ビッグベアaiの適時開示・重要契約・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 8-K

_________________________________________

現行レポート

セクション13または15に基づいて(d)

1934年の証券取引所法の

報告日（最も古い事象の報告日） 2025年11月10日

________________________________________________________

BigBear.ai Holdings, Inc.

(憲章で指定された登録者の正確な名前)

________________________________________________________


デラウェア	001-40031	85-4164597
(の州またはその他の管轄区域	(Commission	(IRS Employer
Incorporation or Organization)	File Number)	Identification Number)

7950 ジョーンズ・ブランチ・ドライブ、ノース・タワー1階
McLean, VA 22102
(主要な執行機関の住所（郵便番号を含む)
(410) 312-0885
(登録者の電話番号（市外局番を含む)

________________________________________________________

フォーム8-Kの提出が、以下のいずれかの規定（以下の一般的説明A.2.を参照）に基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するボックスにチェックしてください：


☐			証券法に基づく規則425に従った書面によるコミュニケーション（17 cfr 230.425)
☐			取引所法の下でのルール14a-12（17 cfr 240.14a-12）に基づく資料の勧誘。)
☐			取引所法の規則14d-2(b)に基づく開始前のコミュニケーション（17 cfr 240.14d-2(b))
☐			証券取引法の規則13e-4(c)に基づく開始前のコミュニケーション（17 cfr 240.13e-4(c))

法第12条(b)項に基づいて登録された証券:

Trading

Name of each exchange

Title of each class

Symbols

on which registered

普通株式、額面0.0001ドル

BBAI

New York Stock Exchange

償還可能ワラント、1株あたり11.50米ドルの行使価格で普通株式1株に対して行使可能な完全なワラント。

BBAI.WS

New York Stock Exchange

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。

Emerging growth company x

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐

Item 1.01 重要な確定契約の締結

2025年11月10日、BigBear.aiホールディングス株式会社（以下「BigBear.ai」または「当社」）は、デラウェア州法人であるAsk Sage, Inc、デラウェア州法人であるAtlas 2025 Merger Sub Inc.（以下「Merger Sub」）、およびAsk Sageの株主代表としてShareholder Representative Services LLCとの間で、Merger SubがAsk Sageを吸収合併し、Merger Subは消滅し、Ask Sageは当社の完全子会社として存続すること（以下「本合併」）を内容とする合併契約および合併計画（以下「本合併計画」）を締結しました。

買収金額は、(1)現金のみによる1億4,000万ドル（負債、現金、運転資本、取引費用に関する慣例的な調整後）、および(2)当社の選択により、額面0.0001ドルのBigBear.ai普通株式（以下「普通株式」）（以下「株式選択権」）、または1億1,000万ドル相当の追加現金のいずれか、から構成されます。当社が株式選択権を行使する場合、発行される普通株式数は、(a)本合併の完了日直前の普通株式の20取引日出来高加重平均価格（以下「20日VWAP」）が6.345ドルを超え7.05ドル未満の場合、1株当たり6.05ドル、1株当たり0.0001ドル、または1億1,000万ドルに相当する追加の現金となります。(b)20日VWAPが1株当たり6.345ドル以下の場合、普通株式17,336,485株、(c)20日VWAPが1株当たり7.05ドル以上の場合、普通株式15,602,837株。本合併のクロージング時（以下「クロージング」）には、クロージング後の購入価格の調整に充てるため、400万米ドルの現金がエスクローとして保管される。

BigBear.aiおよびAsk Sageの義務は、(i)Ask Sageの株主の承認が必要であること（以下、「必要株主承認」）、(ii)管轄権を有する裁判所から本合併の完了を妨げる仮処分またはその他の命令もしくは判決が出されておらず、かつ有効であること、(iii)Hart-Scott Rodino法に従って本合併に適用される待機期間（およびその延長）がある場合には、その期間が満了または終了していること、などの所定の条件を前提としています。

合併契約には、BigBear.ai とアスクセージによる慣例的な表明と保証が含まれています。また、BigBear.ai とアスク・セージが合併を完了させるために合理的な努力をすることを要求する条項や、アスク・セージが合併契約締結からクロージングまでの間、通常の業務を遂行することを要求する条項など、慣習的な条項も含まれています。

本合併契約には、BigBear.ai と Ask Sage のそれぞれに対する解除権が含まれており、これには、(i) 最終的かつ上訴不能な法律または政府の措置により、本合併が恒久的に差し止め、禁止された場合、または (ii) 2026 年 3 月 10 日（以下「終了日」）までに本合併が完了しなかった場合などが含まれます。

BigBear.aiとAsk Sageはそれぞれ、相手方がクロージング条件の不履行につながるような形で表明、保証または誓約に違反した場合、30日間の治癒期間を条件として、本合併契約を解除することができます。また、BigBear.aiは、本合併契約締結日の翌営業日午後11時59分（東部時間）までに必要株主の承認が得られなかった場合、本合併契約を解除することができます。

本合併契約では、クロージングに関連して、当社が株式選択通知を行った場合、特定の Ask Sage の株主（以下、「特定証券保有者」）はそれぞれ、本合併契約に添付された書式によるロックアップ契約を当社と締結しなければならないと規定されており、これに従い、各特定証券保有者は、本合併に関連して発行される普通株式に関して 6 ヶ月間のロックアップ期間（慣例的な例外を除く）に服し、一定の登録権を付与される。

前述の合併契約に関する説明は完全なものではなく、本カレント・レポート（Form 8-K）の別紙2.1として提出され、参照により本契約に組み込まれる合併契約の全文を参照することにより、その全体が修飾されるものとする。

Item 2.02 営業成績および財務状況

2025年11月10日、当社は2025年9月30日に終了した四半期の業績を発表した。このプレスリリースのコピーは、本フォーム 8-K カレント・レポートの別紙 99.1 として添付され、参照により本書に組み込まれる。

本フォーム8-Kの項目2.02に記載された情報（本フォームの別紙99.1を含む）は、「提出」ではなく「提出」されたものとみなされ、当社のフォームS-3およびフォームS-8の登録届出書に組み込まれるものとする。

Item 3.02 持分証券の未登録販売

本株式発行に関する上記第 1.01 項に記載された情報は、参照することにより本第 3.02 項に組み込まれる。当社により選択された場合、本株式発行は、公募を伴わない発行体による取引として 1933 年証券法（改正後）第 4 条(a)(2)に規定される登録義務からの適用除外に従って行われる。

