Company: BLNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004793
Chunk: 402

Company: Beeline Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 402
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 of Eastside. If a triggering
event occurs, each holder may require Eastside to redeem all or any portion of the Notes (including all accrued and unpaid interest thereon),
in cash.

The Notes are secured by a subordinated security interest
in Eastside’s assets pursuant to the terms of a Security Agreement entered into between Eastside and the Subscribers.

On October 13, 2022, Eastside entered into an Amendment
Agreement with the holders of the 6% Secured Convertible Promissory Notes. The Amendment Agreement changed the Maturity Date of the Notes
from October 18, 2022 to November 18, 2022. In consideration of the extension, Eastside issued 481 shares of its common stock to each
of the Subscribers.

On September 29, 2023, Eastside entered into a Debt
Satisfaction Agreement with the Subscribers and other creditors, pursuant to which the Maturity Date of the Notes was extended from November
18, 2022 to March 31, 2025 and interest accrues at 9% per annum. Principal and interest on the Notes of $3.3 million was exchanged for
equity issued to the SPV, in which the Subscribers held a 50% ownership interest, and the Notes were then amended and restated. See
Note 19 - Stockholders’ Equity: 2023 Debt Satisfaction Agreement. Subsequently in 2024, these notes were further converted or
exchanged as part of the Debt Exchange Agreement, further described above in Note 5 - Debt Exchange Agreement.

17. SECURED CREDIT FACILITIES – RELATED PARTY

On October 7, 2022, Eastside entered into a Note Purchase
Agreement dated as of October 6, 2022 with Aegis. Pursuant to the Note Purchase Agreement, Aegis purchased from Eastside a secured promissory
note in the principal amount of $4.5 million (the “Aegis Note”). Aegis paid for the Aegis Note by paying $3.3 million to TQLA
LLC to fully satisfy a secured line of credit promissory note that Eastside issued to TQLA on March 21, 2022; and the remaining $1.2 million
was paid in cash to Eastside. The Aegis Note bore interest at 9.25% per annum, payable every three months. The principal amount of the
Aegis Note was payable on March