Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 495

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1A
Chunk 495
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 Trust that is immediately exercisable. As trustee
    for both the Bay Shore Trust and Celeste J. Williams Lifetime QTIP Trust, Mr. McNulty has sole voting and dispositive power over
    the shares held by each trust, and as such, is deemed to have beneficial ownership (as determined under Section 13(d) of the
    Exchange Act) of the securities held by each trust. Mr. Jonnie R. Williams, Sr., our founder and the settlor of the Bay Shore Trust,
    does not have voting or dispositive power over the shares held by the Bay Shore Trust.

Item
13. Certain Relationships and Related Transactions, and Director Independence.

The
following is a description of transactions within the last three years to which we have been a party, in which the amount involved exceeded
or will exceed $120,000, and in which any of our executive officers, directors or holders of more than 5% of our voting securities, or
an immediate family member thereof, had or will have a direct or indirect material interest. We believe the terms obtained or consideration
that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or amounts
that would be paid or received, as applicable, in arm’s-length transactions with unrelated third parties.

Line
of Credit and Promissory Note with the Bay Shore Trust

On
June 15, 2023, we entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by our founder, Jonnie
R. Williams, Sr., and under which various of his family members are beneficiaries (the “Bay Shore Trust”). Under this Promissory
Note and Loan Agreement (the “Bay Shore Note”), we have the right to borrow up to an aggregate of $5,000,000 from the Bay
Shore Trust at any time up to the second anniversary of the issuance of the Bay Shore Note or, if earlier, upon the completion of our
initial public offering. Our right to borrow funds under the Bay Shore Note is subject to the absence of a material adverse change in
our assets, operations, or prospects. The Bay Share Note, together with accrued interest, will become due and payable on the second anniversary
of the issuance of the note, provided that it may be prepaid at any time without penalty. The Bay Shore Note will accrue interest at
a rate equal to 7% per annum, simple interest, during the first year that