Company: PIII
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001140361-25-016302
Chunk: 27

Company: P3 Health Partners Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 27
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 exceeding 49.99% of the combined voting power of all of our securities then outstanding following such exercise. The number of shares of Class A common stock for which the VBC 4 Warrants are exercisable and the exercise price may be adjusted upon any event involving subdivisions, certain Fundamental Transactions (as defined in the Warrant Agreement), combinations, distributions, recapitalizations and like transactions. Pursuant to the Warrant Agreement, the VBC 4 Warrants and the right to purchase shares of Common Stock upon the exercise of the VBC 4 Warrants will terminate on February 13, 2032. The number of shares of Class A common stock reserved for issuance upon the exercise of the outstanding warrants will be adjusted proportionately based upon the final split ratio determined by the Board in effecting the Reverse Stock Split, subject to our treatment of fractional shares. The terms of our outstanding warrants do not permit issuance of fractional shares upon exercise of such warrants. VBC 4 Subordination Agreement In connection with the Promissory Note and VBC 4 Warrants, P3 LLC entered into a subordination agreement, pursuant to which VBC 4 agreed to subordinate its right of payment under the Promissory Note to the right of payment and security interests of the lenders under P3 LLC’s existing term loan facility. The terms of the subordination agreement will effectively require P3 LLC to pay all interest under the Promissory Note in-kind. Amendment to Term Loan Agreement In connection with the transactions described above, on February 13, 2025, P3 LLC entered into the Seventh Amendment to that certain Term Loan Agreement, dated as of November 19, 2020, by and among P3 LLC, as borrower, the subsidiary guarantors party thereto, the lenders party thereto and CRG Servicing LLC, as administrative agent and collateral agent, pursuant to which P3 LLC’s issuance of the Promissory Note and the entry into the subordination agreement were permitted. For further information regarding the 2025 Financing and the terms of the VBC 4 Warrants, please refer to our Current Report on Form 8-K filed with the SEC on February 18, 2025. The discussion herein relating to the VBC 4 Warrants is qualified in its entirety by reference to the VBC 4 Warrants filed as an exhibit to such Form 8-K. The Nasdaq Stockholder Approval Rule The Company’s Common Stock is listed on the Nasdaq Capital Market and, as such