| | PLEASE DO NOT SEND YOUR STOCK CERTIFICATES AT THIS TIME. IF THE MERGER IS COMPLETED, YOU WILL BE SENT INSTRUCTIONS REGARDING THE SURRENDER OF YOUR STOCK CERTIFICATES. | | |
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| ANNEXES | | | |||||
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | |
| | |
Implied
Transaction Multiple |
| |
Selected Public Company Valuation Multiples
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
Micro Cap
|
| |
Small Cap
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Min
|
| |
Mean
|
| |
Median
|
| |
Max
|
| |
Min
|
| |
Mean
|
| |
Median
|
| |
Max
|
| ||||||||||||||||||||||||
Enterprise Value/LTM Revenue
|
| | | | 4.85x | | | | | | 1.13x | | | | | | 2.85x | | | | | | 2.66x | | | | | | 4.77x | | | | | | 2.74x | | | | | | 7.04x | | | | | | 6.08x | | | | | | 15.88x | | |
Enterprise Value/CY 2019E
Revenue |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consensus Estimate
|
| | | | 4.32x | | | | | | 0.92x | | | | | | 2.56x | | | | | | 2.50x | | | | | | 4.26x | | | | | | 2.64x | | | | | | 5.94x | | | | | | 5.49x | | | | | | 11.93x | | |
Management Forecast
|
| | | | 4.30x | | | | | | 0.92x | | | | | | 2.56x | | | | | | 2.50x | | | | | | 4.26x | | | | | | 2.64x | | | | | | 5.94x | | | | | | 5.49x | | | | | | 11.93x | | |
Multiple
|
| |
Implied
Transaction Multiple |
| |
Selected Precedent Transaction
Valuation Multiples |
| ||||||||||||||||||||||||
|
Min
|
| |
Mean
|
| |
Median
|
| |
Max
|
| ||||||||||||||||||||
Enterprise Value/LTM Revenue
|
| | | | 4.85x | | | | | | 2.13x | | | | | | 5.54x | | | | | | 5.11x | | | | | | 8.90x | | |
Period
|
| |
CASMED
Common Share Price |
| |
Implied
Premium at $2.45/ Share |
| |
Premium Paid Data Percentile
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
10th
|
| |
20th
|
| |
30th
|
| |
40th
|
| |
50th
|
| |
60th
|
| |
70th
|
| |
80th
|
| |
90th
|
| |||||||||||||||||||||||||||||||||||||||||
One Day Prior
|
| | | $ | 1.69 | | | | | | 45.2% | | | | | | 1.6% | | | | | | 13.7% | | | | | | 22.9% | | | | | | 29.3% | | | | | | 37.7% | | | | | | 45.4% | | | | | | 56.9% | | | | | | 74.9% | | | | | | 105.5% | | |
One Week Prior
|
| | | $ | 1.75 | | | | | | 40.0% | | | | | | 2.5% | | | | | | 17.3% | | | | | | 25.7% | | | | | | 30.0% | | | | | | 38.4% | | | | | | 50.1% | | | | | | 59.2% | | | | | | 76.1% | | | | | | 104.9% | | |
One Month Prior
|
| | | $ | 1.92 | | | | | | 27.3% | | | | | | 6.7% | | | | | | 15.7% | | | | | | 25.0% | | | | | | 30.7% | | | | | | 38.0% | | | | | | 49.6% | | | | | | 59.9% | | | | | | 78.8% | | | | | | 104.8% | | |
90 Days Prior
|
| | | $ | 1.88 | | | | | | 30.3% | | | | | | (0.3)% | | | | | | 14.7% | | | | | | 23.9% | | | | | | 33.6% | | | | | | 42.4% | | | | | | 52.0% | | | | | | 62.9% | | | | | | 83.5% | | | | | | 114.7% | | |
180 Days Prior
|
| | | $ | 2.67 | | | | | | (8.2)% | | | | | | (0.5)% | | | | | | 21.2% | | | | | | 26.7% | | | | | | 33.7% | | | | | | 42.3% | | | | | | 51.8% | | | | | | 67.8% | | | | | | 84.9% | | | | | | 109.2% | | |
270 Days Prior
|
| | | $ | 1.37 | | | | | | 78.8% | | | | | | (11.5)% | | | | | | 12.6% | | | | | | 25.4% | | | | | | 35.5% | | | | | | 44.1% | | | | | | 56.3% | | | | | | 66.7% | | | | | | 90.2% | | | | | | 115.1% | | |
365 Days Prior
|
| | | $ | 1.07 | | | | | | 129.2% | | | | | | (12.8)% | | | | | | 15.6% | | | | | | 28.7% | | | | | | 41.3% | | | | | | 50.4% | | | | | | 65.4% | | | | | | 81.2% | | | | | | 105.0% | | | | | | 133.0% | | |
(Amounts in thousands)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Revenue
|
| | | $ | 24,675 | | | | | $ | 28,184 | | | | | $ | 32,788 | | | | | $ | 37,464 | | | | | $ | 42,016 | | |
Gross Profit
|
| | | | 13,871 | | | | | | 15,787 | | | | | | 19,597 | | | | | | 22,040 | | | | | | 24,375 | | |
EBITDA(1) | | | | | (2,274) | | | | | | (2,286) | | | | | | 1,242 | | | | | | 3,089 | | | | | | 4,991 | | |
Depreciation and Amortization
|
