the date of the Merger Agreement or such other date as is specified in the Merger Agreement. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the parties' public disclosures. Accordingly, the Merger Agreement is included with this filing only to provide investors with information regarding the terms of the Merger Agreement, and not to provide investors with any other factual information regarding Pono, its respective affiliates or their respective businesses. The Merger Agreement should not be read alone but should instead be read in conjunction with the other information regarding Pono or SBC, their respective affiliates and their respective businesses included in the filings they make with the Securities and Exchange Commission.

**<u>Related Agreements</u>**

*This section describes the material provisions of certain additional agreements entered into or to be entered into pursuant to the Merger Agreement but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of each of the related agreements, copies of each of which are attached hereto as exhibits. Stockholders and other interested parties are urged to read the related agreements in their entirety.*

*Lock-Up Agreement*

In connection with execution of the Merger Agreement, certain significant stockholders of SBC entered into, or are expected to enter into prior to the closing of the Business Combination, lock-up agreements (the "**Lock-up Agreements**") providing for a lock-up period commencing on the Closing Date and ending on the earlier of (x) six months from the Closing, (y) the date Pono consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in all of Pono's stockholders having the right to exchange their shares of Pono Class A common stock for cash, securities or other property and (z) the date on which the closing sale price of Pono Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Closing; provided that ⅓ of such restricted shares shall be released from such restrictions if the closing stock price of Pono Class A common stock reaches each of $13.00, $15.00, and $17.00.

The foregoing description of the Lock-up Agreements does not purport to be complete and is qualified in its entirety by the terms and conditions of the Lock-up Agreements, the form of which is filed as <u>Exhibit 10.1</u> hereto and incorporated by reference herein.

*Non-Competition and Non-Solicitation Agreement*

In connection with execution of the Merger Agreement, certain significant stockholders and officers of SBC entered into, or are expected to enter into prior to the closing of the Business Combination, non-competition and non-solicitation agreements (the "**Non-Competition Agreements**"), pursuant to which they agreed not to engage in businesses in broadly the same industry as SBC and its affiliates during the two-year period following the Closing and, during such two-year restricted period, not to solicit employees or customers or clients of Pono, SBC or their respective affiliates. The agreements also contain customary non-disparagement and confidentiality provisions.

The foregoing description of the Non-Competition Agreements does not purport to be complete and is qualified in its entirety by the terms and conditions of the form of Non-Competition Agreement, which is filed as <u>Exhibit 10.2</u> hereto and incorporated by reference herein.

*Registration Rights Agreement*

At the Closing, certain significant stockholders of SBC and the post-business combination company will enter into a registration rights agreement with Pono providing for the right to three (3) demand registrations and piggy-back registrations with respect to the Merger Consideration shares.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of agreement, which is attached as <u>Exhibit 10.3</u> hereto and is incorporated herein by reference.

*Purchaser Support Agreement*

Simultaneously with the execution of the Merger Agreement, the Purchaser Representative entered into a support agreement (the "**Purchaser Support Agreement**") in favor of Pono and SBC and their present and future successors and subsidiaries.

In the Purchaser Support Agreement, the Purchaser Representative agreed to vote all equity interests in Pono in favor of the Merger Agreement and related transactions and to take certain other actions in support of the Merger Agreement and related transactions. The Purchaser Support Agreement also prevents the Purchaser Representative from transferring its voting rights with respect to equity interests in Pono or otherwise transferring equity interests in Pono prior to the meeting of Pono's stockholders to approve the Merger Agreement and related transactions, except for certain permitted transfers or otherwise provided in the Merger Agreement.

The foregoing description of the Purchaser Support Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Purchaser Support Agreement, the form of which is filed as <u>Exhibit 10.4</u> hereto and incorporated by reference herein.

*Voting Agreement*

Simultaneously with the execution of the Merger Agreement, Dr. Yoshiyuki Aikawa, the Chief Executive Officer of SBC, entered into a voting agreement (the "**Voting Agreement**") in favor of Pono and SBC and their present and future successors and subsidiaries.

In the Voting Agreement, Dr. Aikawa agreed to vote all of his SBC stock interests in favor of the Merger Agreement and related transactions and to take certain other actions in support of the Merger Agreement and related transactions. The Voting Agreement also prevents Dr. Aikawa from transferring his voting rights with respect to his SBC stock or otherwise transferring his SBC stock prior to the SBC approval of the Merger Agreement and related transactions, except for certain permitted transfers.

The foregoing description of the Voting Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Voting Agreement, a copy of which, or the form of which, is filed as <u>Exhibit 10.5</u> hereto and incorporated by reference herein.

**Item 7.01 Regulation FD Disclosure.**

On February 2, 2023, Pono issued a press release in connection with the execution of the Merger Agreement. The press release is attached hereto as <u>Exhibit 99.1</u>.

The foregoing (including <u>Exhibit 99.1</u>) is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "**Securities Act**") or the Exchange Act.

Forward Looking Statements

Certain statements herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed business combination. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements contained herein, including but not limited to: (i) the risk that the Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Pono's securities; (ii) the failure to satisfy the conditions to the consummation of the Business Combination, including the approval of the Merger Agreement by the stockholders of Pono; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (iv) the outcome of any legal proceedings that may be instituted against any of the parties to the Merger Agreement following the announcement of the entry into the Merger Agreement and proposed business combination; (v) redemptions exceeding anticipated levels or the failure to meet The Nasdaq Capital Market's initial listing standards in connection with the consummation of the proposed business combination; (vi) the effect of the announcement or pendency of the proposed business combination on SBC' business relationships, operating results and business generally; (vii) risks that the proposed business combination disrupts the current plans of SBC; (viii) the risk that Pono and SBC will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (ix) the ability of the parties to recognize the benefits of the Merger Agreement and the Business Combination; (x) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (xi) statements regarding SBC' industry and market size; (xii) financial condition and performance of SBC and Pono, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the Business Combination, potential level of redemptions of Pono's public stockholders, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of SBC; and (xiii) those factors discussed in Pono's filings with the SEC and that that will be contained in the proxy statement relating to the Business Combination. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the proxy statement and other documents to be filed by Pono from time to time with the Securities and Exchange Commission ("**SEC**"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while SBC and Pono may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. None of SBC or Pono gives any assurance that SBC and Pono will achieve their respective expectations.

Additional Information and Where to Find It

Pono intends to file with the SEC a proxy statement containing information about the proposed transaction and the respective businesses of SBC and Pono. Pono will mail a definitive proxy statement and other relevant documents after the SEC completes its review. Pono stockholders are urged to read the preliminary prospectus and proxy statement and any amendments thereto and the final prospectus and definitive proxy statement in connection with the solicitation of proxies for the special meeting to be held to approve the proposed transaction, because these documents will contain important information about Pono, SBC, and the Business Combination. The definitive proxy statement will be mailed to stockholders of Pono as of a record date to be established for voting on the proposed transaction. Stockholders of Pono will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about Pono without charge, at the SEC's website (www.sec.gov). Copies of the proxy statement and Pono's other filings with the SEC can also be obtained, without charge, by directing a request to: Pono Capital Two, Inc, 643 Ilalo St. #102, Honolulu, Hawaii 96813 or calling (808) 892-6611.

No Offer or Solicitation

This Current Report on Form 8-K does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination, or (ii) an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Participants in the Solicitation

SBC and Pono and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the Business Combination. Pono stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of Pono in Pono's initial public offering prospectus, which was declared effective the SEC on August 8, 2022. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Pono's stockholders in connection with the proposed business combination will be included in the definitive proxy statement Pono intends to file with the SEC.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

The following exhibits are being filed herewith:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1† | [Agreement and Plan of Merger, dated January 31, 2023, by and among Pono, Merger Sub, SBC, the Purchaser Representative, and the Seller Representative.](ex2-1.htm) |
| 10.1 | [Form of Lock-up Agreement.](ex10-1.htm) |
| 10.2 | [Form of Non-Competition Agreement.](ex10-2.htm) |
| 10.3 | [Form of Registration Rights Agreement.](ex10-3.htm) |
| 10.4 | [Purchaser Support Agreement.](ex10-4.htm) |
| 10.5 | [Voting Agreement.](ex10-5.htm) |
| 99.1 | [Press Release, dated February 2, 2023.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

† Certain
 of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant
 agrees to furnish a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| Date: February 2, 2023 | By: | */s/ Darryl Nakamoto* |
|  |  | Darryl Nakamoto |
|  |  | Chief Executive Officer |

---

## Exhibit 2.1

**Exhibit 2.1**

AGREEMENT AND PLAN OF MERGER

by and among

Pono Capital Two, Inc.

as the Purchaser,

Pono Two Merger Sub, Inc.

as Merger Sub,

Mehana Capital LLC,

in the capacity as the Purchaser Representative,

Yoshiyuki Aikawa,

in the capacity as the Seller Representative,

and

SBC Medical Group Holdings Incorporated<br> as the Company.

Dated as of January 31, 2023

**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| Article I. | Merger. | 3 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Merger. | 3 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Effective Time. | 3 |
| &nbsp;&nbsp;&nbsp;Section 1.03 | Effect of the Merger. | 3 |
| &nbsp;&nbsp;&nbsp;Section 1.04 | Tax Treatment. | 3 |
| &nbsp;&nbsp;&nbsp;Section 1.05 | Certificate of Incorporation and Bylaws. | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.06 | Directors and Officers of the Surviving Corporation. | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.07 | Merger Consideration. | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.08 | Conversion of Company Stock and Exchange of Other Company Securities. | 4 |
| &nbsp;&nbsp;&nbsp;Section 1.09 | Treasury Stock. | 5 |
| &nbsp;&nbsp;&nbsp;Section 1.10 | Rights Cease to Exist. | 5 |
| &nbsp;&nbsp;&nbsp;Section 1.11 | Dissenting Shares*.* | 5 |
| &nbsp;&nbsp;&nbsp;Section 1.12 | Surrender of Company Securities and Disbursement of Merger Consideration. | 5 |
| &nbsp;&nbsp;&nbsp;Section 1.13 | Effect of Transaction on Merger Sub Stock. | 7 |
| &nbsp;&nbsp;&nbsp;Section 1.14 | Closing Calculations. | 7 |
| &nbsp;&nbsp;&nbsp;Section 1.15 | Merger Consideration Adjustment. | 8 |
| &nbsp;&nbsp;&nbsp;Section 1.16 | Taking of Necessary Action; Further Action. | 10 |
| &nbsp;&nbsp;&nbsp;Section 1.17 | Appraisal and Dissenter's Rights. | 10 |
| &nbsp;&nbsp;&nbsp;Section 1.18 | Escrow. | 11 |
| &nbsp;&nbsp;&nbsp;Section 1.19 | Amended Purchaser Certificate of Incorporation. | 12 |
| &nbsp;&nbsp;&nbsp;Section 1.20 | Withholding. | 12 |
| Article II. | Closing | 12 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Closing. | 12 |
| Article III. | Representations and Warranties of the Purchaser | 12 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Organization and Standing. | 12 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Authorization; Binding Agreement. | 13 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Governmental Approvals. | 14 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Non-Contravention. | 14 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Capitalization. | 14 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | SEC Filings and Purchaser Financials**.** | 16 |
| &nbsp;&nbsp;&nbsp;Section 3.07 | Absence of Certain Changes. | 17 |
| &nbsp;&nbsp;&nbsp;Section 3.08 | Compliance with Laws. | 17 |
| &nbsp;&nbsp;&nbsp;Section 3.09 | Actions; Orders; Permits. | 17 |
| &nbsp;&nbsp;&nbsp;Section 3.10 | Litigation. | 18 |
| &nbsp;&nbsp;&nbsp;Section 3.11 | Taxes and Returns. | 18 |
| &nbsp;&nbsp;&nbsp;Section 3.12 | Employees and Employee Benefit Plans. | 19 |
| &nbsp;&nbsp;&nbsp;Section 3.13 | Properties. | 19 |
| &nbsp;&nbsp;&nbsp;Section 3.14 | Material Contracts. | 19 |
| &nbsp;&nbsp;&nbsp;Section 3.15 | Transactions with Affiliates. | 19 |
| &nbsp;&nbsp;&nbsp;Section 3.16 | Merger Sub Activities. | 20 |
| &nbsp;&nbsp;&nbsp;Section 3.17 | Investment Company Act. | 20 |
| &nbsp;&nbsp;&nbsp;Section 3.18 | Finders and Brokers. | 20 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Section 3.19 | Ownership of Stockholder Merger Consideration. | 20 |
| &nbsp;&nbsp;&nbsp;Section 3.20 | Certain Business Practices. | 20 |
| &nbsp;&nbsp;&nbsp;Section 3.21 | Insurance. | 21 |
| &nbsp;&nbsp;&nbsp;Section 3.22 | Purchaser Trust Account. | 21 |
| &nbsp;&nbsp;&nbsp;Section 3.23 | Independent Investigation. | 22 |
| Article IV. | Representations and Warranties of the Company | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Organization and Standing. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Authorization; Binding Agreement. | 23 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Capitalization. | 23 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Subsidiaries, Target Companies, and Medical Corporations. | 24 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Governmental Approvals. | 25 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Non-Contravention. | 26 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | Financial Statements. | 26 |
| &nbsp;&nbsp;&nbsp;Section 4.08 | Absence of Certain Changes. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.09 | Compliance with Laws. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.10 | Company Permits. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.11 | Litigation. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.12 | Material Contracts. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.13 | Intellectual Property. | 32 |
| &nbsp;&nbsp;&nbsp;Section 4.14 | Taxes and Returns. | 35 |
| &nbsp;&nbsp;&nbsp;Section 4.15 | Real Property. | 38 |
| &nbsp;&nbsp;&nbsp;Section 4.16 | Personal Property. | 39 |
| &nbsp;&nbsp;&nbsp;Section 4.17 | Title to and Sufficiency of Assets. | 39 |
| &nbsp;&nbsp;&nbsp;Section 4.18 | Employee Matters. | 39 |
| &nbsp;&nbsp;&nbsp;Section 4.19 | Benefit Plans. | 41 |
| &nbsp;&nbsp;&nbsp;Section 4.20 | Environmental Matters. | 44 |
| &nbsp;&nbsp;&nbsp;Section 4.21 | Transactions with Related Persons. | 45 |
| &nbsp;&nbsp;&nbsp;Section 4.22 | Insurance. | 46 |
| &nbsp;&nbsp;&nbsp;Section 4.23 | Books and Records. | 46 |
| &nbsp;&nbsp;&nbsp;Section 4.24 | Top Customers and Suppliers. | 47 |
| &nbsp;&nbsp;&nbsp;Section 4.25 | Certain Business Practices. | 47 |
| &nbsp;&nbsp;&nbsp;Section 4.26 | Investment Company Act. | 48 |
| &nbsp;&nbsp;&nbsp;Section 4.27 | Finders and Brokers. | 48 |
| &nbsp;&nbsp;&nbsp;Section 4.28 | Independent Investigation. | 48 |
| &nbsp;&nbsp;&nbsp;Section 4.29 | Information Supplied. | 48 |
| &nbsp;&nbsp;&nbsp;Section 4.30 | Disclosure. | 49 |
| Article V. | Covenants | 49 |
| &nbsp;&nbsp;&nbsp;Section 5.01 | Access and Information. | 49 |
| &nbsp;&nbsp;&nbsp;Section 5.02 | Conduct of Business of the Company. | 50 |
| &nbsp;&nbsp;&nbsp;Section 5.03 | Conduct of Business of the Purchaser. | 53 |
| &nbsp;&nbsp;&nbsp;Section 5.04 | Annual and Interim Financial Statements. | 56 |
| &nbsp;&nbsp;&nbsp;Section 5.05 | Purchaser Public Filings. | 56 |
| &nbsp;&nbsp;&nbsp;Section 5.06 | No Solicitation. | 57 |
| &nbsp;&nbsp;&nbsp;Section 5.07 | No Trading. | 58 |
| &nbsp;&nbsp;&nbsp;Section 5.08 | Notification of Certain Matters. | 58 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Section 5.09 | Efforts. | 58 |
| &nbsp;&nbsp;&nbsp;Section 5.10 | Tax Matters. | 60 |
| &nbsp;&nbsp;&nbsp;Section 5.11 | Further Assurances. | 61 |
| &nbsp;&nbsp;&nbsp;Section 5.12 | The Proxy Statement. | 62 |
| &nbsp;&nbsp;&nbsp;Section 5.13 | Company Stockholder Meeting. | 63 |
| &nbsp;&nbsp;&nbsp;Section 5.14 | Public Announcements. | 64 |
| &nbsp;&nbsp;&nbsp;Section 5.15 | Confidential Information. | 65 |
| &nbsp;&nbsp;&nbsp;Section 5.16 | Documents and Information. | 66 |
| &nbsp;&nbsp;&nbsp;Section 5.17 | Post-Closing Board of Directors and Executive Officers. | 66 |
| &nbsp;&nbsp;&nbsp;Section 5.18 | Indemnification of Directors and Officers; Tail Insurance. | 67 |
| &nbsp;&nbsp;&nbsp;Section 5.19 | Trust Account Proceeds. | 67 |
| &nbsp;&nbsp;&nbsp;Section 5.20 | Roadshow Presentations. | 68 |
| &nbsp;&nbsp;&nbsp;Section 5.21 | PCAOB Financial Statements. | 68 |
| &nbsp;&nbsp;&nbsp;Section 5.22 | Sponsor Issuance. | 68 |
| &nbsp;&nbsp;&nbsp;Section 5.23 | Restructuring. | 68 |
| &nbsp;&nbsp;&nbsp;Section 5.24 | Confirmation Period. | 69 |
| Article VI. | No Survival | 70 |
| &nbsp;&nbsp;&nbsp;Section 6.01 | No Survival. | 70 |
| Article VII. | Closing Conditions | 70 |
| &nbsp;&nbsp;&nbsp;Section 7.01 | Conditions to Each Party's Obligations. | 70 |
| &nbsp;&nbsp;&nbsp;Section 7.02 | Conditions to Obligations of the Company. | 72 |
| &nbsp;&nbsp;&nbsp;Section 7.03 | Conditions to Obligations of the Purchaser. | 73 |
| &nbsp;&nbsp;&nbsp;Section 7.04 | Frustration of Conditions. | 75 |
| Article VIII. | TERMINATION AND EXPENSES | 75 |
| &nbsp;&nbsp;&nbsp;Section 8.01 | Termination. | 75 |
| &nbsp;&nbsp;&nbsp;Section 8.02 | Effect of Termination. | 77 |
| &nbsp;&nbsp;&nbsp;Section 8.03 | Fees and Expenses. | 78 |
| Article IX. | Waivers and Releases | 78 |
| &nbsp;&nbsp;&nbsp;Section 9.01 | Waiver of Claims Against Trust. | 78 |
| Article X. | Miscellaneous | 79 |
| &nbsp;&nbsp;&nbsp;Section 10.01 | Notices. | 79 |
| &nbsp;&nbsp;&nbsp;Section 10.02 | Binding Effect; Assignment. | 80 |
| &nbsp;&nbsp;&nbsp;Section 10.03 | Third Parties. | 80 |
| &nbsp;&nbsp;&nbsp;Section 10.04 | Governing Law; Jurisdiction. | 80 |
| &nbsp;&nbsp;&nbsp;Section 10.05 | WAIVER OF JURY TRIAL. | 81 |
| &nbsp;&nbsp;&nbsp;Section 10.06 | Specific Performance. | 81 |
| &nbsp;&nbsp;&nbsp;Section 10.07 | Severability. | 81 |
| &nbsp;&nbsp;&nbsp;Section 10.08 | Amendment. | 81 |
| &nbsp;&nbsp;&nbsp;Section 10.09 | Waiver. | 82 |
| &nbsp;&nbsp;&nbsp;Section 10.10 | Entire Agreement. | 82 |
| &nbsp;&nbsp;&nbsp;Section 10.11 | Interpretation. | 82 |
| &nbsp;&nbsp;&nbsp;Section 10.12 | Counterparts. | 83 |
| &nbsp;&nbsp;&nbsp;Section 10.13 | Purchaser Representative. | 83 |
| &nbsp;&nbsp;&nbsp;Section 10.14 | Seller Representative. | 85 |
| &nbsp;&nbsp;&nbsp;Section 10.15 | Legal Representation. | 87 |
| Article XI. | Definitions | 88 |
| &nbsp;&nbsp;&nbsp;Section 11.01 | Certain Definitions. | 88 |
| &nbsp;&nbsp;&nbsp;Section 11.02 | Section References. | 101 |

---

<u>Exhibits and Annex</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Voting Agreement |
| Exhibit B | Form of the Purchaser Support Agreement |
| Exhibit C | Form of Lock-Up Agreement |
| Exhibit D | Form of Non-Competition and Non-Solicitation Agreement |
| Exhibit E | Form of Registration Rights Agreement |

---

iii

**Agreement and Plan of Merger**

This Agreement and Plan of Merger (this "***Agreement***") is made and entered into as of January 31, 2023 (the "***Agreement Date***") by and among (i) **Pono Capital Two, Inc.**, a company incorporated in Delaware (together with its successors, the "***Purchaser***"), (ii) **Pono Two Merger Sub, Inc.**, a Delaware corporation and a wholly-owned subsidiary of the Purchaser ("***Merger Sub***"*)*, (iii) **Mehana Capital LLC**, a Delaware limited liability company, in the capacity as the representative from and after the Effective Time (as defined below) for the stockholders of the Purchaser (other than the Company Security Holders (as defined below) as of immediately prior to the Effective Time and their successors and assignees) in accordance with the terms and conditions of this Agreement (the "***Purchaser Representative***"), (iv) Yoshiyuki Aikawa, in the capacity as the representative from and after the Effective Time for the Company Security Holders (as defined below) as of immediately prior to the Effective Time in accordance with the terms and conditions of this Agreement (the "***Seller Representative***"), and (v) **SBC Medical Group Holdings Incorporated**, a Delaware corporation (the "***Company****"*)*.*** The Purchaser, Merger Sub, the Purchaser Representative, the Seller Representative and the Company are sometimes referred to herein individually as a "***Party***" and, collectively, as the "***Parties****.*"

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Certain capitalized terms used herein are defined in Article XI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company is a Delaware corporation, operating directly and indirectly through its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Purchaser owns all of the issued and outstanding capital stock of Merger Sub, which was formed for the sole purpose of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prior to the Merger and as a condition to Closing, each of the Service Companies and each of the Other Entities will become a direct or indirect Subsidiary of the Company and each of the interests of all of the Medical Corporations shall be transferred to the Company or one of the Target Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Parties intend to effect the merger of Merger Sub with and into the Company, with the Company continuing as the surviving entity (the "***Merger***"), as a result of which all of the Company Securities issued and outstanding immediately prior to the Effective Time, shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right for each Company Stockholder to receive its Pro Rata Share of the Stockholder Merger Consideration (as defined herein), all upon the terms and subject to the conditions set forth in this Agreement and in accordance with the applicable provisions of the Delaware General Corporation Law ("***DGCL")*** and the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The boards of directors of each of the Company, the Purchaser and Merger Sub have each (i) determined that the Merger is fair, advisable and in the best interests of their respective companies and stockholders, (ii) approved this Agreement and the transactions contemplated hereby, including the Merger, upon the terms and subject to the conditions set forth herein, and (iii) determined to recommend to their respective stockholders the approval and adoption of this Agreement and the transactions contemplated hereby, including the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Contemporaneously with the execution of, and as a condition and an inducement to the Purchaser and the Company entering into this Agreement, the Purchaser has received voting and support agreements in the form attached as <u>Exhibit A</u> hereto (collectively, the "***Voting Agreements***") signed by the Company and each Significant Company Holder, sufficient to approve the Merger and the other transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Contemporaneously with the execution of, and as a condition and an inducement to the Purchaser and the Company entering into this Agreement, Sponsor, in its capacity as a stockholder of the Purchaser, is entering into and delivering Support Agreements, substantially in the form attached hereto as <u>Exhibit B</u> (each, a "***Purchaser Support Agreement***"), pursuant to which each such Purchaser stockholder has agreed (i) not to transfer or redeem any shares of the Purchaser Common Stock held by such Purchaser stockholder in accordance with the Insider Letter, (ii) to vote in favor of this Agreement and the Merger at the Purchaser Special Meeting in accordance with the Insider Letter and (iii) to waive any adjustment to the conversion ratio set forth in the Purchaser Certificate of Incorporation or any other anti-dilution or similar protection with respect to the Purchaser Class B Common Stock (whether resulting from the transactions contemplated hereby, by the Ancillary Documents or by any other transaction consummated in connection with the transactions contemplated hereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Contemporaneously with the execution of, and as a condition and an inducement to the Purchaser and the Company entering into this Agreement, each Significant Company Holder has entered into (i) a Lock-Up Agreement with the Purchaser and the Purchaser Representative in the form attached hereto as <u>Exhibit C</u> (each, a "***Lock-Up Agreement***") and (ii) a Non-Competition and Non-Solicitation Agreement in favor of the Purchaser and the Company in the form of which is attached as <u>Exhibit D</u> hereto (each, a "***Non-Competition Agreement***"), each of which agreements described in clauses (i) and (ii) above will become effective as of, and contingent upon, the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In connection with and contingent upon the Closing, Sponsor will be granted certain shares of registered Purchaser Class A Common Stock on or prior to the six month anniversary of the Closing (or such later time as shall be determined by Sponsor in its sole discretion) in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. For U.S. federal income tax purposes (and for purposes of any applicable state or local income Tax Law that follows the U.S. federal income tax treatment of the Merger), the Parties hereto intend that the Merger will qualify as a tax-free "reorganization" within the meaning of Section 368(a) of the Code (as defined herein), and the regulations promulgated thereunder, and the Company's board of directors and the boards of directors of the Purchaser and Merger Sub have approved this Agreement and intend that it constitute a "plan of reorganization" with respect to the Merger within the meaning of United States Treasury Regulations Sections 1.368-2(g) and 1.368-3(a) for purposes of Sections 354, 361 and 368 of the Code and the Treasury Regulations thereunder;

NOW, THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and the representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the Parties hereto agree as follows:

**Article I. <u>Merger.</u>**

Section 1.01 <u>Merger.</u> At the Effective Time, and subject to and upon the terms and conditions of this Agreement, and in accordance with the applicable provisions of the DGCL, Merger Sub and the Company shall consummate the Merger, pursuant to which Merger Sub shall be merged with and into the Company, following which the separate corporate existence of Merger Sub shall cease and the Company shall continue as the surviving corporation. The Company, as the surviving corporation after the Merger, is hereinafter sometimes referred to as the "***Surviving Corporation***" (provided, that references to the Company for periods after the Effective Time shall include the Surviving Corporation).

Section 1.02 <u>Effective Time.</u> Subject to the terms and conditions of this Agreement, the Parties hereto shall cause the Merger to be consummated by filing the Certificate of Merger for the merger of Merger Sub with and into the Company (the "***Certificate of Merger***") with the Secretary of State of the State of Delaware in accordance with the relevant provisions of the DGCL (the time of such filing, or such later time as may be specified in the Certificate of Merger, being the "***Effective Time***").

Section 1.03 <u>Effect of the Merger.</u> At the Effective Time, the effect of the Merger shall be as provided in this Agreement, the Certificate of Merger and the applicable provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the property, rights, privileges, agreements, powers and franchises, debts, Liabilities, duties and obligations of each of the Merger Sub and the Company shall become the property, rights, privileges, agreements, powers and franchises, debts, Liabilities, duties and obligations of the Surviving Corporation, which shall include the assumption by the Surviving Corporation of any and all agreements, covenants, duties and obligations of Merger Sub and the Company set forth in this Agreement to be performed after the Effective Time.

Section 1.04 <u>Tax Treatment.</u> For U.S. federal income tax treatment of the Merger), the Merger is intended to constitute a "reorganization" within the meaning of Section 368 of the Code. The Parties hereby (a) adopt this Agreement insofar as it relates to the Merger as a "plan of reorganization" within the meaning of Section 1.368-2(g) of the United States Treasury Regulations, (b) agree to file and retain such information as shall be required under Section 1.368-3 of the United States Treasury Regulations for purposes of Sections 354, 361 and 368 of the Code and the Treasury Regulations thereunder, and (c) agree to file all Tax and other informational returns on a basis consistent with such characterization. Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, the parties acknowledge and agree that, other than the representations set forth in Section 3.11 and Section 4.14, no Party is making any representation or warranty as to the qualification of the Merger as a reorganization under Section 368(a) of the Code or as to the effect, if any, that any transaction consummated on, after or prior to the Effective Time has or may have on any such reorganization status. Each of the Parties acknowledges and agrees that each such Party (i) has had the opportunity to obtain independent legal and tax advice with respect to the transactions contemplated by this Agreement and (ii) is responsible for paying its own Taxes, including any adverse Tax consequences that may result if the Merger is determined not to qualify as a reorganization under Section 368(a) of the Code.

Section 1.05 <u>Certificate of Incorporation and Bylaws.</u> At the Effective Time, the Company Charter and Bylaws of the Company, each as in effect immediately prior to the Effective Time, shall be amended to change the name of the Company to SBC Medical Operations, Inc. or such other name mutually agreed by the Parties, and such amended Certificate of Incorporation and Bylaws shall become the respective Certificate of Incorporation and Bylaws of the Surviving Corporation.

Section 1.06 <u>Directors and Officers of the Surviving Corporation.</u> At the Effective Time, the board of directors and executive officers of the Surviving Corporation shall be the board of directors and executive officers of the Purchaser, after giving effect to Section 5.17, each to hold office in accordance with the Certificate of Incorporation and Bylaws of the Surviving Corporation until their respective successors are duly elected or appointed and qualified or their earlier death, resignation or removal.

Section 1.07 <u>Merger Consideration.</u> As consideration for the Merger, the Company Security Holders as of the Effective Time, collectively shall be entitled to receive from the Purchaser, in the aggregate, a number of shares of the Purchaser Class A Common Stock with an aggregate value equal to (the "***Merger Consideration***") (a) One Billion Two Hundred Million U.S. Dollars $1,200,000,000) minus (b) the amount, if any, by which the Target Net Working Capital Amount exceeds the Net Working Capital, plus (c) the amount, if any, by which the Net Working Capital exceeds the Target Net Working Capital Amount, minus (d) the amount of Closing Net Indebtedness minus (e) the amount of any Transaction Expenses (the total portion of the Merger Consideration amount payable to all Company Stockholders in accordance with this Agreement is also referred to herein as the "***Stockholder Merger Consideration***"), provided, that the Stockholder Merger Consideration otherwise payable to Company Security Holders is subject to the withholding of the Escrow Shares deposited in the Escrow Account in accordance with Section 1.18, and after the Closing is subject to adjustment in accordance with Section 1.15.

Section 1.08 <u>Conversion of Company Stock and Exchange of Other Company Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 issued share of Company Stock outstanding immediately prior to the Effective Time (other
 than shares to be canceled in accordance with Section 1.09 or Dissenting Shares) shall, subject
 to the terms and conditions of this Agreement, be automatically converted (the "  ***Conversion*** ")
 into the right to receive a number of shares of the Purchaser Class A Common Stock equal
 to: (i) the Per Share Consideration divided by (ii) the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 the Effective Time, each option agreement to acquire shares of Company Stock that is issued
 and outstanding immediately prior to the Effective Time shall be exchanged for the right
 to receive an option agreement of the Purchaser which provides the holder thereof the right
 to acquire a number of shares of the Purchaser Class A Common Stock equal to (i) the number
 of shares of Company Stock issuable upon exercise of such option, divided by (ii) (A) the
 Per Share Consideration divided (B) by the Redemption Price, without adjustment of the aggregate
 exercise price thereof, with such exchange to be pursuant to an option rollover agreement
 or other exchange agreement as agreed to by the Purchaser, the Company and the applicable
 option-holders.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 the Effective Time, each warrant to acquire shares of Company Stock that is issued and outstanding
 immediately prior to the Effective Time shall be exchanged for the right to receive a warrant
 of the Purchaser which provides the holder thereof the right to acquire a number of shares
 of the Purchaser Class A Common Stock equal to (i) the number of shares of Company Stock
 issuable upon exercise of such warrant, divided by (ii) (A) the Per Share Consideration divided
 (B) by the Redemption Price, without adjustment of the aggregate exercise price thereof,
 with such exchange to be pursuant to an exchange agreement as agreed to by the Purchaser,
 the Company and the applicable warrant-holder.

Section 1.09 <u>Treasury Stock.</u> At the Effective Time, if there are any Company Securities that are owned by the Company as treasury shares or any Company Securities owned by any direct or indirect Subsidiary of the Company immediately prior to the Effective Time, such Company Securities shall be canceled and shall cease to exist without any conversion thereof or payment therefor.

Section 1.10 <u>Rights Cease to Exist.</u> As of the Effective Time, all shares of Company Stock and all other Company Securities shall no longer be outstanding, shall automatically be canceled and shall cease to exist and each holder of shares of Company Stock and each holder of other Company Securities shall cease to have any rights with respect thereto, except the rights set forth in this Agreement.

Section 1.11 <u>Dissenting Shares*.*</u> Each of the Dissenting Shares issued and outstanding immediately prior to the Effective Time shall be cancelled and cease to exist in accordance with Section 1.17 and shall thereafter represent only the right to receive the applicable payments set forth in Section 1.17.

Section 1.12 <u>Surrender of Company Securities and Disbursement of Merger Consideration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to the Effective Time, the Purchaser shall appoint its transfer agent, Continental Stock
 Transfer & Trust Company, or another agent reasonably acceptable to the Company (the
 "  ***Exchange Agent*** "), for the purpose of disbursing the Stockholder
 Merger Consideration. At or prior to the Effective Time, the Purchaser shall deposit, or
 cause to be deposited, with the Exchange Agent the Stockholder Merger Consideration (less
 the Escrow Shares, which will be deposited in the Escrow Account in accordance with Section
 1.18) and the Purchaser shall send, or shall cause the Exchange Agent to send, to each Company
 Stockholder, a letter of transmittal for use in such exchange, in the form mutually agreed
 to by the Parties (a "  ***Letter of Transmittal***") which shall specify
 that the delivery of Company Stock in respect of the Stockholder Merger Consideration shall
 be effected, and risk of loss and title shall pass, only upon proper delivery of a properly
 completed and duly executed Letter of Transmittal to the Exchange Agent for use in such exchange.
 The Company hereby represents and warrants that the Company Stock is not certificated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Company Stockholder shall be entitled to receive its Pro Rata Share of the Stockholder Merger
 Consideration (less the Escrow Shares) in respect of the Company Stock tendered for exchange
 (excluding any Dissenting Shares), as soon as reasonably practicable after the Effective
 Time, but subject to the delivery to the Exchange Agent of the following items prior thereto
 (collectively, the "  ***Transmittal Documents*** "): (i) a properly completed
 and duly executed Letter of Transmittal and (ii) such other documents as may be reasonably
 requested by the Exchange Agent or the Purchaser. Until so surrendered, each share of Company
 Stock shall represent after the Effective Time for all purposes only the right to receive
 such portion of the Stockholder Merger Consideration (subject to the withholding of the Escrow
 Shares, and as it may be adjusted after the Closing pursuant to Section 1.15 or Section 1.18)
 attributable to such Company Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 any portion of the Merger Consideration is to be delivered or issued to a Person other than
 the Person in whose name the surrendered Company Stock is registered immediately prior to
 the Effective Time, it shall be a condition to such delivery that (i) the transfer of such
 Company Stock shall have been permitted in accordance with the terms of the Company's
 Organizational Documents and any stockholders agreement with respect to the Company, each
 as in effect immediately prior to the Effective Time, (ii) the recipient of such portion
 of the Stockholder Merger Consideration, or the Person in whose name such portion of the
 Stockholder Merger Consideration is delivered or issued, shall have already executed and
 delivered, if a Significant Company Holder, counterparts to a Lock-Up Agreement and Non-Competition
 Agreement, and such other Transmittal Documents as are reasonably deemed necessary by the
 Exchange Agent or the Purchaser and (iii) the Person requesting such delivery shall pay to
 the Exchange Agent any transfer or other Taxes required as a result of such delivery to a
 Person other than the registered holder of such Company Stock or establish to the satisfaction
 of the Exchange Agent that such Tax has been paid or is not payable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) After
 the Effective Time, there shall be no further registration of transfers of Company Stock.
 If, after the Effective Time, the Transmittal Documents are presented to the Surviving Corporation,
 the Purchaser or the Exchange Agent, the Company Stock shall be canceled and exchanged for
 the applicable portion of the Stockholder Merger Consideration provided for, and in accordance
 with the procedures set forth in this Section 1.12. No dividends or other distributions declared
 or made after the Agreement Date with respect to Purchaser Common Stock with a record date
 after the Effective Time will be paid to the holders of any Company Stock that has not yet
 been surrendered with respect to the Purchaser Common Stock to be issued upon surrender thereof
 until the holders of record of such Company Stock shall provide the Transmittal Documents.
 Subject to applicable Law, following delivery of the Transmittal Documents, the Purchaser
 shall promptly deliver to the record holders thereof, without interest, the certificates
 representing the Purchaser Common Stock issued in exchange therefor and the amount of any
 such dividends or other distributions with a record date after the Effective Time theretofore
 paid with respect to such Purchaser Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 securities issued upon the surrender of Company Securities in accordance with the terms hereof
 shall be deemed to have been issued in full satisfaction of all rights pertaining to such
 Company Securities. Any portion of the Stockholder Merger Consideration made available to
 the Exchange Agent pursuant to Section 1.12(a) and any Escrow Property disbursed to the Escrow
 Agent in accordance with the Escrow Agreement that remains unclaimed by Company Stockholders
 two (2) years after the Effective Time shall be returned to the Purchaser, upon demand, and
 any such Company Stockholder who has not exchanged its Company Stock for the applicable portion
 of the Stockholder Merger Consideration in accordance with this Section 1.12 prior to that
 time shall thereafter look only to the Purchaser for payment of the portion of the Stockholder
 Merger Consideration in respect of such shares of Company Stock without any interest thereon
 (but with any dividends paid with respect thereto). Notwithstanding the foregoing, none of
 the Surviving Corporation, the Purchaser or any Party hereto shall be liable to any Person
 for any amount properly paid to a public official pursuant to any applicable abandoned property,
 escheat or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything to the contrary contained herein, no fraction of a share of the Purchaser Common
 Stock will be issued by virtue of the Merger or the transactions contemplated hereby, and
 each Person who would otherwise be entitled to a fraction of a share of the Purchaser Common
 Stock (after aggregating all fractional shares of the Purchaser Common Stock that otherwise
 would be received by such holder) shall instead have the number of shares of the Purchaser
 Common Stock issued to such Person (or to which any replacement option or warrant is subject)
 rounded down in the aggregate to the nearest whole share of the Purchaser Common Stock.

Section 1.13 <u>Effect of Transaction on Merger Sub Stock.</u> At the Effective Time, by virtue of the Merger and without any action on the part of any Party or the holders of any Company Securities or the holders of any shares of capital stock of the Purchaser or Merger Sub, each share of Merger Sub Common Stock outstanding immediately prior to the Effective Time shall be converted into an equal number of shares of common stock of the Surviving Corporation, with the same rights, powers and privileges as the shares so converted and shall constitute the only outstanding shares of capital stock of the Surviving Corporation.

Section 1.14 <u>Closing Calculations.</u> At least three (3) Business Days prior to the Closing Date, the Company shall deliver to the Purchaser a statement certified by the Company's chief executive officer (the "***Estimated Closing Statement***") setting forth a good faith calculation of the Company's estimate of the Closing Net Indebtedness, Net Working Capital and Transaction Expenses as of the Reference Time, and the resulting Merger Consideration based on such estimates, in reasonable detail including for each component thereof, along with the amount owed to each creditor of any of the Target Companies, and bank statements and other evidence reasonably necessary to confirm such calculations. Promptly upon delivering the Estimated Closing Statement to the Purchaser, if requested by the Purchaser, the Company will meet with the Purchaser to review and discuss the Estimated Closing Statement and the Company will consider in good faith the Purchaser's comments to the Estimated Closing Statement and make any appropriate adjustments to the Estimated Closing Statement prior to the Closing, which adjusted Estimated Closing Statement, as mutually approved by the Company and the Purchaser both acting reasonably and in good faith, shall thereafter become the Estimated Closing Statement for all purposes of this Agreement. The Estimated Closing Statement and the determinations contained therein shall be prepared in accordance with the Accounting Principles and otherwise in accordance with this Agreement.

Section 1.15 <u>Merger Consideration Adjustment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Within
 ninety (90) days after the Closing Date, the Purchaser's Chief Financial Officer (the
 "  ***CFO***") shall deliver to the Purchaser Representative and the Seller
 Representative a statement (the "  ***Closing Statement***") setting forth
 (i) a consolidated balance sheet of the Target Companies as of the Reference Time and (ii)
 a good faith calculation of the Closing Net Indebtedness, Net Working Capital and Transactions
 Expenses, in each case, as of the Reference Time, and the resulting Merger Consideration
 using the formula in Section 1.07. The Closing Statement shall be prepared, and the Closing
 Net Indebtedness, Net Working Capital and Transactions Expenses and the resulting Merger
 Consideration and shares shall be determined in accordance with the Accounting Principles
 and otherwise in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) After
 delivery of the Closing Statement, each of the Seller Representative and the Purchaser Representative,
 and their respective Representatives on their behalves, shall be permitted reasonable access
 to the books, records, working papers, files, facilities and personnel of the Target Companies
 relating to the preparation of the Closing Statement. The Seller Representative and the Purchaser
 Representative, and their respective Representatives on their behalves, may make inquiries
 of the CFO and related Purchaser and Target Company personnel and advisors regarding questions
 concerning or disagreements with the Closing Statement arising in the course of their review
 thereof, and Purchaser and the Company shall provide reasonable cooperation in connection
 therewith. If either the Seller Representative or the Purchaser Representative (each, a "  ***Representative Party***") has any objections to the Closing Statement, such Representative Party
 shall deliver to the CFO and the other Representative Party a statement setting forth its
 objections thereto (in reasonable detail) (an "  ***Objection Statement*** ").
 If an Objection Statement is not delivered by a Representative Party within thirty (30) days
 following the date of delivery of the Closing Statement, then such Representative Party will
 have waived its right to contest the Closing Statement, all determinations and calculations
 set forth therein, and the resulting Merger Consideration set forth therein. If an Objection
 Statement is delivered within such thirty (30) day period, then the Seller Representative
 and the Purchaser Representative shall negotiate in good faith to resolve any such objections
 for a period of twenty (20) days thereafter. If the Seller Representative and the Purchaser
 Representative do not reach a final resolution within such twenty (20) day period, then upon
 the written request of either Representative Party (the date of receipt of such notice by
 the other Party, the "  ***Independent Expert Notice Date*** "), the Representative
 Parties will refer the dispute to the Independent Expert for final resolution of the dispute
 in accordance with Section 1.15(c). For purposes hereof, the "  ***Independent Expert*** "
 shall mean a mutually acceptable independent (i.e., no prior material business relationship
 with any party for the prior two (2) years) accounting firm appointed by the Purchaser Representative
 and the Seller Representative, which appointment will be made no later than ten (10) days
 after the Independent Expert Notice Date); provided, that if the Independent Expert does
 not accept its appointment or if the Purchaser Representative and the Seller Representative
 cannot agree on the Independent Expert, in either case within twenty (20) days after the
 Independent Expert Notice Date, either Representative Party may require, by written notice
 to the other Representative Party, that the Independent Expert be selected by the New York
 City Regional Office of the AAA in accordance with the AAA's procedures. The Parties
 agree that the Independent Expert will be deemed to be independent even though a Party or
 its Affiliates may, in the future, designate the Independent Expert to resolve disputes of
 the types described in this Section 1.15. The Parties acknowledge that any information provided
 pursuant to this Section 1.15 will be subject to the confidentiality obligations of Section
 5.15.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a dispute with respect to the Closing Statement is submitted in accordance with this Section
 1.15 to the Independent Expert for final resolution, the Parties will follow the procedures
 set forth in this Section 1.15(c). Each of the Seller Representative and the Purchaser Representative
 agrees to execute, if requested by the Independent Expert, a reasonable engagement letter
 with respect to the determination to be made by the Independent Expert. All fees and expenses
 of the Independent Expert will be borne by the Purchaser. Except as provided in the preceding
 sentence, all other costs and expenses incurred by the Seller Representative in connection
 with resolving any dispute hereunder before the Independent Expert will be borne by the Company
 Stockholders, and all other costs and expenses incurred by the Purchaser Representative in
 connection with resolving any dispute hereunder before the Independent Expert will be borne
 by the Purchaser. The Independent Expert will determine only those issues still in dispute
 as of the Independent Expert Notice Date and the Independent Expert's determination
 will be based solely upon and consistent with the terms and conditions of this Agreement.
 The determination by the Independent Expert will be based solely on presentations with respect
 to such disputed items by the Purchaser Representative and the Seller Representative to the
 Independent Expert and not on the Independent Expert's independent review; <u>provided</u>,
 that such presentations will be deemed to include any work papers, records, accounts or similar
 materials delivered to the Independent Expert by a Representative Party in connection with
 such presentations and any materials delivered to the Independent Expert in response to requests
 by the Independent Expert. Each of the Seller Representative and the Purchaser Representative
 will use their reasonable efforts to make their respective presentations as promptly as practicable
 following submission to the Independent Expert of the disputed items, and each such Representative
 Party will be entitled, as part of its presentation, to respond to the presentation of the
 other Representative Party and any questions and requests of the Independent Expert. In deciding
 any matter, the Independent Expert will be bound by the provisions of this Agreement, including
 this this Section 1.15. It is the intent of the Parties hereto that the activities of the
 Independent Expert in connection herewith are not (and should not be considered to be or
 treated as) an arbitration proceeding or similar arbitral process and that no formal arbitration
 rules should be followed (including rules with respect to procedures and discovery). The
 Seller Representative and the Purchaser Representative will request that the Independent
 Expert's determination be made within forty-five (45) days after its engagement, or
 as soon thereafter as possible, will be set forth in a written statement delivered to the
 Purchaser Representative and the Seller Representative and will be final, conclusive, non-appealable
 and binding for all purposes hereunder (other than for fraud or manifest error).

