Forfeiture of Sponsors Shares The Sponsors (Jeffrey Raymond, Joseph Raymond, Peter Underwood, Demetrios Mallios, Brendan Rempel and a transferee of shares previously owned by the Company’s former Chief Financial Officer) have agreed to forfeit (i) up to 200,000 shares of the Company’s common stock at the Closing to the extent that such shares are used to satisfy Company obligations or to induce investors to make an equity investment in the Company at or prior to the Closing and (ii) 200,000 shares of the Company’s common stock if neither the Adjusted EBITDA Target nor the Stock Price Target is achieved during the Earnout Period.
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