Company: BLNE
Filing Date: 2025-01-14
Form Type: 424B3
Source: 0001493152-25-002137
Chunk: 182

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-14
Form: 424B3
Chunk 182
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 time after exercising the Warrants, there is no effective registration statement registering, or the prospectus contained therein is not available for use, then the Warrants may also be exercised, in whole or in part, by means of a “cashless exercise.”

The Company also entered in three forms of side letters with the Investors which (i) permitted one Investor which with an affiliate invested $0.4million to exchange that amount of stated value of shares of Series F Preferred Stock for a $0.4million 120-day promissory note to another affiliate, which note was issued immediately prior to the closing of the Offering and has substantially identical terms to the Notes issued therein, except it is subordinated with respect to its security interest, (ii) permit two Investors to convert Series D Preferred Stock beginning on April 7, 2025, and (iii) permit two Investors to receive a number of shares of Series F equal to 50% of their investment amount, or $0.1million each, using the stated value of the Series F Preferred Stock, which is $0.50per share, to determine the number of shares of Series F Preferred Stock.

Promissory Note

On October 30, 2024, the Company entered into a Promissory Note with LDI for $0.3million. A balloon payment of the entire outstanding principal balance of the indebtedness together with all accrued interest shall be due and payable in full on November 24, 2024, totaling $0.4million.

Employment Agreement: Chief Executive Officer

The Merger Agreement provided that, as a condition to closing of the Merger, The Employment Agreement between the Company and Geoffrey Gwin, the Company’s Chief Executive Officer, would be amended in a manner satisfactory to the Company, Beeline and Mr. Gwin. Accordingly, at the time of the Merger, the Company’s Employment Agreement with Geoffrey Gwin was amended as follows:

| ● | The                                                                                                                                
 performance bonuses in the Employment Agreement were replaced by a bonus of $90,000.                                               
 On October 15, 2024, the Company issued 180,000                                                                                    
 shares of common stock to Mr. Gwin at $0.50                                                                                        
 per share in satisfaction of the Company’s                                                                                         
 bonus obligation.                                                                                                                  |
| ● | The                                                                                                                                
 Company issued 400,000                                                                                                             
 shares of common stock to Mr. Gwin, which                                                                                          
 will vest on the earlier of March 31, 2025