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 purposes hereof, the term "  ***Adjustment Amount***" shall mean (x) the
 Merger Consideration as finally determined in accordance with this Section 1.15, less (y)
 the Merger Consideration that was issued at the Closing (including to the Escrow Account),
 pursuant to the Estimated Closing Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Adjustment Amount is a positive number, then (A) the Seller Representative and the Purchaser
 Representative shall, within three (3) Business Days after such final determination, provide
 joint instructions to the Escrow Agent to distribute to each Company Stockholder its Pro
 Rata Share of all Escrow Shares, and (B) Purchaser shall, within ten (10) Business Days after
 such final determination of the Merger Consideration, issue to the Company Stockholders an
 additional number of shares of the Purchaser Common Stock equal to (x) the Adjustment Amount,
 divided by (y) the Redemption Price, with each Company Stockholder receiving its Pro Rata
 Share of such additional shares of the Purchaser Common Stock, (with each share of the Purchaser
 Common Stock and Escrow Share valued at the Redemption Price for such purposes). Such additional
 shares of the Purchaser Common Stock shall be considered additional Merger Consideration
 under this Agreement and, with respect to Significant Company Holders, "Restricted
 Securities" under the Lock-Up Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the Adjustment Amount is a negative number, then the Seller Representative and the Purchaser
 Representative shall, within three (3) Business Days after such final determination, provide
 joint written instructions to the Escrow Agent to distribute (A) to Purchaser a number of
 Escrow Shares (and, after distribution of all Escrow Shares, other Escrow Property) with
 a value equal to the absolute value of the Adjustment Amount (with each Escrow Share valued
 at the Redemption Price) and (B) to each Company Stockholder, its Pro Rata Share of all remaining
 Escrow Shares, if any, after such distribution to Purchaser. The Purchaser will promptly
 cancel any Escrow Shares distributed to it by the Escrow Agent promptly after its receipt
 thereof. The Escrow Account shall be the sole source of recovery for any payments by the
 Company Stockholders under this Section 1.15(d), and the Company Stockholders shall not be
 required under this Section 1.15(d) to pay any amounts in excess of the Escrow Property in
 the Escrow Account at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For
 the avoidance of doubt, the Adjustment Amount shall paid solely with respect to the Company
 Common Stock which was converted into Purchaser Common Stock at the Closing, and no Adjustment
 Amount, whether positive or negative, shall be issued or shall apply with respect to any
 Company Convertible Securities which were exchanged for securities or agreements of the Purchaser
 at the Closing pursuant to Section 1.08(b) or which were exercised or converted to Purchaser
 Common Stock following the Closing pursuant to such securities or agreements.

Section 1.16 <u>Taking of Necessary Action; Further Action.</u> If, at any time after the Effective Time, any further action is necessary or desirable to carry out the purposes of this Agreement and to vest the Surviving Corporation with full right, title and possession to all assets, property, rights, privileges, powers and franchises of the Company and Merger Sub, the officers and directors of the Surviving Corporation are fully authorized in the name of their respective corporations or otherwise to take, and will take, all such lawful and necessary action, so long as such action is not inconsistent with this Agreement, in each case at the cost of the Surviving Corporation.

Section 1.17 <u>Appraisal and Dissenter's Rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Dissenting Shares*. Notwithstanding anything in this Agreement to the contrary, any Dissenting Shares
 shall not be converted into or represent a right to receive the applicable consideration
 for Company Stock set forth in Section 1.08, but instead the holder thereof shall only be
 entitled to such rights as are provided by the DGCL. In the event that a holder properly
 perfects such holder's appraisal, dissenters' or similar rights by demanding
 and not effectively withdrawing or losing such holder's appraisal, dissenters'
 or similar rights for any shares of Company Stock, the Exchange Agent shall deliver to Purchaser
 such holder's portion of the Stockholder Merger Consideration that is attributable
 to such shares at the time such portion of such Stockholder Merger Consideration is determined
 and such rights are perfected.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Withdrawal or Loss of Rights*. Notwithstanding the provisions of Section 1.17(a), if any holder of
 Dissenting Shares effectively withdraws or loses (through failure to perfect or otherwise)
 such holder's appraisal or dissenters' rights with respect to such shares under
 the DGCL, then, as of the later of the Effective Time and the occurrence of such event, (i)
 such holder's shares shall automatically convert into and represent only the right
 to receive the consideration for Company Stock, as applicable, set forth in and subject to
 the provisions of this Agreement, upon surrender of the certificate(s) formerly representing
 such shares (if any), and (ii) Purchaser (to the extent the following amounts have been previously
 delivered by the Exchange Agent to Purchaser pursuant to Section 1.17(a) and not returned
 to the Exchange Agent) or the Exchange Agent shall deliver to such holder such holder's
 portion of the Stockholder Merger Consideration that is attributable to such shares at the
 time such rights are withdrawn or lost.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Demands for Appraisal*. The Company shall give Purchaser (1) prompt notice of any written demand
 for appraisal received by the Company pursuant to the applicable provisions of the DGCL,
 and (ii) the opportunity to participate in all negotiations and proceedings with respect
 to such demands. The Company shall not, except with the prior written consent of the Purchaser,
 make any payment with respect to any such demands or offer to settle or settle any such demands.

Section 1.18 <u>Escrow.</u> At or prior to the Closing, the Purchaser Representative, the Seller Representative and Continental Stock Transfer & Trust Company (or such other escrow agent mutually acceptable to the Purchaser and the Company), as escrow agent (the "***Escrow Agent***"), shall enter into an escrow agreement, effective as of the Effective Time, in form and substance reasonably satisfactory to the Purchaser and the Company (the "***Escrow Agreement***"), pursuant to which the Purchaser shall deliver to the Escrow Agent a number of shares of the Purchaser Common Stock (with each share valued at the Redemption Price) equal to three percent (3%) of the Merger Consideration (the "***Escrow Amount***") (together with any equity securities paid as dividends or distributions with respect to such shares or into which such shares are exchanged or converted, the "***Escrow Shares***") to be held, along with any other dividends, distributions or other income on the Escrow Shares (together with the Escrow Shares, the "***Escrow Property***"), in a segregated escrow account (the "***Escrow Account***") and disbursed therefrom in accordance with the terms of Section 1.15 and the Escrow Agreement. The Escrow Property shall be allocated among and transferred to the Company Stockholders pro rata based on their respective Pro Rata Share. The Escrow Property shall serve as the sole source of payment for the obligations of the Company Stockholders under Section 1.15. Unless otherwise required by Law, all distributions made from the Escrow Account shall be treated by the Parties as an adjustment to the number of shares of Stockholder Merger Consideration received by the Company Stockholders pursuant to Article I.

Section 1.19 <u>Amended Purchaser Certificate of Incorporation.</u> Upon the Effective Time, the Purchaser shall amend and restate its Amended and Restated Certificate of Incorporation in a form to be mutually agreed between the Purchaser and the Company (the "***Amended Purchaser Certificate of Incorporation***") which shall, among other matters, amend the Purchaser's Certificate of Incorporation to (i) provide that the name of the Purchaser shall be changed to "SBC Medical Group Holdings Incorporated" or such other name as mutually agreed to by the Parties, and (ii) remove and change certain provisions in the Certificate of Incorporation related to the Purchaser's status as a blank check company.

Section 1.20 <u>Withholding.</u> The Purchaser, Surviving Corporation, and the Exchange Agent shall be entitled to deduct and withhold from the consideration otherwise payable to any Person pursuant to this Agreement such amounts as may be required to be deducted or withheld with respect to the making of such payment under the Code, or under any provision of state, local or non-U.S. Tax Law. To the extent that amounts are so deducted and withheld and paid over to the appropriate Taxing Authorities, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.

**Article II. <u>Closing</u>**

Section 2.01 <u>Closing.</u> Subject to the satisfaction or waiver of the conditions set forth in Article VII, the consummation of the transactions contemplated by this Agreement (the "***Closing***") shall take place at the offices of Loeb & Loeb LLP ("***Loeb***"), counsel to the Purchaser, at 345 Park Avenue, New York, NY 10154, on a date and at a time to be agreed upon by Purchaser and the Company, which date shall be no later than the second (2<sup>nd</sup>) Business Day after all the Closing conditions to this Agreement have been satisfied or waived, or at such other date, time or place (including remotely) as the Purchaser and the Company may agree in writing (the date and time at which the Closing is actually held being the "***Closing Date***").

**Article III. <u>Representations and Warranties of the Purchaser</u>**

Except as set forth in (i) the disclosure schedules delivered by the Purchaser to the Company on the date hereof (the "***Purchaser Disclosure Schedules***"), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer (provided, however, that an item disclosed in any Section of the Purchaser Disclosure Schedules shall be deemed to have been disclosed with respect to all other Sections of this Article III to which the relevance of such disclosure is reasonably apparent on its face) or (ii) the SEC Reports that are available on the SEC's website through EDGAR, the Purchaser represents and warrants to the Company as of the Agreement Date and as of the Closing Date (or, if such representations and warranties are made with respect to a certain date, as of such date), as follows:

Section 3.01 <u>Organization and Standing.</u> Each of the Purchaser and the Merger Sub is a company duly incorporated, validly existing and in good standing under the Laws of Delaware. Each of the Purchaser and the Merger Sub has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each of the Purchaser and the Merger Sub is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed or in good standing can be cured without material cost or expense. The Purchaser has heretofore made available to the Company accurate and complete copies of its and Merger Sub's Organizational Documents, as currently in effect. Neither the Purchaser nor the Merger Sub is in violation of any provision of its Organizational Documents in any material respect.

Section 3.02 <u>Authorization; Binding Agreement.</u> The Purchaser has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to which it is a party, to perform the Purchaser's obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, subject to obtaining the Required Purchaser Stockholder Approval. The Merger Sub has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to which it is a party, to perform the Merger Sub's obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and each Ancillary Document to which it is a party and the consummation of the transactions contemplated hereby and thereby (a) have been duly and validly authorized by the board of directors of the Purchaser, and (b) other than the Required Purchaser Stockholder Approval, no other corporate proceedings, other than as set forth elsewhere in the Agreement, on the part of the Purchaser are necessary to authorize the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which the Purchaser is a party shall be when delivered, duly and validly executed and delivered by the Purchaser and, assuming the due authorization, execution and delivery of this Agreement and such Ancillary Documents by the other Parties and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of creditors' rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim, and the fact that equitable remedies or relief (including the remedy of specific performance) are subject to the discretion of the court from which such relief may be sought (collectively, the "***Enforceability Exceptions***"). The Purchaser's board of directors, by resolutions duly adopted at a meeting duly called and held (i) determined that this Agreement and the Merger and the other transactions contemplated hereby are advisable, fair to, and in the best interests of, the Purchaser and its stockholders, (ii) approved this Agreement and the Merger and the other transactions contemplated by this Agreement in accordance with the applicable provisions of the DGCL, (iii) directed that this Agreement be submitted to the Purchaser's stockholders for adoption and (iv) resolved to recommend that the Purchaser's stockholders approve and adopt this Agreement. The Merger Sub's board of directors, by resolutions duly adopted at a meeting duly called and held (i) determined that this Agreement and the Merger and the other transactions contemplated hereby are advisable, fair to, and in the best interests of, the Merger Sub and Purchaser as its sole stockholder, (ii) approved this Agreement and the Merger and the other transactions contemplated by this Agreement in accordance with the applicable provisions of the DGCL, (iii) directed that this Agreement be submitted to the Purchaser as the sole stockholder of Merger Sub and (iv) resolved to recommend that the Purchaser as the sole stockholder of Merger Sub approve and adopt this Agreement. The Purchaser, as the sole stockholder of Merger Sub, has authorized the execution, delivery and performance of this Agreement and the Ancillary Documents by and on behalf of Merger Sub and the consummation of the Merger and the other transactions contemplated by this Agreement.

Section 3.03 <u>Governmental Approvals.</u> Except as otherwise described in Section 3.03 of the Purchaser Disclosure Schedules, no Consent of or from any Governmental Authority, on the part of the Purchaser is required to be obtained or made in connection with the execution, delivery or performance by the Purchaser of this Agreement and each Ancillary Document to which it is a party or the consummation by the Purchaser of the transactions contemplated hereby and thereby, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement, (c) any filings required with Nasdaq or the SEC with respect to the transactions contemplated by this Agreement, (d) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state "blue sky" securities Laws, and the rules and regulations thereunder, and (e) where the failure to obtain or make such Consents or to make such filings or notifications, would not reasonably be expected to have a Material Adverse Effect on the Purchaser.

Section 3.04 <u>Non-Contravention.</u> Except as otherwise described in Section 3.04 of the Purchaser Disclosure Schedules, the execution and delivery by the Purchaser of this Agreement and each Ancillary Document to which it is a party, the consummation by the Purchaser of the transactions contemplated hereby and thereby, and compliance by the Purchaser with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of the Purchaser's Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to in Section 3.03, and the waiting periods referred to therein having expired, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to the Purchaser, Merger Sub, or any of their properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by the Purchaser under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of the Purchaser under, (viii) give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any Purchaser Material Contract, except for any deviations from any of the foregoing clauses (a), (b) or (c) that would not reasonably be expected to have a Material Adverse Effect on the Purchaser.

Section 3.05 <u>Capitalization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser is authorized to issue 100,000,000 shares of Class A common stock, par value $0.0001
 per share (the "  ***Purchaser Class A Common Stock*** "), 10,000,000 shares
 of Class B common stock, par value $0.0001 per share (the "  ***Purchaser Class B Common Stock*** ", and together with the Class A Common Stock, the "  ***Purchaser Common Stock*** "), and 1,000,000 shares of preferred stock, par value $0.0001
 per share (the "  ***Purchaser Preferred Stock*** "). The issued and outstanding
 Purchaser Securities as of the Agreement Date are set forth in Section 3.05 of the Purchaser
 Disclosure Schedules. All outstanding shares of the Purchaser Common Stock are duly authorized,
 validly issued, fully paid and non-assessable and are not subject to or issued in violation
 of any purchase option, right of first refusal, preemptive right, subscription right or any
 similar right under any provision of the DGCL, the Purchaser's Organizational Documents
 or any Contract to which the Purchaser is a party. None of the outstanding Purchaser Securities
 have been issued in violation of any applicable securities Laws

&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to giving effect to the Merger, Merger Sub is authorized to issue 1,000 shares of Merger
 Sub Common Stock, of which 1,000 shares are issued and outstanding, and all of which are
 owned by the Purchaser and Merger Sub has no other authorized, issued or outstanding shares
 of capital stock. All of the issued and outstanding shares of Merger Sub Common Stock have
 been duly authorized and validly issued, and are fully paid and non-assessable. No Person
 other than the Purchaser has any rights with respect to such equity securities of Merger
 Sub and no such rights will arise by virtue of or in connection with the Merger and the other
 transactions contemplated by this Agreement. Prior to giving effect to the transactions contemplated
 by this Agreement, other than Merger Sub, the Purchaser does not have any Subsidiaries or
 own any equity interests in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth in Section 3.05(a) of the Purchaser Disclosure Schedules or Section 3.05(c)
 of the Purchaser Disclosure Schedules there are no (i) outstanding options, warrants, puts,
 calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes
 or other Indebtedness having general voting rights or that are convertible or exchangeable
 into securities having such rights or (iii) subscriptions or other rights, agreements, arrangements,
 Contracts or commitments of any character (other than this Agreement and the Ancillary Documents),
 (A) relating to the issued or unissued shares of the Purchaser or (B) obligating the Purchaser
 to issue, transfer, deliver or sell or cause to be issued, transferred, delivered, sold or
 repurchased any options or shares or securities convertible into or exchangeable for such
 shares, or (C) obligating Purchaser to grant, extend or enter into any such option, warrant,
 call, subscription or other right, agreement, arrangement or commitment for such capital
 shares. Other than the Redemption or as expressly set forth in this Agreement, there are
 no outstanding obligations of the Purchaser to repurchase, redeem or otherwise acquire any
 shares of the Purchaser or to provide funds to make any investment (in the form of a loan,
 capital contribution or otherwise) in any Person. Except as set forth in Section 3.05(c)
 of the Purchaser Disclosure Schedules, there are no stockholders agreements, voting trusts
 or other agreements or understandings to which Purchaser is a party with respect to the voting
 of any shares of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 Indebtedness of the Purchaser as of the Agreement Date is disclosed in Section 3.05(d) of
 the Purchaser Disclosure Schedules. No Indebtedness of the Purchaser contains any restriction
 upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness
 by Purchaser or (iii) the ability of the Purchaser to grant any Lien on its properties or
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Since
 the date of formation of the Purchaser, and except as contemplated by this Agreement, the
 Purchaser has not declared or paid any distribution or dividend in respect of its shares
 and has not repurchased, redeemed or otherwise acquired any of its shares, and Purchaser's
 board of directors has not authorized any of the foregoing.

Section 3.06 <u>SEC Filings and Purchaser Financials**.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser, since the IPO, has filed all forms, reports, schedules, statements, registration
 statements, prospectuses and other documents required to be filed or furnished by the Purchaser
 with the SEC under the Securities Act and/or the Exchange Act, together with any amendments,
 restatements or supplements thereto, and will file all such forms, reports, schedules, statements
 and other documents required to be filed subsequent to the Agreement Date. Except to the
 extent available on the SEC's web site through EDGAR, the Purchaser has delivered to
 the Company copies in the form filed with the SEC of all of the following: (i) the Purchaser's
 annual reports on Form 10-K for each fiscal year of the Purchaser beginning with the first
 year the Purchaser was required to file such a form, (ii) the Purchaser's quarterly
 reports on Form 10-Q for each fiscal quarter that the Purchaser filed such reports to disclose
 its quarterly financial results in each of the fiscal years of the Purchaser referred to
 in clause (i) above, (iii) all other forms, reports, registration statements, prospectuses
 and other documents (other than preliminary materials) filed by the Purchaser with the SEC
 since the beginning of the first fiscal year referred to in clause (i) above (the forms,
 reports, registration statements, prospectuses and other documents referred to in clauses
 (i), (ii) and (iii) above, whether or not available through EDGAR, are, collectively, the
 "  ***SEC Reports***") and (iv) all certifications and statements required
 by (A) Rules 13a-14 or 15d-14 under the Exchange Act, and (B) 18 U.S.C. §1350 (Section
 906 of SOX) with respect to any report referred to in clause (i) above (collectively, the
 "  ***Public Certifications*** "). The SEC Reports (x) were prepared in
 all material respects in accordance with the requirements of the Securities Act and the Exchange
 Act, as the case may be, and the rules and regulations thereunder and (y) did not, as of
 their respective effective dates (in the case of SEC Reports that are registration statements
 filed pursuant to the requirements of the Securities Act) and at the time they were filed
 with the SEC (in the case of all other SEC Reports) contain any untrue statement of a material
 fact or omit to state a material fact required to be stated therein or necessary in order
 to make the statements made therein, in the light of the circumstances under which they were
 made, not misleading. To the Knowledge of the Purchaser, as of the Agreement Date, there
 are no outstanding or unresolved comments in comment letters received from the SEC with respect
 to any SEC Reports, and none of the SEC Reports filed on or prior to the Agreement Date is
 subject to ongoing SEC review or investigation as of the Agreement Date. The Public Certifications
 are each true as of their respective dates of filing. As used in this Section 3.06, the term
 "file" shall be broadly construed to include any manner permitted by SEC rules
 and regulations in which a document or information is furnished, supplied or otherwise made
 available to the SEC. As of the Agreement Date, (A) the Purchaser Public Units, the Purchaser
 Common Stock and the Purchaser Public Warrants are listed on Nasdaq, (B) the Purchaser has
 not received any written deficiency notice from Nasdaq relating to the continued listing
 requirements of such Purchaser Securities, (C) there are no Actions pending or, to the Knowledge
 of the Purchaser, threatened against the Purchaser by the Financial Industry Regulatory Authority
 with respect to any intention by such entity to suspend, prohibit or terminate the quoting
 of such Purchaser Securities on Nasdaq and (D) such Purchaser Securities are in compliance
 with all of the applicable corporate governance rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 financial statements and notes of the Purchaser contained or incorporated by reference in
 the SEC Reports (the "  ***Purchaser Financials*** "), fairly present in
 all material respects the financial position and the results of operations, changes in stockholders'
 equity, and cash flows of the Purchaser at the respective dates of and for the periods referred
 to in such financial statements, all in accordance with (i) GAAP methodologies applied on
 a consistent basis throughout the periods involved and (ii) Regulation S-X or Regulation
 S-K, as applicable (except as may be indicated in the notes thereto and for the omission
 of notes and audit adjustments in the case of unaudited quarterly financial statements to
 the extent permitted by Regulation S-X or Regulation S-K, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as and to the extent reflected or reserved against in the Purchaser Financials, the Purchaser
 has not incurred any Liabilities or obligations of the type required to be reflected on a
 balance sheet in accordance with GAAP that are not adequately reflected or reserved on or
 provided for in the Purchaser Financials, other than Liabilities of the type required to
 be reflected on a balance sheet in accordance with GAAP that have been incurred since the
 Purchaser's formation in the ordinary course of business. All debts and Liabilities,
 fixed or contingent, which should be included under U.S. GAAP on a balance sheet are included
 in all material respects in the Purchaser Financials as of the date of such Purchaser Financial.

Section 3.07 <u>Absence of Certain Changes.</u> As of the Agreement Date, except as set forth in Section 3.07 of the Purchaser Disclosure Schedules, the Purchaser has, (a) since its formation, conducted no business other than its formation, the public offering of its securities (and the related private offerings), public reporting and its search for an initial Business Combination as described in the IPO Prospectus (including the investigation of the Target Companies and the Medical Corporations and the negotiation and execution of this Agreement) and related activities and (b) since August 9, 2022, not been subject to a Material Adverse Effect on the Purchaser.

Section 3.08 <u>Compliance with Laws.</u> The Purchaser is, and has since its formation been, in compliance with all Laws applicable to it and the conduct of its business except for such noncompliance which would not reasonably be expected to have a Material Adverse Effect on the Purchaser, and the Purchaser has not received written notice alleging any violation of applicable Law in any material respect by the Purchaser. The Purchaser is not under investigation with respect to any violation or alleged violation of, any law, or judgment, order or decree entered by any court, arbitrator or Governmental Authority, domestic or foreign, and the Purchaser has not previously received any subpoenas from any Governmental Authority.

Section 3.09 <u>Actions; Orders; Permits.</u> There is no pending or, to the Knowledge of the Purchaser, threatened, material Action to which the Purchaser is subject which would reasonably be expected to have a Material Adverse Effect on the Purchaser. There is no material Action that the Purchaser has pending against any other Person. The Purchaser is not subject to any material Orders of any Governmental Authority, nor are any such Orders pending. The Purchaser holds all material Permits necessary to lawfully conduct its business as presently conducted, and to own, lease and operate its assets and properties, all of which are in full force and effect, except where the failure to hold such Consent or for such Consent to be in full force and effect would not reasonably be expected to have a Material Adverse Effect on the Purchaser.\

Section 3.10 <u>Litigation.</u> There is no (a) Action of any nature currently pending or, to the Purchaser's Knowledge, threatened, and no such Action has been brought since its incorporation; or (b) Order now pending or outstanding or that was rendered by a Governmental Authority since its incorporation, in either case of (a) or (b) by or against the Purchaser, its current or former directors, officers or equity holders (provided, that any litigation involving the directors, officers or equity holders of the Purchaser must be related to the Purchaser's business, equity securities or assets), its business, equity securities or assets. Since its incorporation, none of the current or former officers, senior management or directors of the Purchaser have been charged with, indicted for, arrested for, or convicted of any felony or any crime involving fraud.

Section 3.11 <u>Taxes and Returns.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser has (i) duly and timely filed, or caused to be timely filed, all Tax Returns required
 to be filed by it, (ii) all such Tax Returns are accurate and complete in all material respects,
 (iii) complied in all respects with all applicable Laws relating to the reporting, payment,
 collection and withholding of Taxes and has duly and timely collected or withheld, and paid
 over to the applicable Governmental Authority, or caused to be collected or withheld, and
 paid over to the applicable Governmental Authority, and reported all Taxes (including income,
 social security and other payroll Taxes) required to be paid, collected or withheld, other
 than such Taxes for which adequate reserves in the Purchaser Financials have been established
 in accordance with GAAP, (iv) (A) properly collected all sales Taxes required to be collected
 in the time and manner required by applicable Law and remitted such sales Taxes to the applicable
 Governmental Authority in the manner required by applicable Law and (B) properly requested,
 received and retained all necessary exemption certificates and other documentation supporting
 any claimed exemption or waiver of Taxes on sales or similar transactions as to which it
 would otherwise have been obligated to collect or withhold Taxes, and (v) provided or made
 available to the Company true, complete and correct copies of all Tax Returns relating to,
 and all audit reports and correspondence relating to each proposed adjustment, if any, made
 by any Governmental Authority with respect to, any taxable period ending after for which
 the statute of limitations has not expired. The Purchaser has complied with all applicable
 Laws relating to Taxes. Section 3.11 of the Purchaser Disclosure Schedules sets forth each
 jurisdiction where the Purchaser files or is required to file a Tax Return. There are no
 audits, examinations, investigations or other proceedings pending against the Purchaser in
 respect of any Tax, and the Purchaser has not been notified in writing of any proposed Tax
 claims or assessments against the Purchaser (other than, in each case, claims or assessments
 for which adequate reserves in the Purchaser Financials have been established in accordance
 with GAAP or are immaterial in amount). There are no Liens with respect to any Taxes upon
 any of the Purchaser's assets, other than Permitted Liens. The Purchaser has no outstanding
 waivers or extensions of any applicable statute of limitations to assess any material amount
 of Taxes. There are no outstanding requests by the Purchaser for any extension of time within
 which to file any Tax Return or within which to pay any Taxes shown to be due on any Tax
 Return.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Since
 the date of its formation, the Purchaser has not (i) changed any Tax accounting methods,
 policies or procedures except as required by a change in Law, (ii) made, revoked, or amended
 any material Tax election, (iii) filed any amended Tax Returns or claim for refund or (iv)
 entered into any closing agreement affecting or otherwise settled or compromised any material
 Tax liability or refund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the Knowledge of the Purchaser, there are no facts or circumstances that would reasonably
 be expected to prevent the Merger from qualifying as a "reorganization" within
 the meaning of Section 368(a) of the Code.

Section 3.12 <u>Employees and Employee Benefit Plans.</u> The Purchaser does not (a) have any paid employees or (b) maintain, sponsor, contribute to or otherwise have any Liability under, any Benefit Plans.

Section 3.13 <u>Properties.</u> The Purchaser does not own, license or otherwise have any right, title or interest in any material Intellectual Property. The Purchaser does not own or lease any material real property or material Personal Property.

Section 3.14 <u>Material Contracts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as set forth in Section 3.14(a) of the Purchaser Disclosure Schedules, other than this Agreement
 and the Ancillary Documents, there are no Contracts to which the Purchaser is a party or
 by which any of its properties or assets may be bound, subject or affected, which (i) creates
 or imposes a Liability greater than $100,000, (ii) may not be cancelled by the Purchaser
 on less than sixty (60) days' prior notice without payment of a material penalty or
 termination fee or (iii) prohibits, prevents, restricts or impairs in any material respect
 any business practice of the Purchaser as its business is currently conducted, any acquisition
 of material property by the Purchaser, or restricts in any material respect the ability of
 the Purchaser to engage in business as currently conducted by it or compete with any other
 Person (each, a "  ***Purchaser Material Contract*** "). All Purchaser Material
 Contracts have been made available to the Company other than those that are exhibits to the
 SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to each Purchaser Material Contract: (i) the Purchaser Material Contract was entered
 into at arms' length and in the ordinary course of business; (ii) the Purchaser Material
 Contract is legal, valid, binding and enforceable in all material respects against the Purchaser
 and, to the Knowledge of the Purchaser, the other parties thereto, and is in full force and
 effect (except, in each case, as such enforcement may be limited by the Enforceability Exceptions);
 (iii) the Purchaser is not in breach or default in any material respect, and no event has
 occurred that with the passage of time or giving of notice or both would constitute such
 a breach or default in any material respect by the Purchaser, or permit termination or acceleration
 by the other party, under such Purchaser Material Contract; and (iv) to the Knowledge of
 the Purchaser, no other party to any Purchaser Material Contract is in breach or default
 in any material respect, and no event has occurred that with the passage of time or giving
 of notice or both would constitute such a breach or default by such other party, or permit
 termination or acceleration by the Purchaser under any Purchaser Material Contract.

Section 3.15 <u>Transactions with Affiliates.</u> Section 3.15 of the Purchaser Disclosure Schedules sets forth a true, correct and complete list of the Contracts and arrangements that are in existence as of the Agreement Date under which there are any existing or future Liabilities or obligations between the Purchaser and any (a) present or former director, officer or employee or Affiliate of the Purchaser, or any immediate family member of any of the foregoing, or (b) record or beneficial owner of more than five percent (5%) of the Purchaser's outstanding capital stock as of the date hereof.

Section 3.16 <u>Merger Sub Activities.</u> Since its formation, Merger Sub has not engaged in any business activities other than as contemplated by this Agreement, does not own directly or indirectly any ownership, equity, profits or voting interest in any Person and has no assets or Liabilities except those incurred in connection with this Agreement and the Ancillary Documents to which it is a party and the Transactions, and, other than this Agreement and the Ancillary Documents to which it is a party, Merger Sub is not party to or bound by any Contract.

Section 3.17 <u>Investment Company Act.</u> The Purchaser is not an "investment company" or a Person directly or indirectly "controlled" by or acting on behalf of an "investment company," or required to register as an "investment company," in each case within the meaning of the Investment Company Act of 1940, as amended.

Section 3.18 <u>Finders and Brokers.</u> Except as set forth in Section 3.18 of the Purchaser Disclosure Schedules, no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission from the Purchaser, the Target Companies, the Medical Corporations or any of their respective Affiliates in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Purchaser.

Section 3.19 <u>Ownership of Stockholder Merger Consideration.</u> All shares of the Purchaser Common Stock to be issued and delivered to the Company Stockholders as Stockholder Merger Consideration in accordance with Article I shall be, upon issuance and delivery of such Purchaser Common Stock, fully paid and non-assessable, free and clear of all Liens, other than restrictions arising from applicable securities Laws, any applicable Lock-Up Agreement, the Escrow Agreement, and any Liens incurred by any Company Stockholder, and the issuance and sale of such Purchaser Common Stock pursuant hereto will not be subject to or give rise to any preemptive rights or rights of first refusal.

Section 3.20 <u>Certain Business Practices.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 the Purchaser, nor any of its Representatives acting on its behalf, has (i) used any funds
 for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political
 activity, (ii) made any unlawful payment to foreign or domestic government officials or employees,
 to foreign or domestic political parties or campaigns or violated any provision of the U.S.
 Foreign Corrupt Practices Act of 1977 or any other local or foreign anti-corruption or bribery
 Law, (iii) made any other unlawful payment or (iv) since the formation of the Purchaser,
 directly or indirectly, given or agreed to give any unlawful gift or similar benefit in any
 material amount to any customer, supplier, governmental employee or other Person who is or
 may be in a position to help or hinder the Purchaser or assist it in connection with any
 actual or proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 operations of the Purchaser are and have been conducted at all times in material compliance
 with money laundering statutes in all applicable jurisdictions, the rules and regulations
 thereunder and any related or similar rules, regulations or guidelines, issued, administered
 or enforced by any Governmental Authority, and no Action involving the Purchaser with respect
 to any of the foregoing is pending or, to the Knowledge of the Purchaser, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;(c) None
 of the Purchaser or any of its directors or officers, or, to the Knowledge of the Purchaser,
 any other Representative acting on behalf of the Purchaser is currently identified on the
 specially designated nationals or other blocked person list or otherwise currently subject
 to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
 Department ("  ***OFAC*** "), and the Purchaser has not, in the last five
 (5) fiscal years, directly or indirectly, used any funds, or loaned, contributed or otherwise
 made available such funds to any Subsidiary, joint venture partner or other Person, in connection
 with any sales or operations in any other country sanctioned by OFAC or for the purpose of
 financing the activities of any Person currently subject to, or otherwise in violation of,
 any U.S. sanctions administered by OFAC.

Section 3.21 <u>Insurance.</u> Section 3.21 of the Purchaser Disclosure Schedules lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium and type of policy) held by the Purchaser relating to the Purchaser or its business, properties, assets, directors, officers and employees, copies of which have been provided to the Company. All premiums due and payable under all such insurance policies have been timely paid and the Purchaser is otherwise in material compliance with the terms of such insurance policies. All such insurance policies are in full force and effect, and to the Knowledge of the Purchaser, there is no threatened termination of, or material premium increase with respect to, any of such insurance policies. There have been no insurance claims made by the Purchaser. The Purchaser has each reported to its insurers all claims and pending circumstances that would reasonably be expected to result in a claim, except where such failure to report such a claim would not be reasonably likely to have a Material Adverse Effect on the Purchaser.

Section 3.22 <u>Purchaser Trust Account.</u> As of September 30, 2022, the Trust Account has a balance of no less than $118,225,850. Such monies are invested solely in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act, and held in trust by Continental Stock Transfer & Trust Company pursuant to the Trust Agreement. The Trust Agreement is valid and in full force and effect and enforceable in accordance with its terms (subject to the Enforceability Exceptions) and has not been amended or modified. There are no separate agreements, side letters or other agreements that would cause the description of the Trust Agreement in the SEC Reports to be inaccurate in any material respect and/or that would entitle any Person (other than the underwriters of the IPO, Public Stockholders who shall have elected to redeem their Purchaser Common Stock pursuant to the Purchaser Certificate of Incorporation (or in connection with an extension of the Purchaser's deadline to consummate a Business Combination) or Governmental Authorities for Taxes) to any portion of the proceeds in the Trust Account. Prior to the Closing, none of the funds held in the Trust Account may be released except as described in the Trust Agreement.

Section 3.23 <u>Independent Investigation.</u> The Purchaser has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets of the Target Companies and the Medical Corporations and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of the Target Companies and the Medical Corporations for such purpose. The Purchaser acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied solely upon its own investigation and the express representations and warranties of the Company set forth in this Agreement (including the related portions of the Company Disclosure Schedules) and in any certificate delivered to Purchaser pursuant hereto, and the information provided by or on behalf of the Company for the Proxy Statement; and (b) none of the Company nor its respective Representatives have made any representation or warranty as to the Target Companies or the Medical Corporations, or this Agreement, except as expressly set forth in this Agreement (including the related portions of the Company Disclosure Schedules) or in any certificate delivered to Purchaser pursuant hereto, or with respect to the information provided by or on behalf of the Company for the Proxy Statement.

**Article IV. <u>Representations and Warranties of the Company</u>**

Except as set forth in the disclosure schedules to be delivered by the Company to the Purchaser as set forth herein (the "***Company Disclosure Schedules***"), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer, (provided, however, that an item disclosed in any Section of the Company Disclosure Schedules shall be deemed to have been disclosed with respect to all other Sections of this Article IV to which the relevance of such disclosure is reasonably apparent on its face) the Company and Mr. Aikawa hereby jointly and severally represent and warrant to the Purchaser, as of the date hereof and as of the Closing Date (or, if such representations and warranties are made with respect to a certain date, as of such date), as follows:

Section 4.01 <u>Organization and Standing.</u> The Company is a corporation duly incorporated, validly existing and in good standing under the DGCL and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each Target Company other than the Company and each Medical Corporation is a corporation or other entity duly formed, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each Target Company and each Medical Corporation is duly qualified or licensed and in good standing in the jurisdiction in which it is incorporated or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property owned or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary. Section 4.01 of the Company Disclosure Schedules lists all jurisdictions in which any Target Company and any Medical Corporation is qualified to conduct business and all names other than its legal name under which any Target Company or Medical Corporation does business. The Company has provided to the Purchaser accurate and complete copies of its Organizational Documents and the Organizational Documents of each of Target Company and each Medical Corporation, each as amended to date and as currently in effect. None of any Target Company nor any Medical Corporation is in violation of any provision of its Organizational Documents in any material respect.

Section 4.02 <u>Authorization; Binding Agreement.</u> The Company has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to which it is or is required to be a party, to perform the Company's obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, subject to obtaining the Required Company Stockholder Approval. The execution and delivery of this Agreement and each Ancillary Document to which the Company is or is required to be a party and the consummation of the transactions contemplated hereby and thereby, (a) have been duly and validly authorized by the Company's board of directors in accordance with the Company's Organizational Documents, the DGCL, any other applicable Law or any Contract to which the Company or any of its stockholders is a party or by which it or its securities are bound and (b) other than the Required Company Stockholder Approval, no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which the Company is or is required to be a party shall be when delivered, duly and validly executed and delivered by the Company and assuming the due authorization, execution and delivery of this Agreement and any such Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. The Company's board of directors, by resolutions duly adopted at a meeting duly called and held or by action by unanimous written consent in accordance with the Company's Organizational Documents (i) determined that this Agreement and the Merger and the other transactions contemplated hereby are advisable, fair to, and in the best interests of, the Company and its stockholders, (ii) approved this Agreement and the Merger and the other transactions contemplated by this Agreement in accordance with the DGCL, (iii) directed that this Agreement be submitted to the Company's stockholders for adoption and (iv) resolved to recommend that the Company stockholders adopt this Agreement. The Voting Agreements delivered by the Company include holders of Company Stock representing at least the Required Company Stockholder Approval, and such Voting Agreements are in full force and effect.

Section 4.03 <u>Capitalization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company is authorized to issue (i) 200,000,000 shares of Company Common Stock, of which 1,000
 shares are issued and outstanding as of the Agreement Date, and (ii) 20,000,000 shares of
 Company Preferred Stock, of which there are no shares issued and outstanding as of the Agreement
 Date. No shares of Company Preferred Stock have been designated as any class of Company Preferred
 Stock. Prior to giving effect to the transactions contemplated by this Agreement, including
 the Restructuring, all of the issued and outstanding Company Stock and other equity interests
 of the Company are set forth in Section 4.03(a) of the Company Disclosure Schedules, along
 with the beneficial and record owners thereof, all of which shares and other equity interests
 are owned free and clear of any Liens other than those imposed under the Company Charter.
 All of the outstanding shares and other equity interests of the Company have been duly authorized,
 are fully paid and non-assessable and not in violation of any purchase option, right of first
 refusal, preemptive right, subscription right or any similar right under any provision of
 the DGCL, any other applicable Law, the Company Charter or any Contract to which the Company
 is a party or by which it or its securities are bound. The Company holds no shares or other
 equity interests of the Company in its treasury. None of the outstanding shares or other
 equity interests of the Company were issued in violation of any applicable securities Laws.
 The rights, privileges and preferences of the Company Preferred Stock are as stated in the
 Company Charter, the bylaws of the Company and as provided by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Other
 than as set forth in Section 4.03(b) of the Company Disclosure Schedules, as of the Agreement
 Date there are no Company Convertible Securities, or preemptive rights or rights of first
 refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions
 to which the Company or, to the Knowledge of the Company, any of its stockholders is a party
 or bound relating to any equity securities of the Company, whether or not outstanding, and
 there are no outstanding or authorized equity appreciation, phantom equity or similar rights
 with respect to the Company. Following the Agreement Date, it is expected that the Company
 shall issue certain Company Convertible Securities. At least five (5) Business Days prior
 to the Closing, the Company shall deliver to Purchaser an updated Section 4.03(b) of the
 Company Disclosure Schedules showing all of the Company Convertible Securities issued and
 outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth in Section 4.03(c) of the Company Disclosure Schedules, there are no voting
 trusts, proxies, stockholder agreements or any other agreements or understandings with respect
 to the voting of the Company's equity interests. Except as set forth in the Company
 Charter, there are no outstanding contractual obligations of the Company to repurchase, redeem
 or otherwise acquire any equity interests or securities of the Company, nor has the Company
 granted any registration rights to any Person with respect to the Company's equity
 securities. All of the Company's securities have been granted, offered, sold and issued
 in compliance with all applicable securities Laws. Except as set forth in Section 4.03(b)
 or Section 4.03(c) of the Company Disclosure Schedules, as a result of the consummation of
 the transactions contemplated by this Agreement, no equity interests of the Company are issuable,
 and no rights in connection with any interests, warrants, rights, options or other securities
 of the Company accelerate or otherwise become triggered (whether as to vesting, exercisability,
 convertibility or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as disclosed in the Company Financials, since its formation on January 30, 2023, the Company
 has not declared or paid any distribution or dividend in respect of its equity interests
 and has not repurchased, redeemed or otherwise acquired any equity interests of the Company,
 and the board of directors of the Company has not authorized any of the foregoing.

<u>Section 4.04 Subsidiaries, Target Companies, and Medical Corporations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 of the Agreement Date, the Company has no Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Following
 the completion of the Restructuring, the Subsidiaries of the Company shall be the entities
 as set forth in Section 4.04(b) of the Company Disclosure Schedules, provided that, as set
 forth in Section 5.23, the Medical Corporations shall not be "Subsidiaries" of
 the Company. Once the Restructuring has been completed and subject thereto, Section 4.04(b)
 of the Company Disclosure Schedules sets forth (a) the name of each Subsidiary of the Company
 and Medical Corporation, each of which is an entity formed under the Laws of Japan, and with
 respect to each Subsidiary and Medical Corporation, (b) its authorized shares or other equity
 interests (if applicable), (c) the number of issued and outstanding shares or other equity
 interests; (d) the percentage of such Subsidiary or Medical Corporation held by the Company
 or any of its Subsidiaries or Affiliates and the identity of the holder and (e) its Tax election
 to be treated as a corporate or a disregarded entity under the Code and any state or applicable
 non-U.S. Tax Laws, if any. All of the outstanding equity securities of each Service Company,
 each Medical Corporation and each Other Entity are duly authorized and validly issued, fully
 paid and non-assessable (if applicable), and were offered, sold and delivered in compliance
 with all applicable securities Laws, and, following the completion of the Restructuring,
 each Service Company, each Medical Corporation and each Other Entity is owned by one or more
 of the Company or the Service Companies in the percentages as set forth in Section 4.04(b)
 of the Company Disclosure Schedules in each case free and clear of all Liens (other than
 those, if any, imposed by such Subsidiary's Organizational Documents). There are no
 Contracts to which the Company or any of its Affiliates is a party or bound with respect
 to the voting (including voting trusts or proxies) of the equity interests of any Service
 Company, Medical Corporation or Other Entity other than the Organizational Documents of any
 such Service Company, Medical Corporation or Other Entity. There are no outstanding or authorized
 options, warrants, rights, agreements, subscriptions, convertible securities or commitments
 to which any Service Company, Medical Corporation or Other Entity is a party or which are
 binding upon any Service Company, Medical Corporation or Other Entity providing for the issuance
 or redemption of any equity interests of any Service Company, Medical Corporation or Other
 Entity. There are no outstanding equity appreciation, phantom equity, profit participation
 or similar rights granted by any Service Company, Medical Corporation or Other Entity. Except
 as set forth in Section 4.04(b) of the Company Disclosure Schedules, no Service Company,
 Medical Corporation, or Other Entity has any limitation, whether by Contract, Order or applicable
 Law, on its ability to make any distributions or dividends to its equity holders or repay
 any debt owed to another Service Company or Other Entity. Except for the equity interests
 of the Service Companies and the Other Entities listed in Section 4.04(b) of the Company
 Disclosure Schedules, following the completion of the Restructuring, the Company does not
 own or have any rights to acquire, directly or indirectly, any equity interests of, or otherwise
 Control, any Person. Except as set forth in Section 4.04(b) of the Company Disclosure Schedules,
 none of the Company nor, following the Restructuring, any Service Company or Other Entity,
 is a participant in any joint venture, partnership or similar arrangement other than agreements
 between themselves, such as the Services Agreements. There are no outstanding contractual
 obligations of the Company or, following the Restructuring, any Service Company, Medical
 Corporation, or Other Entity, to provide funds to, or make any investment (in the form of
 a loan, capital contribution or otherwise) in, any other Person.

Section 4.05 <u>Governmental Approvals.</u> Except as otherwise described in Section 4.05 of the Company Disclosure Schedules, no Consent of or with any Governmental Authority on the part of any Target Company or any of the Medical Corporations is required to be obtained or made in connection with the execution, delivery or performance by the Company of this Agreement or any Ancillary Documents (including the execution of a Services Agreement by each Medical Corporation) or the consummation by the Company of the transactions contemplated hereby or thereby other than (a) such filings as are expressly contemplated by this Agreement or (b) pursuant to Antitrust Laws.

Section 4.06 <u>Non-Contravention.</u> Except as otherwise described in Section 4.06 of the Company Disclosure Schedules, the execution and delivery by the Company (or any other Target Company or Medical Corporation, as applicable) of this Agreement and each Ancillary Document to which any Target Company or Medical Corporation is or is required to be a party or otherwise bound, and the consummation by any Target Company or Medical Corporation of the transactions contemplated hereby and thereby and compliance by any Target Company or Medical Corporation with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of any Target Company's or the Medical Corporation's Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to in Section 4.05, and the waiting periods referred to therein having expired, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Target Company or any Medical Corporation or any of their respective properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by any Target Company or any Medical Corporation under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of any Target Company or any Medical Corporation (other than Permitted Liens), (viii) give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of any Company Material Contract except as has not been and would not reasonably be expected to be have a Material Adverse Effect on any Target Company or any Medical Corporation.

