Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 260

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 260
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 agreement with the intention of receiving a draft term sheet from .

On August 23, 2022, AGP forwarded to IWAC a cap table workbook and a draft term sheet in line with parties’ expectations and including the following key terms: a valuation based on projected EBITDA, possibility of an earn-out to be agreed on, two board members to be appointed by IWAC and no cash required at Closing.

From August 23, 2022 until September 21, 2022, AGP and IWAC discussed the terms of the term sheet. During this discussion and negotiation period, AGP was regularly liaising with Refreshing to gather their comments on the term sheet. The material terms discussed included, among others, transaction consideration, earnout, lock-up period, management structure and exclusivity period. During this period, IWAC’s US legal counsel, Ellenoff Grossman & Schole LLP (“

#### EGS
”) reviewed and provided comments on the term sheet negotiated by IWAC. Also, during this phase, IWAC and AGP regularly discussed, the willingness of Refreshing equity holders and management to access public market, the readiness of Refreshing to go public (e.g. ability to complete a PCAOB audit on time) as well as the absence of cash required at Closing.

Between August 15, 2022 and September 14, 2022, the parties negotiated the term sheet and on September 14, 2022, the former IWAC Board members, after discussing during several conference calls the opportunity of a business combination with Refreshing and the terms of transaction, unanimously agreed to the terms of the final term sheet presented to it. On September 21, 2022, a term sheet was signed between IWAC and Refreshing (the “

#### Term Sheet
”), including, among other terms, that the transaction consideration

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to be issued to security holders of Refreshing in the Business Combination would reflect a pre-money equity, fully-diluted valuation of the Company, on a cash-free, debt-free basis, based upon approximately projected EBITDA at that time. The former IWAC Board members considered such 15.5 x multiple, and therefore valuation, to be fair in light of applicable multiples for other companies operating in the similar space and based on the past and projected growth rates of Refreshing.

Commencing with a kick-off conference call on September 26, 2022, discussions were held among