Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 795

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 795
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 during the year ended December
31, 2022 and a total of $1,096,370 during the year ended December 31, 2023, completing the contract.

On
September 4, 2024, we issued a $250,000 promissory note to our Chief Executive Officer in exchange for a loan of $250,000 to the Company.
The promissory note accrues interest at 12% per annum and is repayable in 12 substantially equal installments over a period of one year.
As of December 31, 2024, the outstanding loan balance is $190,270 and the Company incurred $8,692 in interest expense relating to this
promissory note.

On
October 14, 2024, we entered into a securities purchase
agreement with our Chief Executive Officer (the “Securities Purchase Agreement”). Pursuant to the Securities Purchase Agreement,
we issued a $250,000 5% original issue discount senior secured convertible notes and warrants to
purchase up to a total of 100,382 shares of common stock at an exercise price per share equal to $1.40 per share to Dr. Dritschilo. The
convertible note matures one year from the date of issuance (the “Term”), accrues interest at the rate of 14.5% per annum,
and is convertible at a 110% premium at any time beginning three months after the date of issuance. The Company has the option to prepay
the convertible notes at any time, upon 10 days written notice, for 107% of total outstanding balance (the “Optional Prepayment
Right”). Any outstanding principal will be paid in conversion of shares of common stock at the end of the Term, subject to the
Company’s exercise of the Optional Prepayment Right; any accrued interest will be repaid quarterly in cash. The conversion price
of the convertible notes will be the lower of a 15% discount to (i) $1.12072 per share or (ii) the price of any offering entered into
by the Company during the Term of the convertible notes, including the Company’s planned follow-on offering. The warrants are immediately
exercisable after issuance and will remain exercisable for a period of five years from the date of issuance. The exercise price is subject
to adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event. As
of December 31, 2024, the outstanding loan