Section 4.07 <u>Financial Statements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 used herein, the term "  ***Company Financials***" means the (i) unaudited
 consolidated financial statements of the Target Companies (including, in each case, any related
 notes thereto), consisting of the consolidated balance sheets of the Target Companies as
 of December 31, 2021 and December 31, 2020, and the related consolidated audited income statements,
 changes in stockholder equity and statements of cash flows for the fiscal years then ended
 (the "  ***Unaudited Annual Financials*** "), and (ii) the Company prepared
 and auditor reviewed financial statements, consisting of the consolidated balance sheet of
 the Target Companies as of September 30, 2022 (the "  ***Balance Sheet Date*** ")
 and the related consolidated income statement, changes in stockholder equity and statement
 of cash flows for the nine (9) months then ended. True and correct copies of the Company
 Financials have been provided to the Purchaser. The Company Financials (i) accurately reflect
 the books and records of the Target Companies as of the times and for the periods referred
 to therein, (ii) were prepared in accordance with GAAP, consistently applied throughout and
 among the periods involved, (iii) comply with all applicable accounting requirements under
 the Securities Act and the rules and regulations of the SEC thereunder, and (iv) fairly present
 in all material respects the consolidated financial position of the Target Companies as of
 the respective dates thereof and the consolidated results of the operations and cash flows
 of the Target Companies for the periods indicated. No Target Company has ever been subject
 to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Target Company and Medical Corporation maintain accurate books and records reflecting their
 respective assets and Liabilities and maintain proper and adequate internal accounting controls
 that provide reasonable assurance that (i) such Target Company or Medical Corporation does
 not maintain any off-the-book accounts, as applicable, and that such Target Company's
 or Medical Corporation's assets are used only in accordance with such Target Company's
 or Medical Corporation's management directives, (ii) transactions are executed with
 management's authorization, (iii) transactions are recorded as necessary to permit
 preparation of the financial statements of such Target Company or Medical Corporation and
 to maintain accountability for such Target Company's or Medical Corporation's
 assets, (iv) access to such Target Company's or Medical Corporation's assets
 is permitted only in accordance with management's authorization, (v) the reporting
 of such Target Company's or Medical Corporation's assets is compared with existing
 assets at regular intervals and verified for actual amounts, and (vi) accounts, notes and
 other receivables and inventory are recorded accurately, and proper and adequate procedures
 are implemented to effect the collection of accounts, notes and other receivables on a current
 and timely basis. All of the financial books and records of the Target Company or Medical
 Corporation are complete and accurate in all material respects and have been maintained in
 the ordinary course consistent with past practice and in accordance with applicable Laws.
 No Target Company or Medical Corporation has been subject to or involved in any material
 fraud that involves management or other employees who have a significant role in the internal
 controls over financial reporting of any Target Company or Medical Corporation. In the past
 five (5) years, no Target Company or Medical Corporation, or their respective Representatives
 have received any written complaint, allegation, assertion or claim regarding the accounting
 or auditing practices, procedures, methodologies or methods of any Target Company or Medical
 Corporation or their respective internal accounting controls, including any material written
 complaint, allegation, assertion or claim that any Target Company or Medical Corporation
 has engaged in questionable accounting or auditing practices.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Target Companies and Medical Corporations do not have any Indebtedness other than the Indebtedness
 set forth in Section 4.07(c) of the Company Disclosure Schedules, which schedule sets for
 the amounts (including principal and any accrued but unpaid interest or other obligations)
 with respect to such Indebtedness. Except as disclosed in Section 4.07(c) of the Company
 Disclosure Schedules, no Indebtedness of any Target Company or Medical Corporation contains
 any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence
 of Indebtedness by any Target Company or Medical Corporation, or (iii) the ability of the
 Target Company or Medical Corporation to grant any Lien on their respective properties or
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as set forth in Section 4.07(d) of the Company Disclosure Schedules, no Target Company is
 subject to any Liabilities or obligations (whether or not required to be reflected on a balance
 sheet prepared in accordance with GAAP), except for those that are either (i) adequately
 reflected or reserved on or provided for in the consolidated balance sheet of the Company
 and the other Target Companies as of the Balance Sheet Date contained in the Company Financials
 or (ii) not material and that were incurred after the Balance Sheet Date in the ordinary
 course of business consistent with past practice (other than Liabilities for breach of any
 Contract or violation of any Law). Except as set forth in Section 4.07(d) of the Company
 Disclosure Schedules, no Medical Corporation is subject to any Liabilities or obligations.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 financial projections with respect to the Target Companies that were delivered by or on behalf
 of the Company to the Purchaser or its Representatives were prepared in good faith using
 assumptions that the Company believes to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 accounts, notes and other receivables, whether or not accrued, and whether or not billed,
 of the Target Companies or Medical Corporations (the "  ***Accounts Receivable*** ")
 arose from sales actually made or services actually performed in the ordinary course of business
 and represent valid obligations to a Target Company or Medical Corporation arising from its
 business. None of the Accounts Receivable are subject to any right of recourse, defense,
 deduction, return of goods, counterclaim, offset, or set off on the part of the obligor in
 excess of any amounts reserved therefore on the Company Financials. All of the Accounts Receivable
 are, to the Knowledge of the Company, fully collectible according to their terms in amounts
 not less than the aggregate amounts thereof carried on the books of the Target Companies
 or Medical Corporations (net of reserves) within ninety (90) days.

Section 4.08 <u>Absence of Certain Changes.</u> Except as set forth in Section 4.08 of the Company Disclosure Schedules, since December 31, 2020, each Target Company and Medical Corporation has (a) conducted its business only in the ordinary course of business consistent with past practice, (b) not been subject to a Material Adverse Effect and (c) has not taken any action or committed or agreed to take any action that would be prohibited by Section 5.02(b) (without giving effect to Schedule 5.02) if such action were taken on or after the date hereof without the consent of the Purchaser.

Section 4.09 <u>Compliance with Laws.</u> Since January 1, 2019, no Target Company or Medical Corporation is or has been in material conflict or material non-compliance with, or in material default or violation of, nor has any Target Company or Medical Corporation received, since January 1, 2019, any written or, to the Knowledge of the Company, oral notice of any material conflict or non-compliance with, or material default or violation of, any applicable Laws by which it or any of its properties, assets, employees, business, products or operations are or were bound or affected. For purposes of this Section 4.09, "material" shall mean material to the Company and, following the completion of the Restructuring, its Subsidiaries, taken as a whole.

Section 4.10 <u>Company Permits.</u> Each Target Company and each Medical Corporation (and its employees who are legally required to be licensed by a Governmental Authority in order to perform his or her duties with respect to his or her employment with any Target Company or any Medical Corporation), holds all Permits necessary to lawfully conduct in all material respects its business as presently conducted; to own, lease and operate its assets and properties; and to market and sell its products (collectively, the "***Company Permits***"). The Company has made available to the Purchaser true, correct and complete copies of all material Company Permits, all of which Company Permits are listed in Section 4.10 of the Company Disclosure Schedules. All of the Company Permits are in full force and effect, and no suspension or cancellation of any of the Company Permits is pending or, to the Company's Knowledge, threatened. No Target Company and no Medical Corporation is in violation in any material respect of the terms of any Company Permit, and no Target Company has received any written or, to the Knowledge of the Company, oral notice of any Actions relating to the revocation or modification of any Company Permit.

Section 4.11 <u>Litigation.</u> Except as described in Section 4.11 of the Company Disclosure Schedules, there is no (a) Action of any nature currently pending or, to the Company's Knowledge, threatened, and no such Action has been brought in the past five (5) years; or (b) Order now pending or outstanding or that was rendered by a Governmental Authority in the past five (5) years, in either case of (a) or (b) by or against any Target Company or any Medical Corporation, their respective current or former directors, officers or equity holders (provided, that any litigation involving the directors, officers or equity holders of a Target Company or and no Medical Corporation must be related to the Target Company's or the Medical Corporation's business, equity securities or assets), its business, equity securities or assets. The items listed in Section 4.11 of the Company Disclosure Schedules, if finally determined adversely to the Target Companies or any and no Medical Corporation, will not have, either individually or in the aggregate, a Material Adverse Effect upon any Target Company or any Medical Corporation. In the past five (5) years, none of the current or former officers, senior management or directors of any Target Company or any Medical Corporation have been charged with, indicted for, arrested for, or convicted of any felony or any crime involving fraud.

Section 4.12 <u>Material Contracts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 4.12(a) of the Company Disclosure Schedules sets forth a true, correct and complete list
 of, and the Company has made available to the Purchaser true, correct and complete copies
 of, each Contract that is in effect on the Agreement Date to which any Target Company or
 Medical Corporation is a party or by which any Target Company or Medical Corporation, or
 any of their respective properties or assets are bound or affected, and has provided written
 summaries of any oral Contracts (each Contract required to be set forth in Section 4.12(a)
 of the Company Disclosure Schedules, other than a Company Benefit Plan, a "  ***Company Material Contract***") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contains
 covenants that materially limit the ability of any Target Company or Medical Corporation
 (A) to compete in any line of business or with any Person or in any geographic area or to
 sell, or provide any service or product or solicit any Person, including any non-competition
 covenants, employee and customer non-solicit covenants, exclusivity restrictions, rights
 of first refusal or most-favored pricing clauses or (B) to purchase or acquire an interest
 in any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) involves
 any joint venture, profit-sharing, partnership, limited liability company or other similar
 agreement or arrangement relating to the formation, creation, operation, management or control
 of any partnership or joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) involves
 any exchange traded, over the counter or other swap, cap, floor, collar, futures contract,
 forward contract, option or other derivative financial instrument or Contract, based on any
 commodity, security, instrument, asset, rate or index of any kind or nature whatsoever, whether
 tangible or intangible, including currencies, interest rates, foreign currency and indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) evidences
 Indebtedness (whether incurred, assumed, guaranteed or secured by any asset) of any Target
 Company or Medical Corporation having an outstanding principal amount in excess of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) involves
 the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets
 with an aggregate value in excess of $250,000 (other than in the ordinary course of business
 consistent with past practice) or shares or other equity interests of any Target Company,
 Medical Corporation, or another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) relates
 to any merger, consolidation or other business combination with any other Person or the acquisition
 or disposition of any other entity or its business or material assets or the sale of any
 Target Company, Medical Corporation, or their respective business or material assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by
 its terms, individually or with all related Contracts, calls for aggregate payments or receipts
 by the Target Companies or the Medical Corporations under such Contract or Contracts of at
 least $250,000 per year or $500,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) is
 with any Top Customer or Top Supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) obligates
 the Target Companies or Medical Corporations to provide continuing indemnification or a guarantee
 of obligations of a third party after the date hereof in excess of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) is
 between any Target Company and any directors, officers or employees of a Target Company (other
 than at-will employment arrangements with employees entered into in the ordinary course of
 business consistent with past practice), including all non-competition, severance and indemnification
 agreements, or any Related Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) is
 between any Medical Corporation and any directors, officers or employees of a Medical Corporation
 (other than at-will employment arrangements with employees entered into in the ordinary course
 of business consistent with past practice), including all non-competition, severance and
 indemnification agreements, or any Related Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) obligates
 the Target Companies or Medical Corporations to make any capital commitment or expenditure
 in excess of $250,000 (including pursuant to any joint venture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) relates
 to a material settlement entered into within two (2) years prior to the Agreement Date or
 under which any Target Company or Medical Corporation has outstanding obligations (other
 than customary confidentiality obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) provides
 another Person (other than another Target Company, Medical Corporation or any manager, director
 or officer of any Target Company or Medical Corporation) with a power of attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) (A)
 pursuant to which any Target Company or Medical Corporation may be required to pay milestones,
 royalties or other contingent payments based on any research, testing, development, regulatory
 filings or approval, sale, distribution, commercial manufacture or other similar occurrences,
 developments, activities or events, in each case, that are material to the business of, or
 that are material in amount to all of, the Target Company or the Medical Corporation, taken
 as a whole, or (B) under which any Target Company or Medical Corporation grants to any Person
 any right of first refusal, right of first negotiation, option to purchase, option to license
 or any other similar preferential rights with respect to any Company Product or any Intellectual
 Property that is material to the business of all of the Target Companies and/or Medical Corporations,
 taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) relates
 to the development, ownership, licensing or use of any Intellectual Property by, to or from
 any Target Company or Medical Corporation, other than (A) Off-the-Shelf Software, (B) employee
 or consultant invention assignment agreements entered into on a Target Company's or
 Medical Corporation's standard form of such agreement, (C) confidentiality agreements
 entered into in the ordinary course of business, (D) non-exclusive licenses from customers
 or distributors to any Target Company or Medical Corporation entered into in the ordinary
 course of business or (E) feedback and ordinary course trade name or logo rights that are
 not material to any Target Company or Medical Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) that
 will be required to be filed with the Proxy Statement under applicable SEC requirements or
 would otherwise be required to be filed by the Company as an exhibit for a Form S-1 pursuant
 to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act as if
 the Company was the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) is
 otherwise material to the Company and, following the completion of the Restructuring, its
 Subsidiaries, taken as a whole and not described in Section 4.12(a)(i) through Section 4.12(a)(xvii),
 inclusive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) is
 an agreement between a Medical Corporation and a Subsidiary, which contracts are attached
 to Section 4.12(a) of the Disclosure Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as disclosed in Section 4.12(b) of the Company Disclosure Schedules, with respect to each
 Company Material Contract: (i) such Company Material Contract is valid and binding and enforceable
 in all respects against the Target Company party or Medical Corporation Party thereto and,
 to the Knowledge of the Company, each other party thereto, and is in full force and effect
 (except, in each case, as such enforcement may be limited by the Enforceability Exceptions);
 (ii) the consummation of the transactions contemplated by this Agreement will not affect
 the validity or enforceability of any Company Material Contract; (iii) no Target Company
 or Medical Corporation is in breach or default in any material respect, and, to the Knowledge
 of the Company, no event has occurred that with the passage of time or giving of notice or
 both would constitute a material breach or default by any Target Company or Medical Corporation,
 or permit termination or acceleration by the other party thereto, under such Company Material
 Contract; (iv) to the Knowledge of the Company, no other party to such Company Material Contract
 is in breach or default in any material respect, and no event has occurred that with the
 passage of time or giving of notice or both would constitute such a material breach or default
 by such other party, or permit termination or acceleration by any Target Company or Medical
 Corporation, under such Company Material Contract; (v) no Target Company or Medical Corporation
 has received written or, to the Company's Knowledge, notice of an intention by any
 party to any such Company Material Contract that provides for a continuing obligation by
 any party thereto to terminate such Company Material Contract or amend the terms thereof,
 other than modifications in the ordinary course of business that do not adversely affect
 any Target Company or Medical Corporation in any material respect; and (vi) no Target Company
 or Medical Corporation has waived any material rights under any such Company Material Contract.

Section 4.13 <u>Intellectual Property.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 4.13(a) of the Company Disclosure Schedules sets forth: (i) all U.S. and foreign registered
 Patents, Trademarks, Copyrights and Internet Assets and applications owned or licensed by
 a Target Company, Medical Corporation or otherwise used or held for use by a Target Company
 in which a Target Company or Medical Corporation is the owner, applicant or assignee ("  ***Company Registered IP*** "), specifying as to each item, as applicable: (A) the nature
 of the item, including the title, (B) the owner of the item, (C) the jurisdictions in which
 the item is issued or registered or in which an application for issuance or registration
 has been filed and (D) the issuance, registration or application numbers and dates; and (ii)
 all material unregistered Intellectual Property owned or purported to be owned by a Target
 Company or Medical Corporation. Section 4.13(a) of the Company Disclosure Schedules also
 sets forth all Intellectual Property licenses, sublicenses and other agreements or permissions
 ("  ***Company IP Licenses***") (other than "shrink wrap,"
 "click wrap," and "off the shelf" software agreements and other agreements
 for Software commercially available on reasonable terms to the public generally with license,
 maintenance, support and other fees of less than $100,000 per year (collectively, "  ***Off-the-Shelf Software*** "), which are not required to be listed, although such licenses are
 "Company IP Licenses" as that term is used herein), under which a Target Company
 or Medical Corporation is a licensee or otherwise is authorized to use or practice any Intellectual
 Property, and describes (A) the applicable Intellectual Property licensed, sublicensed or
 used and (B) any royalties, license fees or other compensation due from a Target Company
 or Medical Corporation, if any. The Target Company or Medical Corporation owns, free and
 clear of all Liens (other than Permitted Liens), has valid and enforceable rights in, and
 has the unrestricted right to use, sell, license, transfer or assign, all Intellectual Property
 currently used, owned or held for use by such Target Company or Medical Corporation, and
 previously used or held for use by such Target Company or Medical Corporation, except for
 the Intellectual Property that is the subject of the Company IP Licenses. No item of Company
 Registered IP that consists of a pending Patent application fails to identify all pertinent
 inventors, and for each Patent and Patent application in the Company Registered IP, the Target
 Companies and Medical Corporations have obtained valid assignments of inventions from each
 named inventor. Except as set forth in Section 4.13(a) of the Company Disclosure Schedules,
 all Company Registered IP is owned exclusively by the applicable Target Company or Medical
 Corporation without obligation to pay royalties, licensing fees or other fees, or otherwise
 account to any third party with respect to such Company Registered IP, and such Target Company
 and Medical Corporation has recorded assignments of all Company Registered IP.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Target Company and Medical Corporation has a valid and enforceable license to use all Intellectual
 Property that is the subject of the Company IP Licenses applicable to such Target Company
 or Medical Corporation. The Company IP Licenses include all of the material licenses, sublicenses
 and other agreements or permissions necessary to operate the Target Companies and Medical
 Corporations as presently conducted. Each Target Company and Medical Corporation has performed
 all material obligations imposed on it in the Company IP Licenses, has made all payments
 required to date, and such Target Company or Medical Corporation is not, nor, to the Knowledge
 of the Company, is any other party thereto, in material breach or default thereunder, nor
 has any event occurred that with notice or lapse of time or both would constitute a default
 thereunder. The continued use by the Target Companies or Medical Corporations of the Intellectual
 Property that is the subject of the Company IP Licenses in the same manner that it is currently
 being used is not restricted by any applicable license of any Target Company or Medical Corporation.
 All registrations for Copyrights, Patents, Trademarks and Internet Assets that are owned
 by or exclusively licensed to any Target Company or Medical Corporation are valid, in force
 and in good standing with all required fees and maintenance fees having been paid with no
 Actions pending to the Knowledge of the Company, and all applications to register any Copyrights,
 Patents and Trademarks are pending and in good standing, all without challenge of any kind,
 to the Knowledge of the Company. No Target Company or Medical Corporation is party to any
 Contract that requires a Target Company or Medical Corporation to assign to any Person all
 of its rights in any Intellectual Property developed by a Target Company or Medical Corporation
 under such Contract.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Section
 4.13(c) of the Company Disclosure Schedules sets forth all licenses, sublicenses and other
 agreements or permissions under which a Target Company or Medical Corporation is the licensor
 (each, an "  ***Outbound IP License*** "), and for each such Outbound IP
 License, describes (i) the applicable Intellectual Property licensed, (ii) the licensee under
 such Outbound IP License, and (iii) any royalties, license fees or other compensation due
 to a Target Company or Medical Corporation, if any. Each Target Company and Medical Corporation
 has performed all material obligations imposed on it in the Outbound IP Licenses, and such
 Target Company or Medical Corporation is not, nor, to the Knowledge of the Company, is any
 other party thereto, in breach or default thereunder, nor has any event occurred that with
 notice or lapse of time or both would constitute a default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 Action is pending or, to the Company's Knowledge, threatened against a Target Company
 or Medical Corporation that challenges the validity, enforceability, ownership, or right
 to use, sell, license or sublicense, or that otherwise relates to, any Intellectual Property
 currently owned, licensed, used or held for use by the Target Companies or Medical Corporations,
 nor, to the Knowledge of the Company, is there any reasonable basis for any such Action.
 No Target Company or Medical Corporation has received any written or, to the Knowledge of
 the Company, oral notice or claim asserting or suggesting that any infringement, misappropriation,
 violation, dilution or unauthorized use of the Intellectual Property of any other Person
 is or may be occurring or has or may have occurred, as a consequence of the business activities
 of any Target Company or Medical Corporation, nor, to the Knowledge of the Company, is there
 a reasonable basis therefor. There are no Orders to which any Target Company or Medical Corporation
 is a party or its otherwise bound that (i) restrict the rights of a Target Company or Medical
 Corporation to use, transfer, license or enforce any Intellectual Property owned by a Target
 Company or Medical Corporation, (ii) restrict the conduct of the business of a Target Company
 or Medical Corporation in order to accommodate a third Person's Intellectual Property,
 or (iii) other than the Outbound IP Licenses, grant any third Person any right with respect
 to any Intellectual Property owned by a Target Company or Medical Corporation. No Target
 Company or Medical Corporation is currently infringing, or has, in the past, infringed, misappropriated
 or violated any Intellectual Property of any other Person in any material respect in connection
 with the ownership, use or license of any Intellectual Property owned or purported to be
 owned by a Target Company or Medical Corporation or otherwise in connection with the conduct
 of the respective businesses of the Target Company or Medical Corporation. To the Company's
 Knowledge, no third party is currently, or in the past five (5) years has been, infringing
 upon, misappropriating or otherwise violating any Intellectual Property owned, licensed by,
 licensed to, or otherwise used or held for use by any Target Company or Medical Corporation
 ("  ***Company IP***") in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 officers, directors, employees and independent contractors (to the extent any such independent
 contractor had access to Intellectual Property of a Target Company or Medical Corporation)
 of a Target Company or Medical Corporation (and each of their respective Affiliates) have
 assigned to the Target Companies or the Medical Corporations all Intellectual Property arising
 from the services performed for a Target Company or Medical Corporation by such Persons and
 all such assignments of Company Registered IP have been recorded. No current or former officers,
 employees or independent contractors of a Target Company or Medical Corporation have claimed
 any ownership interest in any Intellectual Property owned by a Target Company or Medical
 Corporation. To the Knowledge of the Company, there has been no violation of a Target Company's
 or Medical Corporation's policies or practices related to protection of Company IP
 or any confidentiality or nondisclosure Contract relating to the Intellectual Property owned
 by a Target Company or Medical Corporation. The Company has made available to the Purchaser
 true and complete copies of all written Contracts referenced in subsections under which employees
 and independent contractors assigned their Intellectual Property to a Target Company or Medical
 Corporation. To the Company's Knowledge, none of the employees of any Target Company
 or Medical Corporation is obligated under any Contract, or subject to any Order, that would
 materially interfere with the use of such employee's commercially reasonable efforts
 to promote the interests of the Target Companies or the Medical Corporations, or that would
 materially conflict with the business of any Target Company or Medical Corporation, as applicable,
 as presently conducted or contemplated to be conducted. The Target Company and Medical Corporation
 have taken reasonable security measures in order to protect the secrecy, confidentiality
 and value of the material Company IP.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To
 the Knowledge of the Company, no Person has obtained unauthorized access to third party information
 and data (including personally identifiable information or information that can be used to
 identify a natural person ("personal information")) in the possession of a Target
 Company or Medical Corporation, nor has there been any other material compromise of the security,
 confidentiality or integrity of such information or data, and no written or, to the Knowledge
 of the Company, oral complaint relating to an improper use or disclosure of, or a breach
 in the security of, any such information or data has been received by a Target Company or
 Medical Corporation. Each Target Company and Medical Corporation has complied in all material
 respects with all applicable Laws and Contract requirements relating to privacy, personal
 information protection, and the collection, processing and use of personal information and
 its own privacy policies and guidelines, if any, each with respect to the Target Companies'
 or Medical Corporations' collection, processing and use of personal information. To
 the Knowledge of the Company, the operation of the business of the Target Company or Medical
 Corporation has not and does not violate any right to privacy or publicity of any third person,
 or constitute unfair competition or trade practices under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 consummation of any of the transactions contemplated by this Agreement will not result in
 the material breach, material modification, cancellation, termination, suspension of, or
 acceleration of any payments with respect to, or release of source code because of (i) any
 Contract providing for the license or other use of Intellectual Property owned by a Target
 Company or Medical Corporation, or (ii) any Company IP License. Following the Closing, the
 Company shall be permitted to exercise, directly or indirectly through its Subsidiaries,
 all of the Target Companies' or Medical Corporations' rights under such Contracts
 or Company IP Licenses to the same extent that the Target Companies or Medical Corporations
 would have been able to exercise had the transactions contemplated by this Agreement not
 occurred, without the payment of any additional amounts or consideration other than ongoing
 fees, royalties or payments which the Target Companies or Medical Corporations would otherwise
 be required to pay in the absence of such transactions.

Section 4.14 <u>Taxes and Returns.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Target Company and Medical Corporation has (i) (A) duly and timely filed, or caused to be
 timely filed, all Tax Returns required to be filed by or with respect to it (B) or, if and
 as applicable, shall timely file or cause to be filed, all Tax Returns which may be required
 to be filed yet as of the Effective Date are not yet due, (ii) all such Tax Returns are,
 to its knowledge, true, accurate, correct and complete in all material respects, (iii) to
 its knowledge complied, or shall comply, as and if applicable, in all respects with all applicable
 Laws relating to the reporting, payment, collection and withholding of Taxes and has, to
 its knowledge, duly and timely collected or withheld, and paid, or, as applicable, shall
 duly and timely collect and withhold and pay over to the applicable Governmental Authority,
 or caused, or shall cause, to be collected or withheld, and paid over to the applicable Governmental
 Authority, and reported, or as applicable, report all Taxes (including income, social security
 and other payroll Taxes) required to be paid, collected or withheld, other than such Taxes
 for which adequate reserves in the Company Financials have been established in accordance
 with IFRS or GAAP (as applicable to such Target Company or Medical Corporation), (iv) to
 its knowledge (A) properly collected all sales Taxes required to be collected in the time
 and manner required by applicable Law and remitted such sales Taxes to the applicable Governmental
 Authority in the manner required by applicable Law and (B) properly requested, received and
 retained, or as applicable, shall properly request, receive and retain, all necessary exemption
 certificates and other documentation supporting any claimed exemption or waiver of Taxes
 on sales or similar transactions as to which it would otherwise have been obligated to collect
 or withhold Taxes, and (v) provided or made available to Purchaser true, complete and correct
 copies of all Tax Returns relating to, and all audit reports and correspondence relating
 to each proposed adjustment, if any, made by any Governmental Authority with respect to,
 any taxable period ending after for which the statute of limitations has not expired. Each
 Target Company and Medical Corporation has complied with all applicable Laws relating to
 Tax.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 has never been and there is no Action currently pending or, to the Knowledge of the Company,
 threatened against a Target Company or Medical Corporation by a Governmental Authority in
 a jurisdiction where the Target Company or Medical Corporation does not file Tax Returns
 that it is or may be subject to taxation by that jurisdiction, no Target Company or Medical
 Corporation is, nor has it ever been, subject to Tax in any country other than the respective
 countries of incorporation or formation of the Target Companies or Medical Corporations by
 virtue of having a permanent establishment or other place of business in that country, and
 the Target Companies and Medical Corporations are and have always been tax residents solely
 in their respective countries of incorporation or formation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Target Company or Medical Corporation is being audited by any Tax authority or has been notified
 in writing or, to the Knowledge of the Company, orally by any Tax authority that any such
 audit is contemplated or pending. There are no claims, assessments, audits, examinations,
 investigations or other Actions pending against a Target Company or Medical Corporation in
 respect of any Tax, and no Target Company has been notified in writing of any proposed Tax
 claims or assessments against it (other than, in each case, claims or assessments for which
 adequate reserves in the Company Financials have been established in accordance with GAAP
 or IFRS, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 are no Liens with respect to any Taxes upon any Target Company's or Medical Corporation's
 assets, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Company, each Target Company and Medical Corporation has collected or
 withheld, or as applicable, collect or withhold all Taxes currently required to be collected
 or withheld by it, and all such Taxes have been, or, as applicable, shall be paid to the
 appropriate Governmental Authorities or set aside in appropriate accounts for future payment
 when due.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To
 the knowledge of the Company, no Target Company or Medical Corporation has any outstanding
 waivers or extensions of any applicable statute of limitations to assess any amount of Taxes.
 There are no outstanding requests by a Target Company or Medical Corporation for any extension
 of time within which to file any Tax Return or within which to pay any Taxes shown to be
 due on any Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;(g) To
 the knowledge of the Company, no Target Company or Medical Corporation will be required to
 include any item of income or exclude any item of deduction for any taxable period ending
 after the Closing Date as a result of: (i) any change in accounting method (except as required
 by a change in Law), (ii) a ruling from, or signed an agreement with, any taxing authority,
 (iii) any installment sale or open sale transaction disposition made in a pre-Closing Tax
 period; (iv) any prepaid amount received in a pre-Closing Tax period; (v) any intercompany
 transaction or excess loss account described in United States Treasury Regulations under
 Section 1502 of the Code (or any corresponding or similar provision of state, local or non-U.S.
 income Tax Law); (vi) an election under Section 108(i) of the Code made on or before the
 Closing; (vii) a Target Company or Medical Corporation that is a "controlled foreign
 corporation" (within the meaning of Section 957(a) of the Code) having "subpart
 F income" (within the meaning of Section 952(a) of the Code) accrued on or before the
 Closing; (viii) "global intangible low-taxed income" of the Company or, following
 the completion of the Restructuring, any of its Subsidiaries, within the meaning of Section
 951A of the Code (or any similar provision of state, local or non-U.S. Law) attributable
 to any taxable period (or portion thereof) on or before the Closing; or (ix) an election
 made pursuant to Section 965(h) of the Code, in each case, that would reasonably be expected
 to have a material impact on its Taxes following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(h) No
 Target Company or Medical Corporation has engaged in any "reportable transaction"
 or "listed transaction," as defined in Section 6707A(c) of the Code and Section
 1.6011-4(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(i) No
 Target Company or Medical Corporation has any Liability for the Taxes of another Person (other
 than another Target Company or Medical Corporation) that are not adequately reflected in
 the Company Financials (i) under any applicable Tax Law, (ii) as a transferee or successor,
 or (iii) by contract or indemnity (excluding commercial agreements entered into in the ordinary
 course of business the primary purpose of which is not the sharing of Taxes). No Target Company
 or Medical Corporation is, nor has ever been, a party to or bound by any Tax indemnity agreement,
 Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice
 (excluding commercial agreements, arrangements or practices entered into in the ordinary
 course of business the primary purpose of which is not the sharing of Taxes) with respect
 to Taxes (including advance pricing agreement, closing agreement or other agreement relating
 to Taxes with any Governmental Authority) that will be binding on any Target Company or Medical
 Corporation with respect to any period following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) No
 Target Company or Medical Corporation has requested, or is it the subject of or bound by
 any private letter ruling, technical advice memorandum, closing agreement or similar ruling,
 memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is
 any such request outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(k) No
 Target Company or Medical Corporation: (i) has constituted either a "distributing corporation"
 or a "controlled corporation" (within the meaning of Section 355(a)(1)(A) of
 the Code) in a distribution of securities (to any Person or entity that is not a member of
 the consolidated group of which the Company is the common parent corporation) qualifying
 for, or intended to qualify for, Tax-free treatment under Section 355 of the Code (A) within
 the two-year period ending on the date hereof or (B) in a distribution which could otherwise
 constitute part of a "plan" or "series of related transactions" (within
 the meaning of Section 355(e) of the Code) in conjunction with the transactions contemplated
 by this Agreement; (ii) is or has ever been (A) a "U.S. real property holding corporation"
 within the meaning of Section 897(c)(2) of the Code, or (B) a member of any consolidated,
 combined, unitary or "affiliated group," within the meaning of Section 1504(a)
 of the Code, of corporations for any Tax purposes other than a group of which the Company
 is or was the common parent corporation; or (iii) has disclosed on its Tax Returns any Tax
 reporting position taken in any Tax Return which could result in the imposition of penalties
 under Section 6662 of the Code (or any comparable provisions of state, local or non-U.S.
 Tax Law).

&nbsp;&nbsp;&nbsp;&nbsp;(l) To
 the knowledge of the Company, the Target Companies and Medical Corporation have been in compliance
 in all material respects with all applicable transfer pricing Laws and legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(m) No
 Target Company or Medical Corporation has deferred the withholding or remittance of any Applicable
 Taxes related or attributable to any Applicable Wages for any employees of the Company and
 shall not defer the withholding or remittance any Applicable Taxes related or attributable
 to Applicable Wages for any employees of the Company up to and through and including Closing
 Date, notwithstanding Internal Revenue Service Notice 2020-65 (or any comparable regime for
 state or local Tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;(n) To
 the Knowledge of the Company, no Target Company or Medical Corporation is aware of any fact
 or circumstance that would reasonably be expected to prevent the Merger from qualifying as
 a "reorganization" within the meaning of Section 368(a) of the Code.

Section 4.15 <u>Real Property.</u> Section 4.15 of the Company Disclosure Schedules contains a complete and accurate list of all premises currently leased or subleased or otherwise used or occupied by a Target Company or Medical Corporation for the operation of the business of a Target Company or Medical Corporation, and of all current leases, lease guarantees, agreements and documents related thereto, including all amendments, terminations and modifications thereof or waivers thereto (collectively, the "***Company Real Property Leases***"), as well as the current annual rent and term under each Company Real Property Lease. The Company has provided to the Purchaser a true and complete copy of each of the Company Real Property Leases, and in the case of any oral Company Real Property Lease, a written summary of the material terms of such Company Real Property Lease. The Company Real Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect, subject to Enforceability Exceptions. To the Knowledge of the Company, no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default on the part of a Target Company or Medical Corporation or any other party under any of the Company Real Property Leases, and no Target Company or Medical Corporation has received notice of any such condition. No Target Company or Medical Corporation owns or has ever owned any real property or any interest in real property (other than the leasehold interests in the Company Real Property Leases).

Section 4.16 <u>Personal Property.</u> Each item of Personal Property which is currently owned, used or leased by a Target Company or Medical Corporation with a book value or fair market value of greater than Two Hundred Thousand Dollars ($200,000) is set forth in Section 4.16 of the Company Disclosure Schedules, along with, to the extent applicable, a list of lease agreements, lease guarantees, security agreements and other agreements related thereto, including all amendments, terminations and modifications thereof or waivers thereto ("***Company Personal Property Leases***"). Except as set forth in Section 4.16 of the Company Disclosure Schedules, all such items of Personal Property are in good operating condition and repair (reasonable wear and tear excepted consistent with the age of such items), and are suitable for their intended use in the business of the Target Companies or Medical Corporations. The operation of each Target Company's or Medical Corporation's business as it is now conducted or presently proposed to be conducted is not in any material respect dependent upon the right to use the Personal Property of Persons other than a Target Company or Medical Corporation, except for such Personal Property that is owned, leased or licensed by or otherwise contracted to a Target Company. The Company has provided to the Purchaser a true and complete copy of each of the Company Personal Property Leases, and in the case of any oral Company Personal Property Lease, a written summary of the material terms of such Company Personal Property Lease. The Company Personal Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect. To the Knowledge of the Company, no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default on the part of a Target Company or Medical Corporation or any other party under any of the Company Personal Property Leases, and no Target Company or Medical Corporation has received notice of any such condition.

Section 4.17 <u>Title to and Sufficiency of Assets.</u> The Target Company or Medical Corporation has good and marketable title to, or a valid leasehold interest in or right to use, all of its assets, free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under leasehold interests, (c) Liens specifically identified on the consolidated balance sheet of the Target Companies or Medical Corporations as of the Balance Sheet Date and (d) Liens set forth in Section 4.17 of the Company Disclosure Schedules. The assets (including Intellectual Property rights and contractual rights) of the Target Companies or Medical Corporations constitute all of the assets, rights and properties that are used in the operation of the businesses of the Target Companies or Medical Corporations as it is now conducted or that are used or held by the Target Companies for use in the operation of the businesses of the Target Companies or Medical Corporations, and taken together, are adequate and sufficient for the operation of the businesses of the Target Companies or Medical Corporation as currently conducted.

Section 4.18 <u>Employee Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as set forth in Section 4.18(a) of the Company Disclosure Schedules, no Target Company or
 Medical Corporation is a party to any collective bargaining agreement or other Contract covering
 any group of employees, labor organization or other representative of any of the employees
 of any Target Company or Medical Corporation, and the Company has no Knowledge of any activities
 or proceedings of any labor union or other party to organize or represent such employees.
 There has not occurred or, to the Knowledge of the Company, been threatened any strike, slow-down,
 picketing, work-stoppage, or other similar labor activity with respect to any such employees.
 Section 4.18(a) of the Company Disclosure Schedules sets forth all unresolved labor controversies
 (including unresolved grievances and age or other discrimination claims other than any workers'
 compensation or unemployment claims), if any, that are pending or, to the Knowledge of the
 Company, threatened between any Target Company or Medical Corporation and Persons employed
 by or providing services as independent contractors to a Target Company or Medical Corporation.
 No current officer or employee of a Target Company or Medical Corporation has provided any
 Target Company or Medical Corporation written or, to the Knowledge of the Company, oral notice
 of his or her plan to terminate his or her employment with any Target Company or Medical
 Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as set forth in Section 4.18(b) of the Company Disclosure Schedules, the Target Company or
 Medical Corporation, as applicable, (i) is and has been in compliance in all material respects
 with all applicable Laws respecting employment and employment practices, terms and conditions
 of employment, health and safety and wages and hours, and other Laws relating to discrimination,
 disability, labor relations, hours of work, payment of wages and overtime wages, pay equity,
 immigration, workers compensation, working conditions, employee scheduling, occupational
 safety and health, family and medical leave, and employee terminations, and has not received
 written or, to the Knowledge of the Company, oral notice that there is any pending Action
 involving unfair labor practices against a Target Company or Medical Corporation, (ii) is
 not liable for any material past due arrears of wages or any material penalty for failure
 to comply with any of the foregoing, and (iii) is not liable for any material payment to
 any Governmental Authority with respect to unemployment compensation benefits, social security
 or other benefits or obligations for employees, independent contractors or consultants (other
 than routine payments to be made in the ordinary course of business and consistent with past
 practice). Except as set forth in Section 4.18(b) of the Company Disclosure Schedules, there
 are no Actions pending or threatened against a Target Company or Medical Corporation brought
 by or on behalf of any applicant for employment, any current or former employee, any Person
 alleging to be a current or former employee, or any Governmental Authority, relating to any
 such Law or regulation, or alleging breach of any express or implied contract of employment,
 wrongful termination of employment, or alleging any other discriminatory, wrongful or tortious
 conduct in connection with the employment relationship.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Section
 4.18(c) of the Company Disclosure Schedules sets forth a complete and accurate list as of
 the date hereof of all employees of the Target Companies or Medical Corporation showing for
 each as of such date (i) the employee's name, job title or description, employer, location,
 salary or hourly rate; and (ii) wages, bonus, commission or other compensation paid during
 the fiscal year ending December 31, 2021 and/or December 31, 2022. Except as set forth in
 Section 4.18(c) of the Company Disclosure Schedules, (A) no employee is a party to a written
 employment Contract with a Target Company or Medical Corporation that is not terminable "at
 will," and (B) the Target Companies or Medical Corporation have paid in full to all
 their employees all wages, salaries, commission, bonuses and other compensation due to their
 employees, including overtime compensation, and no Target Company or Medical Corporation
 has any obligation or Liability (whether or not contingent) with respect to severance payments
 to any such employees under the terms of any written or, to the Company's Knowledge,
 oral agreement, or commitment or any applicable Law, custom, trade or practice. Except as
 set forth in Section 4.18(c) of the Company Disclosure Schedules, the Target Company or Medical
 Corporation employee has entered into the Company's standard form of employee non-disclosure,
 inventions and restrictive covenants agreement with a Target Company or Medical Corporation
 (whether pursuant to a separate agreement or incorporated as part of such employee's
 overall employment agreement), a copy of which has been made available to the Purchaser by
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Section
 4.18(d) of the Company Disclosure Schedules contains a list of all independent contractors
 (including consultants) currently engaged by any Target Company or Medical Corporation, along
 with a description of the general nature of the work performed, date of retention and rate
 of remuneration, most recent increase (or decrease) in remuneration and amount thereof, for
 each such Person. Except as set forth in Section 4.18(d) of the Company Disclosure Schedules,
 all of such independent contractors are a party to a written Contract with a Target Company
 or Medical Corporation. Except as set forth in Section 4.18(d) of the Company Disclosure
 Schedules, each such independent contractor has entered into customary covenants regarding
 confidentiality and assignment of inventions and copyrights in such Person's agreement
 with a Target Company or Medical Corporation, a copy of which has been provided to the Purchaser
 by the Company. For the purposes of applicable Law, including the Code, all independent contractors
 who are currently, or within the last six (6) years have been, engaged by a Target Company
 or Medical Corporation are bona fide independent contractors and not employees of a Target
 Company or Medical Corporation. Each independent contractor is terminable on fewer than thirty
 (30) days' notice, without any obligation of any Target Company or Medical Corporation
 to pay severance or a termination fee.

Section 4.19 <u>Benefit Plans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Set
 forth in Section 4.19 of the Company Disclosure Schedules is a true and complete list of
 each Benefit Plan of a Target Company or Medical Corporation (each, a "  ***Company Benefit Plan*** "). With respect to each Company Benefit Plan, there are no funded
 benefit obligations for which contributions have not been made or properly accrued and there
 are no unfunded benefit obligations that have not been accounted for by reserves, or otherwise
 properly footnoted in accordance with GAAP on the Company Financials. No Target Company or
 Medical Corporation is or has in the past been a member of a "controlled group"
 for purposes of Section 414(b), (c), (m) or (o) of the Code, nor does any Target Company
 or Medical Corporation have any Liability with respect to any collectively-bargained for
 plans, whether or not subject to the provisions of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Company Benefit Plan is and has been operated at all times in compliance with all applicable
 Laws in all material respects, including ERISA and the Code. Each Company Benefit Plan which
 is intended to be "qualified" within the meaning of Section 401(a) of the Code
 (i) has been determined by the IRS to be so qualified (or is based on a prototype plan which
 has received a favorable opinion letter) during the period from its adoption to the Agreement
 Date and (ii) its related trust has been determined to be exempt from taxation under Section
 501(a) of the Code or the Target Companies or Medical Corporation have requested an initial
 favorable IRS determination of qualification and/or exemption within the period permitted
 by applicable Law. To the Company's Knowledge, no fact exists which could adversely
 affect the qualified status of such Company Benefit Plans or the exempt status of such trusts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to each Company Benefit Plan which covers any current or former officer, director,
 consultant or employee (or beneficiary thereof) of a Target Company or Medical Corporation,
 the Company has provided to Purchaser accurate and complete copies, if applicable, of: (i)
 all Company Benefit Plan documents and agreements and related trust agreements or annuity
 Contracts (including any amendments, modifications or supplements thereto); (ii) all summary
 plan descriptions and summary of material modifications thereto; (iii) the three (3) most
 recent Forms 5500, if applicable, and annual report, including all schedules thereto; (iv)
 the most recent annual and periodic accounting of plan assets; (v) the three (3) most recent
 nondiscrimination testing reports; (vi) the most recent determination letter received from
 the IRS, if any; (vii) the most recent actuarial valuation; and (viii) all material communications
 with any Governmental Authority within the last three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;(d) With
 respect to each Company Benefit Plan: (i) such Company Benefit Plan has been administered
 and enforced in all material respects in accordance with its terms, the Code and ERISA; (ii)
 no breach of fiduciary duty has occurred; (iii) no Action is pending, or to the Company's
 Knowledge, threatened (other than routine claims for benefits arising in the ordinary course
 of administration); (iv) no prohibited transaction, as defined in Section 406 of ERISA or
 Section 4975 of the Code, has occurred, excluding transactions effected pursuant to a statutory
 or administration exemption; and (v) all contributions and premiums due through the Closing
 Date have been made in all material respects as required under ERISA or have been fully accrued
 in all material respects on the Company Financials.

&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 Company Benefit Plan is a "defined benefit plan" (as defined in Section 414(j)
 of the Code), a "multiemployer plan" (as defined in Section 3(37) of ERISA) or
 a "multiple employer plan" (as described in Section 413(c) of the Code) or is
 otherwise subject to Title IV of ERISA or Section 412 of the Code, and no Target Company
 or Medical Corporation has incurred any Liability or otherwise could have any Liability,
 contingent or otherwise, under Title IV of ERISA and no condition presently exists that is
 expected to cause such Liability to be incurred. No Company Benefit Plan will become a multiple
 employer plan with respect to any Target Company or Medical Corporation immediately after
 the Closing Date. No Target Company or Medical Corporation currently maintains or has ever
 maintained, or is required currently or has ever been required to contribute to or otherwise
 participate in, a multiple employer welfare arrangement or voluntary employees' beneficiary
 association as defined in Section 501(c)(9) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 arrangement exists pursuant to which a Target Company or Medical Corporation will be required
 to "gross up" or otherwise compensate any person because of the imposition of
 any excise tax on a payment to such person.