Item 9.01 財務諸表および添付資料

(d) Exhibits:


Exhibit No.						Description
2.1*						2025年 11月 10日付、BigBear.ai Holdings, Inc.、Atlas 2025 Merger Sub Inc.、Ask Sage, Inc.およびShareholder Representative Services LLC.による合併契約および合併計画。
99.1						2025年 11月 10日付プレスリリース
104						カバーページインタラクティブデータファイル（inline xbrlドキュメントに埋め込まれています。)

*当社は、レギュレーションS-Kの項目601(a)(5)に従い、本合併契約および本合併計画に関する付属書類の記載を省略しています。当社は、米国証券取引委員会（以下「SEC」）の要求に応じて、省略された明細書および添付書類の写しを提供することを約束します。

Forward-Looking Statements

このForm 8-Kによる最新報告書には、BigBear.aiおよびAsk Sage、提案された取引およびその他の事項に関する1995年私募証券訴訟改革法の意味における将来予想に関する記述が含まれています。このような将来予想に関する記述は、1933年証券法第27A条（改正後）および証券取引法第21E条（改正後）に含まれる将来予想に関する記述のセーフハーバー条項の対象となることを意図しています。本Current Report on Form 8-Kに記載されている記述のうち、過去の事実に関する記述を除くすべての記述（本合併契約により企図されている取引、提案されている取引の完了、時期、条件、および関連事項に関する記述を含むがこれらに限定されない）は、将来の見通しに関する記述です。信じる」、「かもしれない」、「予定である」、「期待する」、「はずである」、「可能性がある」、「だろう」、「予想する」、「目指す」、「見積もる」、「意図する」、「計画する」、「信じる」、「可能性」、「継続する」、「プロジェクト」、「目標」、「である／可能性が高い、"予測"、"将来"、"指針"、"可能性"、"予測"、"求める"、"見る"、またはこれらの用語の否定形やその他の類似表現は、将来見通しに関する記述を識別することを意図していますが、すべての将来見通しに関する記述がこれらの語句や表現を使用しているわけではありません。これらの記述は約束でも保証でもありませんが、既知および未知のリスク、不確実性、およびその他の重要な要因を含んでおり、当社の実際の結果、業績、または実績が、将来予想に関する記述によって明示または暗示される将来の結果、業績、または実績と大きく異なる可能性があります：提案されている取引を完了できないこと、提案されている取引を完了するために必要な届出またはその他の行為を適時に、またはまったく行わないこと、適用される規制当局または株主の承認を適時に、またはその他の方法で取得できないこと、提案されている取引のその他の完了条件を満たさないこと；提案されている取引の発表または完了が、顧客、従業員、競合他社を含む第三者との関係に及ぼす潜在的な影響、新事業の統合が成功しないリスク、または統合後の企業が推定コスト削減を実現できないリスク、統合後の事業から期待される利益を実現できないリスク、提案されている取引に関連する訴訟の可能性、BigBear に損害を与える可能性のある提案されている取引による混乱。ai社またはAsk Sage社の各事業に損害を与える可能性のある本取引による混乱。これらおよびその他の重要な要因については、2025年3月25日に米国証券取引委員会（以下「SEC」）に提出されたBigBear.aiの2024年12月31日締めの年次報告書（Form 10-K）の「リスク要因」に記載されており、BigBear.は、2025 年 3 月 25 日に米国証券取引委員会（SEC）に提出した 2024 年 12 月 31 日をもって終了する年度のフォーム 10-K 報告書、および 2025 年 3 月 25 日に米国証券取引委員会（SEC）に提出した 2025 年 9 月 30 日をもって終了する四半期のフォーム 10-Q 四半期報告書を含め、SEC に提出する予定です。

これらの記述は、将来の出来事や業績に関する経営陣の現在の予想を反映したものであり、Form 8-Kの日付時点のものです。将来予想に関する記述を過度に信頼すべきではありません。当社は、将来予想に関する記述に反映されている期待は合理的であると考えていますが、将来予想に関する記述に反映されている将来の結果、活動レベル、業績、出来事および状況が達成されること、または発生することを保証するものではありません。法律で義務付けられている場合を除き、当社は、新たな情報、将来の出来事、その他の結果にかかわらず、将来予想に関する記述の作成日以降、または予期せぬ出来事の発生を反映するために、将来予想に関する記述を更新または修正する義務を負うものではありません。

SIGNATURE

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。


Dated:						November 10, 2025


By:			/s/ Sean Ricker
Name:			Sean Ricker
Title:			Chief Financial Officer

EX-2.1 2 exhibit21projectatlas-me.htm EX-2.1 exhibit21projectatlas-me

1 AGREEMENT AND PLAN OF MERGER BY AND AMONG BIGBEAR.AI HOLDINGS, INC., ATLAS 2025 MERGER SUB INC., ASK SAGE, INC. AND SHAREHOLDER REPRESENTATIVE SERVICES LLC Dated as of November 10, 2025

ii SECTION 1 DEFINITIONS AND INTERPRETATIONS ....................................................... 3 1.1 Certain Definitions ................................................................................................... 3 1.2 Interpretation .......................................................................................................... 24 SECTION 2 THE MERGER ..................................................................................................... 25 2.1 Merger .................................................................................................................... 25 2.2 Closing .................................................................................................................... 25 2.3 Effective Time ........................................................................................................ 26 2.4 Effect of the Merger ............................................................................................... 26 2.5 Certificate of Incorporation and Bylaws ................................................................ 26 2.6 Directors and Officers ............................................................................................ 26 SECTION 3 EFFECT OF THE MERGER ON THE SECURITIES OF THE CONSTITUENT CORPORATIONS ................................................................. 26 3.1 Effect on Capital Stock ........................................................................................... 26 3.2 Dissenting Holders ................................................................................................. 29 3.3 Company Options; Company RSUs ....................................................................... 29 3.4 Payment of the Merger Consideration .................................................................... 30 3.5 Purchase Price Adjustment ..................................................................................... 34 3.6 Additional Closing Transactions ............................................................................ 37 3.7 Further Action ........................................................................................................ 37 3.8 Certain Adjustments ............................................................................................... 37 SECTION 4 REPRESENTATIONS AND WARRANTIES OF THE COMPANY ............. 37 4.1 Organization and Good Standing; Organizational Documents; Directors and Officers ................................................................................................................... 37 4.2 Capitalization .......................................................................................................... 38 4.3 No Subsidiaries ....................................................................................................... 39 4.4 Company Equity Awards ....................................................................................... 40 4.5 Authority; No Conflict. .......................................................................................... 40 4.6 Consents ................................................................................................................. 41 4.7 Vote Required ......................................................................................................... 41 4.8 Absence of Changes ............................................................................................... 41 4.9 Financial Statements ............................................................................................... 41 4.10 Absence of Undisclosed Liabilities; Indebtedness ................................................. 42 4.11 Accounts Receivable .............................................................................................. 42 4.12 Taxes ...................................................................................................................... 42 4.13 Property and Sufficiency ........................................................................................ 44