| | | | 935 | | | | | | 1,125 | | | | | | 1,290 | | | | | | 1,419 | | | | | | 1,552 | | |
EBIT(2) | | | | | (3,209) | | | | | | (3,411) | | | | | | (48) | | | | | | 1,670 | | | | | | 3,439 | | |
Capital Expenditures
|
| | | | 783 | | | | | | 1,208 | | | | | | 958 | | | | | | 1,008 | | | | | | 1,008 | | |
Net Working Capital
|
| | | | 2,695 | | | | | | 3,265 | | | | | | 3,931 | | | | | | 4,546 | | | | | | 5,256 | | |
Name
|
| |
Number
of Shares Subject to Stock Options (#)(1) |
| |
Number of
Shares Subject to Unvested Stock Options (#) |
| |
Cash-Out
Payment for Stock Options ($)(2) |
| |
Number
of Shares Subject to Unvested Restricted Stock Awards (#)(3) |
| |
Cash-Out
Payment for Unvested Restricted Stock Awards ($) |
| |
Total
Payment for Outstanding Equity ($) |
| ||||||||||||||||||
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Thomas M. Patton
|
| | | | 810,000 | | | | | | 45,000 | | | | | | 456,300 | | | | | | 217,500 | | | | | | 532,875 | | | | | | 989,175 | | |
Jeffery A. Baird
|
| | | | 225,000 | | | | | | 15,000 | | | | | | 120,800 | | | | | | 103,750 | | | | | | 254,188 | | | | | | 374,988 | | |
John K. Gamelin
|
| | | | 260,000 | | | | | | 15,000 | | | | | | 143,960 | | | | | | 103,750 | | | | | | 254,188 | | | | | | 398,148 | | |
Paul B. Benni
|
| | | | 195,000 | | | | | | 15,000 | | | | | | 115,910 | | | | | | 38,125 | | | | | | 93,406 | | | | | | 209,316 | | |
Non-Employee Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alan Milinazzo
|
| | | | 45,000 | | | | | | 0 | | | | | | 47,850 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 102,975 | | |
Paul Molloy
|
| | | | 45,000 | | | | | | 0 | | | | | | 35,250 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 90,375 | | |
Gregory Rainey
|
| | | | 65,000 | | | | | | 0 | | | | | | 35,250 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 90,375 | | |
James Thomas
|
| | | | 65,000 | | | | | | 0 | | | | | | 35,250 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 90,375 | | |
Kathleen Tune
|
| | | | 65,000 | | | | | | 0 | | | | | | 35,250 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 90,375 | | |
Kenneth Weisshaar
|
| | | | 65,000 | | | | | | 0 | | | | | | 46,250 | | | | | | 22,500 | | | | | | 55,125 | | | | | | 101,375 | | |
Named Executive Officer
|
| |
Cash(1)
$ |
| |
Equity(2)
$ |
| |
Pension/Non-
Qualified Compensation(3) $ |
| |
Perquisites/
Benefits(4) $ |
| |
Tax
Reimbursement(5) $ |
| |
Other(6)
$ |
| |
Total
$ |
| |||||||||||||||||||||
Thomas M. Patton
|
| | | | 417,929 | | | | | | 612,975 | | | | | | — | | | | | | 20,003 | | | | | | — | | | | | | 325,000 | | | | | | 1,375,907 | | |
Jeffery A. Baird
|
| | | | 273,891 | | | | | | 280,888 | | | | | | — | | | | | | 20,003 | | | | | | — | | | | | | 240,000 | | | | | | 814,782 | | |
John K. Gamelin
|
| | | | 135,528 | | | | | | 280,888 | | | | | | — | | | | | | 20,003 | | | | | | — | | | | | | 220,000 | | | | | | 656,419 | | |
Name and Address of
Beneficial Owners |
| |
Class of Stock
|
| |
Amount and Nature of
Beneficial Ownership |
| |
Percent of
Class |
| ||||||
Thomas, McNerney & Partners II, L.P.
TMP Nominee II, LLC TMP Associates II, L.P. 263 Tresser Boulevard 9th Floor Stamford, CT 06901 |
| |
Common Series A
|
| | | | 12,541,279(a) | | | | | | 31.3% | | |
|
Convertible Preferred Series A
|
| | | | 95,500(a) | | | | | | 100% | | | ||
|
Exchangeable Preferred
|
| | | | 54,500(a) | | | | | | 100% | | | ||
Acuta Capital Partners LLC
1301 Shoreway Road, Suite 350 Belmont, CA 94002 |
| |
Common
|
| | | | 5,263,508(b) | | | | | | 18.0% | | |
Name and Address of
Beneficial Owners |
| |
Class of Stock
|
| |
Amount and Nature of
Beneficial Ownership |
| |
Percent of
Class |
| ||||||
Norman H. Pessin and affiliates
366 Madison Avenue, 14th Floor New York, NY 10017 |
| |
Common
|
| | | | 2,524,810(c) | | | | | | 8.6% | | |
Thomas M. Patton | | |
Common
|
| | | | 1,845,889(d) | | | | | | 6.1% | | |
Alan W. Milinazzo | | |
Common
|