&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to each Company Benefit Plan which is a "welfare plan" (as described
 in Section 3(1) of ERISA): (i) no such plan provides medical or death benefits with respect
 to current or former employees of a Target Company or Medical Corporation beyond their termination
 of employment (other than coverage mandated by Law, which is paid solely by such employees);
 and (ii) there are no reserves, assets, surplus or prepaid premiums under any such plan.
 The Target Company and Medical Corporations have complied in all material respects with the
 provisions of Section 601 et seq. of ERISA and Section 4980B of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Each
 Company Benefit Plan satisfies the requirements of the Patient Protection and Affordable
 Care Act of 2010 (the "  ***PPACA*** "), such that there is no reasonable
 expectation that any Tax or penalty could be imposed pursuant to the PPACA that relates to
 such group health plan. To the Knowledge of the Company, no condition exists that could cause
 any Target Company or Medical Corporation to have any Liability for any assessable payment
 under Section 4980H of the Code. To the Knowledge of the Company, no event has occurred,
 or condition exists, that could subject any Target Company or Medical Corporation to any
 Liability on account of a violation of the health care requirements of Part 6 or 7 of Title
 I of ERISA or Section 4980B or 4980D of the Code. Each Target Company and Medical Corporation
 has maintained records that are sufficient to satisfy the reporting requirements under Sections
 6055 and 6056 of the Code, to the extent required, for all periods of time up to and through
 the Closing Date. No Target Company or Medical Corporation has modified the employment or
 service terms of any employee or service provider for the purpose of excluding such employee
 or service provider from full-time status for purposes of PPACA.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as set forth in Section 4.19(i) of the Company Disclosure Schedules, the consummation of
 the transactions contemplated by this Agreement and the Ancillary Documents will not: (i)
 entitle any individual to severance pay, unemployment compensation or other benefits or compensation
 (except as set forth in Section 4.19 of the Company Disclosure Schedules); (ii) accelerate
 the time of payment or vesting, or increase the amount of any compensation due, or in respect
 of, any individual; or (iii) result in or satisfy a condition to the payment of compensation
 that would, in combination with any other payment, result in an "excess parachute payment"
 within the meaning of Section 280G of the Code. No Target Company or Medical Corporation
 has incurred any Liability for any Tax imposed under Chapter 43 of the Code or civil liability
 under Section 502(i) or (l) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All
 Company Benefit Plans can be terminated at any time prior to the Closing Date without resulting
 in any Liability to the Surviving Corporation or Purchaser or their respective Affiliates
 for any additional contributions, penalties, premiums, fees, fines, excise taxes or any other
 charges or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Each
 Company Benefit Plan that is subject to Section 409A of the Code (each, a "  ***Section 409A Plan***") as of the Closing Date is indicated as such in Section 4.19(k)
 of the Company Disclosure Schedules. No options or other equity-based awards have been issued
 or granted by the Company that are, or are subject to, a Section 409A Plan. Each Section
 409A Plan has been administered in compliance, and is in documentary compliance, in all material
 respects, with the applicable provisions of Section 409A of the Code, the regulations thereunder
 and other official guidance issued thereunder. No Target Company or Medical Corporation has
 any obligation to any employee or other service provider with respect to any Section 409A
 Plan that may be subject to any Tax under Section 409A of the Code. No payment to be made
 under any Section 409A Plan is, or to the Knowledge of the Company will be, subject to the
 penalties of Section 409A(a)(1) of the Code. There is no Contract or plan to which any Target
 Company or Medical Corporation is a party or by which it is bound to compensate any employee,
 consultant or director for penalty taxes paid pursuant to Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FFCRA
 Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Target Company and Medical Corporation has, since April 1, 2020, retained all information
 required to substantiate any Qualified Leave Wages, and any Qualified Health Plan Expenses,
 as required by the IRS, including by retaining copies of properly filed IRS Forms 941 and
 7200 to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Since
 April 1, 2020, no Target Company or Medical Corporation has funded or paid any Qualified
 Leave Wages, Qualified Health Plan Expenses, or any Medicare Tax on Qualified Leave Wages,
 from amounts allocated to or reserved for the payment of employment Taxes (including amounts
 already withheld) or that are set aside for deposit with the IRS, in each case, whether or
 not shown on the Company Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Since
 April 1, 2020, no Target Company or Medical Corporation has requested an "advance payment
 of employer credits" on IRS Form 7200 or otherwise and has not received a refund of
 Tax credits for Qualified Leave Wages or any "employee retention credit" described
 in Section 2301 of the CARES Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No
 Target Company or Medical Corporation has made a claim for Tax credits in respect of the
 same wages pursuant to the FFCRA and the CARES Act.

Section 4.20 <u>Environmental Matters.</u> Except as set forth in Section 4.20 of the Company Disclosure Schedules:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Target Company and Medical Corporation is and has been in compliance in all material respects
 with all applicable Environmental Laws, including obtaining, maintaining in good standing,
 and complying in all material respects with all Permits required for its business and operations
 by Environmental Laws ("  ***Environmental Permits*** "), no Action is pending
 or, to the Company's Knowledge, threatened to revoke, modify, or terminate any such
 Environmental Permit, and, to the Company's Knowledge, no facts, circumstances, or
 conditions currently exist that could adversely affect such continued compliance with Environmental
 Laws and Environmental Permits or require capital expenditures to achieve or maintain such
 continued compliance with Environmental Laws and Environmental Permits.

&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Target Company or Medical Corporation is the subject of any outstanding Order or Contract
 with any Governmental Authority or other Person in respect of any (i) Environmental Laws,
 (ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. No
 Target Company or Medical Corporation has assumed, contractually or by operation of Law,
 any Liabilities or obligations under any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Action has been made or is pending, or to the Company's Knowledge, threatened against
 any Target Company or Medical Corporation or any assets of a Target Company or Medical Corporation
 alleging either or both that a Target Company or Medical Corporation may be in material violation
 of any Environmental Law or Environmental Permit or may have any material Liability under
 any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 Target Company or Medical Corporation has manufactured, treated, stored, disposed of, arranged
 for or permitted the disposal of, generated, handled or released any Hazardous Material,
 or owned or operated any property or facility, in a manner that has given or would reasonably
 be expected to give rise to any material Liability or obligation under applicable Environmental
 Laws. No fact, circumstance, or condition exists in respect of any Target Company or Medical
 Corporation or any property currently or formerly owned, operated, or leased by any Target
 Company or Medical Corporation or any property to which a Target Company or Medical Corporation
 arranged for the disposal or treatment of Hazardous Materials that could reasonably be expected
 to result in a Target Company or Medical Corporation incurring any material Environmental
 Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There
 is no investigation of the business, operations, or currently owned, operated, or leased
 property of a Target Company or Medical Corporation or, to the Company's Knowledge,
 previously owned, operated, or leased property of a Target Company or Medical Corporation
 pending or, to the Company's Knowledge, threatened that could lead to the imposition
 of any Liens under any Environmental Law or material Environmental Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To
 the Knowledge of the Company, there is not located at any of the properties of a Target Company
 or Medical Corporation any (i) underground storage tanks, (ii) asbestos-containing material,
 or (iii) equipment containing polychlorinated biphenyls.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Company has provided to the Purchaser all environmentally related site assessments, audits,
 studies, reports, analysis and results of investigations that have been performed in respect
 of the currently or previously owned, leased, or operated properties of any Target Company
 or Medical Corporation.

Section 4.21 <u>Transactions with Related Persons.</u> Except as set forth in Section 4.21 of the Company Disclosure Schedules, no Target Company or Medical Corporation nor any of their respective Affiliates, nor any officer, director, manager, employee, trustee or beneficiary of a Target Company or Medical Corporation or any of their respective Affiliates, nor any immediate family member of any of the foregoing (whether directly or indirectly through an Affiliate of such Person) (each of the foregoing, a "***Related Person***") is presently, or in the past two (2) years, has been, a party to any transaction with a Target Company or Medical Corporation, including any Contract or other arrangement (a) providing for the furnishing of services by (other than as officers, directors or employees of the Target Company or Medical Corporation), (b) providing for the rental of real property or Personal Property from or (c) otherwise requiring payments to (other than for services or expenses as directors, officers or employees of the Target Company or Medical Corporation in the ordinary course of business consistent with past practice) any Related Person or any Person in which any Related Person has an interest as an owner, officer, manager, director, trustee or partner or in which any Related Person has any direct or indirect interest (other than the ownership of securities representing no more than two percent (2%) of the outstanding voting power or economic interest of a publicly traded company). Except as set forth in Section 4.21 of the Company Disclosure Schedules, no Target Company or Medical Corporation has outstanding any Contract or other arrangement or commitment with any Related Person, and no Related Person owns any real property or Personal Property, or right, tangible or intangible (including Intellectual Property) which is used in the business of any Target Company or Medical Corporation. The assets of the Target Companies and Medical Corporations do not include any material receivable or other obligation from a Related Person, and the liabilities of the Target Companies and Medical Corporations do not include any material payable or other obligation or commitment to any Related Person.

Section 4.22 <u>Insurance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 4.22(a) of the Company Disclosure Schedules lists all insurance policies (by policy number,
 insurer, coverage period, coverage amount, annual premium and type of policy) held by a Target
 Company or Medical Corporation relating to a Target Company or Medical Corporation or their
 respective business, properties, assets, directors, officers and employees, copies of which
 have been provided to the Purchaser. All premiums due and payable under all such insurance
 policies have been timely paid and the Target Companies and Medical Corporations are otherwise
 in material compliance with the terms of such insurance policies. Each such insurance policy
 (i) is legal, valid, binding, enforceable and in full force and effect and (ii) will continue
 to be legal, valid, binding, enforceable, and in full force and effect on identical terms
 following the Closing. No Target Company or Medical Corporation has any self-insurance or
 co-insurance programs. In the past five (5) years, no Target Company or Medical Corporation
 has received any notice from, or on behalf of, any insurance carrier relating to or involving
 any adverse change or any change other than in the ordinary course of business, in the conditions
 of insurance, any refusal to issue an insurance policy or non-renewal of a policy.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Section
 4.22(b) of the Company Disclosure Schedules identifies each individual insurance claim in
 excess of $50,000 made by a Target Company or Medical Corporation in the past five (5) years.
 Each Target Company and Medical Corporation has reported to its insurers all claims and pending
 circumstances that would reasonably be expected to result in a claim, except where such failure
 to report such a claim would not be reasonably likely to be material to the Target Companies
 or Medical Corporations. To the Knowledge of the Company, no event has occurred, and no condition
 or circumstance exists, that would reasonably be expected to (with or without notice or lapse
 of time) give rise to or serve as a basis for the denial of any such insurance claim. In
 the three (3) years preceding the date hereof, no Target Company or Medical Corporation has
 made any claim against an insurance policy as to which the insurer is denying coverage.

Section 4.23 <u>Books and Records.</u> All of the financial books and records of the Target Companies and Medical Corporations are complete and accurate in all material respects and have been maintained in the ordinary course of business consistent with past practice and in accordance with applicable Laws.

Section 4.24 <u>Top Customers and Suppliers.</u> Section 4.24 of the Company Disclosure Schedules lists, by dollar volume received or paid, as applicable, for each of (a) the twelve (12) months ended on December 31, 2021 and (b) the period from January 1, 2021 through the Balance Sheet Date, the ten (10) largest customers of the Target Companies and Medical Corporations (the "***Top Customers***") and the ten (10) largest suppliers of goods or services to the Target Companies and Medical Corporation (the "***Top Suppliers***"), along with the amounts of such dollar volumes. The relationships of the Target Companies and Medical Corporations with such suppliers and customers are good commercial working relationships and (i) no Top Supplier or Top Customer within the last twelve (12) months has cancelled or otherwise terminated, or, to the Company's Knowledge, intends to cancel or otherwise terminate, any material relationships of such Person with a Target Company or Medical Corporation, (ii) no Top Supplier or Top Customer has during the last twelve (12) months decreased materially or, to the Company's Knowledge, threatened to stop, decrease or limit materially, or intends to modify materially its material relationships with a Target Company or Medical Corporation or stop, decrease or limit materially its products or services to any Target Company or Medical Corporation or its usage or purchase of the products or services of any Target Company or Medical Corporation, (iii) to the Company's Knowledge, no Top Supplier or Top Customer intends to refuse to pay any amount due to any Target Company or seek to exercise any remedy against any Target Company or Medical Corporation, (iv) no Target Company has within the past two (2) years been engaged in any material dispute with any Top Supplier or Top Customer, and (v) to the Company's Knowledge, the consummation of the transactions contemplated in this Agreement and the Ancillary Documents will not adversely affect the relationship of any Target Company or Medical Corporation with any Top Supplier or Top Customer.

Section 4.25 <u>Certain Business Practices.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Target Company or Medical Corporation, nor any of their respective Representatives acting
 on their behalf has (i) used any funds for unlawful contributions, gifts, entertainment or
 other unlawful expenses relating to political activity, (ii) made any unlawful payment to
 foreign or domestic government officials or employees, to foreign or domestic political parties
 or campaigns or violated any provision of the U.S. Foreign Corrupt Practices Act of 1977
 or any other local or foreign anti-corruption or bribery Law or (iii) made any other unlawful
 payment. No Target Company or Medical Corporation, nor any of their respective Representatives
 acting on their behalf has directly or indirectly, given or agreed to give any unlawful gift
 or similar benefit in any material amount to any customer, supplier, governmental employee
 or other Person who is or may be in a position to help or hinder any Target Company or Medical
 Corporation or assist any Target Company or Medical Corporation in connection with any actual
 or proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Since
 January 1, 2019, the operations of each Target Company and Medical Corporation are and have
 been conducted at all times in compliance with money laundering statutes in all applicable
 jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
 or guidelines, issued, administered or enforced by any Governmental Authority, and no Action
 involving a Target Company or Medical Corporation with respect to any of the foregoing is
 pending or, to the Knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 Target Company or Medical Corporation or any of their respective directors or officers, or,
 to the Knowledge of the Company, any other Representative acting on behalf of a Target Company
 or Medical Corporation is currently identified on the specially designated nationals or other
 blocked person list or otherwise currently subject to any U.S. sanctions administered by
 OFAC, and no Target Company or Medical Corporation has in the last three (3) fiscal years,
 directly or indirectly, used any funds, or loaned, contributed or otherwise made available
 such funds to any Subsidiary, joint venture partner or other Person, in connection with any
 sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned
 by OFAC or for the purpose of financing the activities of any Person currently subject to,
 or otherwise in violation of, any U.S. sanctions administered by OFAC.

Section 4.26 <u>Investment Company Act.</u> No Target Company and no Medical Corporation is an "investment company" or a Person directly or indirectly "controlled" by or acting on behalf of an "investment company," or required to register as an "investment company," in each case within the meaning of the Investment Company Act of 1940, as amended.

Section 4.27 <u>Finders and Brokers.</u> Except as set forth in Section 4.27 of the Company Disclosure Schedules, no Target Company or Medical Corporation has incurred or will incur any Liability for any brokerage, finder's or other fee or commission in connection with the transactions contemplated hereby.

Section 4.28 <u>Independent Investigation.</u> The Company has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets of the Purchaser, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of the Purchaser for such purpose. The Company acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied solely upon its own investigation and the express representations and warranties of the Purchaser set forth in this Agreement (including the related portions of the Purchaser Disclosure Schedules) and in any certificate delivered to the Company pursuant hereto; and (b) neither the Purchaser nor any of its Representatives have made any representation or warranty as to the Purchaser or this Agreement, except as expressly set forth in this Agreement (including the related portions of the Purchaser Disclosure Schedules) or in any certificate delivered to the Company pursuant hereto.

Section 4.29 <u>Information Supplied.</u> None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference: (a) in any current report on Form 8-K, and any exhibits thereto or any other report, form, registration or other filing made with any Governmental Authority or stock exchange with respect to the transactions contemplated by this Agreement or any Ancillary Documents; (b) in the Proxy Statement; or (c) in the mailings or other distributions to the Purchaser's stockholders and/or prospective investors with respect to the consummation of the transactions contemplated by this Agreement or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference in any of the Signing Press Release, the Signing Filing, the Closing Press Release and the Closing Filing will, when filed or distributed, as applicable, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, the Company makes no representation, warranty or covenant with respect to any information supplied by or on behalf of the Purchaser or its Affiliates.

Section 4.30 <u>Disclosure.</u> No representations or warranties by the Company in this Agreement (as modified by the Company Disclosure Schedules) or the Ancillary Documents, (a) contains or will contain any untrue statement of a material fact, or (b) omits or will omit to state, when read in conjunction with all of the information contained in this Agreement, the Company Disclosure Schedules and the Ancillary Documents, any fact necessary to make the statements or facts contained therein not materially misleading. Except for the representations and warranties expressly made by the Company in this Article IV (as modified by the Company Disclosure Schedules) or as expressly set forth in an Ancillary Document, no Target Company nor any other Person on its behalf makes any express or implied representation or warranty with respect to any of the Target Companies, any of the Medical Corporations, the Company Security Holders, the Company Shares, the business of the Target Companies or the Medical Corporations, or the transactions contemplated by this Agreement or any of the other Ancillary Documents, and the Company hereby expressly disclaims any other representations or warranties, whether implied or made by any Target Company or the Medical Corporations or any of their respective Representatives. Except for the representations and warranties expressly made by the Company in this Article IV (as modified by the Company Disclosure Schedules) or in an Ancillary Document, the Company hereby expressly disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement or information made, communicated or furnished (orally or in writing) to the Purchaser, the Purchaser Representative or any of their respective Representatives (including any opinion, information, projection or advice that may have been or may be provided to the Purchaser, the Purchaser Representative or any of their respective Representatives by any Representative of the Company), including any representations or warranties regarding the probable success or profitability of the businesses of the Target Companies or the Medical Corporations.

**Article V. <u>Covenants</u>**

Section 5.01 <u>Access and Information.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the period from the Agreement Date and continuing until the earlier of the termination of
 this Agreement in accordance with Section 8.01 or the Closing (the "  ***Interim Period*** "),
 subject to Section 5.15, the Company shall give, and shall cause its Representatives to give,
 the Purchaser and its Representatives, at reasonable times during normal business hours and
 upon reasonable intervals and notice, reasonable access to all offices and other facilities
 and to all employees, properties, Contracts, agreements, commitments, books and records,
 financial and operating data and other information (including Tax Returns, internal working
 papers, client files, client Contracts and director service agreements), of or pertaining
 to the Target Companies or the Medical Corporations, as the Purchaser or its Representatives
 may reasonably request regarding the Target Companies, the Medical Corporations and their
 respective businesses, assets, Liabilities, financial condition, prospects, operations, management,
 employees and other aspects (including unaudited quarterly financial statements, including
 a consolidated quarterly balance sheet and income statement, a copy of each material report,
 schedule and other document filed with or received by a Governmental Authority pursuant to
 the requirements of applicable securities Laws, and independent public accountants'
 work papers (subject to the consent or any other conditions required by such accountants,
 if any)) and cause each of the Company's Representatives to reasonably cooperate with
 the Purchaser and its Representatives in their investigation; *provided, however,* that
 the Purchaser and its Representatives shall conduct any such activities in such a manner
 as not to unreasonably interfere with the business or operations of the Target Companies
 or the Medical Corporations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During
 the Interim Period, subject to Section 5.15, the Purchaser shall give, and shall cause its
 Representatives to give, the Company and its Representatives, at reasonable times during
 normal business hours and upon reasonable intervals and notice, reasonable access to all
 offices and other facilities and to all employees, properties, Contracts, agreements, commitments,
 books and records, financial and operating data and other information (including Tax Returns,
 internal working papers, client files, client Contracts and director service agreements),
 of or pertaining to the Purchaser or its Subsidiaries, as the Company or its Representatives
 may reasonably request regarding the Purchaser, its Subsidiaries and their respective businesses,
 assets, Liabilities, financial condition, prospects, operations, management, employees and
 other aspects (including unaudited quarterly financial statements, including a consolidated
 quarterly balance sheet and income statement, a copy of each material report, schedule and
 other document filed with or received by a Governmental Authority pursuant to the requirements
 of applicable securities Laws, and independent public accountants' work papers (subject
 to the consent or any other conditions required by such accountants, if any)) and cause each
 of the Purchaser's Representatives to reasonably cooperate with the Company and its
 Representatives in their investigation *; provided, however,* that the Company and its
 Representatives shall conduct any such activities in such a manner as not to unreasonably
 interfere with the business or operations of the Purchaser or any of its Subsidiaries.

Section 5.02 <u>Conduct of Business of the Company.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the Purchaser shall otherwise consent in writing (such consent not to be unreasonably withheld,
 conditioned or delayed), during the Interim Period, except as expressly contemplated by this
 Agreement or the Ancillary Documents or as set forth in Section 5.02 of the Agreement Schedules
 as to be agreed during the Confirmation Period (as defined below) and thereafter attached
 hereto as Annex 1 (the "  ***Agreement Schedules*** "), the Company shall,
 and shall cause the other Target Companies to, (i) conduct their respective businesses, in
 all material respects, in the ordinary course of business consistent with past practice,
 (ii) comply with all Laws applicable to the Target Companies and their respective businesses,
 assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate
 to preserve intact, in all material respects, their respective business organizations, to
 keep available the services of their respective managers, directors, officers, employees
 and consultants, and to preserve the possession, control and condition of their respective
 material assets, all as consistent with past practice.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of Section 5.02(a) and except as contemplated by the terms of this
 Agreement or the Ancillary Documents as set forth in Section 5.02 of the Agreement Schedules,
 during the Interim Period, without the prior written consent of the Purchaser (such consent
 not to be unreasonably withheld, conditioned or delayed), the Company shall not, and shall
 cause the other Target Companies to not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend,
 waive or otherwise change, in any respect, its Organizational Documents, except as required
 by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorize
 for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge
 or dispose of any of its equity securities or any options, warrants, commitments, subscriptions
 or rights of any kind to acquire or sell any of its equity securities, or other securities,
 including any securities convertible into or exchangeable for any of its shares or other
 equity securities or securities of any class and any other equity-based awards, or engage
 in any hedging transaction with a third Person with respect to such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split,
 combine, recapitalize or reclassify any of its shares or other equity interests or issue
 any other securities in respect thereof or pay or set aside any dividend or other distribution
 (whether in cash, equity or property or any combination thereof) in respect of its equity
 interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire
 any of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur,
 create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently
 or otherwise) in excess of $5,000,000 individually or $10,000,000 in the aggregate, make
 a loan or advance to or investment in any third party or guarantee or endorse any Indebtedness,
 Liability or obligation of any Person in excess of $5,000,000 individually or $10,000,000
 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increase
 the wages, salaries or compensation of its employees other than in the ordinary course of
 business, consistent with past practice, and in any event not in the aggregate by more than
 ten percent (10%), or make or commit to make any bonus payment (whether in cash, property
 or securities) to any employee, or materially increase other benefits of employees generally,
 or enter into, establish, materially amend or terminate any Company Benefit Plan with, for
 or in respect of any current consultant, officer, manager director or employee, in each case
 other than as required by applicable Law, pursuant to the terms of any Company Benefit Plans
 or in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make,
 change, or rescind any material election relating to Taxes, settle or compromise any claim,
 action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating
 to Taxes, file any amended Tax Return or surrender or forfeit any right to claim a Tax refund,
 enter into any Tax allocation, Tax sharing, Tax indemnity or other closing agreement related
 to Taxes, or make any material change in its accounting or Tax policies or procedures, in
 each case except as required by applicable Law or in compliance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) transfer
 or license to any Person or otherwise extend, materially amend or modify, permit to lapse
 or fail to preserve any material Company Registered IP, Company IP Licenses or other Company
 IP (excluding non-exclusive licenses of Company IP to Target Company customers in the ordinary
 course of business consistent with past practice), or disclose to any Person who has not
 entered into a confidentiality agreement any Trade Secrets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) terminate,
 or waive or assign any material right under, any Company Material Contract or enter into
 any Contract that would be a Company Material Contract, in any case outside of the ordinary
 course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fail
 to maintain its books, accounts and records in all material respects in the ordinary course
 of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) establish
 any Subsidiary or enter into any new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) fail
 to use commercially reasonable efforts to keep in force material insurance policies or replacement
 or revised policies providing insurance coverage with respect to its assets, operations and
 activities in such amount and scope of coverage substantially similar to that which is currently
 in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) revalue
 any of its material assets or make any material change in accounting methods, principles
 or practices, except to the extent required to comply with GAAP and after consulting with
 the Company's outside auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) waive,
 release, assign, settle or compromise any claim, action or proceeding (including any suit,
 action, claim, proceeding or investigation relating to this Agreement or the transactions
 contemplated hereby), other than waivers, releases, assignments, settlements or compromises
 that involve only the payment of monetary damages (and not the imposition of equitable relief
 on, or the admission of wrongdoing by, a Target Company or its Affiliates) not in excess
 of $2,000,000 (individually or $5,000,000 in the aggregate), or otherwise pay, discharge
 or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved
 in the Company Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) close
 or materially reduce its activities, or effect any layoff or other personnel reduction or
 change, at any of its facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) acquire,
 including by merger, consolidation, acquisition of equity interests or assets, or any other
 form of business combination, any corporation, partnership, limited liability company, other
 business organization or any division thereof, or any material amount of assets outside the
 ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) make
 capital expenditures in excess of $5,000,000 (individually for any project (or set of related
 projects) or $10,000,000 in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) adopt
 a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring,
 recapitalization or other reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) voluntarily
 incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) not
 referenced in another subsection of this Section 5.02(b) in excess of $5,000,000 individually
 or $10,000,000 in the aggregate other than pursuant to the terms of a Company Material Contract
 or Company Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) sell,
 lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including
 securitizations), or otherwise dispose of any material portion of its properties, assets
 or rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) enter
 into any agreement, understanding or arrangement with respect to the voting of equity securities
 of the Company other than this Agreement or any of the Ancillary Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) take
 any action that would reasonably be expected to significantly delay or impair the obtaining
 of any Consents of any Governmental Authority to be obtained in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) accelerate
 the collection of any trade receivables or delay the payment of trade payables or any other
 liabilities other than in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) enter
 into, amend, waive or terminate (other than terminations in accordance with their terms)
 any transaction with any Related Person (other than compensation and benefits and advancement
 of expenses, in each case, provided in the ordinary course of business consistent with past
 practice); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) authorize
 or agree to do any of the foregoing actions;

*provided*, that any actions reasonably taken in good faith by the Company or the other Target Companies to the extent reasonably believed to be necessary to comply with Laws (including orders of Governmental Authorities) related to COVID-19 shall be deemed not to constitute a breach of the requirements set forth under this Section 5.02. The Company shall notify the Purchaser in writing of any such actions taken in accordance with the foregoing proviso and shall use commercially reasonable efforts to mitigate any negative effects of such actions on the business of the Target Companies, in consultation with the Purchaser whenever practicable.

Section 5.03 <u>Conduct of Business of the Purchaser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the Company shall otherwise consent in writing (such consent not to be unreasonably withheld,
 conditioned or delayed), during the Interim Period, except as expressly contemplated by this
 Agreement or the Ancillary Documents or as set forth in Section 5.03 of the Agreement Schedules,
 the Purchaser shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses,
 in all material respects, in the ordinary course of business consistent with past practice,
 (ii) comply with all Laws applicable to the Purchaser and its Subsidiaries and their respective
 businesses, assets and employees, and (iii) take all commercially reasonable measures necessary
 or appropriate to preserve intact, in all material respects, their respective business organizations,
 to keep available the services of their respective managers, directors, officers, employees
 and consultants, and to preserve the possession, control and condition of their respective
 material assets, all as consistent with past practice. Notwithstanding anything to the contrary
 in this Section 5.03, nothing in this Agreement shall prohibit or restrict Purchaser from
 extending, in accordance with Purchaser's Organizational Documents and the IPO Prospectus,
 the deadline by which it must complete its Business Combination (an "  ***Extension*** "),
 and no consent of any other Party shall be required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of Section 5.03(a) and except as contemplated by the terms of this
 Agreement or the Ancillary Documents or as set forth in Section 5.03 of the Agreement Schedules,
 during the Interim Period, without the prior written consent of the Company (such consent
 not to be unreasonably withheld, conditioned or delayed), the Purchaser shall not, and shall
 cause its Subsidiaries to not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend,
 waive or otherwise change, in any respect, its Organizational Documents except as required
 by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorize
 for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge
 or dispose of any of its equity securities or any options, warrants, commitments, subscriptions
 or rights of any kind to acquire or sell any of its equity securities, or other securities,
 including any securities convertible into or exchangeable for any of its equity securities
 or other security interests of any class and any other equity-based awards, other than the
 issuance of the Purchaser securities issuable upon conversion or exchange of outstanding
 Purchaser securities in accordance with their terms, or engage in any hedging transaction
 with a third Person with respect to such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split,
 combine, recapitalize or reclassify any of its shares or other equity interests or issue
 any other securities in respect thereof or pay or set aside any dividend or other distribution
 (whether in cash, equity or property or any combination thereof) in respect of its shares
 or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire
 or offer to acquire any of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur,
 create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently
 or otherwise) in excess of $100,000 individually or $250,000 in the aggregate, make a loan
 or advance to or investment in any third party, or guarantee or endorse any Indebtedness,
 Liability or obligation of any Person (provided, that this Section 5.03(b)(iv) shall not
 prevent the Purchaser from borrowing funds necessary to finance its ordinary course administrative
 costs and expenses and Expenses incurred in connection with the consummation of the Merger
 and the other transactions contemplated by this Agreement (including the costs and expenses
 necessary for an Extension (such expenses, "  ***Extension Expenses*** "),
 up to aggregate additional Indebtedness during the Interim Period of $1,500,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make,
 change, or rescind any material election relating to Taxes, settle or compromise any claim,
 action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating
 to Taxes, file any amended Tax Return or surrender or forfeit any right to claim a Tax refund,
 enter into any Tax allocation, Tax sharing, Tax indemnity or other closing agreement related
 to Taxes, or make any material change in its accounting or Tax policies or procedures, in
 each case except as required by applicable Law or in compliance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend,
 waive or otherwise change the Trust Agreement in any manner adverse to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) terminate,
 waive or assign any material right under any Purchaser Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fail
 to maintain its books, accounts and records in all material respects in the ordinary course
 of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) establish
 any Subsidiary or enter into any new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fail
 to use commercially reasonable efforts to keep in force insurance policies or replacement
 or revised policies providing insurance coverage with respect to its assets, operations and
 activities in such amount and scope of coverage substantially similar to that which is currently
 in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) revalue
 any of its material assets or make any material change in accounting methods, principles
 or practices, except to the extent required to comply with GAAP and after consulting the
 Purchaser's outside auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) waive,
 release, assign, settle or compromise any claim, action or proceeding (including any suit,
 action, claim, proceeding or investigation relating to this Agreement or the transactions
 contemplated hereby), other than waivers, releases, assignments, settlements or compromises
 that involve only the payment of monetary damages (and not the imposition of equitable relief
 on, or the admission of wrongdoing by, the Purchaser or its Subsidiary) not in excess of
 $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions,
 Liabilities or obligations, unless such amount has been reserved in the Purchaser Financials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) acquire,
 including by merger, consolidation, acquisition of equity interests or assets, or any other
 form of business combination, any corporation, partnership, limited liability company, other
 business organization or any division thereof, or any material amount of assets outside the
 ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) make
 capital expenditures in excess of $100,000 individually for any project (or set of related
 projects) or $250,000 in the aggregate (excluding for the avoidance of doubt, incurring any
 Expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) adopt
 a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring,
 recapitalization or other reorganization (other than with respect to the Merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) voluntarily
 incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in
 excess of $100,000 individually or $250,000 in the aggregate (excluding the incurrence of
 any Expenses) other than pursuant to the terms of a Contract in existence as of the Agreement
 Date or entered into in the ordinary course of business or in accordance with the terms of
 this Section 5.03 during the Interim Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) sell,
 lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including
 securitizations), or otherwise dispose of any material portion of its properties, assets
 or rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) enter
 into any agreement, understanding or arrangement with respect to the voting of the Purchaser
 Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) take
 any action that would reasonably be expected to significantly delay or impair the obtaining
 of any Consents of any Governmental Authority to be obtained in connection with this Agreement;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) authorize
 or agree to do any of the foregoing actions;

*provided*, that any actions reasonably taken in good faith by the Purchaser or its Subsidiaries to the extent reasonably believed to be necessary to comply with Laws (including orders of Governmental Authorities) related to COVID-19 shall be deemed not to constitute a breach of the requirements set forth under this Section 5.03. The Purchaser shall notify the Company in writing of any such actions taken in accordance with the foregoing proviso and shall use commercially reasonable efforts to mitigate any negative effects of such actions on the Purchaser and its Subsidiaries.

Section 5.04 <u>Annual and Interim Financial Statements.</u> During the Interim Period, within thirty (30) calendar days following the end of each three-month quarterly period and each fiscal year, the Company shall deliver to the Purchaser an unaudited consolidated income statement and an unaudited consolidated balance sheet of the Target Companies for the period from the Balance Sheet Date through the end of such calendar month, quarterly period or fiscal year and the applicable comparative period in the preceding fiscal year, in each case accompanied by a certificate of the Chief Financial Officer of the Company to the effect that all such financial statements fairly present the consolidated financial position and results of operations of the Target Companies as of the date or for the periods indicated, in accordance with GAAP, subject to year-end audit adjustments and excluding footnotes. From the date hereof through the Closing Date, the Company will also promptly deliver to the Purchaser copies of any audited consolidated financial statements of the Target Companies that the Target Companies' certified public accountants may issue.

Section 5.05 <u>Purchaser Public Filings.</u> During the Interim Period, the Purchaser will keep current and timely file all of its public filings with the SEC and otherwise comply in all material respects with applicable securities Laws and shall use its commercially reasonable efforts prior to the Closing to maintain the listing of the Purchaser Public Units, the Purchaser Common Stock and the Purchaser Public Warrants on Nasdaq; *provided,* that the Parties acknowledge and agree that from and after the Closing, the Parties intend to list on Nasdaq only the Purchaser Common Stock and the Purchaser Public Warrants.

Section 5.06 <u>No Solicitation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 purposes of this Agreement, (i) an "  ***Acquisition Proposal***" means
 any inquiry, proposal or offer, or any indication of interest in making an offer or proposal,
 from any Person or group at any time relating to an Alternative Transaction, and (ii) an
 "  ***Alternative Transaction***" means (A) with respect to the Company
 and its Affiliates, a transaction (other than the transactions contemplated by this Agreement)
 concerning the sale of (x) all or any material part of the business or assets of the Target
 Companies (other than in the ordinary course of business consistent with past practice) or
 (y) any of the shares or other equity interests or profits of the Target Companies, in any
 case, whether such transaction takes the form of a sale of shares or other equity interests,
 assets, merger, consolidation, issuance of debt securities, management Contract, joint venture
 or partnership, or otherwise and (B) with respect to the Purchaser and its Affiliates, a
 transaction (other than the transactions contemplated by this Agreement) concerning a Business
 Combination involving Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During
 the Interim Period, in order to induce the other Parties to continue to commit to expend
 management time and financial resources in furtherance of the transactions contemplated hereby,
 each Party shall not, and shall cause its Representatives to not, without the prior written
 consent of the Company and the Purchaser, directly or indirectly, (i) solicit, assist, initiate
 or facilitate the making, submission or announcement of, or intentionally encourage, any
 Acquisition Proposal, (ii) furnish any non-public information regarding such Party or its
 Affiliates or their respective businesses, operations, assets, Liabilities, financial condition,
 prospects or employees to any Person or group (other than a Party to this Agreement or their
 respective Representatives) in connection with or in response to an Acquisition Proposal,
 (iii) engage or participate in discussions or negotiations with any Person or group with
 respect to, or that could reasonably be expected to lead to, an Acquisition Proposal, (iv)
 approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any
 Acquisition Proposal, (v) negotiate or enter into any letter of intent, agreement in principle,
 acquisition agreement or other similar agreement related to any Acquisition Proposal, or
 (vi) release any third Person from, or waive any provision of, any confidentiality agreement
 to which such Party is a party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party shall notify the others as promptly as practicable (and in any event within 48 hours)
 in writing of the receipt by such Party or any of its Representatives of (i) any bona fide
 inquiries, proposals or offers, requests for information or requests for discussions or negotiations
 regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals
 or offers, requests for information or requests for discussions or negotiations that could
 be expected to result in an Acquisition Proposal, and (ii) any request for non-public information
 relating to such Party or its Affiliates in connection with any Acquisition Proposal, specifying
 in each case, the material terms and conditions thereof (including a copy thereof if in writing
 or a written summary thereof if oral) and the identity of the party making such inquiry,
 proposal, offer or request for information. Each Party shall keep the others promptly informed
 of the status of any such inquiries, proposals, offers or requests for information. During
 the Interim Period, each Party shall, and shall cause its Representatives to, immediately
 cease and cause to be terminated any solicitations, discussions or negotiations with any
 Person with respect to any Acquisition Proposal and shall, and shall direct its Representatives
 to, cease and terminate any such solicitations, discussions or negotiations.

Section 5.07 <u>No Trading.</u> The Company acknowledges and agrees that it is aware, and that the Company's Affiliates are aware (and each of their respective Representatives is aware or, upon receipt of any material nonpublic information of the Purchaser, will be advised) of the restrictions imposed by U.S. federal securities laws and the rules and regulations of the SEC and Nasdaq promulgated thereunder or otherwise (the "***Federal Securities Laws***") and other applicable foreign and domestic Laws on a Person possessing material nonpublic information about a publicly traded company. The Company hereby agrees that, while it is in possession of such material nonpublic information, it shall not purchase or sell any securities of the Purchaser (other than to engage in the Merger in accordance with this Agreement), communicate such information to any third party, take any other action with respect to the Purchaser in violation of such Laws, or cause or encourage any third party to do any of the foregoing.

Section 5.08 <u>Notification of Certain Matters.</u> During the Interim Period, each Party shall give prompt notice to the other Parties if such Party or its Affiliates: (a) fails to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it or its Affiliates hereunder in any material respect; (b) receives any notice or other communication in writing from any third party (including any Governmental Authority) alleging (i) that the Consent of such third party is or may be required in connection with the transactions contemplated by this Agreement or (ii) any non-compliance with any Law by such Party or its Affiliates; (c) receives any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; (d) discovers any fact or circumstance that, or becomes aware of the occurrence or non-occurrence of any event the occurrence or non-occurrence of which, would reasonably be expected to cause or result in any of the conditions to the Closing set forth in Article VII not being satisfied or the satisfaction of those conditions being materially delayed; or (e) becomes aware of the commencement or threat, in writing, of any Action against such Party or any of its Affiliates, or any of their respective properties or assets, or, to the Knowledge of such Party, any officer, director, partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates with respect to the consummation of the transactions contemplated by this Agreement. No such notice shall constitute an acknowledgement or admission by the Party providing the notice regarding whether or not any of the conditions to the Closing have been satisfied or in determining whether or not any of the representations, warranties or covenants contained in this Agreement have been breached.

Section 5.09 <u>Efforts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms and conditions of this Agreement, each Party shall use its commercially reasonable
 efforts, and shall cooperate fully with the other Parties, to take, or cause to be taken,
 all actions and to do, or cause to be done, all things reasonably necessary, proper or advisable
 under applicable Laws and regulations to consummate the transactions contemplated by this
 Agreement (including the receipt of all applicable Consents of Governmental Authorities)
 and to comply as promptly as practicable with all requirements of Governmental Authorities
 applicable to the transactions contemplated by this Agreement. Any filing fees (or similar
 fees) with respect to applicable Consents of Governmental Authorities shall be paid by the
 Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 furtherance and not in limitation of Section 5.09(a), to the extent required under any Laws
 that are designed to prohibit, restrict or regulate actions having the purpose or effect
 of monopolization or restraint of trade ("  ***Antitrust Laws*** "), each
 Party hereto agrees to make any required filing or application under Antitrust Laws, as applicable,
 at such Party's sole cost and expense subject to the final sentence of Section 5.09(a),
 with respect to the transactions contemplated hereby as promptly as practicable, to supply
 as promptly as reasonably practicable any additional information and documentary material
 that may be reasonably requested pursuant to Antitrust Laws and to take all other actions
 reasonably necessary, proper or advisable to cause the expiration or termination of the applicable
 waiting periods under Antitrust Laws as soon as practicable, including by requesting early
 termination of the waiting period provided for under the Antitrust Laws. Each Party shall,
 in connection with its efforts to obtain all requisite approvals and authorizations for the
 transactions contemplated by this Agreement under any Antitrust Law, use its commercially
 reasonable efforts to: (i) cooperate in all respects with each other Party or its Affiliates
 in connection with any filing or submission and in connection with any investigation or other
 inquiry, including any proceeding initiated by a private Person; (ii) keep the other Parties
 reasonably informed of any communication received by such Party or its Representatives from,
 or given by such Party or its Representatives to, any Governmental Authority and of any communication
 received or given in connection with any proceeding by a private Person, in each case regarding
 any of the transactions contemplated by this Agreement; (iii) permit a Representative of
 the other Parties and their respective outside counsel to review any communication given
 by it to, and consult with each other in advance of any meeting or conference with, any Governmental
 Authority or, in connection with any proceeding by a private Person, with any other Person,
 and to the extent permitted by such Governmental Authority or other Person, give a Representative
 or Representatives of the other Parties the opportunity to attend and participate in such
 meetings and conferences; (iv) in the event a Party's Representative is prohibited
 from participating in or attending any meetings or conferences, the other Parties shall keep
 such Party promptly and reasonably apprised with respect thereto; and (v) use commercially
 reasonable efforts to cooperate in the filing of any memoranda, white papers, filings, correspondence
 or other written communications explaining or defending the transactions contemplated hereby,
 articulating any regulatory or competitive argument, and/or responding to requests or objections
 made by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 soon as reasonably practicable following the Agreement Date, the Parties shall reasonably
 cooperate with each other and use (and shall cause their respective Affiliates to use) their
 respective commercially reasonable efforts to prepare and file with Governmental Authorities
 requests for approval of the transactions contemplated by this Agreement and shall use all
 commercially reasonable efforts to have such Governmental Authorities approve the transactions
 contemplated by this Agreement. Each Party shall give prompt written notice to the other
 Parties if such Party or any of its Representatives receives any notice from such Governmental
 Authorities in connection with the transactions contemplated by this Agreement, and shall
 promptly furnish the other Parties with a copy of such Governmental Authority notice. If
 any Governmental Authority requires that a hearing or meeting be held in connection with
 its approval of the transactions contemplated hereby, whether prior to the Closing or after
 the Closing, each Party shall arrange for Representatives of such Party to be present for
 such hearing or meeting. If any objections are asserted with respect to the transactions
 contemplated by this Agreement under any applicable Law or if any Action is instituted (or
 threatened to be instituted) by any applicable Governmental Authority or any private Person
 challenging any of the transactions contemplated by this Agreement or any Ancillary Document
 as violative of any applicable Law or which would otherwise prevent, materially impede or
 materially delay the consummation of the transactions contemplated hereby or thereby, the
 Parties shall use their commercially reasonable efforts to resolve any such objections or
 Actions so as to timely permit consummation of the transactions contemplated by this Agreement
 and the Ancillary Documents, including in order to resolve such objections or Actions which,
 in any case if not resolved, could reasonably be expected to prevent, materially impede or
 materially delay the consummation of the transactions contemplated hereby or thereby. In
 the event any Action is instituted (or threatened to be instituted) by a Governmental Authority
 or private Person challenging the transactions contemplated by this Agreement, or any Ancillary
 Document, the Parties shall, and shall cause their respective Representatives to, reasonably
 cooperate with each other and use their respective commercially reasonable efforts to contest
 and resist any such Action and to have vacated, lifted, reversed or overturned any Order,
 whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents
 or restricts consummation of the transactions contemplated by this Agreement or the Ancillary
 Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior
 to the Closing, each Party shall use its commercially reasonable efforts to obtain any Consents
 of Governmental Authorities or other third Persons as may be necessary for the consummation
 by such Party or its Affiliates of the transactions contemplated by this Agreement or required
 as a result of the execution or performance of, or consummation of the transactions contemplated
 by, this Agreement by such Party or its Affiliates, and the other Parties shall provide reasonable
 cooperation in connection with such efforts.

Section 5.10 <u>Tax Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Parties shall use its commercially reasonable efforts to cause the Merger to qualify
 as a "reorganization" within the meaning of Section 368(a) of the Code. None
 of the Parties shall (and each of the Parties shall cause their respective Subsidiaries not
 to) take any action, or fail to take any action, that could reasonably be expected to cause
 the Merger to fail to qualify as a "reorganization" within the meaning of Section
 368(a) of the Code. The Parties intend to report and, except to the extent otherwise required
 by Law, shall report, for federal income tax purposes, the Merger as a "reorganization"
 within the meaning of Section 368(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in connection with the preparation and filing of the Proxy Statement, the SEC requests or
 requires a tax opinion be prepared and submitted, the Purchaser and the Company shall deliver
 to Anthony customary Tax representation letters satisfactory to counsel, dated and executed
 as of the date the Proxy Statement is declared effective by the SEC and such other date(s)
 as determined reasonably necessary by such counsel in connection with the preparation and
 filing of the Proxy Statement, and, if required, Anthony shall furnish an opinion, subject
 to customary assumptions and limitations, to the effect that the Merger should qualify as
 a "reorganization" within the meaning of Section 368(a) of the Code. Notwithstanding
 anything to the contrary in this Agreement, Loeb shall not be required to provide any opinion
 to any party regarding the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of the Parties shall (and shall cause their respective Affiliates to) cooperate fully, as
 and to the extent reasonably requested by another party, in connection with the filing of
 relevant Tax Returns, and any Tax proceeding, audit or examination. Such cooperation shall
 include the retention and (upon the other party's request) the provision (with the
 right to make copies) of records and information reasonably relevant to any Tax proceeding,
 audit or examination, making employees available on a mutually convenient basis to provide
 additional information and explanation of any material provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 Transfer Taxes incurred in connection with the Merger shall be borne and paid by the Company.
 The Parties shall cooperate in the execution and delivery of all instruments and certificates
 reasonably necessary to minimize the amount of any Transfer Taxes and to enable any of the
 foregoing to comply with any Tax Return filing requirements for such Transfer Taxes. The
 Person(s) required by applicable Law to file any necessary Tax Returns and other documentation
 with respect to any Transfer Taxes shall timely file, or shall cause to be timely filed,
 with the relevant Governmental Authority each such Tax Return and shall timely pay to the
 relevant Governmental Authority all Transfer Taxes due and payable thereon. Any costs and
 expenses incurred in connection with the filing any such Tax Return shall be borne by the
 Company.