iii 4.14 Environmental Matters ........................................................................................... 45 4.15 Material Contracts .................................................................................................. 46 4.16 Certain Relationships and Related Transactions .................................................... 48 4.17 Insurance ................................................................................................................ 48 4.18 Intellectual Property ............................................................................................... 49 4.19 Privacy and Data Security ...................................................................................... 52 4.20 Benefit Plans ........................................................................................................... 54 4.21 Personnel ................................................................................................................ 55 4.22 Litigation ................................................................................................................ 56 4.23 Compliance with Instruments; Laws ...................................................................... 57 4.24 Banking Relationships; Powers of Attorney .......................................................... 58 4.25 Company Names .................................................................................................... 58 4.26 Brokers and Finders ................................................................................................ 58 4.27 Anti-Takeover Statute Not Applicable ................................................................... 59 4.28 Customers; Suppliers .............................................................................................. 59 4.29 Government Contracts. ........................................................................................... 59 4.30 No Other Representations or Warranties ................................................................ 60 SECTION 5 REPRESENTATIONS AND WARRANTIES BY PARENT AND MERGER SUB ..................................................................................................... 61 5.1 Organization and Standing ..................................................................................... 61 5.2 Authority for Agreement; No Conflict ................................................................... 61 5.3 Valid Issuance; Sufficient Cash on Hand ............................................................... 62 5.4 Legal Proceedings .................................................................................................. 62 5.5 Brokers and Finders ................................................................................................ 62 5.6 Litigation ................................................................................................................ 62 5.7 Compliance with Law ............................................................................................ 63 5.8 Parent Shares. ......................................................................................................... 63 5.9 CFIUS No Foreign Person ..................................................................................... 63 5.10 No Other Representations and Warranties ............................................................. 63 SECTION 6 COVENANTS ....................................................................................................... 64 6.1 Ordinary Course ..................................................................................................... 64 6.2 Information Statement ............................................................................................ 68 6.3 Access to Information ............................................................................................ 68 6.4 Public Disclosure .................................................................................................... 68 6.5 Director and Officer Indemnification ..................................................................... 69

iv 6.6 Regulatory Filings; Exchange of Information; Notification; Reasonable Efforts ..................................................................................................................... 70 6.7 Post-Closing Benefits ............................................................................................. 72 6.8 No-Shop .................................................................................................................. 73 6.9 Takeover Laws ....................................................................................................... 74 6.10 R&W Insurance Policy ........................................................................................... 74 6.11 Bank Accounts ....................................................................................................... 74 6.12 Electronic Data Room ............................................................................................ 74 6.13 Termination of Affiliate Contracts ......................................................................... 74 6.14 NYSE Listing ......................................................................................................... 75 6.15 Section 280G .......................................................................................................... 75 SECTION 7 CONDITIONS TO CLOSING; CLOSING DELIVERIES; TERMINATION .................................................................................................. 75 7.1 Conditions to Closing ............................................................................................. 75 7.2 Closing Deliveries of the Company ....................................................................... 77 7.3 Closing Deliveries of Parent ................................................................................... 78 7.4 Termination Prior to the Effective Time ................................................................ 78 7.5 Notice of Termination; Effect of Termination ....................................................... 79 SECTION 8 SURVIVAL ............................................................................................................ 80 8.1 No Survival ............................................................................................................. 80 SECTION 9 FEES AND EXPENSES ....................................................................................... 80 9.1 General ................................................................................................................... 80 SECTION 10 NO RECOURSE ................................................................................................. 80 10.1 No Recourse ........................................................................................................... 80 SECTION 11 TAXES. ................................................................................................................ 81 11.1 Tax Document Retention and Cooperation ............................................................ 81 11.2 Transfer Taxes ........................................................................................................ 81 11.3 Straddle Periods ...................................................................................................... 81 11.4 Income Tax Refunds .............................................................................................. 81 11.5 Interim Period Tax Returns .................................................................................... 82 SECTION 12 SECURITYHOLDERS’ REPRESENTATIVE ............................................... 82 12.1 Powers of the Securityholders’ Representative ...................................................... 82 SECTION 13 RELEASE ............................................................................................................ 84 13.1 Release .................................................................................................................... 84 13.2 Specific Term of Agreement .................................................................................. 85

v SECTION 14 MISCELLANEOUS ........................................................................................... 85 14.1 Notices .................................................................................................................... 85 14.2 Successors and Assigns .......................................................................................... 86 14.3 Severability ............................................................................................................. 87 14.4 Third Parties ........................................................................................................... 87 14.5 Governing Law; Submission to Jurisdiction .......................................................... 87 14.6 Waiver of Jury Trial ............................................................................................... 88 14.7 Specific Performance ............................................................................................. 88 14.8 Entire Agreement, Not Binding Until Executed .................................................... 88 14.9 Waiver of Conflicts; Privilege ................................................................................ 88 14.10 Amendments; No Waiver ....................................................................................... 90

vi EXHIBITS Company Stockholder Written Consent Exhibit A Form of Restrictive Covenant Agreements (Individuals) Exhibit B-1 Form of Restrictive Covenant Agreements (Sponsors) Exhibit B-2 Accounting Principles Exhibit C Form Letter of Transmittal Exhibit D Form of Lock-Up Agreement Exhibit E Net Working Capital Schedule Exhibit F Certificate of Merger Exhibit G Company Securityholder Schedule Exhibit H Employment Offer Letter Exhibit I