| | | | 87,500(e) | | | | | | * | | |
Paul A. Molloy | | |
Common
|
| | | | 87,500(f) | | | | | | * | | |
Gregory P. Rainey | | |
Common
|
| | | | 135,431(g) | | | | | | * | | |
James E. Thomas | | |
Common
|
| | | | 12,541,279(h) | | | | | | 31.3% | | |
Kathleen A. Tune | | |
Common
|
| | | | 128,454(i) | | | | | | * | | |
Kenneth R. Weisshaar | | |
Common
|
| | | | 135,303(j) | | | | | | * | | |
Jeffery A. Baird | | |
Common
|
| | | | 514,418(k) | | | | | | 1.7% | | |
John K. Gamelin | | |
Common
|
| | | | 431,078(l) | | | | | | 1.5% | | |
All current executive officers and
directors as a group (10) |
| |
Common
|
| | | | 16,074,469(m) | | | | | | 38.5% | | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-4 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-8 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-30 | | |
| | |
Page
|
| |||
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-34 | | | |
| | | | A-34 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-52 | | |
| | |
Page
|
| |||
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-57 | | |
Term
|
| |
Section
|
|
Acceptable Confidentiality Agreement | | |
Appendix A
|
|
Affiliate | | |
Appendix A
|
|
Agreement | | |
Preamble
|
|
AKS | | |
Section 3.25(i)
|
|
Alternative Acquisition Agreement | | |
Section 5.5(a)
|
|
Anti-Corruption Laws | | |
Section 3.22(a)
|
|
Antitrust Laws | | |
Section 3.5(b)
|
|
Benefit Plan | | |
Section 3.12(a)
|
|
Book-Entry Shares | | |
Section 2.l(a)(ii)
|
|
Business Day | | |
Appendix A
|
|
Bylaws | | |
Section 3.1(a)
|
|
Canceled Shares | | |
Section 2. l(a)(i)
|
|
Capitalization Date | | |
Section 3.2(a)
|
|
Certificate of Incorporation | | |
Section 3.1(a)
|
|
Certificate of Merger | | |
Section 1.3
|
|
Certificates | | |
Section 2.l(a)(ii)
|
|
Closing | | |
Section 1.2
|
|
Closing Date | | |
Section 1.2
|
|
COBRA | | |
Section 3.12(g)
|
|
Code | | |
Appendix A
|
|
Company | | |
Preamble
|
|
Company 401(k) Plan | | |
Section 5.10(d)
|
|
Company Acquisition Proposal | | |
Appendix A
|
|
Company Adverse Recommendation Change | | |
Section 5.5(c)
|
|
Company Board | | |
Recitals
|
|
Company Common Stock | | |
Appendix A
|
|
Company Disclosure Letter | | |
Appendix A
|
|
Company Equity Awards | | |
Appendix A
|
|
Company Equity Plans | | |
Appendix A
|
|
Company ESPP | | |
Appendix A
|
|
Company Intellectual Property | | |
Appendix A
|
|
Company Intervening Event | | |
Appendix A
|
|
Company Leased Real Property | | |
Section 3.18(b)
|
|
Company Licensed IP | | |
Appendix A
|
|
Company Material Adverse Effect | | |
Appendix A
|
|
Company Material Contract | | |
Section 3.15(a)
|
|
Company Option | | |
Appendix A
|
|
Company Option Grant Date | | |
Section 3.2(c)
|
|
Company Owned IP | | |
Appendix A
|
|
Company Permits | | |
Section 3.10(a)
|
|
Company Preferred Stock | | |
Appendix A
|
|
Term
|
| |
Section
|
|
Company Recommendation | | |
Appendix A
|
|
Company Registered IP | | |
Appendix A
|
|
Company Restricted Stock Award | | |
Appendix A
|
|
Company SEC Documents | | |
Section 3.6(a)
|
|
Company Stockholder Approval | | |
Section 3.4
|
|
Company Stockholders’ Meeting | | |
Section 5.2(b)
|
|
Company Superior Proposal | | |
Appendix A
|
|
Company Termination Fee | | |
Appendix A
|
|
Confidentiality Agreement | | |
Appendix A
|
|
Consent | | |
Section 3.5(b)
|
|
Continuing Employee | | |
Section 5.10(a)
|
|
Contract | | |
Appendix A
|
|
Control | | |
Appendix A
|
|
Controlled Group Liability | | |
Section 3.12(d)
|
|
Copyrights | | |
Appendix A
|
|
Customs & International Trade Authorizations | | |
Appendix A
|
|
Customs & International Trade Laws | | |
Appendix A
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D&O Indemnified Parties | | |
Section 5.6(a)
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Delaware Secretary of State | | |
Appendix A
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Demand Registration Rights Agreements | | |