Section 5.11 <u>Further Assurances.</u> The Parties shall further cooperate with each other and use their respective commercially reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their part under this Agreement and applicable Laws to consummate the transactions contemplated by this Agreement as soon as reasonably practicable, including preparing and filing as soon as practicable all documentation to effect all necessary notices, reports and other filings.

Section 5.12 <u>The Proxy Statement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as practicable after the date hereof, the Purchaser shall prepare with the reasonable
 assistance of the Company, and file with the SEC a Form S-4 (or other applicable form) registration
 statement and proxy statement in connection with the registration under the Securities Act
 of the Purchaser Common Stock to be issued under this Agreement as the Merger Consideration
 (as amended, the "  ***Proxy Statement***") for the purpose of soliciting
 proxies from Purchaser stockholders for the matters to be acted upon at the Purchaser Special
 Meeting and providing the Public Stockholders an opportunity in accordance with the Purchaser's
 Organizational Documents and the IPO Prospectus to have their Purchaser Common Stock redeemed
 (the "  ***Redemption***") in conjunction with the stockholder vote on
 the Purchaser Stockholder Approval Matters. The Proxy Statement shall include proxy materials
 for the purpose of soliciting proxies from Purchaser stockholders to vote at a special meeting
 of the Purchaser stockholders to be called and held for such purpose (the "  ***Purchaser Special Meeting*** "), in favor of resolutions approving (i) the adoption and approval
 of this Agreement and the transactions contemplated hereby or referred to herein, including
 the Merger, by the holders of the Purchaser Common Stock in accordance with the Purchaser's
 Organizational Documents, the Securities Act, the DGCL and the rules and regulations of the
 SEC and Nasdaq, (ii) the adoption and approval of the Amended Purchaser Certificate of Incorporation,
 including the change of name of the Purchaser, (iii) adoption and approval of a new equity
 incentive plan in form and substance reasonably acceptable to the Parties (the "  ***Incentive Plan*** "), and which will provide for awards for a number of shares of the Purchaser
 Common Stock equal (A) fifteen percent (15%) of the aggregate number of shares of the Purchaser
 Common Stock issued and outstanding immediately after the Closing (giving effect to the Redemption),
 (vi) the appointment of the members of the Post-Closing Purchaser Board in accordance with
 Section 5.17, (v) such other matters as the Company and Purchaser shall hereafter mutually
 determine to be necessary or appropriate in order to effect the Merger and the other transactions
 contemplated by this Agreement (the approvals described in foregoing clauses (i) through
 (v), collectively, the "  ***Purchaser Stockholder Approval Matters*** "),
 and (vi) the adjournment of the Purchaser Special Meeting, if necessary or desirable in the
 reasonable determination of the Purchaser. If on the date for which the Purchaser Special
 Meeting is scheduled, the Purchaser has not received proxies representing a sufficient number
 of shares to obtain the Required Purchaser Stockholder Approval, whether or not a quorum
 is present, the Purchaser may make one or more successive postponements or adjournments of
 the Purchaser Special Meeting. In connection with the Proxy Statement, the Purchaser will
 file with the SEC financial and other information about the transactions contemplated by
 this Agreement in accordance with applicable Law and applicable proxy solicitation and registration
 statement rules set forth in the Purchaser's Organizational Documents, the Securities
 Act, the DGCL and the rules and regulations of the SEC and Nasdaq. The Purchaser shall cooperate
 and provide the Company (and its counsel) with a reasonable opportunity to review and comment
 on the Proxy Statement and any amendment or supplement thereto prior to filing the same with
 the SEC, and Purchaser shall consider any such comments timely made in good faith. The Company
 shall provide Purchaser with such information concerning the Target Companies and their stockholders,
 officers, directors, employees, assets, Liabilities, condition (financial or otherwise),
 business and operations that may be required or appropriate for inclusion in the Proxy Statement,
 or in any amendments or supplements thereto, which information provided by the Company shall
 be true and correct and not contain any untrue statement of a material fact or omit to state
 a material fact necessary in order to make the statements made, in light of the circumstances
 under which they were made, not materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser
 shall take any and all reasonable and necessary actions required to satisfy the requirements
 of the Securities Act, the Exchange Act and other applicable Laws in connection with the
 Proxy Statement, the Purchaser Special Meeting and the Redemption. Each of the Purchaser
 and the Company shall, and shall cause each of its Subsidiaries to, make their respective
 directors, officers and employees, upon reasonable advance notice, available to the Company,
 the Purchaser and, after the Closing, the Purchaser Representative, and their respective
 Representatives in connection with the drafting of the public filings with respect to the
 transactions contemplated by this Agreement, including the Proxy Statement, and responding
 in a timely manner to comments from the SEC. Each Party shall promptly correct any information
 provided by it for use in the Proxy Statement (and other related materials) if and to the
 extent that such information is determined to have become false or misleading in any material
 respect or as otherwise required by applicable Laws. The Purchaser shall amend or supplement
 the Proxy Statement and cause the Proxy Statement, as so amended or supplemented, to be filed
 with the SEC and to be disseminated to Purchaser stockholders, in each case as and to the
 extent required by applicable Laws and subject to the terms and conditions of this Agreement
 and the Purchaser's Organizational Documents; provided, however, that the Purchaser
 shall not amend or supplement the Proxy Statement without prior consultation with the Company
 as is reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser,
 with the assistance of the other Parties, shall promptly respond to any SEC comments on the
 Proxy Statement and shall otherwise use its commercially reasonable efforts to cause the
 Proxy Statement to "clear" comments from the SEC and become effective. The Purchaser
 shall provide the Company with copies of any written comments, and shall inform the Company
 of any material oral comments, that Purchaser or its Representatives receive from the SEC
 or its staff with respect to the Proxy Statement, the Purchaser Special Meeting and the Redemption
 promptly after the receipt of such comments and shall give the Company and its counsel a
 reasonable opportunity under the circumstances to review and comment on any proposed written
 or material oral responses to such comments, and the Purchaser shall consider any such comments
 timely made in good faith under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable following the Proxy Statement "clearing" comments from the
 SEC and becoming effective, the Purchaser shall distribute the Proxy Statement to Purchaser's
 stockholders and the Company Stockholders, and, pursuant thereto, shall call the Purchaser
 Special Meeting in accordance with the Securities Act for a date no later than thirty (30)
 days following the effectiveness of the Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser
 shall comply with all applicable Laws, any applicable rules and regulations of Nasdaq, the
 Purchaser's Organizational Documents and this Agreement in the preparation, filing
 and distribution of the Proxy Statement, any solicitation of proxies thereunder, the calling
 and holding of the Purchaser Special Meeting and the Redemption. The Purchaser shall apply
 for, and shall take commercially reasonable actions to cause, the Purchaser Common Stock
 to be issued in connection with the Merger to be approved for listing on Nasdaq as of the
 Closing.

Section 5.13 <u>Company Stockholder Meeting.</u> As promptly as practicable after the Proxy Statement has become effective, the Company will call a meeting of its stockholders or otherwise solicit written consents in order to obtain the Required Company Stockholder Approval (the "***Company Special Meeting***"), and the Company shall use its commercially reasonable efforts to solicit from the Company Stockholders proxies in favor of the Required Company Stockholder Approval prior to such Company Special Meeting, and to take all other actions necessary or advisable to secure the Required Company Stockholder Approval, including enforcing the Voting Agreements.

Section 5.14 <u>Public Announcements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties agree that during the Interim Period no public release, filing or announcement concerning
 this Agreement or the Ancillary Documents or the transactions contemplated hereby or thereby
 shall be issued by any Party or any of their Affiliates without the prior written consent
 of the Purchaser and the Company (which consent shall not be unreasonably withheld, conditioned
 or delayed), except as such release or announcement may be required by applicable Law or
 the rules or regulations of any securities exchange, in which case the applicable Party shall
 use commercially reasonable efforts to allow the other Parties reasonable time to comment
 on, and arrange for any required filing with respect to, such release or announcement in
 advance of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties shall mutually agree upon, and as promptly as practicable after the execution of
 this Agreement (but in any event within four (4) Business Days thereafter), issue a press
 release announcing the execution of this Agreement (the "  ***Signing Press Release*** ").
 Promptly after the issuance of the Signing Press Release, the Purchaser shall file a current
 report on Form 8-K (the "  ***Signing Filing***") with the Signing Press
 Release and a description of this Agreement as required by Federal Securities Laws, which
 the Company shall review, comment upon and approve (which approval shall not be unreasonably
 withheld, conditioned or delayed) prior to filing (with the Company reviewing, commenting
 upon and approving such Signing Filing in any event no later than the third (3<sup>rd</sup>)
 Business Day after the execution of this Agreement, assuming that the Signing Filing is provided
 to the Company for its review on the date of the execution of this Agreement). The Parties
 shall mutually agree upon the Closing to issue a press release announcing the consummation
 of the transactions contemplated by this Agreement (the "  ***Closing Press Release*** ").
 Promptly after the issuance of the Closing Press Release, the Purchaser shall file a current
 report on Form 8-K (the "  ***Closing Filing***") with the Closing Press
 Release and a description of the Closing as required by Federal Securities Laws which the
 Seller Representative and the Purchaser Representative shall review, comment upon and approve
 (which approval shall not be unreasonably withheld, conditioned or delayed) prior to filing.
 In connection with the preparation of the Signing Press Release, the Signing Filing, the
 Closing Filing, the Closing Press Release, or any other report, statement, filing notice
 or application made by or on behalf of a Party to any Governmental Authority or other third
 party in connection with the transactions contemplated hereby, each Party shall, upon request
 by any other Party, furnish the Parties with all information concerning themselves, their
 respective directors, officers and equity holders, and such other matters as may be reasonably
 necessary or advisable in connection with the transactions contemplated hereby, or any other
 report, statement, filing, notice or application made by or on behalf of a Party to any third
 party and/ or any Governmental Authority in connection with the transactions contemplated
 hereby.

Section 5.15 <u>Confidential Information.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company and the Seller Representative hereby agree that during the Interim Period and, in
 the event that this Agreement is terminated in accordance with Article VIII, for a period
 of two (2) years after such termination, they shall, and shall cause their respective Representatives
 to: (i) treat and hold in strict confidence any Purchaser Confidential Information, and will
 not use for any purpose (except in connection with the consummation of the transactions contemplated
 by this Agreement or the Ancillary Documents, performing their obligations hereunder or thereunder,
 enforcing their rights hereunder or thereunder, or in furtherance of their authorized duties
 on behalf of the Purchaser or its Subsidiaries), nor directly or indirectly disclose, distribute,
 publish, disseminate or otherwise make available to any third party any of the Purchaser
 Confidential Information without the Purchaser's prior written consent; and (ii) in
 the event that the Company, the Seller Representative or any of their respective Representatives,
 during the Interim Period or, in the event that this Agreement is terminated in accordance
 with Article VIII, for a period of two (2) years after such termination, becomes legally
 compelled to disclose any Purchaser Confidential Information, (A) provide the Purchaser to
 the extent legally permitted with prompt written notice of such requirement so that the Purchaser
 or an Affiliate thereof may seek, at Purchaser's cost, a protective Order or other
 remedy or waive compliance with this Section 5.15(a), and (B) in the event that such protective
 Order or other remedy is not obtained, or the Purchaser waives compliance with this Section
 5.15(a), furnish only that portion of such Purchaser Confidential Information which is legally
 required to be provided as advised in writing by outside counsel and to exercise its commercially
 reasonable efforts to obtain assurances that confidential treatment will be accorded such
 Purchaser Confidential Information. In the event that this Agreement is terminated and the
 transactions contemplated hereby are not consummated, the Company and the Seller Representative
 shall, and shall cause their respective Representatives to, promptly deliver to the Purchaser
 or destroy (at Purchaser's election) any and all copies (in whatever form or medium)
 of the Purchaser Confidential Information and destroy all notes, memoranda, summaries, analyses,
 compilations and other writings related thereto or based thereon; provided, however, that
 the Company and the Seller Representative and their respective Representatives shall be entitled
 to keep any records required by applicable Law or bona fide record retention policies; and
 provided, further, that any Purchaser Confidential Information that is not returned or destroyed
 shall remain subject to the confidentiality obligations set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Purchaser and the Purchaser Representative hereby agrees that during the Interim Period
 and, in the event that this Agreement is terminated in accordance with Article VIII, for
 a period of two (2) years after such termination, it shall, and shall cause its Representatives
 to: (i) treat and hold in strict confidence any Company Confidential Information, and will
 not use for any purpose (except in connection with the consummation of the transactions contemplated
 by this Agreement or the Ancillary Documents, performing its obligations hereunder or thereunder
 or enforcing its rights hereunder or thereunder), nor directly or indirectly disclose, distribute,
 publish, disseminate or otherwise make available to any third party any of the Company Confidential
 Information without the Company's prior written consent; and (ii) in the event that
 it, or any of its Representatives, during the Interim Period or, in the event that this Agreement
 is terminated in accordance with Article VIII, for a period of two (2) years after such termination,
 becomes legally compelled to disclose any Company Confidential Information, (A) provide the
 Company to the extent legally permitted with prompt written notice of such requirement so
 that the Company may seek, at the Company's sole expense, a protective Order or other
 remedy or waive compliance with this Section 5.15(b) and (B) in the event that such protective
 Order or other remedy is not obtained, or the Company waives compliance with this Section
 5.15(b), furnish only that portion of such Company Confidential Information which is legally
 required to be provided as advised in writing by outside counsel and to exercise its commercially
 reasonable efforts to obtain assurances that confidential treatment will be accorded such
 Company Confidential Information. In the event that this Agreement is terminated and the
 transactions contemplated hereby are not consummated, the Purchaser and the Purchaser Representative
 shall, and shall cause their respective Representatives to, promptly deliver to the Company
 or destroy (at the Purchaser's election) any and all copies (in whatever form or medium)
 of Company Confidential Information and destroy all notes, memoranda, summaries, analyses,
 compilations and other writings related thereto or based thereon; provided, however, that
 the Purchaser, the Purchaser Representative and their Representatives shall be entitled to
 keep any records required by applicable Law or bona fide record retention policies; and provided,
 further, that any Company Confidential Information that is not returned or destroyed shall
 remain subject to the confidentiality obligations set forth in this Agreement. Notwithstanding
 the foregoing, the Purchaser, the Purchaser Representative and their respective Representatives
 shall be permitted to disclose any and all Company Confidential Information to the extent
 required by the Federal Securities Laws.

Section 5.16 <u>Documents and Information.</u> After the Closing Date, the Purchaser and the Company shall, and shall cause their respective Subsidiaries to, until the seventh (7<sup>th</sup>) anniversary of the Closing Date, retain all books, records and other documents pertaining to the business of the Target Companies in existence on the Closing Date and make the same available for inspection and copying by the Purchaser Representative during normal business hours of the Company and its Subsidiaries, as applicable, upon reasonable request and upon reasonable notice. No such books, records or documents shall be destroyed after the seventh (7<sup>th</sup>) anniversary of the Closing Date by the Purchaser or its Subsidiaries (including any Target Company) without first advising the Purchaser Representative in writing and giving the Purchaser Representative a reasonable opportunity to obtain possession thereof.

Section 5.17 <u>Post-Closing Board of Directors and Executive Officers.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall take all necessary action, including causing the directors of the Purchaser
 to resign, so that effective as of the Closing, the Purchaser's board of directors
 (the "  ***Post-Closing Purchaser Board***") will consist of five (5) individuals.
 Immediately after the Closing, the Parties shall take all necessary action to designate and
 appoint to the Post-Closing Purchaser Board, three (3) persons designated prior to the Closing
 by the Company, at least two (2) of whom are required to qualify as independent directors
 under Nasdaq rules; one (1) person designated prior to the Closing by Purchaser; and one
 (1) person mutually agreed on prior to the Closing by the Company and the Purchaser who is
 required to qualify as an independent director under Nasdaq rules. At or prior to the Closing,
 the Purchaser will provide each member of the Post-Closing Purchaser Board with a customary
 director indemnification agreement, in form and substance reasonably acceptable to such member
 of the Post-Closing Purchaser Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties shall take all action necessary, including causing the executive officers of the
 Purchaser to resign, so that the individuals serving as the chief executive officer and chief
 financial officer, respectively, of the Purchaser immediately after the Closing will be the
 same individuals (in the same office) as that of the Company immediately prior to the Closing
 (unless, at its sole discretion, the Company desires to appoint another qualified person
 to either such role, in which case, such other person identified by the Company shall serve
 in such role).

Section 5.18 <u>Indemnification of Directors and Officers; Tail Insurance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties agree that all rights to exculpation, indemnification and advancement of expenses
 existing in favor of the current or former directors and officers of the Purchaser or Merger
 Sub and each Person who served as a director, officer, member, trustee or fiduciary of another
 corporation, partnership, joint venture, trust, pension or other employee benefit plan or
 enterprise at the request of the Purchaser or Merger Sub (the "  ***D&O Indemnified Persons***") as provided in their respective Organizational Documents or under
 any indemnification, employment or other similar agreements between any D&O Indemnified
 Person and the Purchaser or Merger Sub, in each case as in effect on the Agreement Date,
 shall survive the Closing and continue in full force and effect in accordance with their
 respective terms to the extent permitted by applicable Law. For a period of six (6) years
 after the Effective Time, the Purchaser shall cause the Organizational Documents of the Purchaser
 and the Surviving Corporation to contain provisions no less favorable with respect to exculpation
 and indemnification of and advancement of expenses to D&O Indemnified Persons than are
 set forth as of the Agreement Date in the Organizational Documents of the Purchaser and Merger
 Sub to the extent permitted by applicable Law. The provisions of this Section 5.18 shall
 survive the consummation of the Merger and are intended to be for the benefit of, and shall
 be enforceable by, each of the D&O Indemnified Persons and their respective heirs and
 representatives.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the benefit of the Purchaser's and Merger Sub's directors and officers, the Purchaser
 shall be permitted prior to the Effective Time to obtain, and the Surviving Corporation will
 fully pay the premium for, a "tail" insurance policy that provides coverage for
 up to a six-year period from and after the Effective Time for events occurring prior to the
 Effective Time (the "  ***D&O Tail Insurance***") that is substantially
 equivalent to and in any event not less favorable in the aggregate than the Purchaser's
 existing policy or, if substantially equivalent insurance coverage is unavailable, the best
 available coverage. If obtained, the Surviving Corporation shall maintain the D&O Tail
 Insurance in full force and effect, and continue to honor the obligations thereunder, and
 the Surviving Corporation shall timely pay or caused to be paid all premiums with respect
 to the D&O Tail Insurance.

Section 5.19 <u>Trust Account Proceeds.</u> The Parties agree that after the Closing, the funds in the Trust Account, after taking into account payments for the Redemption, shall first be used to pay (i) the Purchaser's accrued Expenses, (ii) the Purchaser's deferred Expenses (including cash amounts payable to the IPO Underwriter and any legal fees) of the IPO and (iii) any loans owed by the Purchaser to the Purchaser Representative for any Expenses (including deferred Expenses), other administrative costs and expenses incurred by or on behalf of the Purchaser or Extension Expenses and (iv) any other Liabilities of the Purchaser as of the Closing. Such Expenses, as well as any Expenses that are required to be paid by delivery of the Purchaser's securities, will be paid at the Closing. Any remaining cash will be used for working capital and general corporate purposes of the Purchaser and the Surviving Corporation. To the extent the Trust Account does not have sufficient funds to pay the amounts contemplated by this Section 5.19, such amounts will be reimbursed pursuant to Section 8.03.

Section 5.20 <u>Roadshow Presentations.</u> If requested by the Purchaser, the Company shall, and shall cause its respective Representatives to, use their respective reasonable commercial efforts to engage with investors as reasonably directed by the Purchaser (including having the Company's senior management participate in any investor meetings and roadshows as reasonably requested by the Purchaser).

Section 5.21 <u>PCAOB Financial Statements.</u> The Company shall deliver to the Purchaser true and complete copies of the audited consolidated balance sheet of the Target Companies as of December 31, 2021 and December 31, 2022, and the related audited consolidated statements of income and cash flows of the Target Companies for such years, (i) prepared in accordance with GAAP applied on a consistent basis throughout the covered periods and (ii) audited in accordance with the auditing standards of the PCAOB, together with separate audited financial statements of any Company Subsidiaries required to be included in the Proxy Statement (collectively, the "***PCAOB Audited Financials***") not later than June 30, 2023 (the "***PCAOB Delivery Deadline***").

Section 5.22 <u>Sponsor Issuance.</u> On the date that is the earlier of (a) the six (6) month anniversary of the Closing (b) the expiration of the "Founder Shares Lock-up Period" (as defined in the Insider Letter) or (c) such later date as determined by the Sponsor in its sole discretion, the Company and Purchaser agree that the Surviving Corporation shall issue to the Sponsor One Million Two Hundred Thousand (1,200,000) shares of the Purchaser Class A Common Stock for no additional consideration (the "***Sponsor Shares***"). The Sponsor Shares shall be fully registered on the date of such grant.

Section 5.23 <u>Restructuring.</u> The Parties acknowledge and agree that, as of the Agreement Date, none of the Service Companies, the Medical Corporations or the Other Entities are Subsidiaries of the Company. Promptly following the Agreement Date and prior to the Closing, the Company shall endeavor to have each of the Service Companies, the Medical Corporations and the Other Entities contributed to or exchanged with the Company or one of the other Target Companies, such that each of Service Companies and Other Entities are held by the Company or another Target Company in the percentages as set forth in Section 4.04(b) of the Company Disclosure Schedules, and that all of the interests of the Medical Corporations are transferred to one of the Service Companies or one of the Other Entities (the "***Restructuring***"). The Parties acknowledge and agree that, while the interests of the Medical Corporations shall be owned by the Company, one of the Service Companies or one of the Other Entities following the Restructuring, none of the Company, the Service Companies nor the Other Entities will have any control of the Medical Corporations following the Restructuring, and the Medical Corporations shall not be "Subsidiaries" of the Company for any purposes herein. The Parties further acknowledge and agree that the terms and conditions of the Restructuring are subject to the approval of certain regulatory authorities, including, without limitation, the Consents as set forth in Section 4.05. Notwithstanding anything herein to the contrary, the terms and conditions imposed on any of the Company, the Target Companies and the Medical Corporations by any Governmental Authority or any other Person with respect to the Restructuring shall be subject to the approval and consent of the Company in its sole discretion.

Section 5.24 <u>Confirmation Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties acknowledge and agree that, as of the Agreement Date, the Company Disclosure Schedules
 and Agreement Schedules have not been completed or delivered.

&nbsp;&nbsp;&nbsp;&nbsp;(b) By
 April 28, 2023 (the period between the Agreement Date and such date, the "  ***Confirmation Period*** "), the Purchaser shall complete its due diligence review of the Company
 and the Target Companies and the Medical Corporations.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Following
 the Agreement Date, the Company shall use its commercially reasonable efforts to complete
 the Company Disclosure Schedules and deliver them to the Purchaser by the expiration of the
 Confirmation Period. The Purchaser shall have a right to accept or reject the Company Disclosure
 Schedules, in whole or in part, in its sole discretion. In the event that the Purchaser rejects
 the Company Disclosure Schedules, in whole or in part, the Parties shall reasonably cooperate
 to come to final agreement on the Company Disclosure Schedules and the form and substance
 thereof and, if and when the Parties do so come to such agreement, the Company Disclosure
 Schedules shall be deemed delivered hereunder, and shall be deemed effective as of the Agreement
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During
 the Confirmation Period, the Parties reasonably cooperate to come to agreement on the Agreement
 Schedules, provided that each Party shall have the right to agree or not agree on form and
 substance of such Agreement Schedules, each in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Following
 the date on which (i) the Company Disclosure Schedules have been agreed to as set forth in
 Section 5.24(c); and (i) the Agreement Schedules have been agreed to as set forth in Section
 5.24(d), the Parties shall reasonably cooperate during any remainder of the Confirmation
 Period to agree on any modifications or amendments requested by any Party to this Agreement
 to the terms and conditions herein, as desired by such Party as a result of (i) the final
 form and content of the Company Disclosure Schedules; (ii) the final form and content of
 the Agreement Schedules; (iii) Purchaser's due diligence review of the Company and
 the Target Companies and the Medical Corporations during the Confirmation Period; or (iv)
 any of the Party's review and consideration of this Agreement and the terms and conditions
 herein during the Confirmation Period following their respective review and consultation
 with their respective advisors, which agreements as to such modifications or amendments may
 be given or withheld by any Party in its sole discretion. In the event that the Parties are
 able to so agree, the Parties shall amend this Agreement as required to effect such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 the event that, prior to the expiration of the Confirmation Period, (i) the Company does
 not deliver the Company Disclosure Schedules to the Purchaser or the Parties are unable to
 agree on the form and substance of the Company Disclosure Schedules; (ii) the Parties are
 unable to agree on the form and substance of the Agreement Schedules; (iii) the Purchaser
 does not receive sufficient due diligence materials or is otherwise materially unsatisfied
 with the results of its due diligence investigation and examination of the Company, the Subsidiaries
 or the Medical Corporations, in its reasonable discretion; or (iii) the Parties are unable
 to agree on any amendments or modifications to this Agreement as set forth in Section 5.24(e)
 and/or do not execute an amendment to this Agreement as required to effect thereto, then,
 for a period of two Business Days following the expiration of the Confirmation Period, the
 Purchaser shall have the right, in its sole discretion, to terminate this Agreement by dispatch
 to the Company of a notice of such election and termination, which notice and termination
 shall be deemed effective upon dispatch. In the event of a termination of this Agreement
 pursuant to the provisions of this Section 5.24(f) or the provisions of Section 5.24(g),
 the Purchaser shall have no liability to the Company or any of its Affiliates for any failure
 of the representations and warranties of the Purchaser as set forth in Article III to be
 true and correct between the Effective Date and such date of termination pursuant to the
 provisions of this Section 5.24(f) or Section 5.24(g).

&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 the event that, prior to the expiration of the Confirmation Period, (i) the Parties are unable
 to agree on the form and substance of the Company Disclosure Schedules; (ii) the Parties
 are unable to agree on the form and substance of the Agreement Schedules; or (iii) the Parties
 are unable to agree on any amendments or modifications to this Agreement as set forth in
 Section 5.24(e) and/or do not execute an amendment to this Agreement as required to effect
 thereto, then, for a period of two Business Days following the expiration of the Confirmation
 Period, the Company shall have the right, in its sole discretion, to terminate this Agreement
 by dispatch to the Purchaser of a notice of such election and termination, which notice and
 termination shall be deemed effective upon dispatch. In the event of a termination of this
 Agreement pursuant to the provisions of this Section 5.24(g) or the provisions of Section
 5.24(f), the Company shall have no liability to the Purchaser or any of its Affiliates for
 any failure of the representations and warranties of the Company as set forth in Article
 IV to be true and correct between the Effective Date and such date of termination pursuant
 to the provisions of this Section 5.24(g) or Section 5.24(f).

**Article VI. <u>No Survival</u>**

Section 6.01 <u>No Survival.</u> The representations and warranties of the Company and the Purchaser contained in this Agreement or in any certificate or instrument delivered by or on behalf of the Company or the Purchaser pursuant to this Agreement shall not survive the Closing, and from and after the Closing, the Company and the Purchaser and their respective Representatives shall not have any further obligations, nor shall any claim be asserted or action be brought against the Company or the Purchaser or their respective Representatives with respect thereto. The covenants and agreements made by the Company and the Purchaser in this Agreement or in any certificate or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such covenants or agreements, shall not survive the Closing, except for those covenants and agreements contained herein and therein that by their terms apply or are to be performed in whole or in part after the Closing (which such covenants shall survive the Closing and continue until fully performed in accordance with their terms).

**Article VII. <u>Closing Conditions</u>**

Section 7.01 <u>Conditions to Each Party's Obligations.</u> The obligations of each Party to consummate the Merger and the other transactions described herein shall be subject to the satisfaction or written waiver (where permissible) by the Company and the Purchaser of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Required Purchaser Stockholder Approval*. The Purchaser Stockholder Approval of Matters that are
 submitted to the vote of the stockholders of the Purchaser at the Purchaser Special Meeting
 in accordance with the Proxy Statement shall have been approved by the requisite vote of
 the stockholders of the Purchaser at the Purchaser Special Meeting in accordance with the
 Purchaser's Organizational Documents, applicable Law and the Proxy Statement (the "  ***Required Purchaser Stockholder Approval*** ").

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Required Company Stockholder Approval*. Written consents representing the requisite vote of the
 Company Stockholders (including any separate class or series vote that is required, whether
 pursuant to the Company's Organizational Documents, any stockholder agreement or otherwise)
 shall have been obtained, as necessary, to authorize, approve and consent to, the execution,
 delivery and performance of this Agreement and each of the Ancillary Documents to which the
 Company is or is required to be a party or bound, and the consummation of the transactions
 contemplated hereby and thereby, including the Merger (the "  ***Required Company Stockholder Approval*** ").

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Antitrust Laws.* Any waiting period (and any extension thereof) applicable to the consummation of
 this Agreement under any Antitrust Laws shall have expired or been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Requisite Regulatory Approvals*. All Consents required to be obtained from or made with any Governmental
 Authority in order to consummate the transactions contemplated by this Agreement shall have
 been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Requisite Consents*. The Consents required to be obtained from or made with any third Person (other
 than a Governmental Authority) in order to consummate the transactions contemplated by this
 Agreement that are set forth in Section 7.01(e) of the Agreement Schedules shall have each
 been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *No Adverse Law; Order, Terms or Conditions*. No Governmental Authority shall have enacted,
 issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent)
 or Order that is then in effect and which has the effect of making the transactions or agreements
 contemplated by this Agreement illegal or which otherwise prevents or prohibits consummation
 of the transactions contemplated by this Agreement and no Governmental Authority shall have
 imposed any terms or conditions on the Restructuring which would reasonably be expected to
 materially impact the operations of the Company, the Target Companies or the Medical Corporations
 following the completion of the Restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Net Tangible Assets Test.* Upon the Closing, after giving effect to the Redemption, the Purchaser
 shall have net tangible assets of at least $5,000,001.

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Appointment to the Board*. The members of the Post-Closing Purchaser Board shall have been elected
 or appointed as of the Closing consistent with the requirements of Section 5.17.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Proxy Statement.* The SEC shall have completed commenting on the Proxy Statement and it shall
 have been declared effective, and no stop order or similar order shall be in effect with
 respect to the Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Nasdaq Listing*. The shares of the Purchaser Common Stock issued as Merger Consideration shall
 have been approved for listing on Nasdaq, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Restructuring*.
 The Restructuring shall have been completed and the Purchaser shall have received evidence
 of such completion in form and substance reasonably satisfactory to the Purchaser.

Section 7.02 <u>Conditions to Obligations of the Company.</u> In addition to the conditions specified in Section 7.01, the obligations of the Company to consummate the Merger and the other transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by the Company) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. All of the representations and warranties of the Purchaser set forth
 in this Agreement and in any certificate delivered by or on behalf of the Purchaser pursuant
 hereto shall be true and correct on and as of the Agreement Date and on and as of the Closing
 Date as if made on the Closing Date, except for (i) those representations and warranties
 that address matters only as of a particular date (which representations and warranties shall
 have been accurate as of such date), and (ii) any failures to be true and correct that (without
 giving effect to any qualifications or limitations as to materiality or Material Adverse
 Effect), individually or in the aggregate, have not had and would not reasonably be expected
 to have a Material Adverse Effect on, or with respect to, the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agreements and Covenants*. The Purchaser shall have performed in all material respects all of the
 Purchaser's obligations and complied in all material respects with all of the Purchaser's
 agreements and covenants under this Agreement to be performed or complied with by it on or
 prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Purchaser Material Adverse Effect*. No Material Adverse Effect shall have occurred with
 respect to the Purchaser since the Agreement Date which is continuing and uncured.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Closing Deliveries.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Officer
 Certificate .
 The Purchaser shall have delivered to the Company a certificate, dated the Closing Date,
 signed by an executive officer of the Purchaser in such capacity, certifying as to the satisfaction
 of the conditions specified in Section 7.02(a), Section 7.02(b) and Section 7.02(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Secretary
 Certificate .
 The Purchaser shall have delivered to the Company a certificate from its secretary or other
 executive officer certifying as to, and attaching, (A) copies of the Purchaser's Organizational
 Documents as in effect as of the Closing Date (after giving effect to the Conversion), (B)
 the resolutions of the Purchaser's board of directors authorizing and approving the
 execution, delivery and performance of this Agreement and each of the Ancillary Documents
 to which it is a party or by which it is bound, and the consummation of the transactions
 contemplated hereby and thereby, (C) evidence that the Required Purchaser Stockholder Approval
 has been obtained and (D) the incumbency of officers authorized to execute this Agreement
 or any Ancillary Document to which the Purchaser is or is required to be a party or otherwise
 bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Good
 Standing .
 The Purchaser shall have delivered to the Company a good standing certificate (or similar
 documents applicable for such jurisdictions) for the Purchaser certified as of a date no
 earlier than thirty (30) days prior to the Closing Date from the proper Governmental Authority
 of the Purchaser's jurisdiction of organization and from each other jurisdiction in
 which the Purchaser is qualified to do business as a foreign entity as of the Closing, in
 each case to the extent that good standing certificates or similar documents are generally
 available in such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Escrow
 Agreement .
 The Company shall have received a copy of the Escrow Agreement, duly executed by the Purchaser
 and the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Registration
 Rights Agreement .
 The Company shall have received a copy of the Registration Rights Agreement, duly executed
 by the Purchaser and the persons as set forth in the Agreement Schedules, once finalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Resignations Subject
 to the requirements of Section 5.17, the Company shall have received written resignations,
 effective as of the Closing, of each of the directors and officers of the Purchaser and Merger
 Sub as requested by the Company prior to the Closing.

Section 7.03 <u>Conditions to Obligations of the Purchaser.</u> In addition to the conditions specified in Section 7.01, the obligations of the Purchaser and Merger Sub to consummate the Merger and the other transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by the Purchaser) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. All of the representations and warranties of the Company and Mr. Aikawa
 set forth in this Agreement and in any certificate delivered by or on behalf of the Company
 pursuant hereto shall be true and correct on and as of the Agreement Date and on and as of
 the Closing Date as if made on the Closing Date, except for (i) those representations and
 warranties that address matters only as of a particular date (which representations and warranties
 shall have been accurate as of such date), and (ii) any failures to be true and correct that
 (without giving effect to any qualifications or limitations as to materiality or Material
 Adverse Effect), individually or in the aggregate, have not had and would not reasonably
 be expected to have a Material Adverse Effect on, or with respect to, the Target Companies
 and the Medical Corporations, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agreements and Covenants*. The Company shall have performed in all material respects all of its obligations
 and complied in all material respects with all of its agreements and covenants under this
 Agreement to be performed or complied with by it on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Material Adverse Effect*. No Material Adverse Effect shall have occurred with respect
 to the Target Companies and the Medical Corporations taken as a whole since the Agreement
 Date which is continuing and uncured.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Closing Deliveries.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Officer
 Certificate .
 The Purchaser shall have received a certificate from the Company, dated as the Closing Date,
 signed by an executive officer of the Company in such capacity, certifying as to the satisfaction
 of the conditions specified in Section 7.03(a), Section 7.03(b) and Section 7.03(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Secretary
 Certificate .
 The Company shall have delivered to the Purchaser a certificate executed by the Company's
 secretary certifying as to the validity and effectiveness of, and attaching, (A) copies of
 the Company's Organizational Documents as in effect as of the Closing Date (immediately
 prior to the Effective Time), (B) the requisite resolutions of the Company's board
 of directors authorizing and approving the execution, delivery and performance of this Agreement
 and each Ancillary Document to which the Company is or is required to be a party or bound,
 and the consummation of the Merger and the other transactions contemplated hereby and thereby,
 and the adoption of the Surviving Corporation Organizational Documents, and recommending
 the approval and adoption of the same by the Company Stockholders, (C) evidence that the
 Required Company Stockholder Approval has been obtained and (D) the incumbency of officers
 of the Company authorized to execute this Agreement or any Ancillary Document to which the
 Company is or is required to be a party or otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Good
 Standing .
 The Company shall have delivered to the Purchaser good standing certificates (or similar
 documents applicable for such jurisdictions) for each Target Company and each Medical Corporation
 certified as of a date no earlier than thirty (30) days prior to the Closing Date from the
 proper Governmental Authority of the Target Company's or the Medical Corporation's
 jurisdiction of organization and from each other jurisdiction in which the Target Company
 or Medical Corporation is qualified to do business as a foreign corporation or other entity
 as of the Closing, in each case to the extent that good standing certificates or similar
 documents are generally available in such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Certified
 Charter .
 The Company shall have delivered to the Purchaser a copy of the Company Charter, as in effect
 as of immediately prior to the Effective Time, certified by the Secretary of State of the
 State of Delaware as of a date no more than ten (10) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Employment
 Agreements .
 The Purchaser shall have received employment agreements, in each case effective as of the
 Closing, in the form and substance reasonably acceptable to the Purchaser and the counterparty
 thereto, between each of the persons set forth in Section 7.03(d)(v) of the Agreement Schedules
 and the applicable Target Company or the Purchaser, as noted in Section 7.03(d)(v) of the
 Agreement Schedules, with each such employment agreement duly executed by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Lock-Up
 Agreement .
 The Company shall have delivered to the Purchaser copies of the Lock-up Agreement duly executed
 by the Significant Company Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-Competition
 Agreements. The
 Company shall have delivered to the Purchaser copies of the Non-Competition Agreements duly
 executed by each Significant Company Holder and the Seller Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Company
 Convertible Securities .
 The Purchaser shall have received evidence reasonably acceptable to the Purchaser that the
 Company shall have terminated, extinguished and cancelled in full any other outstanding Company
 Convertible Securities or commitments therefor, or such Company Convertible Securities which
 are options to acquire shares of Company Common Stock shall have been exchanged for options
 to acquire stock of the Purchaser as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Resignations *.* Subject to the requirements of Section 5.17, the Purchaser shall have received written
 resignations, effective as of the Closing, of each of the directors and officers of the Company
 as requested by the Purchaser prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Termination
 of Certain Contracts .
 The Purchaser shall have received evidence reasonably acceptable to the Purchaser that the
 Contracts involving the Target Companies, the Medical Corporations and/or Company Security
 Holders or other Related Persons set forth in Section 7.03(d)(x) of the Agreement Schedules
 shall have been terminated with no further obligation or Liability of the Target Company
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Escrow
 Agreement .
 The Purchaser shall have received a copy of the Escrow Agreement duly executed by the Company
 and the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Registration
 Rights Agreement .
 The Purchaser shall have received a copy of the Registration Rights Agreement, duly executed
 by the Company and persons as set forth in the Agreement Schedules, once finalized.

Section 7.04 <u>Frustration of Conditions.</u> Notwithstanding anything contained herein to the contrary, no Party may rely on the failure of any condition set forth in this Article VII to be satisfied if such failure was caused by the failure of such Party or its Affiliates (or with respect to the Company, any Target Company or Company Stockholder) failure to comply with or perform any of its covenants or obligations set forth in this Agreement.

**Article VIII. <u>TERMINATION AND EXPENSES</u>**

Section 8.01 <u>Termination.</u> This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 mutual written consent of the Purchaser and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 written notice by the Purchaser or the Company if any of the conditions to the Closing set
 forth in Article VII have not been satisfied or waived by September 30, 2023 (the "  ***Outside Date***") (provided, that if Purchaser seeks and obtains an Extension, the Purchaser
 shall have the right by providing written notice thereof to the Company to extend the Outside
 Date for up to the shortest of (i) up to one additional three (3) month period beyond the
 deadline by which it must complete its Business Combination, (ii) the period ending on the
 last date for Purchaser to consummate its Business Combination pursuant to such Extension,
 and (iii) such period as determined by Purchaser); *provided, however*, the right to
 terminate this Agreement under this Section 8.01(b) shall not be available to a Party if
 the breach or violation by such Party or its Affiliates of any representation, warranty,
 covenant or obligation under this Agreement was the cause of, or resulted in, the failure
 of the Closing to occur on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 written notice by either the Purchaser or the Company if a Governmental Authority of competent
 jurisdiction shall have issued an Order or taken any other action permanently restraining,
 enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and such
 Order or other action has become final and non-appealable; *provided, however,* that
 the right to terminate this Agreement pursuant to this Section 8.01(c) shall not be available
 to a Party if the failure by such Party or its Affiliates to comply with any provision of
 this Agreement has been a substantial cause of, or substantially resulted in, such action
 by such Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 written notice by the Company to Purchaser, if (i) there has been a material breach by the
 Purchaser of any of its representations, warranties, covenants or agreements contained in
 this Agreement, or if any representation or warranty of the Purchaser shall have become untrue
 or inaccurate, in any case, which would result in a failure of a condition set forth in Section
 7.02(a) or Section 7.02(b) to be satisfied (treating the Closing Date for such purposes as
 the Agreement Date or, if later, the date of such breach), and (ii) the breach or inaccuracy
 is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after
 written notice of such breach or inaccuracy is provided to the Purchaser or (B) the Outside
 Date; provided, that the Company shall not have the right to terminate this Agreement pursuant
 to this Section 8.01(d) if at such time the Company is in material uncured breach of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 written notice by the Purchaser to the Company, if (i) there has been a material breach by
 the Company of any of its representations, warranties, covenants or agreements contained
 in this Agreement, or if any representation or warranty of such Parties shall have become
 untrue or inaccurate, in any case, which would result in a failure of a condition set forth
 in Section 7.03(a) or Section 7.03(b) to be satisfied (treating the Closing Date for such
 purposes as the Agreement Date or, if later, the date of such breach), and (ii) the breach
 or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty
 (20) days after written notice of such breach or inaccuracy is provided to the Company or
 (B) the Outside Date; provided, that the Purchaser shall not have the right to terminate
 this Agreement pursuant to this Section 8.01(e) if at such time the Purchaser is in material
 uncured breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 written notice by the Purchaser to the Company, if there shall have been a Material Adverse
 Effect on the Target Companies and the Medical Corporations taken as a whole following the
 Agreement Date which is uncured for at least ten (10) Business Days after written notice
 of such Material Adverse Effect is provided by the Purchaser to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 written notice by the Company to the Purchaser, if there shall have been a Material Adverse
 Effect on the Purchaser following the Agreement Date which is uncured for at least ten (10)
 Business Days after written notice of such Material Adverse Effect is provided by the Company
 to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;(h) by
 written notice by either the Purchaser or the Company to the other, if the Purchaser Special
 Meeting is held (including any adjournment or postponement thereof) and has concluded, the
 Purchaser's stockholders have duly voted, and the Required Purchaser Stockholder Approval
 was not obtained or if the Required Purchaser Stockholder Approval was not obtained for any
 other reason;

&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 written notice by the Purchaser to the Company if (i) after the Company has delivered the
 PCAOB Audited Financials to the Purchaser, the Purchaser makes a determination, in its reasonable
 discretion, that the PCAOB Audited Financials differ in any material respect from the Unaudited
 Annual Financials, or (ii) the PCAOB Audited Financials are not delivered to the Purchaser
 on or before the PCAOB Delivery Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;(j) by
 the Purchaser, pursuant to the provisions of Section 5.24(f); and

&nbsp;&nbsp;&nbsp;&nbsp;(k) by
 the Company, pursuant to the provisions of Section 5.24(g).

Section 8.02 <u>Effect of Termination.</u> This Agreement may only be terminated in the circumstances described in Section 8.01 and pursuant to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for such termination, including the provision of Section 8.01 under which such termination is made. In the event of the valid termination of this Agreement pursuant to Section 8.01, this Agreement shall forthwith become void, and there shall be no Liability on the part of any Party or any of their respective Representatives, and all rights and obligations of each Party shall cease, except: (i) Section 5.14, Section 5.15, Section 8.03, Section 9.01, Article X and this Section 8.02 shall survive the termination of this Agreement, and (ii) other than as set forth herein, including in Section 5.24(f) and Section 5.24(g), nothing herein shall relieve any Party from Liability for any willful breach of any representation, warranty, covenant or obligation under this Agreement or any Fraud Claim against such Party, in either case, prior to termination of this Agreement (in each case of clauses (i) and (ii) above, subject to Section 9.01). Without limiting the foregoing, and except as provided in Section 8.03 and this Section 8.02 (but subject to Section 9.01) and subject to the right to seek injunctions, specific performance or other equitable relief in accordance with Section 10.06, the Parties' sole right prior to the Closing with respect to any breach of any representation, warranty, covenant or other agreement contained in this Agreement by another Party or with respect to the transactions contemplated by this Agreement shall be the right, if applicable, to terminate this Agreement pursuant to Section 8.01.

Section 8.03 <u>Fees and Expenses.</u> The Expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Surviving Corporation after the Closing; provided, however, that subject to Section 9.01 and Section 5.19, in the event the Closing does not occur, Expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such expenses, except (a) the Company and Purchaser shall split the payment of the Extension Expenses, with each of the Company and Purchaser paying 50% of such Extension Expenses, and (b) as set forth in the final sentence of Section 5.09(a), any filing fees (or similar fees) with respect to applicable Consents of Governmental Authorities shall be paid by the Company. As used in this Agreement, "***Expenses***" shall include all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party hereto or any of its Affiliates) incurred by a Party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution or performance of this Agreement or any Ancillary Document related hereto and all other matters related to the consummation of this Agreement.

