Second Amendment to Merger Agreement reduces independent director requirement for SBC designees from two to one

SBC Medical Group Holdings Inc

Amendment dated Oct 26, 2023 modifies Section 5.17(a) of the Merger Agreement regarding post-closing board composition.
SBC now needs only one independent director among its three designees, down from two previously.
Pono's sole designee must now qualify as an independent director (previously no independence requirement).
The mutual designee (Pono and SBC) must still be independent.

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