Company: PIII
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001628280-25-005930
Chunk: 2

Company: P3 Health Partners Inc.
Filing Date: 2025-02-18
Form: 8-K
Item: Item 1.01
Chunk 2
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 the shares of Common Stock underlying the Warrants pursuant to the Nasdaq Listing Rules (as described below). The number of shares of Common Stock for which the Warrant is 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 Warrants and the right to purchase shares of Common Stock upon the exercise of the Warrants will terminate on February 13, 2032.

Under the Warrant Agreement, shares of Common Stock may not be issued pursuant to the Warrant and the Warrant shall not be exercisable for shares of Common Stock unless and until the Company shall have obtained stockholder approval thereof pursuant to the Nasdaq Listing Rules. The Company has agreed to use its reasonable best efforts to obtain such stockholder approval at the 2025 annual meeting of Company stockholders. If the Company does not obtain such stockholder approval at the 2025 annual meeting, the Company has agreed to call up to three special meetings

of Company stockholders every six months thereafter (which may also be an annual meeting of stockholders) to seek such stockholder approval until the earliest of (x) the date such stockholder approval is obtained and (y) December 31, 2026.

VBC 4 Subordination Agreement

In connection with the transactions described above, P3 LLC entered into a subordination agreement, dated as of February 13, 2025 (the “ VBC 4 Subordination Agreement”), with CRG Servicing LLC, as administrative agent under P3 LLC’s existing term loan facility (the “ Term Loan Facility”) and VBC 4. Pursuant to the VBC 4 Subordination Agreement, 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 the Term Loan Facility. The terms of the VBC 4 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 (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 from time to time party ther