1 AGREEMENT AND PLAN OF MERGER THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made as of November 10, 2025, by and among BigBear.ai Holdings, Inc., a Delaware corporation (“Parent”), Atlas 2025 Merger Sub Inc., a Delaware corporation (“Merger Sub”) and a wholly-owned direct subsidiary of Parent, Ask Sage, Inc., a Delaware corporation (the “Company”), and Shareholder Representative Services LLC, a Colorado limited liability company solely in its capacity as the representative of the Company Securityholders (the “Securityholders’ Representative”). Each of Parent, Merger Sub, the Company and the Securityholders’ Representative are referred to herein individually as a “Party” and collectively as the “Parties”. Each capitalized term used in this Agreement has the meaning set forth in Section 1.1. WHEREAS, Parent, Merger Sub and the Company intend to effectuate a merger (the “Merger”) of Merger Sub with and into the Company, with the Company as the Surviving Corporation and a wholly-owned subsidiary of Parent, in accordance with the terms and conditions of this Agreement and the DGCL. WHEREAS, the board of directors of the Company (the “Company Board”) has, upon the terms and subject to the conditions set forth in this Agreement, (a) determined that this Agreement and the Transactions, including the Merger, are advisable, (b) determined that this Agreement and the Transactions, including the Merger, are fair to, and in the best interests of, the Company and the Company Stockholders, (c) approved and adopted this Agreement and the Transactions, including the Merger and (d) determined to recommend that the Company Stockholders approve and adopt this Agreement and approve each of the Transactions, including the Merger. WHEREAS, promptly following the execution and delivery of this Agreement, the Company will deliver to Parent and Merger Sub written consents of certain Company Stockholders (each, a “Consenting Stockholder”) substantially in the form attached as Exhibit A (the “Company Stockholder Written Consent”), which consent constitutes the Requisite Stockholder Approval, in accordance with the Company Charter, the Company Bylaws and the applicable provisions of the DGCL. WHEREAS, the board of directors of Merger Sub has, upon the terms and subject to the conditions set forth in this Agreement, (a) determined that this Agreement and the Transactions, including the Merger, are advisable, (b) determined that this Agreement and the Transactions, including the Merger, are fair to and in the best interests of Merger Sub and its sole stockholder and (c) approved and adopted this Agreement and the Transactions, including the Merger. WHEREAS, the sole stockholder of Merger Sub has approved and adopted this Agreement and the Transactions, including the Merger, in accordance with the terms and conditions of this Agreement and the DGCL. WHEREAS, the board of directors of Parent have approved this Agreement and the issuance of shares of Parent Common Stock in the event Parent provides notice of a Stock Election, as set forth herein. WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to Parent’s and Merger Sub’s willingness to enter into this Agreement,

2 (a) Nicolas Chaillan is entering into a Proprietary Information and Inventions Agreement acknowledgment letter with the Company, effective as of the date hereof (the “Chaillan PIIA Addendum”), (b) certain Securityholders of the Company are entering into Restrictive Covenant Agreements with Parent and the Company (the “Restrictive Covenant Agreements”) substantially in the form attached as Exhibit B-1 or Exhibit B-2, as applicable, and (c) Nicolas Chaillan is entering into an Offer Letter with Parent substantially in the form attached as Exhibit I, in each case effective as of the Closing. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements in this Agreement contained, and intending to be legally bound by this Agreement, the Parties agree as follows:

3 SECTION 1 DEFINITIONS AND INTERPRETATIONS Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: “280G Approval” shall have the meaning specified in Section 6.15. “Accounting Firm” shall mean Houlihan Lokey (or if Houlihan Lokey cannot or will not serve under Section 3.5), such other nationally recognized accounting firm reasonably acceptable to Parent and the Securityholders’ Representative. “Accounting Principles” means the accounting methods, practices, principles, policies, procedures, classifications, judgments, estimations and methodologies set forth on Exhibit C. “Accrued Income Taxes” shall mean an amount (which shall not be less than zero with respect to any Tax imposed in any jurisdiction) equal to the unpaid income Taxes of the Company for any Tax period (or portion thereof) ending on or prior to the Closing Date for which an originally filed Tax Return reporting such income Taxes has not yet been filed as of the Closing Date (or for which a Tax Return has been filed but all Tax liabilities shown thereon have not yet been paid prior to the Reference Time), in those jurisdictions where the Company has historically filed Tax Returns (or in which the Company is required to begin filing as a result of any new activity, nexus or change in Tax Law in such Tax period); provided that such Taxes shall (a) be computed consistent with past practice of the Company (including reporting positions, elections and accounting methods) for preparing such Tax Returns, except as a result of any change in applicable Tax Law or circumstance of the Company, (b) with respect to any Straddle Period, in accordance with the principles set forth in Section 11.3 and the immediately succeeding clause (c), (c) as of the end of the Closing Date after giving effect to the Transactions and taking into account any Transaction Tax Deductions to the extent at least “more likely than not” deductible by the Company in such Tax period (or portion thereof) ending on or prior to the Closing Date, (d) exclude any Taxes attributable to transactions taken on the Closing Date after the Closing that are outside of the ordinary course of business, (e) exclude any Taxes attributable to any voluntary disclosure programs or initiatives initiated by the Company after the Closing, any voluntary amendments to any Tax Returns made by the Company after the Closing or any retroactive elections (including, without limitation, any election under Sections 336 or 338 of the Code) made by the Company after the Closing, (f) include any net operating loss and any net operating loss carryforward of the Company that are attributable to a taxable period (or portion thereof) ending on or prior to the Closing Date solely to the extent such amounts actually reduce, or are reasonably available to reduce, cash Tax liabilities of the Company in the relevant jurisdiction for the relevant Tax period, (g) exclude deferred Tax assets and liabilities, (h) exclude any liabilities, accruals or reserves for contingent Taxes or uncertain Tax positions, (i) include any adjustment (positive or negative) under Section 481 of the Code (or any similar or corresponding state, local or non-U.S. Legal Requirement) as a result of any change in accounting method of the Company during or with respect to a Pre-Closing Period (regardless of when such income is recognized for tax purposes) calculated in accordance with the filing prepared in accordance with Section 6.1(c), (j) including any Taxes of the Company with respect to prepaid amounts or deferred revenues received by the Company in any Pre-Closing Tax Period as though such amounts were included

