Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 843

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 843
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 extended the period for Profusa to achieve Earnout Revenue of $11,864,000
for the fiscal year ended December 31, 2026.

Additionally,
if Milestone Event I or Milestone Event II are achieved by the second anniversary of the Closing, NorthView’s sponsor, NorthView
Sponsor I, LLC and Profusa stockholders, will be issued additional shares up to the amount of any shares forgone as an inducement to
obtaining Additional Financings (as defined in the Merger Agreement).

43

Merger Agreement Amendment and Termination
of Financing

On
January 12, 2024, the parties to the Merger Agreement entered into an Amendment No. 2 to the Merger Agreement pursuant to which the parties
agreed to revise the definition of “Milestone Event III” and such that the Earnout Revenue milestone of $11,864,000 for the
fiscal year ended December 31, 2024, was replaced with a milestone of consummating the Tasly JV (as defined in the amended Merger Agreement)
and receipt of the related funding during the fiscal year ended December 31, 2024. All other aspects of the Merger Agreement were unmodified.

On
February 16, 2024, the Company’s Board of Directors approved and authorized the Company to execute a binding term sheet (“Original
term sheet”) between the Company and Profusa, Inc. (the “Target”) for PIPE funding with Vellar Opportunities Fund Master,
Ltd. (“Vellar”). Vellar agreed to subscribe for 2,500,000 shares of common and/or preferred stock of the Target upon the
closing of the Business Combination at a price of $2.00 per share, for a total amount of $5,000,000 to be funded by Vellar immediately
prior to the Business Combination. On May 9, 2024, the original term sheet between the Company and Profusa was amended and restated to
clarify certain provisions of the Original term sheet.

On
March 4, 2024, the parties to the Merger Agreement entered into Amendment No. 3 to the Merger Agreement pursuant to which the parties
agreed to revise the definition of Company Reference Value (as defined in the Merger Agreement) to adjust for financing proceeds and
debt conversions that could be received by Profusa prior to the Business Combination. All other aspects of the Merger Agreement were
unmodified.

On