Company: ORBS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011052
Chunk: 8

Company: Eightco Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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icable following
the O’Donnell Effective Date and (ii) severance equal to 24 months of Mr. O’Donnell’s base salary, less all lawful
and authorized withholdings and deductions, under the O’Donnell Employment Agreement. Pursuant to the O’Donnell Severance
Agreement, the Company shall also provide Mr. O’Donnell with (i) reimbursement of the premiums associated with the continuation
of Mr. O’Donnell’s health insurance for the period commencing on the Separation Date through and including September 27,
2024, pursuant to applicable law, (ii) reimbursement of expenses in accordance with the Company’s expense reimbursement policy,
and (iii) the full vesting of any earned, outstanding and unvested shares of Common Stock subject to the Plan (as define below). The
O’Donnell Severance Agreement also provides for a mutual waiver and release of any claims in connection with Mr. O’Donnell’s
employment, separation and departure from the Company, and for certain customary covenants regarding confidentiality.

31

Recent
Financings

February
2024 Private Placement

On
February 26, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain investors
(the “Investors”), pursuant to which the Company sold to the Investors an aggregate of 865,856 shares (the “Shares”)
of the Company’s common stock at a purchase price of $0.82 per Share (the “Private Placement”). The Company received
aggregate gross proceeds from the Private Placement of approximately $0.71 million. The Shares are being offered and sold in reliance
on the exemption from registration under the Securities Act of 1933, as amended, provided by Section 4(a)(2) and Regulation D promulgated
thereunder for transactions not involving a public offering.

The
Purchase Agreement contains representations and warranties of the Company and the Investors that are typical for transactions of this
type. The Purchase Agreement also contains covenants on the part of the Company that are typical for transactions of this type.

Series
A Financing

On
May 30, 2023, Forever 8 (the “Borrower”) entered into a Loan and Security Agreement (the “Agreement”) with several
individuals, financial institutions and entities as lenders. Under the terms of the Agreement, each lender will severally (and not jointly)
make available to Borrower, in an amount not