4 in taxable income in Pre-Closing Tax Period, and (k) include any estimated payments or overpayments of Taxes made prior to the Reference Time solely to the extent such amounts actually reduce, or are reasonably available to reduce, cash Tax liabilities of the Company in the relevant jurisdiction for the relevant Tax period. The Parties agree that 70% of any success-based fees paid by the Company in connection with the Transactions shall be deductible in the taxable period (or portion thereof) ending on the Closing Date under Rev. Proc. 2011-29. “Acquisition Proposal” with respect to the Company, shall mean any offer, inquiry, indication of interest, or proposal relating to any transaction or series of related transactions involving: (a) the sale, license, lease, transfer, disposition, or acquisition of all or a material portion of (excluding non-exclusive licensing of the Company’s products or services in the ordinary course of business) the business or assets of the Company; (b) the issuance, disposition or acquisition of (i) any capital stock or other equity security of the Company (other than (A) Company Common Stock issued upon the exercise of Company Options, (B) Company Options issued in accordance with the terms of this Agreement, or (C) Company Common Stock issued upon conversion of any shares of Company Preferred Stock outstanding as of the date of this Agreement), (ii) any option, call, warrant or right (whether or not immediately exercisable) to acquire any capital stock or other equity security of the Company (other than Company Options issued in accordance with the terms of this Agreement) or (iii) any security, instrument or obligation that is or may become convertible into or exchangeable for any capital stock or other equity security of the Company (other than Company Options issued in accordance with the terms of this Agreement); (c) any merger, consolidation, share exchange, business combination, reorganization, recapitalization or similar transaction involving the Company; (d) any liquidation, dissolution, recapitalization or other significant corporate reorganization of the Company; or (e) any combination of the foregoing; provided, however, that the Transactions shall not be deemed an Acquisition Proposal. “Actions” shall have the meaning specified in Section 4.22. “Active Government Contract” means any Government Contract to which the Company is currently a party or has not received final payment prior to the date hereof. “Additional Base Purchase Price” shall mean (a) if Parent has provided notice of a Stock Election and (i) the 20-trading day volume-weighted average price of Parent Common Stock immediately prior to the Closing Date (the “20-day VWAP”) is greater than $6.345 but less than $7.05 per share, a number of shares of Parent Common Stock equal to $110,000,000 divided by the 20-day VWAP valued at a price per share equal to such 20-day VWAP, (ii) if the 20-day VWAP is less than or equal to $6.345 per share, 17,336,485 shares of Parent Common Stock

5 valued at a price per share equal to $6.345 per share, and (iii) if the 20-day VWAP is greater than or equal to $7.05 per share, 15,602,837 shares of Parent Common Stock valued at a price share equal to such 20-day VWAP (the applicable amount of shares of Parent Common Stock, the “Parent Common Stock Amount”); and (b) if Parent has provided notice of a Cash Election in accordance with Section 3.4(a), an amount equal to $110,000,000. “Adjustment Escrow Amount” shall mean an amount equal to $4,000,000. “Adjustment Escrow Fund” shall mean the Adjustment Escrow Amount withheld in accordance with Section 3.1(c), and if applicable, any earnings including interest on the Adjustment Escrow Amount. “Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise. “Aggregate Option Exercise Price” shall mean the aggregate of the exercise prices of all Vested Company Options outstanding as of immediately prior to the Closing. “Agreement” shall have the meaning specified in the Preamble hereto. “AI Input” means any materials of any nature (including data, text, numbers, images, photos, graphics, video, audio, or computer codes) used to develop, train, pre-train, refine, fine tune, distill, validate, test, or improve any AI Technology or otherwise Processed by any AI Technologies. “AI Output” means any output, content, decision, prediction, recommendation or other information that is generated or output by any AI Technologies. “AI Technologies” means, in addition to any definition for “artificial intelligence” or “artificial intelligence system” or any similar term under applicable Legal Requirements, engineered or machine based techniques, models and technologies (including Software) that can mimic human intelligence or infer from any input received how to generate outputs such as predictions, content, recommendations or decisions, and that may influence physical or virtual environments, including (i) deep learning, machine learning, natural language processing (or large language models), automation and other artificial intelligence models or technologies, or (ii) Software, or systems that make use of or employ neural networks, statistical learning algorithms (like linear and logistic regression, support vector machines, random forests, k-means clustering) or reinforcement learning. For clarity, AI Technologies includes Generative AI Tools. “Anti-Corruption Laws” means: all laws, rules and regulations relating to bribery or corruption, including: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended (“FCPA”); (b) the UK Bribery Act 2010; (b) the anti-corruption laws of the country of incorporation of the Company; and (c) any other applicable anti-corruption or anti-bribery laws.

6 “Audit” shall mean any audit, assessment, claim, examination, or other inquiry relating to Taxes by any Tax Authority or any judicial or administrative proceeding relating to Taxes. “Balance Sheet” shall have the meaning specified in Section 4.9. “Base Cash Purchase Price” shall mean an amount equal to $140,000,000. “Business Day” shall mean any day that is not a Saturday or a Sunday, on which national banking institutions in Arlington, Virginia and New York, New York are open to the public for conducting business and are not required by Legal Requirement to close. “Business Intellectual Property” shall have the meaning specified in Section 4.18(b). “CARES Act” shall mean the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) and any similar legislation, executive order or executive memo enacted relating to the COVID-19 pandemic, as well as any applicable guidance issued thereunder or relating thereto (including IRS Notice, 2021-11, IRS Notice 2020-65, and the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing Covid-19 Disaster, dated August 8, 2020), and any subsequent legislation intended to address the consequences of the COVID-19 pandemic, including the Consolidated Appropriation Act, 2021. “Carta” shall mean eShares, Inc. (dba Carta, Inc.), provider of cloud-based cap table management service. “Cash Election” shall have the meaning specified in Section 3.4(a). “Certificate of Merger” shall have the meaning specified in Section 2.3. “Chaillan PIIA Addendum” shall have the meaning specified in the Recitals hereto. “Closing” shall have the meaning specified in Section 2.2. “Closing Date” shall have the meaning specified in Section 2.2. “Closing Date Company Cash Balance” shall mean the Company Cash Balance as of the Closing; provided that Closing Date Company Cash Balance shall be deemed not to include any amounts paid or payable to satisfy any Company Debt or Company Transaction Expenses, or as a permitted dividend or distribution by the Company, if any, in each case, in connection with the Closing. “Closing Date Company Debt” shall mean the total Company Debt as of the Closing. “Closing Date Net Working Capital” shall mean the Net Working Capital as of the Reference Time. “Closing Date Statement” shall have the meaning specified in Section 3.5(b). “Code” shall mean the Internal Revenue Code of 1986.