**Article IX. <u>Waivers and Releases</u>**

Section 9.01 <u>Waiver of Claims Against Trust.</u> Reference is made to the IPO Prospectus. The Company and the Seller Representative each hereby represents and warrants that it has read the IPO Prospectus and understands that Purchaser has established the Trust Account containing the proceeds of the IPO and the overallotment shares acquired by Purchaser's underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the Purchaser's public stockholders (including overallotment shares acquired by Purchaser's underwriters) (the "***Public Stockholders***") and that, except as otherwise described in the IPO Prospectus, the Purchaser may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect to redeem their Purchaser Common Stock in connection with the consummation of its initial business combination (as such term is used in the IPO Prospectus) ("***Business Combination***") or in connection with an amendment to Purchaser's Organizational Documents to extend Purchaser's deadline to consummate a Business Combination, (b) to the Public Stockholders if the Purchaser fails to consummate a Business Combination within twelve (12) months after the closing of the IPO, subject to extension, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes, and (d) to Purchaser after or concurrently with the consummation of a Business Combination. For and in consideration of the Purchaser entering into this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Company and the Seller Representative hereby agrees on behalf of itself and its Affiliates that, notwithstanding anything to the contrary in this Agreement, none of the Company or the Seller Representative nor any of their respective Affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this Agreement or any proposed or actual business relationship between Purchaser or any of its Representatives, on the one hand, and the Company, the Seller Representative or any of their respective Representatives, on the other hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (collectively, the "***Released Claims***"). Each of the Company and the Seller Representative on behalf of itself and its Affiliates hereby irrevocably waives any Released Claims that any such Party or any of its Affiliates may have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts or agreements with Purchaser or its Representatives and will not seek recourse against the Trust Account (including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Agreement or any other agreement with Purchaser or its Affiliates). The Company and the Seller Representative each agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically relied upon by Purchaser and its Affiliates to induce Purchaser to enter in this Agreement, and each of the Company and the Seller Representative further intends and understands such waiver to be valid, binding and enforceable against such Party and each of its Affiliates under applicable Law. To the extent that the Company or the Seller Representative or any of their respective Affiliates commences any Action based upon, in connection with, relating to or arising out of any matter relating to Purchaser or its Representatives, which proceeding seeks, in whole or in part, monetary relief against Purchaser or its Representatives, each of the Company and the Seller Representative hereby acknowledges and agrees that its and its Affiliates' sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit such Party or any of its Affiliates (or any Person claiming on any of their behalf or in lieu of them) to have any claim against the Trust Account (including any distributions therefrom) or any amounts contained therein. In the event that the Company or the Seller Representative or any of their respective Affiliates commences Action based upon, in connection with, relating to or arising out of any matter relating to Purchaser or its Representatives which proceeding seeks, in whole or in part, relief against the Trust Account (including any distributions therefrom) or the Public Stockholders, whether in the form of money damages or injunctive relief, the Purchaser and its Representatives, as applicable, shall be entitled to recover from the Company, the Seller Representative (on behalf of the Company Stockholders) and their respective Affiliates, as applicable, the associated legal fees and costs in connection with any such Action, in the event Purchaser or its Representatives, as applicable, prevails in such Action. This Section 9.01 shall survive termination of this Agreement for any reason and continue indefinitely.

**Article X. <u>Miscellaneous</u>**

Section 10.01 Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by e-mail, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

---

| | |
|:---|:---|
| *If to the Purchaser or Merger Sub at or prior to the Closing, to:* | with a copy (which will not constitute notice) to: |
| Pono Capital Two, Inc.<br> 643 Ilalo Street<br> Honolulu, Hawaii 96813<br> Attn: Darryl Nakamoto<br> Telephone No.:<br> E-mail: | Loeb & Loeb LLP<br> 345 Park Avenue<br> New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail: |
| *If to the Purchaser Representative, to:* | *with a copy (which will not constitute notice) to:* |
| Mehana Capital LLC<br> 4348 Waialae Ave, #632<br> Honolulu, Hawaii 96816<br> Attn: Dustin Shindo<br> Telephone No.:<br> E-mail: | Loeb & Loeb LLP<br> 345 Park Avenue<br> New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail: |
| *If to the Company or the Surviving Corporation, to:* | *with a copy (which will not constitute notice) to:* |
| SBC Medical Group Holdings Incorporated<br> Attn: Yoshijuki Aikawa, CEO<br> 6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br> E-mail: | Anthony L.G., PLLC<br> Attn: Laura Anthony<br> 625 N. Flagler Drive, Suite 600<br> West Palm Beach, FL 33401<br> Facsimile No.: (561) 514-0832<br> Telephone No.:<br> E-mail: |
| *If to the Seller Representative to:* | *with a copy (which will not constitute notice) to:* |
| Yoshijuki Aikawa<br> 6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br> E-mail: | Anthony L.G., PLLC<br> Attn: Laura Anthony<br> 625 N. Flagler Drive, Suite 600<br> West Palm Beach, FL 33401 <br> Facsimile No.:<br> Telephone No.:<br> E-mail: |

---

---

| | |
|:---|:---|
| *If to the Purchaser after the Closing, to:* | *with copies (which will not constitute notice) to:* |
| Attn: Yoshijuki Aikawa, CEO<br> 6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br> Telephone No.:<br> E-mail:<br>and<br>the Purchaser Representative | Anthony L.G., PLLC<br> Attn: Laura Anthony<br> 625 N. Flagler Drive, Suite 600<br> West Palm Beach, FL 33401<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>and<br>Loeb & Loeb LLP<br> 345 Park Avenue<br> New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail: |

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Section 10.02 <u>Binding Effect; Assignment.</u> This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by operation of Law or otherwise without the prior written consent of the Purchaser and the Company (and after the Closing, the Purchaser Representative and the Seller Representative), and any assignment without such consent shall be null and void; *provided* that no such assignment shall relieve the assigning Party of its obligations hereunder.

Section 10.03 <u>Third Parties.</u> Except for the rights of the D&O Indemnified Persons set forth in Section 5.18, which the Parties acknowledge and agree are express third party beneficiaries of this Agreement, nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any Person that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

Section 10.04 <u>Governing Law; Jurisdiction.</u> This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of Delaware without regard to the conflict of laws principles thereof. Subject to Section 1.15, all Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in any appellate court thereof) (the "***Specified Courts***"). Subject to Section 1.15, each Party hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other Action relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable address set forth in Section 10.01. Nothing in this Section 10.04 shall affect the right of any Party to serve legal process in any other manner permitted by Law.

Section 10.05 <u>WAIVER OF JURY TRIAL.</u> EACH PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.05.

Section 10.06 <u>Specific Performance.</u> Each Party acknowledges that the rights of each Party to consummate the transactions contemplated hereby are unique, recognizes and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Parties may have not adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by an applicable Party in accordance with their specific terms or were otherwise breached. Accordingly, each Party shall be entitled to seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such Party may be entitled under this Agreement, at law or in equity.

Section 10.07 <u>Severability.</u> In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

Section 10.08 <u>Amendment.</u> This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by the Purchaser, the Company, the Purchaser Representative and the Seller Representative.

Section 10.09 <u>Waiver.</u> The Purchaser on behalf of itself and its Affiliates, the Company on behalf of itself and its Affiliates, and the Seller Representative on behalf of itself and the Company Stockholders, may in its sole discretion (i) extend the time for the performance of any obligation or other act of any other non-Affiliated Party hereto, (ii) waive any inaccuracy in the representations and warranties by such other non-Affiliated Party contained herein or in any document delivered pursuant hereto and (iii) waive compliance by such other non-Affiliated Party with any covenant or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound thereby (including by the Purchaser Representative or the Seller Representative in lieu of such Party to the extent provided in this Agreement). Notwithstanding the foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder. Notwithstanding the foregoing, any waiver of any provision of this Agreement after the Closing shall also require the prior written consent of the Purchaser Representative.

Section 10.10 <u>Entire Agreement.</u> This Agreement and the documents or instruments referred to herein, including any exhibits and schedules attached hereto, which exhibits and schedules are incorporated herein by reference, together with the Ancillary Documents, embody the entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein or the documents or instruments referred to herein, which collectively supersede all prior agreements and the understandings among the Parties with respect to the subject matter contained herein.

Section 10.11 <u>Interpretation.</u> The table of contents and the Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (a) any pronoun used shall include the corresponding masculine, feminine or neuter forms, and words in the singular, including any defined terms, include the plural and vice versa; (b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (c) any accounting term used and not otherwise defined in this Agreement or any Ancillary Document has the meaning assigned to such term in accordance with GAAP; (d) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words "without limitation"; (e) the words "herein," "hereto," and "hereby" and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement; (f) the word "if" and other words of similar import when used herein shall be deemed in each case to be followed by the phrase "and only if"; (g) the term "or" means "and/or"; (h) any reference to the term "ordinary course" or "ordinary course of business" shall be deemed in each case to be followed by the words "consistent with past practice"; (i) any agreement, instrument, insurance policy, Law or Order defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations, rules or orders) by succession of comparable successor statutes, regulations, rules or orders and references to all attachments thereto and instruments incorporated therein; (j) except as otherwise indicated, all references in this Agreement to the words "Section," "Article," "Schedule" and "Exhibit" are intended to refer to Sections, Articles, Schedules and Exhibits to this Agreement; and (k) the term "Dollars" or "$" means United States dollars. Any reference in this Agreement to a Person's directors shall include any member of such Person's governing body and any reference in this Agreement to a Person's officers shall include any Person filling a substantially similar position for such Person. Any reference in this Agreement or any Ancillary Document to a Person's stockholders or stockholders shall include any applicable owners of the equity interests of such Person, in whatever form, including with respect to the Purchaser its stockholders under the Securities Act or DGCL, as then applicable, or its Organizational Documents. The Parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. To the extent that any Contract, document, certificate or instrument is represented and warranted to by the Company to be given, delivered, provided or made available by the Company, in order for such Contract, document, certificate or instrument to have been deemed to have been given, delivered, provided and made available to the Purchaser or its Representatives, such Contract, document, certificate or instrument shall have been posted to the electronic data site maintained on behalf of the Company for the benefit of the Purchaser and its Representatives and the Purchaser and its Representatives have been given access to the electronic folders containing such information.

Section 10.12 <u>Counterparts.</u> This Agreement and each Ancillary Document may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

Section 10.13 <u>Purchaser Representative.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser, on behalf of itself and its Subsidiaries, successors and assigns, by execution
 and delivery of this Agreement, hereby irrevocably appoints Mehana Capital LLC, in the capacity
 as the Purchaser Representative, as each such Person's agent, attorney-in-fact and
 representative, with full power of substitution to act in the name, place and stead of such
 Person, to act on behalf of such Person from and after the Closing in connection with: (i)
 controlling and making any determinations with respect to the post-Closing Merger Consideration
 adjustments under Section 1.15; (ii) acting on behalf of such Person under the Escrow Agreement;
 (iii) terminating, amending or waiving on behalf of such Person any provision of this Agreement
 or any Ancillary Documents to which the Purchaser Representative is a party or otherwise
 has rights in such capacity (together with this Agreement, the "  ***Purchaser Representative Documents*** "); (iv) signing on behalf of such Person any releases or other documents
 with respect to any dispute or remedy arising under any Purchaser Representative Documents;
 (v) employing and obtaining the advice of legal counsel, accountants and other professional
 advisors as the Purchaser Representative, in its reasonable discretion, deems necessary or
 advisable in the performance of its duties as the Purchaser Representative and to rely on
 their advice and counsel; (vi) incurring and paying reasonable out-of-pocket costs and expenses,
 including fees of brokers, attorneys and accountants incurred pursuant to the transactions
 contemplated hereby, and any other reasonable out-of-pocket fees and expenses allocable or
 in any way relating to such transaction or any indemnification claim; and (vii) otherwise
 enforcing the rights and obligations of any such Persons under any Purchaser Representative
 Documents, including giving and receiving all notices and communications hereunder or thereunder
 on behalf of such Person; *provided,* that the Parties acknowledge that the Purchaser
 Representative is specifically authorized and directed to act on behalf of, and for the benefit
 of, the holders of the Purchaser Securities (other than the Company Security Holders immediately
 prior to the Effective Time and their respective successors and assigns). All decisions and
 actions by the Purchaser Representative, shall be binding upon the Purchaser and its Subsidiaries,
 successors and assigns, and neither they nor any other Party shall have the right to object,
 dissent, protest or otherwise contest the same. The provisions of this Section 10.13 are
 irrevocable and coupled with an interest. The Purchaser Representative hereby accepts its
 appointment and authorization as the Purchaser Representative under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Purchaser Representative shall not be liable for any act done or omitted under any Purchaser
 Representative Document as the Purchaser Representative while acting in good faith and without
 willful misconduct or gross negligence, and any act done or omitted pursuant to the advice
 of counsel shall be conclusive evidence of such good faith. The Purchaser shall indemnify,
 defend and hold harmless the Purchaser Representative from and against any and all losses
 incurred without gross negligence, bad faith or willful misconduct on the part of the Purchaser
 Representative (in its capacity as such) and arising out of or in connection with the acceptance
 or administration of the Purchaser Representative's duties under any Purchaser Representative
 Document, including the reasonable fees and expenses of any legal counsel retained by the
 Purchaser Representative. In no event shall the Purchaser Representative in such capacity
 be liable hereunder or in connection herewith for any indirect, punitive, special or consequential
 damages. The Purchaser Representative shall be fully protected in relying upon any written
 notice, demand, certificate or document that it in good faith believes to be genuine, including
 facsimiles or copies thereof, and no Person shall have any Liability for relying on the Purchaser
 Representative in the foregoing manner. In connection with the performance of its rights
 and obligations hereunder, the Purchaser Representative shall have the right at any time
 and from time to time to select and engage, at the cost and expense of the Purchaser, attorneys,
 accountants, investment bankers, advisors, consultants and clerical personnel and obtain
 such other professional and expert assistance, maintain such records and incur other out-of-pocket
 expenses, as the Purchaser Representative may deem necessary or appropriate from time to
 time. All of the indemnities, immunities, releases and powers granted to the Purchaser Representative
 under this Section 10.13 shall survive the Closing and continue indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Person serving as the Purchaser Representative may resign upon ten (10) days' prior
 written notice to the Purchaser and the Seller Representative, provided, that the Purchaser
 Representative appoints in writing a replacement Purchaser Representative. Each successor
 Purchaser Representative shall have all of the power, authority, rights and privileges conferred
 by this Agreement upon the original Purchaser Representative, and the term "Purchaser
 Representative" as used herein shall be deemed to include any such successor Purchaser
 Representatives.

Section 10.14 <u>Seller Representative.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Company Stockholder, by delivery of a Letter of Transmittal, on behalf of itself and its
 successors and assigns, hereby irrevocably constitutes and appoints Yoshiyuki Aikawa, in
 his capacity as the Seller Representative, as the true and lawful agent and attorney-in-fact
 of such Persons with full powers of substitution to act in the name, place and stead of thereof
 with respect to the performance on behalf of such Person under the terms and provisions of
 this Agreement and the Ancillary Documents to which the Seller Representative is a party
 or otherwise has rights in such capacity (together with this Agreement, the "  ***Seller Representative Documents*** "), as the same may be from time to time amended, and
 to do or refrain from doing all such further acts and things, and to execute all such documents
 on behalf of such Person, if any, as the Seller Representative will deem necessary or appropriate
 in connection with any of the transactions contemplated under the Seller Representative Documents,
 including: (i) controlling and making any determinations with respect to the post-Closing
 Merger Consideration adjustments under Section 1.15; (ii) acting on behalf of such Person
 under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person
 any provision of any Seller Representative Document (provided, that any such action, if material
 to the rights and obligations of the Company Stockholders in the reasonable judgment of the
 Seller Representative, will be taken in the same manner with respect to all Company Stockholders
 unless otherwise agreed by each Company Stockholder who is subject to any disparate treatment
 of a potentially material and adverse nature); (iv) signing on behalf of such Person any
 releases or other documents with respect to any dispute or remedy arising under any Seller
 Representative Document; (v) employing and obtaining the advice of legal counsel, accountants
 and other professional advisors as the Seller Representative, in its reasonable discretion,
 deems necessary or advisable in the performance of its duties as the Seller Representative
 and to rely on their advice and counsel; (vi) incurring and paying reasonable costs and expenses,
 including fees of brokers, attorneys and accountants incurred pursuant to the transactions
 contemplated hereby, and any other reasonable fees and expenses allocable or in any way relating
 to such transaction or any indemnification claim, whether incurred prior or subsequent to
 Closing; (vii) receiving all or any portion of the consideration provided to the Company
 Stockholders under this Agreement and to distribute the same to the Company Stockholders
 in accordance with their Pro Rata Share; and (viii) otherwise enforcing the rights and obligations
 of any such Persons under any Seller Representative Document, including giving and receiving
 all notices and communications hereunder or thereunder on behalf of such Person. All decisions
 and actions by the Seller Representative shall be binding upon each Company Stockholder and
 their respective successors and assigns, and neither they nor any other Party shall have
 the right to object, dissent, protest or otherwise contest the same. The provisions of this
 Section 10.14 are irrevocable and coupled with an interest. The Seller Representative hereby
 accepts its appointment and authorization as the Seller Representative under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 other Person, including the Purchaser Representative, the Purchaser and the Company may conclusively
 and absolutely rely, without inquiry, upon any actions of the Seller Representative as the
 acts of the Company Stockholders under any Seller Representative Documents. The Purchaser
 Representative, the Purchaser and the Company hall be entitled to rely conclusively on the
 instructions and decisions of the Seller Representative as to (i) any payment instructions
 provided by the Seller Representative or (ii) any other actions required or permitted to
 be taken by the Seller Representative hereunder, and no Company Stockholder shall have any
 cause of action against the Purchaser Representative, the Purchaser, the Company or any other
 Indemnified Party for any action taken by any of them in reliance upon the instructions or
 decisions of the Seller Representative. The Purchaser Representative, the Purchaser, the
 Company and the other Indemnified Parties shall not have any Liability to any Company Stockholder
 for any allocation or distribution among the Company Stockholders by the Seller Representative
 of payments made to or at the direction of the Seller Representative. All notices or other
 communications required to be made or delivered to a Company Stockholder under any Seller
 Representative Document shall be made to the Seller Representative for the benefit of such
 Company Stockholder, and any notices so made shall discharge in full all notice requirements
 of the other Parties or thereto to such Company Stockholder with respect thereto. All notices
 or other communications required to be made or delivered by a Company Stockholder shall be
 made by the Seller Representative (except for a notice under Section 10.14(d) of the replacement
 of the Seller Representative).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller Representative will act for the Company Stockholders on all of the matters set forth
 in this Agreement in the manner the Seller Representative believes to be in the best interest
 of the Company Stockholders, but the Seller Representative will not be responsible to the
 Company Stockholders for any losses that any Company Stockholder may suffer by reason of
 the performance by the Seller Representative of the Seller Representative's duties
 under this Agreement, other than losses arising from the bad faith, gross negligence or willful
 misconduct by the Seller Representative in the performance of its duties under this Agreement.
 From and after the Closing, the Company Stockholders shall jointly and severally indemnify,
 defend and hold the Seller Representative harmless from and against any and all losses reasonably
 incurred without gross negligence, bad faith or willful misconduct on the part of the Seller
 Representative (in its capacity as such) and arising out of or in connection with the acceptance
 or administration of the Seller Representative's duties under any Seller Representative
 Document, including the reasonable fees and expenses of any legal counsel retained by the
 Seller Representative. In no event shall the Seller Representative in such capacity be liable
 hereunder or in connection herewith for any indirect, punitive, special or consequential
 damages. The Seller Representative shall not be liable for any act done or omitted under
 any Seller Representative Document as the Seller Representative while acting in good faith
 and without willful misconduct or gross negligence, and any act done or omitted pursuant
 to the advice of counsel shall be conclusive evidence of such good faith. The Seller Representative
 shall be fully protected in relying upon any written notice, demand, certificate or document
 that it in good faith believes to be genuine, including facsimiles or copies thereof, and
 no Person shall have any Liability for relying on the Seller Representative in the foregoing
 manner. In connection with the performance of its rights and obligations hereunder, the Seller
 Representative shall have the right at any time and from time to time to select and engage,
 at the reasonable cost and expense of the Company Stockholders, attorneys, accountants, investment
 bankers, advisors, consultants and clerical personnel and obtain such other professional
 and expert assistance, maintain such records and incur other reasonable out-of-pocket expenses,
 as the Seller Representative may reasonably deem necessary or appropriate from time to time.
 All of the indemnities, immunities, releases and powers granted to the Seller Representative
 under this Section 10.14 shall survive the Closing and continue indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Seller Representative shall die, become disabled, dissolve, resign or otherwise be unable
 or unwilling to fulfill its responsibilities as representative and agent of Company Stockholders,
 then the Company Stockholders shall, within ten (10) days after such death, disability, dissolution,
 resignation or other event, appoint a successor Seller Representative (by vote or written
 consent of the Company Stockholders holding in the aggregate a Pro Rata Share in excess of
 fifty percent (50%)), and promptly thereafter (but in any event within two (2) Business Days
 after such appointment) notify the Purchaser Representative and the Purchaser in writing
 of the identity of such successor. Any such successor so appointed shall become the "Seller
 Representative" for purposes of this Agreement.

Section 10.15 <u>Legal Representation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties agree that, notwithstanding the fact that Loeb may have, prior to Closing, jointly
 represented the Purchaser, Merger Sub, the Purchaser Representative and/or the Sponsor in
 connection with this Agreement, the Ancillary Documents and the transactions contemplated
 hereby and thereby, and has also represented the Purchaser and/or its Affiliates in connection
 with matters other than the transaction that is the subject of this Agreement, Loeb will
 be permitted in the future, after Closing, to represent the Sponsor, the Purchaser Representative
 or their respective Affiliates in connection with matters in which such Persons are adverse
 to the Purchaser or any of its Affiliates, including any disputes arising out of, or related
 to, this Agreement. The Company and the Seller Representative, who are or have the right
 to be represented by independent counsel in connection with the transactions contemplated
 by this Agreement, hereby agree, in advance, to waive (and to cause their Affiliates to waive)
 any actual or potential conflict of interest that may hereafter arise in connection with
 Loeb's future representation of one or more of the Sponsor, the Purchaser Representative
 or their respective Affiliates in which the interests of such Person are adverse to the interests
 of the Purchaser, the Company and/or the Seller Representative or any of their respective
 Affiliates, including any matters that arise out of this Agreement or that are substantially
 related to this Agreement or to any prior representation by Loeb of the Purchaser, Merger
 Sub, the Sponsor, the Purchaser Representative or any of their respective Affiliates. The
 Parties acknowledge and agree that, for the purposes of the attorney-client privilege, the
 Sponsor and the Purchaser Representative shall be deemed the clients of Loeb with respect
 to the negotiation, execution and performance of this Agreement and the Ancillary Documents.
 All such communications shall remain privileged after the Closing and the privilege and the
 expectation of client confidence relating thereto shall belong solely to the Sponsor and
 the Purchaser Representative, shall be controlled by the Sponsor and the Purchaser Representative
 and shall not pass to or be claimed by Purchaser or the Surviving Corporation; *provided, further,* that nothing contained herein shall be deemed to be a waiver by the Purchaser
 or any of its Affiliates (including, after the Effective Time, the Surviving Corporation
 and its Affiliates) of any applicable privileges or protections that can or may be asserted
 to prevent disclosure of any such communications to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties agree that, notwithstanding the fact that Anthony L.G., PLLC ("  ***Anthony*** ")
 may have, prior to the Closing, jointly represented the Company and the Seller Representative
 in connection with this Agreement, the Ancillary Documents and the transactions contemplated
 hereby and thereby, and has also represented the Company and/or its Affiliates in connection
 with matters other than the transaction that is the subject of this Agreement, Anthony will
 be permitted in the future, after Closing, to represent the Seller Representative or his
 Affiliates in connection with matters in which such Persons are adverse to the Purchaser,
 the Surviving Corporation or any of its Affiliates, including any disputes arising out of,
 or related to, this Agreement. The Purchaser, Merger Sub, the Purchaser Representative and
 the Sponsor, who are or have the right to be represented by independent counsel in connection
 with the transactions contemplated by this Agreement, hereby agree, in advance, to waive
 (and to cause their Affiliates to waive) any actual or potential conflict of interest that
 may hereafter arise in connection with Anthony's future representation of one or more
 of the Seller Representative or its Affiliates in which the interests of such Person are
 adverse to the interests of the Purchaser, the Company, the Purchaser Representative, the
 Sponsor or any of their respective Affiliates, including any matters that arise out of this
 Agreement or that are substantially related to this Agreement or to any prior representation
 by Anthony of the Company, the Seller Representative or any of their respective Affiliates.
 The Parties acknowledge and agree that, for the purposes of the attorney-client privilege,
 the Seller Representative shall be deemed the client of Anthony with respect to the negotiation,
 execution and performance of this Agreement and the Ancillary Documents. All such communications
 shall remain privileged after the Closing and the privilege and the expectation of client
 confidence relating thereto shall belong solely to the Seller Representative, shall be controlled
 by the Seller Representative and shall not pass to or be claimed by the Company or the Surviving
 Corporation; *provided, further,* that nothing contained herein shall be deemed to be
 a waiver by the Company or any of its Affiliates (including, after the Effective Time, the
 Surviving Corporation and its Affiliates) of any applicable privileges or protections that
 can or may be asserted to prevent disclosure of any such communications to any third party.

**Article XI. <u>Definitions</u>**

Section 11.01 Certain Definitions. For purpose of this Agreement, the following capitalized terms have the following meanings:

"***AAA***" means the American Arbitration Association or any successor entity conducting arbitrations.

"***Accounting Principles***" means in accordance with GAAP as in effect at the date of the financial statement to which it refers or if there is no such financial statement, then as of the Closing Date, using and applying the same accounting principles, practices, procedures, policies and methods (with consistent classifications, judgments, elections, inclusions, exclusions and valuation and estimation methodologies) used and applied by the Target Companies in the preparation of the latest audited Company Financials.

"***Action***" means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint, stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or investigation, by or before any Governmental Authority.

"***Affiliate***" means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person. For the avoidance of doubt, Mehana Capital LLC shall be deemed to be an Affiliate or the Purchaser prior to the Closing

"***Ancillary Documents***" means each agreement, instrument or document attached hereto as an Exhibit, and the other agreements, certificates and instruments to be executed or delivered by any of the Parties hereto in connection with or pursuant to this Agreement.

"***Applicable Taxes***" mean such Taxes as defined in Internal Revenue Service Notice 2020-65 (and any corresponding Taxes under state or local tax Applicable Law).

"***Applicable Wages***" mean such wages as defined in Internal Revenue Service Notice 2020-65 (and any corresponding wages under state or local tax Applicable Law).

"***Benefit Plans***" of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity purchase or other equity-based compensation plan, severance or termination pay, holiday, vacation or other bonus plan or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension, or retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program, agreement or arrangement, including each "employee benefit plan" as such term is defined under Section 3(3) of ERISA, maintained or contributed to or required to be contributed to by a Person for the benefit of any employee or terminated employee of such Person, or with respect to which such Person has any Liability, whether direct or indirect, actual or contingent, whether formal or informal, and whether legally binding or not.

"***Business Day***" means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York or Tokyo, Japan are authorized to close for business, excluding as a result of "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New York and Tokyo, Japan are generally open for use by customers on such day.

"***CARES Act***" means the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116–136 (116th Cong.) (Mar. 27, 2020), together with all amendments thereto and the statutes, rules and regulations promulgated thereunder and any successor to such statutes, rules or regulations, as in effect on the date hereof.

"***Closing Company Cash***" means, as of the Reference Time, the aggregate cash and cash equivalents of the Target Company on hand or in bank accounts, including deposits in transit, minus the aggregate amount of outstanding and unpaid checks issued by or on behalf of the Target Companies as of such time.

"***Closing Net Indebtedness***" means, as of the Reference Time, (i) the aggregate amount of all Indebtedness of the Target Companies, less (ii) the Closing Company Cash, in each case of clauses (i) and (ii), on a consolidated basis and as determined in accordance with the Accounting Principles.

"***Code***" means the Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended. Reference to a specific section of the Code shall include such section and any valid treasury regulation promulgated thereunder.

"***Company Charter***" means the Certificate of Incorporation of the Company, as amended and effective under the DGCL, prior to the Effective Time.

*"**Company Common Stock**"* means the common stock, par value $0.0001 per share, of the Company.

"***Company Confidential Information***" means all confidential or proprietary documents and information concerning the Target Companies or any of their respective Representatives, furnished in connection with this Agreement or the transactions contemplated hereby; *provided, however*, that Company Confidential Information shall not include any information which, (i) at the time of disclosure by the Purchaser or its Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by the Company or its Representatives to the Purchaser or its Representatives was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person receiving such Company Confidential Information.

"***Company Convertible Securities***" means, collectively, any options, warrants or rights to subscribe for or purchase any capital stock of the Company or securities convertible into or exchangeable for, or that otherwise confer on the holder any right to acquire any capital stock of the Company.

"***Company Equity Plan***" means the SBC Medical Group Holdings Incorporated 2022 Equity Incentive Plan.

"***Company Preferred Stock***" means the preferred stock, par value $0.0001 per share, of the Company.

"***Company Product***" means each product candidate, product or platform that is being or has been researched, tested, developed, manufactured, distributed, sold, promoted, advertised or marketed by or on behalf of the Target Companies.

"***Company Securities***" means, collectively, the Company Stock and any other Company Convertible Securities.

"***Company Security Holders***" means, collectively, the holders of Company Securities.

"***Company Stock***" means any shares of the Company Common Stock and the Company Preferred Stock.

"***Company Stockholders***" means, collectively, the holders of Company Stock.

"***Consent***" means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority or any other Person.

"***Contracts***" means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order, licenses (and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and other instruments or obligations of any kind, written or oral (including any amendments and other modifications thereto).

"***Control***" of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. "Controlled," "Controlling" and "under common Control with" have correlative meanings. Without limiting the foregoing a Person (the "***Controlled Person***") shall be deemed Controlled by (a) any other Person (i) owning beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast ten percent (10%) or more of the votes for election of directors or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive ten percent (10%) or more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director, general partner, partner (other than a limited partner), manager, or member (other than a member having no management authority that is not a Person described in clause (a) above) of the Controlled Person; or (c) a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

"***Copyrights***" means any works of authorship, mask works and all copyrights therein, including all renewals and extensions, copyright registrations and applications for registration and renewal, and non-registered copyrights.

"***Dissenting Shares***" means any shares of Company Stock for which a Company Stockholder has exercised appraisal rights pursuant to DGCL.

"***Environmental Law***" means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation or restoration of the environment and natural resources (including air, water vapor, surface water, groundwater, drinking water supply, surface land, subsurface land, plant and animal life or any other natural resource), or (c) the exposure to, or the use, storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of Hazardous Materials, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 USC. Section 9601 et. seq., the Resource Conservation and Recovery Act, 42 USC. Section 6901 et. seq., the Toxic Substances Control Act, 15 USC. Section 2601 et. seq., the Federal Water Pollution Control Act, 33 USC. Section 1151 et seq., the Clean Air Act, 42 USC. Section 7401 et seq., the Federal Insecticide, Fungicide and Rodenticide Act, 7 USC. Section 111 et. seq., Occupational Safety and Health Act, 29 USC. Section 651 et. seq. (to the extent it relates to exposure to Hazardous Substances), the Asbestos Hazard Emergency Response Act, 15 USC. Section 2601 et. seq., the Safe Drinking Water Act, 42 USC. Section 300f et. seq., the Oil Pollution Act of 1990 and analogous state acts.

"***Environmental Liabilities***" means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions, losses, damages, costs, and expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any other Person or in response to any violation of Environmental Law, whether known or unknown, accrued or contingent, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to any Environmental Law, Environmental Permit, Order, or Contract with any Governmental Authority or other Person, that relates to any environmental, health or safety condition, violation of Environmental Law, or a Release or threatened Release of Hazardous Materials.

"***ERISA***" means the U.S. Employee Retirement Income Security Act of 1974, as amended and all the regulations and guidance published thereunder.

"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

"***FFCRA***" means the Families First Coronavirus Response Act, Pub. L. No. 116-127 (116th Cong.) (Mar. 18, 2020), together with all amendments thereto and the statutes, rules and regulations promulgated thereunder and any successor to such statutes, rules or regulations, as in effect on the Signing Date.

"***Fraud Claim***" means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.

"***GAAP***" means generally accepted accounting principles as in effect in the United States of America.

"***Governmental Authority***" means any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body.

"***Hazardous Material***" means any waste, gas, liquid or other substance or material that is defined, listed or designated as a "hazardous substance," "pollutant," "contaminant," "hazardous waste," "regulated substance," "hazardous chemical," or "toxic chemical" (or by any similar term) under any Environmental Law, or any other material regulated, or that could result in the imposition of Liability or responsibility, under any Environmental Law, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

"***Indebtedness***" of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money (including the outstanding principal and accrued but unpaid interest), (b) all obligations for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business), (c) any other indebtedness of such Person that is evidenced by a note, bond, debenture, credit agreement or similar instrument, (d) all obligations of such Person under leases that should be classified as capital leases in accordance with GAAP, (e) all obligations of such Person for the reimbursement of any obligor on any line or letter of credit, banker's acceptance, guarantee or similar credit transaction, in each case, that has been drawn or claimed against, (f) all obligations of such Person in respect of acceptances issued or created, (g) interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or upon the happening of a contingency, (h) all obligations secured by a Lien on any property of such Person, (i) any premiums, prepayment fees or other penalties, fees, costs or expenses associated with payment of any Indebtedness of such Person and (j) all obligation described in clauses (a) through (i) above of any other Person which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss.

"***Insider Letter***" means the letter dated August 4, 2022 to the Purchaser from the Purchaser Representative and other parties, as filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Purchaser with the SEC on August 9, 2022.

 ****

"***Intellectual Property***" means all of the following as they exist in any jurisdiction throughout the world: Patents, Trademarks, Copyrights, Trade Secrets, Internet Assets, Software and other intellectual property, and all licenses, sublicenses and other agreements or permissions related to the preceding property.

"***Internet Assets***" means any and all domain name registrations, web sites and web addresses and related rights, items and documentation related thereto, and applications for registration therefor.

"***IPO***" means the initial public offering of the Purchaser Public Units pursuant to the IPO Prospectus.

"***IPO Prospectus***" means the final prospectus of the Purchaser, dated as of August 4, 2022, and filed with the SEC on August 9, 2022 (File No. 333-265571).

"***IPO Underwriter***" means EF Hutton, a division of Benchmark Investments, LLC.

"***IRS***" means the U.S. Internal Revenue Service (or any successor Governmental Authority).

"***Knowledge***" means, with respect to (i) the Company, the actual knowledge of the officers, directors, employees, equity holders of any Target Company, after reasonable inquiry or (ii) any other Party, (A) if an entity, the actual knowledge of its directors and executive officers after reasonable inquiry, or (B) if a natural person, the actual knowledge of such Party after reasonable inquiry.

"***Law***" means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

"***Liabilities***" means any and all liabilities, Indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise, whether known or unknown, whether direct or indirect, whether matured or unmatured, whether due or to become due and whether or not required to be recorded or reflected on a balance sheet under GAAP or other applicable accounting standards), including Tax liabilities due or to become due.

"***Lien***" means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction (whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, or any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

"***Material Adverse Effect***" means, with respect to any specified Person, any fact, event, occurrence, change or effect that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business, assets, Liabilities, results of operations or condition (financial or otherwise) of such Person and its Subsidiaries, taken as a whole, or (b) the ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions contemplated by this Agreement or the Ancillary Documents to which it is a party or bound or to perform its obligations hereunder or thereunder; *provided, however*, that for purposes of clause (a) above, any changes or effects directly or indirectly attributable to, resulting from, relating to or arising out of the following (by themselves or when aggregated with any other, changes or effects) shall not be deemed to be, constitute, or be taken into account when determining whether there has or may, would or could have occurred a Material Adverse Effect: (i) general changes in the financial or securities markets or general economic or political conditions in the country or region in which such Person or any of its Subsidiaries do business; (ii) changes, conditions or effects that generally affect the industries in which such Person or any of its Subsidiaries principally operate; (iii) changes in GAAP or other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable to any industry in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts of God, terrorism, war (whether or not declared) or natural disaster, COVID and other pandemics; (v) any failure in and of itself by such Person and its Subsidiaries to meet any internal or published budgets, projections, forecasts or predictions of financial performance for any period (provided that the underlying cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent not excluded by another exception herein) and (vi) with respect to the Purchaser, the consummation and effects of the Redemption (or any redemption in connection with the Extension); *provided further, however*, that any event, occurrence, fact, condition, or change referred to in clauses (i) - (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition, or change has a disproportionate effect on such Person or any of its Subsidiaries compared to other participants in the industries in which such Person or any of its Subsidiaries primarily conducts its businesses. Notwithstanding the foregoing, with respect to the Purchaser, the amount of the Redemption (or any redemption in connection with the Extension, if any) or the failure to obtain the Required Purchaser Stockholder Approval shall not be deemed to be a Material Adverse Effect on or with respect to the Purchaser.

"***Medical Corporation"*** means each of (i) Medical Corporation Shobikai; (ii) Medical Corporation Kowakai; (iii) Medical Corporation Saijukai; (iv) Medical Corporation Aikeikai; (v) Medical Corporation Jukeikai; and (vi) Ritz Plastic Surgery Medical Corporation.

"***Merger Sub Common Stock***" means the shares of common stock, par value $0.0001 per share, of Merger Sub.

"***Nasdaq***" means the Nasdaq Capital Market.

"***Net Working Capital***" means, as of the Reference Time, (i) all current assets of the Target Companies (excluding, without duplication, Closing Company Cash), on a consolidated basis, minus (ii) all current liabilities of the Target Companies (excluding, without duplication, Indebtedness and unpaid Transaction Expenses), on a consolidated basis and as determined in accordance with the Accounting Principles; provided, that, for purposes of this definition, whether or not the following is consistent with the Accounting Principles, "current assets" will exclude any receivable from a Company Stockholder.

"***Order***" means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental Authority.

"***Organizational Documents***" means, with respect to any Person that is an entity, its certificate of incorporation or formation, bylaws, operating agreement, memorandum and articles of association or similar organizational documents, in each case, as amended.

"***Other Entities***" means each of Liesta Co, Ltd.; SBS sealane Co, Ltd.; VIXIA Inc., SBC Medical Consulting Co., Ltd.; Cell Pro Japan Co., Ltd.; Medical Payment Co., Ltd.; and Skynet Academy Co., Ltd.

"***Patents***" means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable inventions, and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions, or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are amended, modified, withdrawn, or refiled).

"***PCAOB***" means the U.S. Public Company Accounting Oversight Board (or any successor thereto).

"***Per Share Consideration***" means the quotient of (i) the Merger Consideration divided by (ii) the sum, without duplication, of the aggregate number of shares of Company Common Stock that are issued and outstanding immediately prior to the Effective Time (other than shares to be cancelled in accordance with Section 1.09) *plus*, the aggregate number of shares of Company Common Stock that are issuable upon exercise or conversion of any Company Convertible Securities that are issued and outstanding immediately prior to the Effective Time.

"***Permits***" means all federal, state, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations, exemptions, licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications, designations, ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

"***Permitted Liens***" means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not delinquent or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established with respect thereto, (b) other Liens imposed by operation of Law arising in the ordinary course of business for amounts which are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the ordinary course of business, or (v) Liens arising under this Agreement or any Ancillary Document.

"***Person***" means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership), limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

"***Personal Property***" means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible personal property.

"***Pro Rata Share***" means with respect to each Company Stockholder, a fraction expressed as a percentage equal to (i) the number of shares of Company Stock held by Company Stockholder, divided by (ii) the total issued and outstanding shares of Company Stock held by all Company Stockholders.

"***Purchaser Certificate of Incorporation***" means the Third Amended and Restated Certificate of Incorporation of Pono Capital Two, Inc.

"***Purchaser Class A Common Stock***" means the shares of Class A common stock, par value $0.0001 per share, of the Purchaser.

"***Purchaser Class B Common Stock***" means the shares of Class B common stock, par value $0.0001 per share, of the Purchaser.

"***Purchaser Common Stock***" means the shares of the Purchaser Class A Common Stock and Purchaser Class B Common Stock, collectively.

"***Purchaser Confidential Information***" means all confidential or proprietary documents and information concerning the Purchaser or any of its Representatives; *provided, however*, that Purchaser Confidential Information shall not include any information which, (i) at the time of disclosure by the Company, the Seller Representative or any of their respective Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by the Purchaser or its Representatives to the Company, the Seller Representative or any of their respective Representatives, was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person receiving such Purchaser Confidential Information. For the avoidance of doubt, from and after the Closing, the Purchaser Confidential Information will include the confidential or proprietary information of the Target Companies.

"***Purchaser Preferred Shares***" means preferred shares, par value $0.0001 per share, of the Purchaser.

"***Purchaser Private Units***" means the units issued by Purchaser in a private placement to the Sponsor at the time of the consummation of the IPO consisting of one (1) share of the Purchaser Class A Common Stock and one Purchaser Private Warrant.

"***Purchaser Private Warrants***" means one whole warrant which was included in as part of each Purchaser Private Unit, entitling the holder thereof to purchase one (1) share of the Purchaser Class A Common Stock at a purchase price of $11.50 per share.

"***Purchaser Public Units***" means the units issued in the IPO (including overallotment units acquired by Purchaser's underwriter) consisting of one (1) share of the Purchaser Class A Common Stock and one (1) Purchaser Public Warrant.

"***Purchaser Public Warrants***" means one whole warrant which was included in as part of each Purchaser Public Unit, entitling the holder thereof to purchase one (1) share of the Purchaser Class A Common Stock at a purchase price of $11.50 per share.

"***Purchaser Securities***" means the Purchaser Units, the Purchaser Common Stock, the Purchaser Preferred Shares and the Purchaser Warrants, collectively.

"***Purchaser Units***" means Purchaser Private Units and Purchaser Public Units, collectively.

"***Purchaser Warrants***" means Purchaser Private Warrants and Purchaser Public Warrants, collectively.

"***Qualified Health Plan Expenses***" has the meaning provided in section 7001 of the FFCRA.

"***Qualified Leave Wages***" means, collectively, any "qualified sick leave wages" and any "qualified family leave wages" as defined in sections 7001 and 7003 of the FFCRA.

"***Redemption Price***" means an amount equal to the price at which each share of the Purchaser Common Stock is redeemed or converted pursuant to the Redemption (as equitably adjusted for stock splits, stock dividends, combinations, recapitalizations and the like after the Closing and prior to the applicable redemption or conversion).

"***Reference Time***" means the close of business of the Company on the Closing Date (but without giving effect to the transactions contemplated by this Agreement, including any payments by Purchaser hereunder to occur at the Closing, but treating any obligations in respect of Indebtedness, Transaction Expenses or other liabilities that are contingent upon the consummation of the Closing as currently due and owing without contingency as of the Reference Time).

"***Registration Rights Agreement***" means the Registration Rights Agreement in the form of Exhibit E hereto.

"***Release***" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor or outdoor environment, or into or out of any property.

"***Remedial Action***" means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of noncompliance with Environmental Laws.

"***Representatives***" means, as to any Person, such Person's Affiliates and the respective managers, directors, officers, employees, independent contractors, consultants, advisors (including financial advisors, counsel and accountants), agents and other legal representatives of such Person or its Affiliates.

"***SEC***" means the U.S. Securities and Exchange Commission (or any successor Governmental Authority).

"***Securities Act***" means the Securities Act of 1933, as amended.

"***Service Companies"*** means each of (i) SBC Medical Group Co., Ltd.; (ii) Lange Cosmetic Co., Ltd.; and (iii) Shobikai Co., Ltd.

"***Significant Company Holder***" means any Company Stockholder who (i) is an executive officer or director of the Company or (ii) owns more than five percent (5%) of the issued and outstanding shares of the Company (treating any Company Preferred Stock on an as-converted to Company Common Stock basis).

"***Software***" means any computer software programs, including all source code, object code, and documentation related thereto and all software modules, tools and databases.

"***SOX***" means the U.S. Sarbanes-Oxley Act of 2002, as amended.

"***Sponsor***" means Mehana Capital LLC.

"***Subsidiary***" means, with respect to any Person, other than as specifically set forth herein, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated a majority of partnership, association or other business entity gains or losses or will be or control the managing director, managing member, general partner or other managing Person of such partnership, association or other business entity. A Subsidiary of a Person will also include any variable interest entity which is consolidated with such Person under applicable accounting rules.

"***Target Company***" means each of the Company and, following the Restructuring, each of the Service Companies and each of the Other Entities, as set forth in Section 4.04(b) of the Company Disclosure Schedules.

"***Target Net Working Capital Amount***" means an amount equal to $3,000,000.

"***Tax Return***" means any return, declaration, report, claim for refund, information return or other documents (including any related or supporting schedules, statements or information) filed or required to be filed in connection with the determination, assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to any Taxes.

"***Taxes***" means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp, occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an affiliated, consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for the payment of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation agreement with, or any other express or implied agreement to indemnify, any other Person.

"***Trade Secrets***" means any trade secrets, confidential business information, concepts, ideas, designs, research or development information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary rights (whether or not patentable or subject to copyright, trademark, or trade secret protection).

"***Trademarks***" means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate names (including, in each case, the goodwill associated therewith), whether registered or unregistered, and all registrations and applications for registration and renewal thereof.

"***Trading Day***" means any day on which shares of the Purchaser Common Stock are actually traded on the principal securities exchange or securities market on which the Purchaser Common Stock are then traded.

