Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 778

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 778
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 Promissory
Notes (the “Note Maturity Date”). The Note Maturity Date is the date that is the later of (i) 91 days after the Maturity
Date (as defined in the Investor Note (as defined below)) of the Senior Secured Convertible Note issued by Eightco in favor of the Investor
on May 5, 2022 (the “Investor Note”) and (ii) three years following the Closing. Subject to the terms of the Subordination
Agreement, the Promissory Notes may be prepaid in full or in part at any time without premium or penalty, provided, however, that Eightco
agrees that, subject to the terms of the Subordination Agreement which specifically permit such prepayments in accordance therewith,
it will make prepayments on the Promissory Notes and all other Seller Notes (as defined in the Promissory Notes) in amounts equal to
the pro rata amount of the outstanding principal amount of the Seller Notes as a whole, as follows: (i) after Section 4(d) of the Amendment
Agreement is satisfied such that excess cash may be removed from the Control Account, 50% of the cash proceeds of warrants exercised
for common stock of the Eightco until an aggregate amount of $10 million in prepayments is made on the Seller Notes from such warrant
exercises, (ii) 25% of all gross proceeds received by Eightco in any and all debt and equity capital raises by the Eightco (excluding
warrant exercises) from and after the date of the Purchase Agreement and (iii) at least an aggregate of $11.5 million (including any
prepayments made pursuant to clauses (i-ii) above) within the first twelve (12) months of the issuance of the Promissory Notes.

So
long as the Eightco has received Shareholder Approval and the Threshold Date has been reached, at any time commencing after the 12-month
anniversary of the date of the Promissory Notes, the holder of the Promissory Notes may, in its sole and absolute discretion, convert
all or part of the Promissory Notes into shares of common stock of the Eightco (the “Conversion Shares”) at a per share conversion
price equal to the VWAP of a OCTO Share for the ten trading days immediately preceding the conversion notice being provided to the Eightco
by the holder of the Promissory Notes (the “Conversion Price”), with the Conversion Price