7 “Company” shall have the meaning specified in the Preamble hereto. “Company 401(k) Plan” shall have the meaning specified in Section 6.7(b). “Company Board” shall have the meaning specified in the Recitals. “Company Book-Entry Share” shall mean a book-entry share of the Company maintained on Carta. “Company Bylaws” shall mean the Amended and Restated Bylaws of the Company as in effect as of the date of this Agreement. “Company Cash Balance” shall mean the sum, without duplication, of all cash and cash equivalents of the Company, and all marketable U.S. Treasury bills, notes and bonds held by the Company, in each case, to the extent convertible to unrestricted cash within 90 days, (a) excluding the aggregate amount of all outstanding but uncleared checks, initiated but not yet completed outgoing wire transfers, or other payment orders or instructions made or given by the Company, (b) including (i) the aggregate amount of any inbound wire transfers and (ii) checks reflected as deposited in the applicable Company bank account and (c) excluding any cash and cash equivalents of the Company to the extent not freely useable by Parent because it is subject to restrictions (including on dividends), limitations, repatriation costs, or taxes on use or distribution by Contract, Legal Requirements or otherwise, including cash deposits, cash held in escrow accounts, and any other restricted cash, including deposits under any leases. “Company Charter” shall mean the Amended and Restated Certificate of Incorporation of the Company in effect on the date of this Agreement. “Company Common Stock” shall mean the common stock, par value $0.0001 per share, of the Company. “Company Debt” shall mean the aggregate amount of all Indebtedness of the Company. “Company Equity Plan” shall mean the Company’s 2023 Stock Option and Grant Plan, as amended, modified, supplemented or restated from time to time. “Company Fully-Diluted Shares” shall mean the sum, without duplication, of (a) the aggregate number of shares of Company Common Stock issued and outstanding immediately prior to the Closing, plus (b) the aggregate number of shares of Company Common Stock issuable upon the exercise of Vested Company Options issued and outstanding immediately prior to the Closing, plus (c) the aggregate number of shares of Company Preferred Stock issued and outstanding immediately prior to the Closing on an as-converted to Company Common Stock basis plus (d) the aggregate number of shares of Company Common Stock underlying Vested Company RSUs issued and outstanding immediately prior to the Closing. “Company Fundamental Representations” shall mean the representations and warranties set forth in Section 4.1 (Organization and Good Standing of the Company; Company Organizational Documents; Company Directors and Officers), Section 4.2 (Capitalization), Section 4.3 (Company Subsidiaries), Section 4.5 (Authority; No Conflict) (other than Section

8 4.5(c)(ii)-(iv)), Section 4.7 (Vote Required), Section 4.16 (Certain Relationships and Related Transactions) and Section 4.26 (Brokers and Finders; Existing Discussions). “Company Intellectual Property” shall mean any and all Intellectual Property owned or purported to be owned by the Company, including all Company Software. “Company IP Agreements” shall have the meaning specified in Section 4.18(j). “Company IT Assets” shall mean any and all IT Assets owned or purported to be owned by the Company, or licensed or controlled by the Company and used, in the business of the Company. “Company Option” shall mean an option to acquire a share of Company Common Stock granted under the Company Equity Plan or otherwise. “Company Option Consideration” shall have the meaning specified in Section 3.3(a). “Company Optionholder” shall mean the holders of the Company Options. “Company Organizational Documents” shall mean the Company Charter and the Company Bylaws. “Company Plan” shall mean any employee benefit plan (as defined in Section 3(3) of ERISA, whether or not subject to ERISA), any other bonus, profit sharing, compensation, pension, retirement, “401(k),” severance, savings, deferred compensation, material fringe benefit, insurance, welfare, post-retirement health or welfare benefit, health, life, stock option, stock appreciation right, stock purchase, restricted stock, disability, accident, sick pay, sick leave, accrued leave, vacation, holiday, termination, unemployment, individual employment, individual consulting, executive compensation, incentive, commission, retention, change in control or other material plan, agreement, policy, trust, fund or arrangement (whether insured or self-insured) providing compensation or benefits for the benefit of current or former employees, officers, directors, or individual consultants of the Company (or the dependents and beneficiaries thereof), which is maintained, sponsored or contributed to by the Company or to which the Company is a party, or to which the Company has or may reasonably expect to have any Liability. For the avoidance of doubt, each Employment Agreement shall be a Company Plan. “Company Preferred Stock” shall mean the preferred stock, par value $0.0001 per share, of the Company. “Company Representative” shall have the meaning specified in Section 4.23(b). “Company RSU” shall mean a restricted stock unit that represents the right to receive one share of Company Stock granted under the Company Equity Plan or otherwise. “Company RSU Consideration” shall have the meaning specified in Section 3.3(c). “Company Securities” shall mean Company Stock, Company RSUs, Company Options and all other issued and outstanding equity securities of or interests in the Company, including

9 securities convertible into, or exercisable or exchangeable for, any equity securities of the Company. “Company Securityholder Schedule” shall have the meaning specified in Section 3.4(b). “Company Securityholders” shall mean the holders of Company Securities. “Company Software” shall mean any and all Software owned or purported to be owned by the Company. “Company Stock” shall mean shares of the Company Common Stock and the Company Preferred Stock. “Company Stockholder Written Consent” shall have the meaning specified in the Recitals hereto. “Company Stockholders” shall mean the holders of the Company Stock. “Company Transaction Expenses” shall mean, to the extent unpaid as of immediately prior to the Closing and not included in the calculation of Closing Date Net Working Capital, without duplication, (a) all fees, costs and expenses (including fees, costs and expenses of third-party advisors, legal counsel, investment bankers or other representatives) incurred by the Company through the Closing or otherwise payable by the Company in connection with the negotiation of this Agreement and the other Transaction Documents and the consummation of the Transactions and (b) any payments or benefits, including retention, transaction or change in control bonuses, payable by the Company to any current or former employee or other service provider of the Company to the extent resulting from the consummation of the transactions contemplated by this Agreement, including any modified “single trigger” payments or benefits (i.e., payments or benefits that are due because the transactions contemplated by this Agreement give such employee or service provider the right to resign and collect such payment or benefit), plus the employer portion of any payroll, social security, employer health, unemployment, similar or other Taxes incurred (i) in respect of such payments or benefits or (ii) payments due to the holders of Company Options pursuant to Section 3.3 hereof (other than the actual payments due to the holders of the Company Options pursuant to Section 3.3 hereof); provided, that in no event shall “Company Transaction Expenses” include (i) any fees, costs or expenses initiated or otherwise incurred at the request of Parent or any of its Affiliates or representatives to the extent not otherwise required to be incurred by the terms of this Agreement, (ii) any fees, costs or expenses of the R&W Insurance Policy, (iii) any Transfer Taxes, (iv) the filings fees for filings required to be made pursuant to the HSR Act, or (v) any severance obligations with respect to any employee whose employment was terminated at the direction of Parent. “Company’s Registered Intellectual Property” shall have the meaning specified in Section 4.18(a). “Confidentiality Agreement” shall mean that certain Non-Disclosure Agreement, by and between (a) Parent and its subsidiaries and (b) the Company, dated as of August 25, 2025. “Consenting Stockholder” shall have the meaning specified in the Recitals hereto.

