Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 327

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 327
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years, and to which any of our directors, executive officers or beneficial holders of more than 5% of our capital stock, or any immediate
family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.

In
July 2021, the Company entered into a Simple Agreement for Future Equity (SAFE) with a related party, Tivoli Trust (the “Investor”),
for an amount of $150,000, with 0% interest. Under the SAFE agreement, if there is an Equity Financing before the termination of this
SAFE, on the initial closing of such Equity Financing, this SAFE will terminate and automatically convert into shares of common stock.
Upon the closing of the Company’s IPO in February 2023, the SAFE terminated and converted into 32,967 shares of common stock according
to its terms. The conversion was considered a redemption for accounting purposes and consequently, the Company recognized a $63,626 loss
on the conversion.

In
August 2021, the Company entered into a convertible loan agreement with a related party in the amount of $99,900 at 9% interest. In February
2023, the related party elected to convert the convertible loan into 21,747 shares of common stock according to its terms upon the closing
of the Company’s IPO. The conversion was considered a redemption for accounting purposes and consequently, the Company recognized
a $29,333 loss on the conversion.

In
October 2022, the Company entered into an exchange agreement with the Investor whereby all of his common stock, 734,493 shares of common
stock, were exchanged into 73,449 shares of Series A Convertible Preferred Stock that converts to common at a rate of 10 common for one
preferred. The Series A Preferred Stock is the economic equivalent of the common stock but has no voting rights and is subject to a blocker
which prohibits the conversion into common stock if it would result in the Investor owning more than 4.99% of the Company’s outstanding
common stock at such time.

Policies
and Procedures for Related Party Transactions

For
purposes of our policy only, a related person transaction is a transaction, arrangement or relationship, or any series of similar transactions,
arrangements, or relationships, in which we and any related person are, were or will be participants in which the amount involved exceeds
the lesser of $120,000 or 1% of the average of