Section 3.2(g)
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DGCL | | |
Recitals
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Dissenting Shares | | |
Section 2.6
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Distribution Agreements | | |
Section 3.16(a)
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Effective Time | | |
Section 1.3
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Environmental Laws | | |
Appendix A
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ERISA | | |
Section 3.12(a)
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ERISA Affiliate | | |
Section 3.12(a)
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Exchange Act | | |
Appendix A
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Existing Credit Agreement | | |
Appendix A
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FCPA | | |
Appendix A
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FDA | | |
Section 3.24(a)
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FDA Laws | | |
Appendix A
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Federal Health Care Program | | |
Section 3.25(c)
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Federal Health Care Program Laws | | |
Section 3.25(d)
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Foreign Benefit Plan | | |
Section 3.12(a)
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GAAP | | |
Appendix A
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Governmental Authority | | |
Appendix A
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Hazardous Materials | | |
Appendix A
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HIPAA | | |
Section 3.25(d)
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HITECH | | |
Appendix A
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HSR Act | | |
Appendix A
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Indebtedness | | |
Appendix A
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Intellectual Property | | |
Appendix A
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Term
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| |
Section
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Intellectual Property Agreement | | |
Appendix A
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IRS | | |
Appendix A
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Knowledge | | |
Appendix A
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Labor Agreement | | |
Section 3.13(c)
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Law | | |
Appendix A
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Lease | | |
Section 3.18(b)
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Lien | | |
Appendix A
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Merger | | |
Recitals
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Merger Consideration | | |
Section 2.l(a)(ii)
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Merger Sub | | |
Preamble
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Merger Sub Board | | |
Recitals
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Multiemployer Pension Plan | | |
Section 3.12(d)
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Nasdaq | | |
Appendix A
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Notified Body | | |
Appendix A
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OFAC | | |
Appendix A
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Option Consideration | | |
Section 2.3(a)
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Order | | |
Appendix A
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Parent | | |
Preamble
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Parent Common Stock | | |
Appendix A
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Parent Expenses | | |
Section 7.3(b)
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Parent Material Adverse Effect | | |
Section 4.1