10 “Consents” shall have the meaning specified in Section 4.6. “Contaminants” shall have the meaning specified in Section 4.18(l). “Continuing Employees” shall mean employees of the Company who are employed by Parent or one of its Subsidiaries (including, after the Closing, the Company) after the Effective Time. “Contract” shall mean any written or oral agreement, contract, subcontract, settlement agreement, lease, instrument, note, option, warranty, purchase order, license, sublicense, insurance policy, benefit plan or legally binding commitment, arrangement, obligation, or undertaking of any nature. “Data Protection Laws” shall mean all applicable Legal Requirements (including the Defense Federal Acquisition Regulation Supplement (DFARS) 252.204-7012 and the National Institute of Standards and Technology (NIST) Special Publication 800-171) and binding standards related to data protection, data privacy, data security, Personal Data Processing, breach notification, consumer marketing with respect to the Processing of Personal Data (including as applicable direct marketing, e-mails, text messages or telemarketing), and, to the extent applicable, the Processing and security of payment card information (including the Payment Card Industry Data Security Standard and other applicable card association rules). “DCSA” means the Defense Counterintelligence and Security Agency. “Deferred Payroll Taxes” shall mean any payroll, employment or similar Taxes payable by the Company that (a) relate to a taxable period or portion thereof that occurs prior to the Closing and (b) are payable following the Closing as permitted by Section 2302(a) of the CARES Act, or any similar Legal Requirement (together with all regulations and guidance related thereto issued by a Governmental Authority), calculated after giving effect to any tax credits afforded under the CARES Act and the Families First Coronavirus Response Act to reduce the amount of any Taxes payable or owed, to the extent such tax credits are accrued prior to the Closing. “Disclosure Schedule” shall have the meaning specified in Section 4. “Dispute Notice” shall have the meaning specified in Section 3.5(c). “Disputed Items” shall have the meaning specified in Section 3.5(c). “Dissenting Shares” shall have the meaning specified in Section 3.2(a). “DOJ” shall mean the Antitrust Division of the U.S. Department of Justice. “D&O Insurance” shall mean non-cancellable “tail” insurance policies with a claims period of at least six years from and after the Closing from insurance carriers with the same or better claims-paying ability ratings and credit ratings as the Company’s current insurance carriers with respect to directors’ and officers’ liability insurance policies, for the Persons who are or were prior to the Closing, covered by the Company’s existing directors’ and officers’ liability insurance policies, with terms, conditions, retentions, limits of liability, and levels of coverage at least as

11 favorable as the Company’s existing directors’ and officers’ liability insurance policies with respect to matters existing or occurring at or prior to the Closing (including in connection with this Agreement). “Effective Time” shall have the meaning specified in Section 2.3. “Employee” shall mean any current employee (including officers) of the Company. “Employment Agreement” shall mean each management, employment, consulting, contractor or other similar agreement, or contract (including, any offer letter or other document providing for compensation or benefits) between the Company and any Employee or Service Provider. “End Date” shall have the meaning specified in Section 7.4(b). “Environmental Laws” shall mean, with respect to any geographic location, all Legal Requirements promulgated by any Governmental Authority with governmental authority over such geographic location relating to pollution or protection of human health or the environment (including ambient air, surface water, ground water, land surface or subsurface strata), including any laws or regulations which prohibit, regulate or control any Hazardous Material or any Hazardous Material Activity. “Environmental Permits” shall mean any Permit required under or issued pursuant to any applicable Environmental Law. “ERISA” shall mean the Employee Retirement Income Security Act of 1974. “ERISA Affiliate” shall mean any trade or business, whether or not incorporated, that together with the Company would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) or (o) of the Code. “Escrow Excess Amount” shall have the meaning specified in Section 3.5(e)(ii). “Estimated Adjusted Purchase Price” shall mean an amount equal to (a) the Base Cash Purchase Price, plus (b) the Estimated Closing Date Company Cash Balance, minus (c) the Estimated Closing Date Company Debt, minus (d) the Estimated Company Transaction Expenses, plus (e) the amount by which the Estimated Closing Date Net Working Capital exceeds the Net Working Capital Target, if any, minus (f) the amount by which the Net Working Capital Target exceeds the Estimated Closing Date Net Working Capital, if any, plus (g) the Aggregate Option Exercise Price. For the avoidance of doubt, the Aggregate Option Exercise Price is added to Estimated Adjusted Purchase Price solely for the purpose of calculating the Merger Consideration payable per Company Security and does not represent additional consideration payable by Parent or Merger Sub hereunder. “Estimated Closing Date Company Cash Balance” shall have the meaning specified in Section 3.5(a).

12 “Estimated Closing Date Company Debt” shall have the meaning specified in Section 3.5(a). “Estimated Closing Date Net Working Capital” shall have the meaning specified in Section 3.5(a). “Estimated Company Transaction Expenses” shall have the meaning specified in Section 3.5(a). “Exchange Act” shall mean the Securities Exchange Act of 1934. “Excluded Party Listing” means a Governmental Authority’s nonprocurement or procurement debarment and suspension system that records the most current information about persons who are excluded or disqualified from contracting with or receiving funding from a Governmental Authority. “Facilitation Payment” means a small, unofficial, customary payment to a low-level Government Official to expedite a non-discretionary, routine governmental action. “Final Adjusted Purchase Price” shall mean an amount equal to (a) the Base Cash Purchase Price, plus (b) the Closing Date Company Cash Balance as finally determined pursuant to Section 3.5, minus (c) the Closing Date Company Debt as finally determined pursuant to Section 3.5, minus (d) the Company Transaction Expenses as finally determined pursuant to Section 3.5, plus (e) the amount by which the Closing Date Net Working Capital as finally determined pursuant to Section 3.5 exceeds the Net Working Capital Target, if any, minus (f) the amount by which the Net Working Capital Target exceeds the Closing Date Net Working Capital as finally determined pursuant to Section 3.5, if any, plus (g) the Aggregate Option Exercise Price. For the avoidance of doubt, the Aggregate Option Exercise Price is added to Final Adjusted Purchase Price solely for the purpose of calculating the Merger Consideration payable per Company Security and does not represent additional consideration payable by Parent or Merger Sub hereunder. “Financial Statements” shall have the meaning specified in Section 4.9. “Fraud” shall mean any actual and intentional fraud causes of action under the laws of the State of Delaware that require as an element an intent to deceive or scienter (but not any other type of fraud cause of action (including any fraud cause of action based on negligence or recklessness, equitable fraud, promissory fraud, unfair dealings fraud or constructive fraud) or any torts based on negligence or recklessness). “FTC” shall mean the U.S. Federal Trade Commission. “GAAP” shall mean U.S. generally accepted accounting principles. “Generative AI Tools” means generative AI Technologies or similar tools capable of automatically producing various types of content (such as source code, text, images, audio, and synthetic data) based on user-supplied prompts.