"***Transaction Expenses***" means all fees and expenses of any of the Target Companies incurred or payable as of the Closing and not paid prior to the Closing (i) in connection with the consummation of the transactions contemplated hereby, including any amounts payable to professionals (including investment bankers, brokers, finders, attorneys, accountants and other consultants and advisors) retained by or on behalf of any Target Company, (ii) any change in control bonus, transaction bonus, retention bonus, termination or severance payment or payment relating to terminated options, warrants or other equity appreciation, phantom equity, profit participation or similar rights, in any case, to be made to any current or former employee, independent contractor, director or officer of any Target Company at or after the Closing pursuant to any agreement to which any Target Company is a party prior to the Closing which become payable (including if subject to continued employment) as a result of the execution of this Agreement or the consummation of the transactions contemplated hereby and (iii) any sales, use, real property transfer, stamp, stock transfer or other similar transfer Taxes imposed on Purchaser, Merger Sub or any Target Company in connection with the Merger or the other transactions contemplated by this Agreement.

"***Transfer Taxes***" means any transfer, documentary, sales, use, real property, stamp, registration and other similar Taxes, fees and costs (including any associated penalties and interest) payable in connection with the Merger.

"***Trust Account***" means the trust account established by Purchaser with the proceeds from the IPO pursuant to the Trust Agreement in accordance with the IPO Prospectus.

"***Trust Agreement***" means that certain Investment Management Trust Agreement, dated as of August 4, 2022, as it may be amended, by and between the Purchaser and the Trustee, as well as any other agreements entered into related to or governing the Trust Account.

"***Trustee***" means Continental Stock Transfer and Trust Company, in its capacity as trustee under the Trust Agreement.

Section 11.02 Section References. The following capitalized terms, as used in this Agreement, have the respective meanings given to them in the Section as set forth below adjacent to such terms:

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| | |
|:---|:---|
| **Term** | **Section** |
| Accounts Receivable | Section 4.07(f) |
| Acquisition Proposal | Section 5.06(a) |
| Adjustment Amount | Section 1.15(d) |
| Agreement | Preamble |
| Agreement Schedules | Section 5.02(a) |
| Alternative Transaction | Section 5.06(a) |
| Amended Purchaser Certificate of Incorporation | Section 1.19 |
| Anthony | Section 10.15(b) |
| Antitrust Laws | Section 5.09(b) |
| Balance Sheet Date | Section 4.07(a) |
| Business Combination | Section 9.01 |
| Certificate of Merger | Section 1.02 |
| CFO | Section 1.15(a) |
| Closing | Section 2.01 |
| Closing Date | Section 2.01 |
| Closing Filing | Section 5.14(b) |
| Closing Press Release | Section 5.14(b) |
| Closing Statement | Section 1.15(a) |

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| | |
|:---|:---|
| Company | Preamble |
| Company Benefit Plan | Section 4.19(a) |
| Company Directors | Section 5.17(a) |
| Company Disclosure Schedules | Article IV |
| Company Financials | Section 4.07(a) |
| Company IP | Section 4.13(d) |
| Company IP Licenses | Section 4.13(a) |
| Company Material Contracts | Section 4.12(a) |
| Company Permits | Section 4.10 |
| Company Personal Property Leases | Section 4.16 |
| Company Real Property Leases | Section 4.15 |
| Company Registered IP | Section 4.13(a) |
| Controlled Person | Section 11.01 |
| Confirmation Period | Section 5.24(b) |
| Conversion | Section 1.08(a) |
| D&O Indemnified Persons | Section 5.18(a) |
| D&O Tail Insurance | Section 5.18(b) |
| DGCL | Recitals |
| Effective Time | Section 1.02 |
| Enforceability Exceptions | Section 3.02 |
| Environmental Permits | Section 4.20(a) |
| Escrow Account | Section 1.18 |
| Escrow Agent | Section 1.18 |
| Escrow Agreement | Section 1.18 |

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| | |
|:---|:---|
| Escrow Amount | Section 1.18 |
| Escrow Property | Section 1.18 |
| Escrow Shares | Section 1.18 |
| Estimated Closing Statement | Section 1.14 |
| Exchange Agent | Section 1.12(a) |
| Expenses | Section 8.03 |
| Extension | Section 5.03(a) |
| Extension Expenses | Section 5.03(b)(iv) |
| Federal Securities Laws | Section 5.07 |
| Incentive Plan | Section 5.12(a) |
| Independent Expert | Section 1.15(b) |
| Independent Expert Notice Date | Section 1.15(b) |
| Interim Period | Section 5.01(a) |
| Letter of Transmittal | Section 1.12(a) |
| Lock-Up Agreement | Recitals |
| Loeb | Section 2.01 |
| Merger | Recitals |
| Merger Consideration | Section 1.07 |
| Merger Sub | Preamble |
| Non-Competition Agreement | Recitals |
| Objection Statement | Section 1.15(b) |
| OFAC | Section 3.20(c) |
| Off-the-Shelf Software | Section 4.13(a) |
| Outbound IP License | Section 4.13(c) |

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---

| | |
|:---|:---|
| Outside Date | Section 8.01(b) |
| PCAOB Audited Financials | Section 8.01(b) |
| PCAOB Delivery Deadline | Section 8.01(b) |
| Party(ies) | Preamble |
| Post-Closing Purchaser Board | Section 5.17(a) |
| PPACA | Section 4.19(h) |
| Proxy Statement | Section 5.12(a) |
| Public Certifications | Section 3.06(a) |
| Public Stockholders | Section 9.01 |
| Purchaser | Preamble |
| Purchaser Disclosure Schedules | Article III |
| Purchaser Financials | Section 3.06(b) |
| Purchaser Material Contract | Section 3.14(a) |
| Purchaser Representative | Preamble |
| Purchaser Stockholder Approval Matters | Section 5.12(a) |
| Purchaser Special Meeting | Section 5.12(a) |
| Purchaser Support Agreement | Recitals |
| Redemption | Section 5.12(a) |
| Related Person | Section 4.21 |
| Released Claims | Section 9.01 |
| Representative Party | Section 1.15(b) |
| Required Company Stockholder Approval | Section 7.01(b) |
| Required Purchaser Stockholder Approval | Section 7.01(a) |
| Restructuring | Section 5.23 |

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---

| | |
|:---|:---|
| SEC Reports | Section 3.06(a) |
| Section 409A Plan | Section 4.19(k) |
| Seller Representative | Preamble |
| Services Agreements | Recitals |
| Signing Filing | Section 5.14(b) |
| Signing Press Release | Section 5.14(b) |
| Subscription Agreements | Recitals |
| Surviving Corporation | Section 1.01 |
| Top Customers | Section 4.24 |
| Top Suppliers | Section 4.24 |
| Transmittal Documents | Section 1.12(b) |
| Unaudited Annual Financials | Section 4.07(a) |
| Voting Agreements | Recitals |

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***{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS}***

IN WITNESS WHEREOF, each Party hereto has caused this Agreement and Plan of Merger to be signed and delivered as of the date first written above.

*<u>The Purchaser</u>:*

 

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| | |
|:---|:---|
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: | */s/ Darryl Nakamoto* |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |

---

*<u>The Purchaser Representative</u>:*

**Mehana Capital LLC**, solely in the capacity as the Purchaser Representative hereunder

---

| | |
|:---|:---|
| By: | */s/ Dustin Shindo* |
| Name: | Dustin Shindo |
| Its: | Manager |

---

*<u>Merger Sub</u>*:

**PONO TWO MERGER SUB, INC.**

---

| | |
|:---|:---|
| By: | */s/ Darryl Nakamoto* |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |

---

 

*<u>The Company</u>:*

---

| | |
|:---|:---|
| **SBC MEDICAL GROUP HOLDINGS INCORPORATED** | **SBC MEDICAL GROUP HOLDINGS INCORPORATED** |
| By: | */s/ Yoshiyuki Aikawa* |
| Name: | Yoshiyuki Aikawa |
| Title: | Chief Executive Officer |

---

 

*<u>The Seller Representative</u>:*

Yoshiyuki Aikawa, solely in the capacity as the Seller Representative hereunder

---

| | |
|:---|:---|
| By: | */s/ Yoshiyuki Aikawa* |
| Name: | Yoshiyuki Aikawa |

---

[Signature Page to Merger Agreement]

Exhibit A

Form of Voting Agreement

(Attached)

Exhibit B

Form of the Purchaser Support Agreement

(Attached)

Exhibit C

Form of Lock-Up Agreement

(Attached)

Exhibit D

Form of Non-Competition and Non-Solicitation Agreement

(Attached)

Exhibit E

Form of Registration Rights Agreement

(Attached)

## Exhibit 10.1

**Exhibit 10.1**

**<u>LOCK-UP AGREEMENT</u>**

THIS LOCK-UP AGREEMENT (this "***Agreement***") is made and entered into as of January 31, 2023, by and between (i) **Pono Capital Two, Inc.**, a Delaware corporation, which will be known after the consummation of the transactions contemplated by the Merger Agreement (as defined below) as "SBC Medical Group Holdings Incorporated" (the "***Purchaser***"), and (ii) the undersigned ("***Holder***"). Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as defined herein). Purchaser and Holder may be referred to herein individually as a "***Party***" and collectively as the "***Parties***".

**WHEREAS**, on January 31, 2023, (i) the Purchaser, (ii) Pono Two Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser (*"**Merger Sub**"),* (iii) Mehana Capital LLC, a Delaware limited liability company, (iv) Dr. Yoshiyuki Aikawa, in the capacity as the representative for the Company Stockholders, and (v) SBC Medical Group Holdings Incorporated, a Delaware corporation (the "***Company***"), entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the "***Merger Agreement***"), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity (the "***Merger***"), and as a result of which, all of the issued and outstanding capital stock of the Company, immediately prior to the consummation of the Merger (the "***Closing***"), shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the Merger Consideration, all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable provisions of the of the DGCL;

**WHEREAS**, immediately prior to the Closing, Holder is a holder of Company Stock; and

**WHEREAS**, pursuant to the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, the Parties desire to enter into this Agreement, pursuant to which the Merger Consideration, received by Holder in the Merger (all such securities, together with any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or converted, the *"**Restricted Securities**"*) shall become subject to limitations on disposition as set forth herein.

**NOW, THEREFORE**, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to be legally bound hereby, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Lock-Up Provisions</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) Holder hereby agrees not to, during the period commencing from the Closing and ending on the earliest of (x) six month anniversary of the date of the Closing, and (y) the date after the Closing on which the Purchaser consummates a liquidation, merger, capital stock exchange, reorganization or other similar transaction with an unaffiliated third party that results in all of Purchaser's stockholders having the right to exchange their shares of Purchaser Common Stock for cash, securities or other property, and (z) the date on which the closing sale price of the Purchaser Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Closing (the "***Lock-Up Period***"): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a "***Prohibited Transfer***") provided that ⅓ of such Restricted Securities shall be released from such restrictions if the closing stock price of the Purchaser common stock reaches each of $13.00, $15.00, and $17.00. The foregoing restrictions shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift, will or intestate succession upon the death of Holder, (II) to any Permitted Transferee or (III) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; provided, however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that the transferee executes and delivers to the Purchaser an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term "***Permitted Transferee***" shall mean: (1) the members of Holder's immediate family (for purposes of this Agreement, "immediate family" shall mean with respect to any natural person, any of the following: such person's spouse or domestic partner, the siblings of such person and his or her spouse or domestic partner, and the direct descendants and ascendants (including adopted and step children and parents) of such person and his or her spouses or domestic partners and siblings), (2) any trust for the direct or indirect benefit of Holder or the immediate family of Holder, (3) if Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (4) in the case of an entity, partners, members, managers, investment managers or stockholders of such entity that receive such transfer as a distribution, (5) to any affiliate of Holder, (6) any charitable foundation controlled by the undersigned, its members or stockholders or any of their respective immediate family; and (7) any transferee whereby there is no change in beneficial ownership. Holder further agrees to execute such agreements as may be reasonably requested by Purchaser that are consistent with the foregoing or that are necessary to give further effect 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) If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose. In order to enforce this <u>Section 1</u>, Purchaser may impose stop-transfer instructions with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period except in compliance with the foregoing restrictions.

&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) During the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [_], 2023, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE "ISSUER") AND THE ISSUER'S SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

&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) For the avoidance of any doubt, Holder shall retain all of its rights as a stockholder of the Purchaser during the Lock-Up Period, including the right to vote any Restricted Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</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>Binding Effect; Assignment</u>. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and may not be transferred or delegated by Holder at any time. The Purchaser may freely assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining the consent or approval of 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;(b) <u>Third Parties</u>. Nothing contained in this Agreement or in any instrument or document executed by any Party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not a Party or thereto or a successor or permitted assign of such a 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;(c) <u>Governing Law; Jurisdiction</u>. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in any appellate courts thereof) (the "***Specified Courts***"). Each Party hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any Party and (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable address set forth in <u>Section 2(f)</u>. Nothing in this <u>Section 2(c)</u> shall affect the right of any Party to serve legal process in any other manner permitted 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) <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 2(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;(e) <u>Interpretation</u>. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words "without limitation"; (iii) the words "herein," "hereto," and "hereby" and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term "or" means "and/or". The Parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision 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;(f) <u>Notices</u>. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

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|:---|:---|
| <br> *If to the Purchaser after the Closing, to:*<br>SBC Medical Group Holdings Incorporated<br> 6-5-1, NishiShinjyuku, Shinjyuku<br> Tokyo 163-1312, Japan<br> E-mail: | <br> *With copies to (which shall not constitute notice):*<br>Loeb & Loeb LLP<br> 345 Park Avenue<br> New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>and<br>Anthony L.G., PLLC<br> Attn: Laura Anthony<br> 625 N. Flagler Drive, Suite 600<br> West Palm Beach, FL 33401<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>|
| *If to Holder, to*: the address set forth below Holder's name on the signature page to this Agreement. | *If to Holder, to*: the address set forth below Holder's name on the signature page to this Agreement. |

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&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) <u>Amendments and Waivers</u>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Purchaser and Holder. No failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or 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;(h) <u>Authorization on Behalf of the Purchaser</u>. The Parties acknowledge and agree that notwithstanding anything to the contrary contained in this Agreement, any and all determinations, actions or other authorizations under this Agreement on behalf of the Purchaser, including enforcing the Purchaser's rights and remedies under this Agreement, or providing any waivers with respect to the provisions hereof, shall solely be made, taken and authorized by the Disinterested Director Majority. In the event that the Purchaser at any time does not have any Disinterested Directors, so long as Holder has any remaining obligations under this Agreement, the Purchaser will promptly appoint one in connection with this Agreement. Without limiting the foregoing, in the event that Holder or Holder's Affiliate serves as a director, officer, employee or other authorized agent of the Purchaser or any of its current or future Affiliates, Holder and/or Holder's Affiliate shall have no authority, express or implied, to act or make any determination on behalf of the Purchaser or any of its current or future Affiliates in connection with this Agreement or any dispute or Action with respect hereto.

&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>Severability</u>. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable 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;(j) <u>Specific Performance</u>. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of a breach of this Agreement by Holder, money damages will be inadequate and Purchaser will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly, the Purchaser shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which the Purchaser may be entitled under this Agreement, at law or in equity.

&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) <u>Entire Agreement</u>. This Agreement constitutes the full and entire understanding and agreement among the Parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the Parties is expressly canceled; <u>provided</u>, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the Parties under the Merger Agreement or any Ancillary Document or under the Insider Letter. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of the Purchaser or any of the obligations of Holder under any other agreement between Holder and the Purchaser or any certificate or instrument executed by Holder in favor of the Purchaser, and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of the Purchaser or any of the obligations of Holder under 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;(l) <u>Further Assurances</u>. From time to time, at another Party's request and without further consideration (but at the requesting Party's reasonable cost and expense), each Party shall execute and deliver such additional documents and take all such further action as may be reasonably necessary 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;(m) <u>Counterparts; Facsimile.</u> This Agreement may also be executed and delivered by facsimile signature or by email in portable document format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&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) <u>Effectiveness</u>. This Agreement shall be binding upon the Holder upon the Holder's execution and delivery of this Agreement, but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate and become null and void, and the Parties shall have no obligations hereunder.

***[Remainder of Page Intentionally Left Blank; Signature Pages Follow]***

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**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| ***<u>Purchaser:</u>*** | ***<u>Purchaser:</u>*** |
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: |  |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |

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***{Additional Signature on the Following Page}***

***{Signature Page to Lock-Up Agreement}***

 ****

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**IN WITNESS WHEREOF**, the parties have executed this Lock-Up Agreement as of the date first written above.

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| |
|:---|
| ***<u>Holder:</u>*** |
| By: |
| Name: |
| ***Number of Shares Company Stock:*** |

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***{Signature Page to Lock-Up Agreement}***

## Exhibit 10.2

**Exhibit 10.2**

**NON-COMPETITION AND NON-SOLICITATION AGREEMENT**

THIS NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this "***Agreement***") is being executed and delivered as of January 31, 2023, by the individual set forth on the signature page hereto (the "***Subject Party***") in favor of and for the benefit of **Pono Capital Two, Inc.**, a Delaware corporation, which will be known after the consummation of the transactions contemplated by the Merger Agreement (as defined below) as "SBC Medical Group Holdings Incorporated" (including any successor entity thereto, the "***Purchaser***"), **SBC Medical Group Holdings Incorporated**, a Delaware corporation, which will be known after the consummation of the transactions contemplated by the Merger Agreement (as defined below) as "SBC Medical Operations, Inc." (the "***Company***"), and each of the Purchaser's and/or the Company's respective Affiliates, successors and direct and indirect Subsidiaries including each of the Target Companies (as defined in the Merger Agreement) (collectively with the Purchaser and the Company, the "***Covered Parties***"). Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement. Purchaser, the Company and Subject Party may be referred to herein individually as a "***Party***" and collectively as the "***Parties***".

WHEREAS, simultaneously herewith, (i) the Purchaser, (ii) Pono Two Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser ("***Merger Sub***"), (iii) Mehana Capital LLC, a Delaware limited liability company, (iv) Dr. Yoshiyuki Aikawa, in the capacity as representative for the Company Stockholders, and (v) the Company are entering into that certain Agreement and Plan of Merger (the "***Merger Agreement***"), pursuant to which, subject to the terms and conditions thereof, the Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity (the "***Merger***"), and with the Company's stockholders receiving shares of the Purchaser's Class A Common Stock as Merger Consideration;

WHEREAS, the Company and the Target Companies are engaged in the business of operating medical care and special treatment facilities specializing in cosmetic, medical and surgical dermatology practices dedicated to cosmetic surgery, skin and beauty, infertility, dental, and orthopedics (the "***Business***");

WHEREAS, in connection with, and as a condition to the execution and delivery of the Merger Agreement and the consummation of the Merger and the other transactions contemplated thereby (the "***Transactions***"), and to enable the Purchaser to secure more fully the benefits of the Transactions, including the protection and maintenance of the goodwill and confidential information of the Company and the Target Companies, the Purchaser has required that the Subject Party enter into this Agreement;

WHEREAS, the Subject Party is entering into this Agreement in order to induce the Purchaser and Merger Sub to consummate the Transactions, pursuant to which the Subject Party will directly or indirectly receive a material benefit; and

WHEREAS, the Subject Party, as a former executive of the Company or one of its Affiliates, has contributed to the value of the Company and the Target Companies and has obtained extensive and valuable knowledge and confidential information concerning the business of the Company and the Target Companies.

NOW, THEREFORE, in order to induce the Purchaser to consummate the Transactions, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Subject Party hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Restriction on Competition.**

&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>Restriction</u>. The Subject Party hereby agrees that during the period from the Closing until the two (2) year anniversary of the Closing Date (the "***Termination Date***," and such period from the Closing until the Termination Date, the "***Restricted Period***"), the Subject Party will not, and will cause its Affiliates not to, without the prior written consent of Purchaser (which may be withheld in its sole discretion), anywhere in the United States, Japan, the European Union or in any other markets in which the Covered Parties are engaged, or are actively contemplating to become engaged, in the Business as of the Closing Date or during the Restricted Period (the "***Territory***"), directly or indirectly engage in the Business (other than through a Covered Party) or own, manage, finance or control, or participate in the ownership, management, financing or control of, or become engaged or serve as an officer, director, stockholder, member, partner, employee, agent, consultant, advisor or representative of, a business or entity (other than a Covered Party) that engages in the Business (a "***Competitor***").

&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>Acknowledgment</u>. The Subject Party acknowledges and agrees, that (i) the Subject Party possesses knowledge of confidential information of the Company, the Target Companies and the Business, (ii) the Subject Party's execution of this Agreement is a material inducement to Purchaser to consummate the Transactions and to realize the goodwill of the Company and the Target Companies, for which the Subject Party and/or its Affiliates will receive a substantial direct or indirect financial benefit, and that the Purchaser would not have entered into the Merger Agreement or consummated the Transactions but for the Subject Party's agreements set forth in this Agreement, (iii) it would impair the goodwill of the Company and the Target Companies and reduce the value of the assets of the Company and the Target Companies and cause serious and irreparable injury if the Subject Party were to use its ability and knowledge by engaging in the Business in competition with a Covered Party, and/or to otherwise breach the obligations contained herein and that the Covered Parties would not have an adequate remedy at law because of the unique nature of the Business, (iv) the Subject Party and its Affiliates have no intention of engaging in the Business (other than through the Covered Parties) during the Restricted Period, (v) the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed, and every effort has been made to limit the restrictions placed upon the Subject Party to those that are reasonable and necessary to protect the Covered Parties' legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business everywhere in the Territory and compete with other businesses that are or could be located in any part of the Territory, (vii) the foregoing restrictions on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration, (viii) the consideration provided to the Subject Party under this Agreement and the Merger Agreement is not illusory, and (ix) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Covered Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. No Solicitation; No Disparagement.**

&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>No Solicitation of Employees and Consultants</u>. The Subject Party agrees that, during the Restricted Period, the Subject Party will not, and will not permit its Affiliates to, without the prior written consent of the Purchaser (which may be withheld in its sole discretion), either on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party's duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as an employee, independent contractor, consultant or otherwise any Covered Personnel (as defined below); (ii) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing) any Covered Personnel to leave the service (whether as an employee, consultant or independent contractor) of any Covered Party; or (iii) in any way interfere with or attempt to interfere with the relationship between any Covered Personnel and any Covered Party; <u>provided</u>, <u>however</u>, the Subject Party and its Affiliates will not be deemed to have violated this <u>Section 2(a)</u> if any Covered Personnel voluntarily and independently solicits an offer of employment from the Subject Party or its Affiliate (or other Person whom any of them is acting on behalf of) by responding to a general advertisement or solicitation program conducted by or on behalf of the Subject Party or its Affiliate (or such other Person whom any of them is acting on behalf of) that is not targeted at such Covered Personnel or Covered Personnel generally, so long as such Covered Personnel is not hired. For purposes of this Agreement, "***Covered Personnel***" shall mean any Person who is or was an employee, consultant or independent contractor of the Covered Parties, as of the Closing Date, at any time during the Restricted Period and as of the relevant time of 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;(b) <u>Non-Solicitation of Customers and Suppliers</u>. The Subject Party agrees that, during the Restricted Period, the Subject Party and its Affiliates will not, without the prior written consent of the Purchaser (which may be withheld in its sole discretion), individually or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party's duties on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become, a client or customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered Customer with any Covered Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either case, with respect to or relating to the Business; (ii) knowingly interfere with or disrupt (or attempt to interfere with or disrupt) the contractual relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer relating to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any Covered Customer for products or services that are part of the Business; or (v) interfere with or disrupt (or attempt to interfere with or disrupt), any Person that was a vendor, supplier, distributor, agent or other service provider of a Covered Party at the time of such interference or disruption, for a purpose competitive with a Covered Party as it relates to the Business. For purposes of this Agreement, a "***Covered Customer***" shall mean any Person who is or was an actual customer or client (or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action to make a proposal) of a Covered Party, as of the Closing Date, at any time during the Restricted Period and as of the relevant time of 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) <u>Non-Disparagement</u>. The Subject Party agrees that from and after the Closing until the Second (2<sup>nd</sup>) anniversary of the end of the Restricted Period, the Subject Party and its Affiliates will not, directly or indirectly engage in any conduct that involves the making or publishing (including through electronic mail distribution or online social media) of any written or oral statements or remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties or their respective management, officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject to <u>Section 3</u> below, the provisions of this <u>Section 2(c)</u> shall not restrict the Subject Party from providing truthful testimony or information in response to a subpoena or investigation by a Governmental Authority or in connection with any legal action by the Subject Party against any Covered Party under this Agreement, the Merger Agreement or any other Ancillary Document that is asserted by the Subject Party in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Confidentiality.** From and after the Closing Date, the Subject Party will, and will cause its Representatives to, keep confidential and not (except, if applicable, in the performance of the Subject Party's duties on behalf of the Covered Parties) directly or indirectly use, disclose, reveal, publish, transfer or provide access to, any and all Covered Party Information without the prior written consent of the Purchaser (which may be withheld in its sole discretion). As used in this Agreement, "***Covered Party Information***" means all material and information relating to the business, affairs and assets of any Covered Party, including material and information that concerns or relates to such Covered Party's bidding and proposal, technical, computer hardware or software, administrative, management, operational, data processing, financial, marketing, sales, human resources, business development, planning and/or other business activities, regardless of whether such material and information is maintained in physical, electronic, or other form, that is: (A) gathered, compiled, generated, produced or maintained by such Covered Party through its Representatives, or provided to such Covered Party by its suppliers, service providers or customers; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service providers or customers to be kept in confidence. The obligations set forth in this <u>Section 3</u> will not apply to any Covered Party Information where the Subject Party can prove that such material or information: (i) is known or available through other lawful sources not bound by a confidentiality agreement with, or other confidentiality obligation to, any Covered Party; (ii) is or becomes publicly known through no violation of this Agreement or other non-disclosure obligation of the Subject Party or any of its Representatives; (iii) is already in the possession of the Subject Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or other confidentiality obligation as evidenced by the Subject Party's documents and records; or (iv) is required to be disclosed pursuant to an order of any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable prior written notice, (B) the Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any Covered Party to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still required, the Subject Party and its Representatives only disclose such portion of the Covered Party Information that is expressly required by such order, as it may be subsequently narrowed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Representations and Warranties.** The Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the date of this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver, and to perform all of the Subject Party's obligations under, this Agreement; and (b) neither the execution and delivery of this Agreement nor the performance of the Subject Party's obligations hereunder will result directly or indirectly in a violation or breach of any agreement or obligation by which the Subject Party is a party or otherwise bound. By entering into this Agreement, the Subject Party certifies and acknowledges that the Subject Party has carefully read all of the provisions of this Agreement, and that the Subject Party voluntarily and knowingly enters into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Remedies.** The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special, unique and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties, the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject Party agrees that, in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained in this Agreement, each applicable Covered Party will be entitled to seek the following remedies (in addition to, and not in lieu of, any other remedy at law or in equity or pursuant to the Merger Agreement or the other Ancillary Documents that may be available to the Covered Parties, including monetary damages), and a court of competent jurisdiction may award: (i) an injunction, restraining order or other equitable relief restraining or preventing such breach or threatened breach, without the necessity of proving actual damages or posting bond or security, which the Subject Party expressly waives; and (ii) recovery of the Covered Party's attorneys' fees and costs incurred in enforcing the Covered Party's rights under this Agreement. The Subject Party hereby consents to the award of any of the above remedies to the applicable Covered Party in connection with any such breach or threatened breach. The Subject Party hereby acknowledges and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement (or any other non-competition agreement with the Subject Party) under or in connection with the Merger Agreement shall not be considered a measure of, or a limit on, the damages of the Covered Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Survival of Obligations.** The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability arising from any breach by the Subject Party of this Agreement during the Restricted Period. The Subject Party further agrees that the time period during which the covenants contained in <u>Section 1</u> and <u>Section 2</u> of this Agreement will be effective will be computed by excluding from such computation any time during which the Subject Party is in violation of any provision of such Sections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Miscellaneous.**

&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>Notices</u>. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

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| | |
|:---|:---|
| <br> *If to Purchaser (or any other Covered Party), to:*<br>SBC Medical Group Holdings Incorporated<br> 6-5-1, NishiShinjyuku, Shinjyuku<br>Tokyo 163-1312, Japan<br>E-mail:<br>| <br> *with a copy (that will not constitute notice) to:* <br>Loeb & Loeb LLP<br> 345 Park Avenue<br>New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>and<br>Anthony L.G., PLLC<br>Attn: Laura Anthony<br>625 N. Flagler Drive, Suite 600<br>West Palm Beach, FL 33401<br>Facsimile No.:<br> Telephone No.:<br> E-mail:<br>|
| *If to the Subject Party, to:*<br> the address below the Subject Party's name on the signature page to this Agreement. | *If to the Subject Party, to:*<br> the address below the Subject Party's name on the signature page to this Agreement. |

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&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>Integration and Non-Exclusivity</u>. This Agreement, the Merger Agreement and the other Ancillary Documents contain the entire agreement between the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without limiting the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities of the Subject Party and its Affiliates, under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities (i) under the laws of unfair competition, misappropriation of trade secrets, or other requirements of statutory or common law, or any applicable rules and regulations and (ii) otherwise conferred by contract, including the Merger Agreement and any other written agreement between the Subject Party or its Affiliate and any of the Covered Parties. Nothing in the Merger Agreement will limit any of the obligations, liabilities, rights or remedies of the Subject Party or the Covered Parties under this Agreement, nor will any breach of the Merger Agreement or any other agreement between the Subject Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or remedy of the Covered Parties under this Agreement. If any term or condition of any other agreement between the Subject Party or its Affiliate and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive terms will control as to the Subject Party or its Affiliate, as applicable.

&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>Severability; Reformation</u>. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction, then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision or the validity, legality or enforceability of any other provision of this Agreement. The Subject Party and the Covered Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration, geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic area covered or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable. The Subject Party will, at a Covered Party's request, join such Covered Party in requesting that such court take such 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;(d) <u>Amendment; Waiver</u>. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject Party, the Purchaser and Disinterested Director Majority (or their respective permitted successors or assigns). No waiver will be effective unless it is expressly set forth in a written instrument executed by the waiving Party (and if such waiving Party is a Covered Party, the Disinterested Director Majority) and any such waiver will have no effect except in the specific instance in which it is given. Any delay or omission by a Party in exercising its rights under this Agreement, or failure to insist upon strict compliance with any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment of such right or power at any other time or times.

&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) <u>Dispute Resolution</u>. Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question occurring under, this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this <u>Section 7(e)</u>) (a "***Dispute***") shall be governed by this <u>Section 7(e)</u>. A Party must, in the first instance, provide written notice of any Disputes to the other Parties subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the Dispute. Any Dispute that is not resolved may at any time after the delivery of such notice immediately be referred to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the Commercial Arbitration Rules (the "***AAA Procedures***") of the American Arbitration Association (the "***AAA***"). Any Party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period. To the extent that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration shall be conducted by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the submission of the Dispute to the AAA and reasonably acceptable to each Party subject to the Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or her nomination and acceptance by the Parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute in accordance with the substantive law of the State of Delaware. Time is of the essence. Each Party shall submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The arbitrator shall have the power to order any Party to do, or to refrain from doing, anything consistent with this Agreement, the Ancillary Documents and applicable Law, including to perform its contractual obligation(s); <u>provided</u>, that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order) the relevant Party (or Parties, as applicable) to comply with only one or the other of the proposals. The arbitrator's award shall be in writing and shall include a reasonable explanation of the arbitrator's reason(s) for selecting one or the other proposal. The seat of arbitration shall be in New York, New York. The language of the arbitration shall be English.

&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) <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of Delaware without regard to the conflict of laws principles thereof. Subject to <u>Section 7(e)</u>, all Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in any appellate courts thereof) (the "***Specified Courts***"). Subject to <u>Section 7(e)</u>, each Party hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any Party, (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court and (c) waives any bond, surety or other security that might be required of any other Party with respect thereto. Each Party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law or in equity. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable address set forth in <u>Section 7(a)</u>. Nothing in this <u>Section 7(f)</u> shall affect the right of any Party to serve legal process in any other manner permitted by 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;(g) <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7(g)</u>. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS <u>SECTION 7(g)</u> WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

&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) <u>Successors and Assigns; Third Party Beneficiaries</u>. This Agreement will be binding upon the Subject Party and the Subject Party's estate, successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. No Covered Party may assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person without first obtaining the consent or approval of the Subject Party (which consent shall not be unreasonably withheld, conditioned or delayed). The Subject Party agrees that the obligations of the Subject Party under this Agreement are personal and will not be assigned by the Subject Party. Each of the Covered Parties are express third party beneficiaries of this Agreement and will be considered parties under and for purposes 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) <u>Disinterested Director Majority Authorized to Act on Behalf of Covered Parties</u>. The Parties acknowledge and agree that the Disinterested Director Majority is authorized and shall have the sole right to act on behalf of Purchaser and the other Covered Parties under this Agreement, including the right to enforce the Purchaser's rights and remedies under this Agreement. Without limiting the foregoing, in the event that the Subject Party serves as a director, officer, employee or other authorized agent of a Covered Party, the Subject Party shall have no authority, express or implied, to act or make any determination on behalf of a Covered Party in connection with this Agreement or any dispute or Action with respect hereto.

&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) <u>Construction</u>. The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity to be represented by counsel of the Subject Party's choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting Party will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history of this Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings and subheadings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement: (i) the words "include," "includes" and "including" when used herein shall be deemed in each case to be followed by the words "without limitation"; (ii) the definitions contained herein are applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (iv) the words "herein," "hereto," and "hereby" and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement; (v) the word "if" and other words of similar import when used herein shall be deemed in each case to be followed by the phrase "and only if"; (vi) the term "or" means "and/or"; and (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent and references to all attachments thereto and instruments incorporated 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;(k) <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same validity and enforceability as an originally signed copy.

&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) <u>Effectiveness</u>. This Agreement shall be binding upon the Subject Party upon the Subject Party's execution and delivery of this Agreement, but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate and become null and void, and the Parties shall have no obligations hereunder.

***[Remainder of Page Intentionally Left Blank; Signature Page Follows]***

 ****

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Agreement as of the date first written above.

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| |
|:---|
| ***<u>Subject Party:</u>*** |
| By: |
| ***Name:*** |
| <u>Address for Notice:</u> |
| Attn: |
| Telephone No.: |
| E-mail: |

---

***{Signature Page to Non-Competition Agreement}***

***Acknowledged and accepted as of the date first written above:***

 **

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| | |
|:---|:---|
| ***<u>The Purchaser:</u>*** | ***<u>The Purchaser:</u>*** |
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: |  |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |
| ***<u>The Company:</u>*** | ***<u>The Company:</u>*** |
| **SBC MEDICAL GROUP HOLDINGS INCORPORATED** | **SBC MEDICAL GROUP HOLDINGS INCORPORATED** |
| By: |  |
| Name: | Dr. Yoshiyuki Aikawa |
| Title: | Chief Executive Officer |

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***{Signature Page to Non-Competition Agreement}***

## Exhibit 10.3

**Exhibit 10.3**

**form of REGISTRATION RIGHTS AGREEMENT**

THIS REGISTRATION RIGHTS AGREEMENT (this "***Agreement***") is made and entered into as of [__________], 2023 by and among (i) Pono Capital Two, Inc., a Delaware corporation (the "***Purchaser***"), and (ii) and the undersigned parties listed under Investor on the signature page hereto (each such party, together with any person or entity who hereafter becomes a party to this Agreement pursuant to <u>Section 6.2</u> of this Agreement, an "***Investor***" and collectively the "***Investors***"). Each of the Purchaser and each Investor may be referred to herein individually as a "***Party***" and collectively as the "***Parties***".

**WHEREAS**, on [__________], 2023, Purchaser, Pono Two Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser ("***Merger Sub***"), Mehana Capital LLC, a Delaware limited liability company (the "***Purchaser Representative***"), SBC Medical Group Holdings Incorporated, a Delaware corporation (the "***Company***") and Dr. Yoshiyuki Aikawa ("***Seller Representative***"), entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the "***Merger Agreement***");

**WHEREAS**, pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated thereby (the "***Closing***"), among other matters, Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of Purchaser, and with the Investors, as stockholders of the Company, receiving shares of the Purchaser's Class A common stock (the "***Merger Consideration Shares***"), all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the provisions of applicable law;

**WHEREAS**, in connection with the Closing, the Investors will enter into a lock-up agreement with Purchaser and the Purchaser Representative (as amended from time to time in accordance with the terms thereof, a "***Lock-Up Agreement***"), pursuant to which the Investors will agree not to transfer the Merger Consideration Shares for a certain period of time after the Closing as stated in the Lock-Up Agreement; and

**WHEREAS**, the Parties desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of the Merger Consideration Shares received by the Investors under the Merger Agreement, including any additional Merger Consideration Shares issued after the Closing pursuant to Section 1.15 of the Merger Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS</u>. Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement. The following capitalized terms used herein have the following meanings:

"***Agreement***" means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

"***Closing***" is defined in the recitals to this Agreement.

"***Company***" is defined in the recitals to this Agreement.

"***Demand Registration***" is defined in <u>Section 2.1.1</u>.

"***Demanding Holder***" is defined in <u>Section 2.1.1</u>.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder, all as the same shall be in effect at the time.

"***Founder Registration Rights Agreement***" means that certain Registration Rights Agreement, dated as of August 4, 2022, by and among Purchaser, Purchaser Representative and certain holders listed therein.

"***Founder Securities***" means those securities included in the definition of "Registrable Security" specified in the Founder Registration Rights Agreement.

"***Indemnified Party***" is defined in <u>Section 4.3</u>.

"***Indemnifying Party***" is defined in <u>Section 4.3</u>.

"***Investors***" is defined in the preamble to this Agreement, and includes any transferee of the Registrable Securities (so long as they remain Registrable Securities) of an Investor permitted under this Agreement and the Lock-Up Agreement.

"***Investor Indemnified Party***" is defined in <u>Section 4.1</u>.

"***Lock-Up Agreement***" is defined in the recitals to this Agreement.

"***Maximum Number of Securities***" is defined in <u>Section 2.1.4</u>.

"***Merger Agreement***" is defined in the recitals to this Agreement.

"***Piggy-Back Registration***" is defined in <u>Section 2.2.1</u>.

"***Pro Rata***" is defined in <u>Section 2.1.4</u>.

"***Purchaser***" is defined in the preamble to this Agreement, and shall include Purchaser's successors by merger, acquisition, reorganization or otherwise.

"***Purchaser Common Stock***" means shares of Class A common stock, par value $0.0001 per share, of the Purchaser, and Class B common stock, par value $0.0001 per share of the Purchaser, along with any equity securities paid as dividends or distributions after the Closing with respect to such shares or into which such shares are exchanged or converted in connection with the Closing.

"***Register***," "***Registered***" and "***Registration***" mean a registration or offering effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"***Registrable Securities***" means all of the Merger Consideration Shares and shares of Purchaser Common Stock beneficially owned by the Investors, including without limitation any shares issued after the Closing pursuant to Section 1.15 of the Merger Agreement and the Sponsor Shares.. Registrable Securities also include any warrants, capital shares or other securities of Purchaser issued as a dividend, stock split or other distribution with respect to or in exchange for or in replacement of the foregoing securities or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other reorganization or other similar event with respect to the Purchaser Common Stock. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by Purchaser and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding; (d) such securities are freely saleable under Rule 144 without volume limitations; or (e) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. Notwithstanding anything to the contrary contained herein, securities shall only be "Registrable Securities" under this Agreement if they are held by an Investor or a transferee of an Investor permitted under this Agreement and the Lock-Up Agreement.

"***Registration Statement***" means a registration statement filed by Purchaser with the SEC in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity).

"***Rule 144***" means Rule 144 promulgated under the Securities Act or any successor rule thereto.

"***SEC***" means the United States Securities and Exchange Commission or any successor thereto.

"***Securities Act***" means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, all as the same shall be in effect at the time.

"***Short Form Registration***" is defined in <u>Section 2.3</u>.

"***Specified Courts***" is defined in <u>Section 6.9</u>.

"***Underwriter***" means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer's market-making activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REGISTRATION RIGHTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Demand Registration</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;2.1.1 <u>Request for Registration</u>. Subject to this <u>Section 2.1.1</u> and <u>Section 2.4</u>, at any time and from time to time after the Closing, Investors holding a majority-in-interest of the Registrable Securities then issued and outstanding may make a written demand for registration under the Securities Act of all or part of their Registrable Securities (a "***Demand Registration***"). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. Within thirty (30) days following receipt of any request for a Demand Registration, Purchaser will notify all other Investors holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes to include all or a portion of such Investor's Registrable Securities in the Demand Registration (each such Investor including shares of Registrable Securities in such registration, a "***Demanding Holder***") shall so notify Purchaser within fifteen (15) days after the receipt by the Investor of the notice from Purchaser. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to <u>Section 2.1.4</u> and the provisos set forth in <u>Section 3.1.1</u>. Purchaser shall not be obligated to effect more than an aggregate of three (3) Demand Registrations under this <u>Section 2.1.1</u> in respect of all Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Effective Registration</u>. A Registration will not count as a Demand Registration until the Registration Statement filed with the SEC with respect to such Demand Registration has been declared effective and Purchaser has complied in all material respects with its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the SEC or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue with such Registration and accordingly notify Purchaser in writing, but in no event later than five (5) days, of such election; provided, further, that Purchaser shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is 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;2.1.3 <u>Underwritten Offering</u>. If a majority-in-interest of the Demanding Holders so elect and advise Purchaser as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any Demanding Holder to include its Registrable Securities in such registration shall be conditioned upon such Demanding Holder's participation in such underwritten offering and the inclusion of such Demanding Holder's Registrable Securities in the underwritten offering to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through such underwritten offering shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwritten offering by a majority-in-interest of the Investors initiating the Demand Registration and reasonably acceptable to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 <u>Reduction of Offering</u>. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering, in good faith, advises Purchaser and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which the Demanding Holders desire to sell, taken together with all other shares of Purchaser Common Stock or other securities which Purchaser desires to sell and the shares of Purchaser Common Stock or other securities, if any, as to which Registration by Purchaser has been requested pursuant to written contractual piggy-back registration rights held by other security holders of Purchaser who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of securities, as applicable, the "***Maximum Number of Securities***"), then Purchaser shall include in such Registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders, the Sponsor Shares and the Founder Securities for the account of any Persons who have exercised demand registration rights pursuant to the Founder Registration Rights Agreement during the period under which the Demand Registration hereunder is ongoing (all pro rata in accordance with the number of securities that each applicable Person has requested be included in such registration, regardless of the number of securities held by each such Person, as long as they do not request to include more securities than they own (such proportion is referred to herein as "***Pro Rata***")) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) the Registrable Securities of Investors as to which registration has been requested pursuant to <u>Section 2.2, the Sponsor Shares</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other securities for the account of other Persons that Purchaser is obligated to register pursuant to written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities. In the event that Purchaser securities that are convertible into shares of Purchaser Common Stock are included in the offering, the calculations under this <u>Section 2.1.4</u> shall include such Purchaser securities on an as-converted to Purchaser Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 <u>Withdrawal</u>. A Demanding Holder may withdraw all or any portion of their Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the Demand Registration Statement. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice to Purchaser and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the SEC with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration in such event, then such registration shall not count as a Demand Registration provided for in <u>Section 2.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Piggy-Back Registration</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;2.2.1 <u>Piggy-Back Rights</u>. Subject to <u>Section 2.4</u>, if at any time after the Closing Purchaser proposes to file a Registration Statement under the Securities Act with respect to the Registration of or an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by Purchaser for its own account or for security holders of Purchaser for their account (or by Purchaser and by security holders of Purchaser including pursuant to <u>Section 2.1</u>), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of securities solely to Purchaser's existing security holders, (iii) for an offering of debt that is convertible into equity securities of Purchaser, or (iv) for a dividend reinvestment plan, then Purchaser shall (x) give written notice of such proposed filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date or confidential submission date, which notice shall describe the amount and type of securities to be included in such Registration or offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to Investors holding Registrable Securities in such notice the opportunity to register the sale of such number of Registrable Securities as such Investors may request in writing within five (5) days following receipt of such notice (a "***Piggy-Back Registration***"). To the extent permitted by applicable securities laws with respect to such registration by Purchaser or another demanding security holder, Purchaser shall use its commercially reasonable efforts to cause (i) such Registrable Securities to be included in such registration and (ii) the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of Purchaser and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Investors holding Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Reduction of Offering</u>. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering, in good faith, advises Purchaser and Investors holding Registrable Securities proposing to distribute their Registrable Securities through such Piggy-Back Registration in writing that the dollar amount or number of shares of Purchaser Common Stock or other Purchaser securities which Purchaser desires to sell, taken together with the shares of Purchaser Common Stock or other Purchaser securities, if any, as to which registration has been demanded pursuant to written contractual arrangements with Persons other than the Investors holding Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this <u>Section 2.2</u>, and the shares of Purchaser Common Stock or other Purchaser securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other security holders of Purchaser, exceeds the Maximum Number of Securities, then Purchaser shall include in any such registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 registration is undertaken for Purchaser's account: (i) first, the shares of Purchaser Common Stock, the Sponsor Shares or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration has been requested pursuant to this <u>Section 2.2</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 registration is a "demand" registration undertaken at the demand of Demanding Holders pursuant to <u>Section 2.1</u>: (i) first, the shares of Purchaser Common Stock or other securities for the account of the Demanding Holders, the Sponsor Shares and the Founder Securities for the account of any Persons who have exercised demand registration rights pursuant to the Founder Registration Rights Agreement during the period under which the Demand Registration hereunder is ongoing, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration has been requested pursuant to this <u>Section 2.2, the Sponsor Shares</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 registration is a "demand" registration undertaken at the demand of holders of Sponsor Shares: (i) first, the Sponsor Shares for the account of the demanding holders and the Registrable Securities for the account of Demanding Holders who have exercised demand registration rights pursuant to <u>Section</u> , Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration has been requested pursuant to this <u>Section</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the registration is a "demand" registration undertaken at the demand of holders of Founder Securities under the Founder Registration Rights Agreement: (i) first, the Founder Securities for the account of the demanding holders and the Registrable Securities for the account of Demanding Holders who have exercised demand registration rights pursuant to <u>Section 2.1</u> during the period under which the demand registration under the Founder Registration Rights Agreement is ongoing, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration has been requested pursuant to this <u>Section 2.2</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities; 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;(e) If the registration is a "demand" registration undertaken at the demand of Persons other than either Demanding Holders under <u>Section 2.1</u> or the holders of Founder Securities exercising demand registration rights under the Founder Registration Rights Agreement: (i) first, the shares of Purchaser Common Stock or other securities for the account of the demanding Persons that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) the Registrable Securities of Investors as to which registration has been requested pursuant to this <u>Section 2.2, the Sponsor Shares</u> and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities.

