Ann: Appendix 3B-ADO.AX, page-52

My understanding is that ADO gets funding for working capital and certainty about its capacity to fund the earn out and the option to secure further funding IF needed.

Bergen benefits with the 9.8 million options and 4 million shares issued on execution of the agreement.

Bergen can obtain additional benefits if the shares go UP, given it can convert its notes at a fixed price.

Bergen will find it incredibly difficult achieve what others have suggested which is to convert, and sell at a premium on market given the ASX listing rules alone. There are also additional limitations have been imposed as part of the agreement which have not been disclosed to the market:
"D. Bergen has agreed to certain, strict limitations on a sale of its investment, a safeguard which would not be available in a multi-investor placement. "