13 “Goodwin” shall have the meaning specified in Section 14.9(a). “Government Bid” means any offer, quotation, bid or proposal by the Company that, if accepted or awarded, would result in a Government Contract. “Government Contract” means any Contract, including any teaming agreement or arrangement, joint venture agreement, basic ordering agreement, pricing agreement, grant, cooperative agreement, other transaction authority agreement, letter agreement or other similar arrangement of any kind, between the Company on the one hand, and (a) a Governmental Authority of the United States, (b) any prime contractor to a Governmental Authority of the United States in its capacity as a prime contractor, or (c) any subcontractor with respect to any Contract described in clause (a) or clause (b) above, on the other hand. A task, purchase or delivery order under a Government Contract shall not constitute a separate Government Contract, for purposes of this definition, but shall be part of the Government Contract to which it relates. “Government Entity” means: (a) any national, federal, state, county, municipal, local or foreign government or any entity exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or pertaining to government; (b) any public international organization (such as the World Bank, United Nations); and (c) any department, agency, or instrumentality thereof, including any company, business, enterprise or other entity owned or controlled, in whole or in part, by any government. “Government Official” shall mean: (a) any full- or part-time officer or employee of any Government Entity, whether elected or appointed; (b) any person acting in an official capacity or exercising a public function for or on behalf of any Government Entity; or (c) any political parties, political party officials, or candidates for political office. “Governmental Authority” shall mean any federal, national, state, provincial, municipal or local government, or any department, bureau or political subdivision thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, policy, regulatory or Tax Authority power, including any stock exchange, or any court or tribunal (or any department, bureau or division thereof), or any arbitrator or arbitral body to the extent the Person in question has submitted to the jurisdiction of such arbitrator or arbitral body. “Hazardous Material” shall mean, with respect to any geographic location, any material, chemical, emission, substance or waste that has been designated by any Governmental Authority with governmental authority over such geographic location to be radioactive, toxic, hazardous, corrosive, reactive, explosive, flammable, a medical or biological waste, a pollutant or otherwise a danger to health, reproduction or the environment. “Hazardous Materials Activity” shall mean the transportation, transfer, recycling, storage, use, treatment, manufacture, removal, remediation, release, exposure of others to, sale, or distribution of any Hazardous Material or any product or waste containing a Hazardous Material, or product manufactured with ozone depleting substances, including any required labeling, payment of waste fees or charges (including so-called “e-waste fees”) and compliance with any product take-back, collection, recycling or product content requirements.

14 “Hazardous Substance” shall have the meaning specified in Section 4.14. “HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976. “Indebtedness” shall mean with respect to any Person, without duplication, (a) any obligations of such Person to third parties for borrowed money, whether or not represented by bonds, debentures, notes or similar instruments, including all accrued and unpaid interest thereon, (b) any obligations of such Person evidenced by any note, bond, debenture or other debt security, (c) any deferred portion of the purchase price for property or services owed by such Person (including acquisition holdback liabilities, potential earn-outs, seller notes and pursuant to capital leases), (d) any Accrued Income Taxes, (e) any obligations of such Person as lessee under leases that have been or are required to be recorded as capital leases in accordance with GAAP, (f) any unpaid severance obligations with respect to any employee whose employment was terminated at any time prior to the Effective Time (excluding any payments that are incurred or payable at the direction of Parent), plus the employer portion of any payroll, social security, employer health, unemployment, similar or other Taxes incurred in respect of such obligations, (g) all unpaid obligations under interest rate cap agreements, interest rate swap agreements, forward contracts, hedging agreements, foreign currency exchange agreements and similar agreements, (h) any unfunded liabilities relating to deferred compensation, defined benefit pension, retiree welfare or similar plans or arrangements, (i) any accrued but unpaid bonuses and paid time off for any period prior to the Effective Time, including the bonuses set forth on Section 4.10 of the Disclosure Schedule, plus the employer portion of any payroll, social security, employer health, unemployment, similar or other Taxes in respect of such bonuses and paid time off, (j) unpaid or accrued royalties and any related liabilities, (k) any outstanding obligations under any Paycheck Protection Program loan or advance and any Deferred Payroll Taxes, (l) any liability in respect of any order, writ, injunction, judgment, settlement order or decree, (m) all obligations in respect of letters of credit, bank guarantees, sureties, performance bonds, appeal bonds, or similar obligations or similar facilities, in each case to the extent drawn, (n) all obligations to any Company Securityholder or Affiliate of a Company Securityholder in respect of management or similar fees, (o) any liability in respect of guaranties, direct or indirect, in any manner, of all or any part of any Indebtedness of any Person, (p) any aged payables greater than 90 days past their applicable due date, (q) any accrued or unpaid capital expenditures, (r) any amounts required to be reserved for loss under Accounting Standards Codification Topic 450-20 and (s) any accrued interest, premiums, penalties and other fees and expenses that are required to be paid by such Persons in respect of the foregoing; provided, that “Indebtedness” shall not include any (y) amounts taken into account in Company Transaction Expenses or (z) amounts taken into account in Net Working Capital. “Indemnification Agreements” shall have the meaning specified in Section 6.5(a). “Information Statement” shall have the meaning specified in Section 6.2(a). “Insurance Policies” shall have the meaning specified in Section 4.17. “Insured Parties” shall have the meaning specified in Section 6.5(a).

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