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Parent Organizational Documents | | |
Appendix A
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Patents | | |
Appendix A
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Paying Agent | | |
Section 2.2(a)
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Payoff Letter | | |
Section 5.13
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Pension Plans | | |
Section 3.12(a)
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Permitted Lien | | |
Appendix A
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Person | | |
Appendix A
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Preferred Stock Consent | | |
Recitals
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Proceedings | | |
Appendix A
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Proxy Statement | | |
Section 3.11
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Purchase Date | | |
Appendix A
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Registrations | | |
Appendix A
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Regulatory Authority | | |
Appendix A
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Release | | |
Appendix A
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Representative | | |
Appendix A
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Sanctioned Country | | |
Appendix A
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Sanctioned Person | | |
Appendix A
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Sanctions | | |
Appendix A
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Sarbanes-Oxley Act | | |
Appendix A
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SEC | | |
Appendix A
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Securities Act | | |
Appendix A
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Security | | |
Appendix A
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Term
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| |
Section
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Series A Convertible Preferred Stock | | |
Appendix A
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Series A Exchangeable Preferred Stock | | |
Appendix A
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Software | | |
Appendix A
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SSA | | |
Section 3.25(c)
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Subsidiary | | |
Appendix A
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Surviving Corporation | | |
Section 1.1
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Tax | | |
Appendix A
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Tax Returns | | |
Appendix A
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Taxes | | |
Appendix A
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Termination Date | | |
Section 7.1(b)(i)
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Trade Secrets | | |
Appendix A
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Trademarks | | |
Appendix A
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Trading Day | | |
Appendix A
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Treasury Regulations | | |
Appendix A
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Voting Agreement | | |
Recitals
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WARN Act | | |
Section 3.13(d)
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Warrants | | |
Appendix A
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Stockholder
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Shares of Company
Common Stock Beneficially Owned |
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Shares of Series A
Convertible Preferred Stock Beneficially Owned |
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Shares of Series A
Exchangeable Preferred Stock Beneficially Owned |
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