Company: PIII
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001140361-25-014596
Chunk: 75

Company: P3 Health Partners Inc.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 75
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 is the general partner) and/or certain of their affiliated entities and funds (collectively, the “CPF Parties”). Pursuant to the CPF Letter Agreement, (i) for as long as the CPF Parties own 40% of our outstanding Class A common stock, Chicago Pacific Founders will be entitled to designate one additional independent member of our Board, who must be independent and satisfy all applicable requirements regarding service as a director under applicable law and SEC and stock exchange rules, (ii) for as long as the CPF Parties own 40% of our outstanding Class A common stock, Chicago Pacific Founders will be entitled to certain information rights and protective provisions, and (iii) subject to the terms of the CPF Letter Agreement, the CPF Parties agreed to a standstill restriction from the date of the closing of the March 2023 Private Placement to June 30, 2024 that limited the ownership of the CPF Parties to 49.99% of our Class A common stock and Class V common stock. In connection with the May 2024 Private Placement (as defined below), we entered into an amended and restated CPF Letter Agreement pursuant to which the CPF Parties agreed to extend the ownership restriction standstill to July 31, 2025. On December 12, 2024, in connection with the issuance of warrants to VBC 3 (defined below), we entered into a second amended and restated CPF Letter Agreement pursuant to which the CPF Parties agreed to further extend the ownership restriction standstill to January 1, 2026. As of the date of this proxy statement, CPF has not exercised its right to designate an additional independent director under the terms of the CPF Letter Agreement. March 2024 Promissory Note On March 22, 2024, P3 LLC entered into a financing transaction with VBC Growth SPV 2, LLC (“VBC 2”) in the form of an unsecured promissory note, which provides for funding to us of up to $25.0 million. VBC 2 is a Delaware limited liability company managed by an affiliate of Chicago Pacific Founders. Mary Tolan, Lawrence Leisure and Greg Kazarian, each of whom serves on our Board, hold interests in such affiliate. May 2024 Private Placement (Numbers of securities and prices per share or unit in this section do not reflect the Reverse Stock Split) On May 24, 2024, pursuant to a securities purchase agreement, dated May 22, 2024, with the purchasers named therein