In the event that Purchaser securities that are convertible into shares of Purchaser Common Stock are included in the offering, the calculations under this <u>Section 2.2.2</u> shall include such Purchaser securities on an as-converted to Purchaser Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Withdrawal</u>. Any Investor holding Registrable Securities may elect to withdraw such Investor's request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to Purchaser of such request to withdraw prior to the effectiveness of the Registration Statement. Purchaser (whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement without any liability to the applicable Investor, subject to the next sentence and the provisions of <u>Section 4</u>. Notwithstanding any such withdrawal, Purchaser shall pay all expenses incurred in connection with such Piggy-Back Registration as provided in Section 3.3 (subject to the limitations set forth therein) by Investors holding Registrable Securities that requested to have their Registrable Securities included in such Piggy-Back Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Short Form Registrations</u>. After the Closing, subject to <u>Section 2.4</u>, Investors holding Registrable Securities may at any time and from time to time, request in writing that Purchaser register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such time and applicable to such Investor's Registrable Securities ("***Short Form Registration***"); provided, however, that Purchaser shall not be obligated to effect such request through an underwritten offering. Upon receipt of such written request, Purchaser will promptly give written notice of the proposed registration to all other Investors holding Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such Investors' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities, if any, of any other Investors joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from Purchaser; provided, however, that Purchaser shall not be obligated to effect any such registration pursuant to this <u>Section 2.3</u>: (i) if Short Form Registration is not available to Purchaser for such offering; or (ii) if Investors holding Registrable Securities, together with the holders of any other securities of Purchaser entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected pursuant to this <u>Section 2.3</u> shall not be counted as Demand Registrations effected pursuant to <u>Section 2.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Restriction of Offerings</u>. Notwithstanding anything to the contrary contained in this Agreement, the Investors shall not be entitled to request, and Purchaser shall not be obligated to effect, or to take any action to effect, any registration (including any Demand Registration but not including Piggy-Back Registration) pursuant to this <u>Section 2</u> with respect to any Registrable Securities that are subject to the transfer restrictions under the Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>REGISTRATION PROCEDURES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Filings; Information</u>. Whenever Purchaser is required to effect the registration of any Registrable Securities pursuant to <u>Section 2</u>, Purchaser shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 <u>Filing Registration Statement</u>. Purchaser shall use its commercially reasonable efforts to, as expeditiously as possible after receipt of a request for a Demand Registration pursuant to <u>Section 2.1</u>, prepare and file with the SEC a Registration Statement on any form for which Purchaser then qualifies or which counsel for Purchaser shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its reasonable efforts to cause such Registration Statement to become effective and use its reasonable efforts to keep it effective for the period required by <u>Section 3.1.3</u>; <u>provided</u>, <u>however</u>, that Purchaser shall have the right to defer any Demand Registration for up to sixty (60) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if Purchaser shall furnish to Investors requesting to include their Registrable Securities in such registration a certificate signed by the Chief Executive Officer, Chief Financial Officer or Chairman of Purchaser stating that, in the good faith judgment of the Board of Directors of Purchaser, it would be materially detrimental to Purchaser and its shareholders for such Registration Statement to be effected at such time or the filing would require premature disclosure of material information which is not in the interests of Purchaser to disclose at such time; provided further, however, that Purchaser shall not have the right to exercise the right set forth in the immediately preceding proviso more than twice in any 365-day period in respect of a Demand Registration 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;3.1.2 <u>Copies</u>. Purchaser shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to Investors holding Registrable Securities included in such registration, and such Investors' legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents as Investors holding Registrable Securities included in such registration or legal counsel for any such Investors may request in order to facilitate the disposition of the Registrable Securities owned by such Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 <u>Amendments and Supplements</u>. Purchaser shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable Securities cease to be Registrable Securities as defined 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;3.1.4 <u>Reporting Obligations.</u> As long as any Investors shall own Registrable Securities, the Purchaser, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Purchaser after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Investors with true and complete copies of all such filings; provided that any documents publicly filed or furnished with the SEC pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished or delivered to the Investors pursuant to this <u>Section 3.1.4</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;3.1.5 <u>Other Obligations.</u> In connection with a sale or transfer of Registrable Securities exempt from Section 5 of the Securities Act or through any broker-dealer transactions described in the plan of distribution set forth within the prospectus included in the Registration Statement, the Purchaser shall, subject to the receipt of the any customary documentation reasonably required from the applicable Investors in connection therewith, (a) promptly instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities being sold or transferred and (b) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under subclause (a). In addition, the Purchaser shall cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investors, in connection with the aforementioned sales or transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 <u>Notification</u>. After the filing of a Registration Statement, Purchaser shall promptly, and in no event more than five (5) Business Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of such filing, and shall further notify such Investors promptly and confirm such advice in writing in all events within five (5) Business Days after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC of any stop order (and Purchaser shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the SEC for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to Investors holding Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing with the SEC a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference, Purchaser shall furnish to Investors holding Registrable Securities included in such Registration Statement and to the legal counsel for any such Investors, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such Investors and legal counsel with a reasonable opportunity to review such documents and comment thereon; provided that such Investors and their legal counsel must provide any comments promptly (and in any event within five (5) Business Days) after receipt of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 <u>State Securities Laws Compliance</u>. Purchaser shall use its reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as Investors holding Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of Purchaser and do any and all other acts and things that may be necessary or advisable to enable Investors holding Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that Purchaser shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or take any action to which it would be subject to general service of process or to taxation in any such jurisdiction where it is not then otherwise subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 <u>Agreements for Disposition</u>. To the extent required by the underwriting agreement or similar agreements, Purchaser shall enter into reasonable customary agreements (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of Purchaser in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of Investors holding Registrable Securities included in such Registration Statement. No Investor holding Registrable Securities included in such Registration Statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such Investor's organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such Investor's material agreements and organizational documents, and with respect to written information relating to such Investor that such Investor has furnished in writing expressly for inclusion in such 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;3.1.7 <u>Cooperation</u>. The principal executive officer of Purchaser, the principal financial officer of Purchaser, the principal accounting officer of Purchaser and all other officers and members of the management of Purchaser shall reasonably cooperate in any offering of Registrable Securities hereunder, which cooperation shall include the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 <u>Records</u>. Purchaser shall make available for inspection by Investors holding Registrable Securities included in such Registration Statement, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other professional retained by any Investor holding Registrable Securities included in such Registration Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of Purchaser, as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause Purchaser's officers, directors and employees to supply all information reasonably requested by any of them in connection with such Registration Statement; provided that Purchaser may require execution of a reasonable confidentiality agreement prior to sharing any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 <u>Opinions and Comfort Letters</u>. Purchaser shall obtain from its counsel and accountants to provide customary legal opinions and customary comfort letters, to the extent so reasonably required by any underwriting 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;3.1.10 <u>Earnings Statement</u>. Purchaser shall comply with all applicable rules and regulations of the SEC and the Securities Act, and make available to its shareholders if reasonably required, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 <u>Listing</u>. Purchaser shall use its commercially reasonable efforts to cause all Registrable Securities that are shares of Purchaser Common Stock included in any registration to be listed on such national security exchange as similar securities issued by Purchaser are then listed or, if no such similar securities are then listed, in a manner satisfactory to Investors holding a majority-in-interest of the Registrable Securities included in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 <u>Road Show</u>. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000, Purchaser shall use its reasonable efforts to make available senior executives of Purchaser to participate in customary "road show" presentations that may be reasonably requested by the Underwriter in any underwritten offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Obligation to Suspend Distribution</u>. Upon receipt of any notice from Purchaser of the happening of any event of the kind described in <u>Section 3.1.4(iv)</u>, or in the event that the financial statements contained in the Registration Statement become stale, or in the event that the Registration Statement or prospectus included therein contains a misstatement of material fact or omits to state a material fact due to a bona fide business purpose, or, in the case of a resale registration on Short Form Registration pursuant to <u>Section 2.3</u> hereof, upon any suspension by Purchaser, pursuant to a written insider trading compliance program adopted by Purchaser's Board of Directors, of the ability of all "insiders" covered by such program to transact in Purchaser's securities because of the existence of material non-public information, each Investor holding Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor receives the supplemented or amended prospectus contemplated by <u>Section 3.1.4(iv)</u> or the Registration Statement is updated so that the financial statements are no longer stale, or the restriction on the ability of "insiders" to transact in Purchaser's securities is removed, as applicable, and, if so directed by Purchaser, each such Investor will deliver to Purchaser all copies, other than permanent file copies then in such Investor's possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Registration Expenses</u>. Subject to <u>Section 4</u>, Purchaser shall bear all reasonable costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to <u>Section 2.2</u>, and any registration on Short Form Registration effected pursuant to <u>Section 2.3</u>, and all reasonable expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or "blue sky" laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) Purchaser's internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by <u>Section 3.1.11</u>; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for Purchaser and fees and expenses for independent certified public accountants retained by Purchaser (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to <u>Section 3.1.9</u>); (viii) the reasonable fees and expenses of any special experts retained by Purchaser in connection with such registration and (ix) the reasonable fees and expenses of one legal counsel selected by Investors holding a majority-in-interest of the Registrable Securities included in such registration for such legal counsel's review, comment and finalization of the proposed Registration Statement and other relevant documents. Purchaser shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, only if the Underwriters require the selling security holders and/or Purchaser to bear the expenses of the Underwriter following good faith negotiations, all selling security holders and Purchaser shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of securities each is selling in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Information</u>. Investors holding Registrable Securities included in any Registration Statement shall provide such information as may reasonably be requested by Purchaser, or the managing Underwriter, if any, in connection with the preparation of such Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to <u>Section 2</u> and in connection with the obligation to comply with federal and applicable state securities laws. Investors selling Registrable Securities in any offering must provide all questionnaires, powers of attorney, custody agreements, stock powers, and other documentation reasonably requested by Purchaser or the managing Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>INDEMNIFICATION AND CONTRIBUTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Indemnification by Purchaser</u>. Subject to the provisions of this <u>Section 4.1</u>, Purchaser agrees to indemnify and hold harmless each Investor, and each Investor's officers, employees, affiliates, directors, partners, members, attorneys and agents, and each Person, if any, who controls an Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an "***Investor Indemnified Party***"), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by Purchaser of the Securities Act or any rule or regulation promulgated thereunder applicable to Purchaser and relating to action or inaction required of Purchaser in connection with any such registration (provided, however, that the indemnity agreement contained in this <u>Section 4.1</u> shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of Purchaser, such consent not to be unreasonably withheld, delayed or conditioned); and Purchaser shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; <u>provided</u>, <u>however</u>, that Purchaser will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to Purchaser, in writing, by such selling holder or Investor Indemnified Party expressly for use therein. Purchaser also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each Person who controls such Underwriter on substantially the same basis as that of the indemnification provided above in this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Indemnification by Holders of Registrable Securities</u>. Subject to the provisions of this <u>Section 4.2</u>, each Investor selling Registrable Securities will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling Investor, indemnify and hold harmless Purchaser, each of its directors and officers and each Underwriter (if any), and each other selling holder and each other Person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to Purchaser by such selling Investor expressly for use therein (provided, however, that the indemnity agreement contained in this <u>Section 4.2</u> shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of the indemnifying Investor, such consent not to be unreasonably withheld, delayed or conditioned), and shall reimburse Purchaser, its directors and officers, each Underwriter and each other selling holder or controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling Investor's indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such selling Investor in the applicable offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Conduct of Indemnification Proceedings</u>. Promptly after receipt by any Person of any notice of any loss, claim, damage or liability or any action in respect of which indemnity may be sought pursuant to <u>Section 4.1</u> or Section 4.2, such Person (the "***Indemnified Party***") shall, if a claim in respect thereof is to be made against any other Person for indemnification hereunder, notify such other Person (the "***Indemnifying Party***") in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party if the Indemnifying Party provides notice of such to the Indemnified Party within thirty (30) days of the Indemnifying Party's receipt of notice of such claim. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party (acting reasonably), consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <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;4.4.1 If the indemnification provided for in the foregoing <u>Sections 4.1</u>, <u>4.2</u> and <u>4.4</u> is unavailable to any Indemnified Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 The Parties agree that it would not be just and equitable if contribution pursuant to this <u>Section 4.4</u> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding <u>Section 4.4.1</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;4.4.3 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this <u>Section 4</u>, no Investor holding Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such Investor from the sale of Registrable Securities which gave rise to such contribution obligation. Any contributions obligation of the Investors shall be several and not joint. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>RULE 144 AND 145.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Rule 144 and 145</u>. Purchaser covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as Investors holding Registrable Securities may reasonably request, all to the extent required from time to time to enable such Investors to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 and 145 under the Securities Act, as such Rule 144 and 145 may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Other Registration Rights</u>. Purchaser represents and warrants that as of the date of this Agreement, no Person, other than the holders of (i) Registrable Securities and (ii) Founder Securities, has any right to require Purchaser to register any of Purchaser's share capital for sale or to include Purchaser's share capital in any registration filed by Purchaser for the sale of share capital for its own account or for the account of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Assignment; No Third Party Beneficiaries</u>. This Agreement and the rights, duties and obligations of Purchaser hereunder may not be assigned or delegated by Purchaser in whole or in part, unless Purchaser first provides Investors holding Registrable Securities at least ten (10) Business Days prior written notice; provided that no assignment or delegation by Purchaser will relieve Purchaser of its obligations under this Agreement unless Investors holding a majority-in-interest of the Registrable Securities provide their prior written consent, which consent must not be unreasonably withheld, delayed or conditioned. This Agreement and the rights, duties and obligations of Investors holding Registrable Securities hereunder may be freely assigned or delegated by such Investor in conjunction with and to the extent of any transfer of Registrable Securities by such Investor which is permitted by the Lock-Up Agreement; provided that no assignment by any Investor of its rights, duties and obligations hereunder shall be binding upon or obligate Purchaser unless and until Purchaser shall have received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory to Purchaser, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties, to the permitted assigns of the Investors or of any assignee of the Investors. This Agreement is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in <u>Section 4</u> and this <u>Section 6.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

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| *If to Purchaser prior to the Closing to:*<br>Pono Capital Two, Inc.<br> 643 Ilalo Street<br> Honolulu, Hawaii 96813<br> Attn: Darryl Nakamoto<br> Telephone No.:<br> E-mail: | *With a copy (which will not constitute notice) to:*<br>Loeb & Loeb LLP<br> 345 Park Avenue<br>New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>|
| *If to the Purchaser Representative, to:*<br>Mehana Capital LLC<br> 4348 Waialae Ave, #632<br> Honolulu, Hawaii 96816<br> Attn: Dustin Shindo<br> Telephone No.:<br> E-mail: | *with a copy (which will not constitute notice) to:*<br>Loeb & Loeb LLP<br> 345 Park Avenue<br>New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> E-mail:<br>|
| *If to the Company prior to the Closing to:*<br>SBC Medical Group Holdings Incorporated<br>Attn: Yoshijuki Aikawa, CEO<br>6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br>E-mail: | *With a copy (which will not constitute notice) to:*<br>Anthony L.G., PLLC<br>Attn: Laura Anthony<br>625 N. Flagler Drive, Suite 600<br>West Palm Beach, FL 33401<br>Facsimile No.:<br>E-mail:<br>|
| *If to the Purchaser or the Company after the Closing, to:*<br>SBC Medical Group Holdings Incorporated<br>Attn: Yoshijuki Aikawa, CEO<br>6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br>E-mail:<br> E-mail: | *with a copy (which shall not constitute notice) to:*<br>Anthony L.G., PLLC<br>Attn: Laura Anthony<br>625 N. Flagler Drive, Suite 600<br>West Palm Beach, FL 33401<br>Facsimile No.:<br>E-mail: |

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|:---|:---|
| *If to the Seller Representative, to:*<br>SBC Medical Group Holdings Incorporated<br>Attn: Yoshijuki Aikawa, CEO<br>6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan<br>E-mail: | *With a copy (which shall not constitute notice) to:*<br>Anthony L.G., PLLC<br>Attn: Laura Anthony<br>625 N. Flagler Drive, Suite 600<br>West Palm Beach, FL 33401<br>Facsimile No.:<br>E-mail: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the Parties intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. Notwithstanding anything to the contrary contained in this Agreement, in the event that a duly executed copy of this Agreement is not delivered to Purchaser by a Person receiving Merger Consideration Shares in connection with the Closing, such Person failing to provide such signature shall not be a party to this Agreement or have any rights or obligations hereunder, but such failure shall not affect the rights and obligations of the other Parties to this Agreement as amongst such other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Entire Agreement</u>. This Agreement (together with the Merger Agreement, and the Lock-Up Agreement to the extent incorporated herein, and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the Parties, whether oral or written, relating to the subject matter hereof; <u>provided</u>, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the Parties under the Merger Agreement or any other Ancillary Document or the rights or obligations of the Parties under the Founder Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Interpretation</u>. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words "without limitation"; (iii) the words "herein," "hereto," and "hereby" and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term "or" means "and/or". The Parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Amendments; Waivers</u>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement or consent of Purchaser (after the Closing, following approval of such amendment by a majority of the directors of Purchaser who are deemed to be "independent" directors pursuant to the applicable rules of Nasdaq and the SEC) and Investors holding a majority-in-interest of the Registrable Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially and adversely disproportionate to other Investors will also require the consent of such Investor. No failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Remedies Cumulative</u>. In the event a Party fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the other Parties may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Governing Law; Jurisdiction</u>. Sections 10.4 and 10.5 of the Merger Agreement shall apply to this Agreement *mutatis mutandis*, with any reference therein to the "Agreement" being a reference to this Agreement and any reference to a "Party" therein being a reference to any "Party" to this Agreement*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Termination of Merger Agreement</u>. This Agreement shall be binding upon each Party upon such Party's execution and delivery of this Agreement at the Closing, and this Agreement shall only become effective upon the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. Copies of executed counterparts of this Agreement transmitted by electronic transmission (including by email or in .pdf format) or facsimile as well as electronically or digitally executed counterparts (such as DocuSign) shall have the same legal effect as original signatures and shall be considered original executed counterparts of this Agreement.

***[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]***

IN WITNESS WHEREOF, the Parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written above.

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| | |
|:---|:---|
| ***<u>Purchaser:</u>*** | ***<u>Purchaser:</u>*** |
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: |  |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |

---

***[Signature Page to Seller Registration Rights Agreement]***

IN WITNESS WHEREOF, the Parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written above.

---

| |
|:---|
| ***<u>Investors:</u>*** |
| **[______________]** |
| By: |
| Name: |
| Title: |
| **[______________]** |
| By: |
| Name: |
| Title: |

---

***[Signature Page to Registration Rights Agreement]***

## Exhibit 10.4

**Exhibit 10.4**

**PURCHASER SUPPORT AGREEMENT**

This PURCHASER SUPPORT AGREEMENT, dated as of January 31, 2023 (this "<u>Agreement</u>"), by and among MEHANA CAPITAL LLC ("<u>Supporter</u>"), Pono Capital Two, Inc., a Delaware corporation ("<u>Purchaser</u>"), and SBC Medical Group Holdings Incorporated, a Delaware corporation (the "<u>Company</u>"). Terms used but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement (as defined below).

WHEREAS, contemporaneously with the execution of this Agreement, Purchaser, the Company, Pono Two Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Purchaser ("<u>Merger Sub</u>"), and certain other persons are entering into that certain Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), a copy of which has been made available to Supporter and pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity (the "<u>Merger</u>"), and with the Company's stockholders receiving shares of the Purchaser's Class A Common Stock;

WHEREAS, as of the date hereof, Supporter owns 2,875,000 shares of Purchaser Common Stock (all such shares of Purchaser Common Stock and any shares of Purchaser Common Stock of which ownership of record or the power to vote is hereafter acquired by Supporter prior to the termination of this Agreement being referred to herein as the "<u>Shares</u>"); and

WHEREAS, in order to induce the Company and Purchaser to enter into the Merger Agreement, Supporter is executing and delivering this Agreement to the Company and Purchaser.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, Supporter, the Company, and Purchaser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement to Vote</u>. Supporter, with respect to the Shares, hereby agrees (and agrees to execute such documents or certificates evidencing such agreement as Purchaser and/or the Company may reasonably request in connection therewith) to vote at any meeting of the stockholders of Purchaser, and in any action by written consent of the stockholders of Purchaser, to approve the Merger Agreement, all of the Shares (a) in favor of the approval and adoption of the Merger Agreement, the transactions contemplated by the Merger Agreement and this Agreement, (b) in favor of any other matter reasonably necessary to the consummation of the transactions contemplated by the Merger Agreement and considered and voted upon by the stockholders of Purchaser (including the Purchaser Stockholder Approval Matters), (c) in favor of the approval and adoption of the Incentive Plan, (d) for the appointment, and designation of classes, of the members of the Post-Closing Purchaser Board and (e) against any action, agreement or transaction (other than the Merger Agreement or the transactions contemplated thereby) or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of Purchaser or Merger Sub under the Merger Agreement or that would reasonably be expected to result in the failure of the transactions contemplated by the Merger Agreement from being consummated. Supporter acknowledges receipt and review of a copy of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transfer of Shares</u>. Unless otherwise agreed to among Supporter, Purchaser and the Company, Supporter agrees that it shall not, directly or indirectly, except as otherwise contemplated pursuant to the Merger Agreement, (a) sell, assign, transfer (including by operation of law), redeem, lien, pledge, distribute, dispose of or otherwise encumber any of the Shares or otherwise agree to do any of the foregoing (unless the transferee agrees to be bound by this Agreement), (b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law), redemption or other disposition of any Shares (unless the transferee agrees to be bound by this Agreement) or (d) take any action that would have the effect of preventing or disabling Supporter from performing its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Waiver</u>. Supporter hereby waives (and agrees to execute such documents or certificates evidencing such waiver as Purchaser and/or the Company may reasonably request) any adjustment to the conversion ratio set forth in the Purchaser Certificate of Incorporation or any other anti-dilution or similar protection with respect to the Shares (whether resulting from the transactions contemplated hereby, by the Merger Agreement or any Ancillary Document or by any other transaction consummated in connection with the transactions contemplated hereby and thereby).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties</u>. Supporter represents and warrants for and on behalf of itself to Purchaser and the Company 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) The execution, delivery and performance by Supporter of this Agreement and the consummation by Supporter of the transactions contemplated hereby do not and will not (i) conflict with or violate any Law or Order applicable to Supporter, (ii) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any Lien on any Shares (other than pursuant to this Agreement or transfer restrictions under applicable securities laws or the Organizational Documents of Supporter) or (iv) conflict with or result in a breach of or constitute a default under any provision of Supporter's Organizational Documents.

&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) Supporter owns of record and has good, valid and marketable title to the Shares free and clear of any Lien (other than pursuant to this Agreement or transfer restrictions under applicable securities Laws or the Organizational Documents of Supporter) and has the sole power (as currently in effect) to vote and has the full right, power and authority to sell, transfer and deliver such Shares, and Supporter does not own, directly or indirectly, any other 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;(c) Supporter has the power, authority and capacity to execute, deliver and perform this Agreement and that this Agreement has been duly authorized, executed and delivered by Supporter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Termination</u>. This Agreement and the obligations of Supporter under this Agreement shall automatically terminate upon the earliest of: (a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms; and (c) the mutual agreement of the Company and Purchaser. Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided, however, such termination or expiration shall not relieve any party from liability for any willful breach of this Agreement occurring prior to its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</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 provided herein or in the Merger Agreement or any Ancillary Document, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

&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) All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this <u>Section 6(b)</u>):

If to Purchaser:

Pono Capital Two, Inc.<br> 643 Ilalo Street<br> Honolulu, Hawaii 96813<br> Attn: Darryl Nakamoto<br> Telephone No.:<br> E-mail:

with a copy to:

Loeb & Loeb LLP<br> 345 Park Avenue

New York, New York 10154<br> Facsimile No.:<br> Telephone No.:<br> Attn: Mitchell Nussbaum

E-mail:

If to the Company, to:

SBC Medical Group Holdings Incorporated

Attn: Dr. Yoshiyuki Aikawa, CEO

6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan

E-mail:

with a copy to:

Anthony L.G., PLLC

Attn: Laura Anthony

625 N. Flagler Drive, Suite 600

West Palm Beach, FL 33401

Facsimile No.:<br> Telephone No.:<br> E-mail:

&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 any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

&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) This Agreement, the Merger Agreement and the Ancillary Documents constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law 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) This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason 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;(f) The parties hereto agree that irreparable damage may occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of the parties agrees that it shall not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other parties have an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity. Any party seeking an injunction or injunctions to prevent breaches or threatened breaches of, or to enforce compliance with this Agreement when expressly available pursuant to the terms of this Agreement shall not be required to provide any bond or other security in connection with any such Order.

&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) This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court located in New York, New York. The parties hereto hereby (i) submit to the exclusive jurisdiction of federal or state courts located in New York, New York for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereunder may not be enforced in or by any of the above-named courts.

&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) This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same 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) Without further consideration, each party shall use commercially reasonable efforts to execute and deliver or cause to be executed and delivered such additional documents and instruments and take all such further action as may be reasonably necessary or desirable 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;(j) This Agreement shall not be effective or binding upon Supporter until such time as the Merger Agreement is executed by each of the parties 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;(k) If, and as often as, there are any changes in Purchaser or the Purchaser Common Stock by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations hereunder shall continue with respect to Purchaser, Supporter and the Shares as so changed.

&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) Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Paragraph (l).

[Signature pages follow]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **<u>PURCHASER:</u>** | **<u>PURCHASER:</u>** |
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: | */s/ Darryl Nakamoto* |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |
| **<u>COMPANY:</u>** | **<u>COMPANY:</u>** |
| **SBC MEDICAL GROUP HOLDINGS INCORPORATED** | **SBC MEDICAL GROUP HOLDINGS INCORPORATED** |
| By: | */s/ Dr. Yoshiyuki Aikawa* |
| Name: | Dr. Yoshiyuki Aikawa |
| Title: | Chief Executive Officer |

---

*[Signature Page to Purchaser Support Agreement]*

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **<u>SUPPORTER:</u>** | **<u>SUPPORTER:</u>** |
| **MEHANA CAPITAL LLC** | **MEHANA CAPITAL LLC** |
| By: | */s/ Dustin Shindo* |
| Name: | Dustin Shindo |
| Title: | Manager |

---

*[Signature Page to Purchaser Support Agreement]*

## Exhibit 10.5

**Exhibit 10.5**

**VOTING AGREEMENT**

This VOTING AGREEMENT, dated as of January 31, 2023 (this "***Agreement***"), by and among **Pono Capital Two, Inc.**, a Delaware corporation (the "***Purchaser***"), **SBC Medical Group Holdings Incorporated,** a Delaware corporation (the "***Company***"), and each of the stockholders of the Company whose names appear on the signature pages of this Agreement (each, a "***Company Stockholder***" and, collectively, the "***Company Stockholders***"). Purchaser, the Company and each Company Stockholder may be referred to herein individually as a "***Party***" and collectively as the "***Parties***". Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Merger Agreement.

**WHEREAS**, simultaneously herewith, the Purchaser, the Company, Pono Two Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser ("***Merger Sub***"*)*, Mehana Capital LLC, a Delaware limited liability company (the "***Purchaser Representative***"), and Dr. Yoshiyuki Aikawa (the "***Seller Representative***") have entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the "***Merger Agreement***"), a copy of which has been made available to each Company Stockholder, pursuant to which the parties thereto intend to effect the merger of Merger Sub with and into the Company, with the Company continuing as the surviving entity (the "***Merger***");

**WHEREAS**, as of the date hereof, each Company Stockholder owns of record the number of Company Securities of the Company as set forth opposite such Company Stockholder's name on ***Exhibit A*** hereto (all such securities and any underlying securities of the Company of which ownership of record or the power to vote is hereafter acquired by the Company Stockholders prior to the termination of this Agreement being referred to herein as the "***Securities***"); and

**WHEREAS**, in order to induce the Purchaser, Merger Sub, and the Company to enter into the Merger Agreement, the Company Stockholders are executing and delivering this Agreement to the Purchaser and the Company.

**NOW, THEREFORE**, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, each of the Company Stockholders (severally and not jointly), the Purchaser and the Company hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement to Vote</u>. Each Company Stockholder, by this Agreement, with respect to its Securities, severally and not jointly, hereby agrees (and agrees to execute such documents and certificates evidencing such agreement as the Purchaser may reasonably request in connection therewith), if (and only if) the Approval Condition (as defined below) shall have been satisfied, to attend any meeting of the stockholders of the Company related to the Merger and the transactions contemplated hereby (whether annual or special and whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof), and in any action by written consent of the stockholders of the Company, to vote all of such Company Stockholder's Securities (a) in favor of the approval and adoption of the Merger Agreement, the transactions contemplated by the Merger Agreement including the Merger, the Restructuring, and this Agreement, (b) in favor of any other matter reasonably necessary to the consummation of the transactions contemplated by the Merger Agreement and considered and voted upon by the stockholders of the Company, (c) in favor of the approval and adoption of the Incentive Plan; (d) against any action, agreement or transaction (other than the Merger Agreement or the transactions contemplated thereby) or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Merger Agreement or that would reasonably be expected to result in the failure of the transactions contemplated by the Merger Agreement from being consummated, and (e) authorize and approve any amendment to the Company's Organizational Documents that is deemed necessary or advisable by the Company for purposes of effecting the Transactions. Each Company Stockholder acknowledges receipt and review of a copy of the Merger Agreement. For purposes of this Agreement, "***Approval Condition***" shall mean that (i) the Merger Agreement and the transactions as set forth therein shall have been approved by the Board of Directors of the Company and such approval shall not have been withdrawn and (ii) the Merger Agreement shall not have been amended or modified to change the Merger Consideration payable under the Merger Agreement to the Company Stockholders. For the purpose of clarification, any adjustment to the Merger Consideration pursuant to Section 1.15 of the Merger Agreement shall not constitute an amendment or modification to the Merger Consideration for purposes of the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transfer of Securities</u>. Except as may be required by or permitted in the Merger Agreement, each Company Stockholder, severally and not jointly, agrees that it shall not, directly or indirectly, (a) sell, assign, transfer (including by operation of law), lien, pledge, dispose of or otherwise encumber any of the Securities or otherwise agree to do any of the foregoing (unless the transferee agrees to be bound by this Agreement in form and substance reasonably satisfactory to the Purchaser), (b) deposit any Securities into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition of any Securities (unless the transferee agrees to be bound by this Agreement in form and substance reasonably satisfactory to the Purchaser), or (d) take any action that would have the effect of preventing or disabling the Company Stockholder from performing its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>. Each Company Stockholder, severally and not jointly, represents and warrants for and on behalf of itself to the Purchaser 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) The execution, delivery and performance by such Company Stockholder of this Agreement and the consummation by such Company Stockholder of the transactions contemplated hereby do not and will not (i) conflict with or violate any Law (with this and any other defined term used herein without definition having the meaning as given in the Merger Agreement) or other Order applicable to such Company Stockholder, (ii) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any Lien on any Securities (other than pursuant to this Agreement, the Merger Agreement or transfer restrictions under applicable securities laws or the Organizational Documents of the Company or such Company Stockholder) or (iv) conflict with or result in a breach of or constitute a default under any provision of such Company Stockholder's Organizational Documents if such Company Stockholder is an entity.

&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) Such Company Stockholder owns of record and has good, valid and marketable title to the Securities set forth opposite the Company Stockholder's name on <u>Exhibit A</u> free and clear of any Lien (other than pursuant to this Agreement or transfer restrictions under applicable securities Laws or the Organizational Documents of such Company Stockholder) and has the sole power (as currently in effect) to vote and the full right, power and authority to sell, transfer and deliver such Securities, and such Company Stockholder does not own, directly or indirectly, any other Securities of the Company or any equity securities of any Subsidiary 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;(c) Such Company Stockholder has the power, authority and capacity to execute, deliver and perform this Agreement, and that this Agreement has been duly authorized, executed and delivered by such Company Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Challenge</u>. Each Company Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, the Purchaser, Merger Sub, the Company or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement or the Merger Agreement or (b) alleging a breach of any fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Waiver</u>. Each Company Stockholder hereby irrevocably and unconditionally (a) waives any rights of appraisal, dissenter's rights and any similar rights relating to the Merger Agreement and the consummation by the parties of the transactions contemplated thereby, including the Merger, that such Company Stockholder may have under applicable law, and (b) waives its right to any payments upon liquidation of the Company that may be provided for in the Company's Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination</u>. This Agreement and the obligations of the Company Stockholders under this Agreement shall automatically terminate upon the earliest of (a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms; or (c) the mutual agreement of the Purchaser and the Company. Upon termination or expiration of this Agreement, no Party shall have any further obligations or liabilities under this Agreement; <u>provided</u>, <u>however</u>, such termination or expiration shall not relieve any Party from liability for any willful breach of this Agreement occurring prior to such termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</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 provided herein, in the Merger Agreement or in any Ancillary Document, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

&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) All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by e-mail, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice in accordance with this <u>Section 7(b)</u>):

If to the Purchaser, to:

Pono Capital Two, Inc.<br> 643 Ilalo Street<br> Honolulu, Hawaii 96813<br> Attn: Darryl Nakamoto<br> Telephone No.:<br> E-mail:

with a copy, which shall not constitute notice, to:

Loeb & Loeb LLP<br> 345 Park Avenue

New York, New York 10154<br> Facsimile No.:<br> Telephone No.:

Attention: Mitchell Nussbaum<br> E-mail:

If to the Company, to:

SBC Medical Group Holdings Incorporated

Attn: Dr. Yoshiyuki Aikawa, CEO

6-5-1, NishiShinjyuku, Shinjyuku Tokyo 163-1312, Japan

E-mail:

with a copy, which shall not constitute notice, to:

Anthony L.G., PLLC

Attn: Laura Anthony

625 N. Flagler Drive, Suite 600

West Palm Beach, FL 33401

E-mail:

If to a Company Stockholder, to the address set forth for such Company Stockholder on the signature page 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;(c) If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

&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) This Agreement, the Merger Agreement and the Ancillary Documents constitute the entire agreement among the Parties and the other parties thereto with respect to the subject matter hereof and thereof, and supersede all prior agreements and undertakings, both written and oral, among the Parties and the other parties thereto, or any of them, with respect to the subject matter hereof and thereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise) without the prior written consent of each of the Parties, and any attempt to do so without such consent shall be void ab initio.

&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) This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. No Company Stockholder shall be liable for the breach of this Agreement by any other Company Stockholder.

&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 agree that irreparable damage may occur in the event any provision of this Agreement is not performed in accordance with the terms hereof and that the Parties shall be entitled to seek specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of the Parties agrees that it shall not oppose the granting of an injunction, specific performance or other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other Parties have an adequate remedy at law or that an award of specific performance is not an appropriate remedy for any reason at law or equity. Any Party seeking an injunction or injunctions to prevent breaches or threatened breaches of, or to enforce compliance with, this Agreement, when expressly available pursuant to the terms of this Agreement, shall not be required to provide any bond or other security in connection with any such Order.

&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) This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court located in New York, New York (or in any appellate court thereof (the "***Specified Courts***"). The Parties hereby (i) submit to the exclusive jurisdiction of the Specified Courts for the purpose of any Action arising out of or relating to this Agreement brought by any Party, and (ii) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the Specified Courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereunder may not be enforced in or by any of the Specified Courts.

&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) This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same 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) Without further consideration, each Party shall use commercially reasonable efforts to execute and deliver or cause to be executed and delivered such additional documents and instruments and take all such further action as may be reasonably necessary or desirable 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;(j) This Agreement shall not be effective or binding upon any Company Stockholder until such time as the Merger Agreement is executed by each of the parties 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;(k) If, and as often as, there are any changes in the Company or the Company Stockholder's Securities by way of equity split, dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Company Stockholder and its Securities as so changed.

&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) Each of the Parties hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the Parties hereto (i) certifies that no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other Parties have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Paragraph 5(l).

*[Signatures appear on following pages]*

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **PONO CAPITAL TWO, INC.** | **PONO CAPITAL TWO, INC.** |
| By: | */s/ Darryl Nakamoto* |
| Name: | Darryl Nakamoto |
| Title: | Chief Executive Officer |
| **SBC Medical Group Holdings Incorporated** | **SBC Medical Group Holdings Incorporated** |
| By: | */s/ Dr. Yoshiyuki Aikawa* |
| Name: | Dr. Yoshiyuki Aikawa |
| Title: | Chief Executive Officer |

---

*[Signature Page to Voting Agreement]*

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY STOCKHOLDERS** | **COMPANY STOCKHOLDERS** |
| By: | */s/ Dr. Yoshiyuki Aikawa* |
| Name: | Dr. Yoshiyuki Aikawa |
| Address for Notices: | Address for Notices: |
| Dr. Yoshiyuki Aikawa | Dr. Yoshiyuki Aikawa |
| 6-5-1, NishiShinjyuku, Shinjyuku | 6-5-1, NishiShinjyuku, Shinjyuku |
| Tokyo 163-1312, Japan | Tokyo 163-1312, Japan |
| E-mail: | E-mail: |

---

*[Signature Page to Voting Agreement]*

**<u>EXHIBIT A</u>**

<u>THE COMPANY STOCKHOLDERS</u>

---

| | |
|:---|:---|
| **Company Stockholder** | **Company Securities** |
| Dr. Yoshiyuki Aikawa | 1000 |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**SBC Medical Group Holdings Incorporated, a medical services healthcare company, announced signing of a definitive agreement to go public via a business combination with Pono Capital Two, Inc., a Nasdaq listed company.**

Honolulu, Hawaii and Tokyo, Japan, February 2, 2023, Pono Capital Two, Inc. (NASDAQ: PTWO, PTWOW and PTWOU), a special purpose acquisition company ("Pono"), has announced the execution of a definitive Agreement and Plan of Merger (the "Merger Agreement") with SBC Medical Group Holdings Incorporated, a Delaware corporation ("SBC"). Pursuant to the Merger Agreement, it is intended that SBC will merge with Pono Two Merger Sub, Inc., a wholly owned subsidiary of Pono, with SBC continuing as the surviving corporation as a wholly owned subsidiary of Pono. Stockholders of SBC will receive shares of Class A Common Stock of Pono (the "Merger"). In connection with the Merger, it is expected that SBC will change its name to "SBC Medical Operations, Inc.," and that Pono will then change its name to "SBC Medical Group Holdings Incorporated".

As a condition to the closing of the merger, SBC will complete a restructuring of certain of its affiliates, such that they will become subsidiaries of SBC. The discussion of the business of SBC as described below assumes that this restructuring has been completed, as these subsidiaries are currently the entities undertaking such business operations.

Pono and SBC believe that, if consummated, the Merger will promote the expansion of the SBC's business globally, as SBC will be better positioned to become the global standard for medical services, marketing and cosmetic procedures.

**Transaction Overview**

The transaction values SBC at $1.2 billion, which is expected to result in a combined pro forma equity value of approximately $1.36 billion, assuming no redemptions in the Merger. The cash proceeds raised in the transaction, after any redemptions and payment of transaction expenses, are currently anticipated to be used for opening new clinics, developing new product lines and for general company operating purposes.

The boards of directors of SBC and Pono have unanimously approved the Merger Agreement and the proposed transactions. The closing of the Merger and related transactions are subject to approval by Pono stockholders and SBC's stockholders, and are also subject to other customary closing conditions. It is currently expected that the transaction will close in the fourth quarter of 2023 or the first quarter of 2024, assuming such closing conditions are met.

**About SBC**

Since its establishment, SBC Medical Group has sought to provide the best "medical care" for customers' problems, mainly in the field of cosmetic medicine, not only in Japan but also overseas. Today, SBC provides not only cosmetic medicine, but also high quality services through "medical corporations." SBC considers "medical care" in the broadest sense of the word as a "service" because it wants to solve each person's problems and realize each person's hopes through "medical care." SBC refers to its clients as "customers" rather than "patients" because SBC provides "medical services" to people who are not medically ill.

What makes our customers happy? How can we contribute to society? What makes our staff proud?

SBC believes resolving all three of these questions is the "realization of the three good things," which is what makes SBC Medical Group distinct and is its purpose.

SBC aims to contribute not only to its customers but also to society as a whole through the provision of medical services, and will continue to respond to the voices of its customers with the utmost in medical services. SBC will continue to embody the evolution of medical x technology in order to pursue technology for its customers, pursue further growth, and achieve globalization.

Official site: https://www.sbc-med.com/

**About Pono Capital Two, Inc.**

Pono is a special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Pono's units started trading on the Nasdaq Global Market on August 5, 2022 under the ticker symbol "PTWOU". The Class A common stock trades under the symbol "PTWO" and the warrants under the symbol "PTWOW", respectively.

**Advisors**

Loeb & Loeb LLP is acting as US legal counsel to Pono and Mori Hamada & Matsumoto is acting as Japanese legal counsel to Pono in the transaction. Anthony L.G., PLLC is acting as US legal counsel to SBC in the transaction.

**Important Information About the Proposed Merger and Where to Find It**

This press release relates to a proposed business combination transaction (the Merger) among the parties set forth above referred to above and herein as the Merger. A full description of the terms of the Merger will be provided in a proxy statement of Pono with respect to the solicitation of proxies for the special meeting of stockholders of Pono to vote on the Merger (the "Proxy Statement"). This communication is not intended to be, and is not, a substitute for the Proxy Statement or any other document Pono has filed or may file with the Securities and Exchange Commission ("SEC") in connection with the proposed transactions. Each of SBC and Pono urge its investors, stockholders and other interested persons to read, when available, the Proxy Statement as well as other documents filed with the SEC because these documents will contain important information about SBC, Pono, and the Merger. A definitive proxy statement will be mailed to stockholders of Pono as of a record date to be established for voting on the Merger. Before making any voting or investment decision, investors, and stockholders of Pono are urged to carefully read the entire Proxy Statement, when it becomes available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed Merger. Once available, Pono shareholders and other interested persons will also be able to obtain a copy of the Proxy Statement, and other documents filed with the SEC, without charge, by directing a request to: Pono Capital Two, Inc, 643 Ilalo St. #102, Honolulu, Hawaii 96813, (808) 892-6611 or on the SEC's website at www.sec.gov.

**Participants in Solicitation**

SBC and Pono, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of Pono's stockholders in respect of the proposed Merger. Information about the directors and executive officers of Pono and their ownership is set forth in Pono's filings with the SEC, including its prospectus relating to its initial public offering, which was filed with the SEC on August 8, 2022. Pono's stockholders and other interested persons may obtain more detailed information about the names and interests of the directors and officers of SBC and Pono in the Merger will be set forth in Pono's filings with the SEC, including, when filed with the SEC, the preliminary proxy statement and the amendments thereto, the definitive proxy statement, and other documents filed with the SEC. These documents can be obtained free of charge from the sources specified above and at the SEC's web site at www.sec.gov.

This press release does not contain all the information that should be considered concerning the Merger and is not intended to form the basis of any investment decision or any other decision in respect of the Merger. Before making any voting or investment decision, investors and security holders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed Merger as they become available because they will contain important information about the proposed Merger.

**No Offer of Solicitation**

This press release will not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Merger. This press release will also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended, or an exemption therefrom.

**Forward-Looking Statements**

The information in this press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed Merger. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect the price of Pono's securities; (ii) the failure to satisfy the conditions to the consummation of the Merger, including the approval of the merger agreement by the stockholders of Pono; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (iv) the outcome of any legal proceedings that may be instituted against any of the parties to the merger agreement following the announcement of the entry into the merger agreement and proposed Merger; (v) redemptions exceeding anticipated levels or the failure to meet The Nasdaq Capital Market's initial listing standards in connection with the consummation of the proposed Merger; (vi) the effect of the announcement or pendency of the proposed Merger on SBC's business relationships, operating results and business generally; (vii) risks that the proposed Merger disrupts the current plans of SBC; (viii) changes in the markets in which SBC compete, including with respect to its competitive landscape, technology evolution or regulatory changes; (ix) the risk that Pono and SBC will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (x) the ability of the parties to recognize the benefits of the merger agreement and the Merger; (xi) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (xii) statements regarding SBC's industry and market size; (xiii) financial condition and performance of SBC and Pono, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the Merger, potential level of redemptions of Pono's public stockholders, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of SBC; and (xiv) those factors discussed in Pono's filings with the SEC and that that will be contained in the Proxy Statement relating to the Merger. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the Proxy Statement and other documents to be filed by Pono from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while SBC and Pono may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. None of SBC or Pono gives any assurance that SBC and Pono will achieve their respective expectations.

**Contacts**

Pono Capital Two, Inc.

Inquiries (PR):

643 Ilalo St. #102, Honolulu, Hawaii 96813 (808) 892-6611

SBC Medical Group Holdings Incorporated

Inquiries (PR): Group Representative Office, Corporate Strategy Division Akira Komatsu

sbc-holdings@sbc.or.jp