Company: WELNF
Filing Date: 2025-12-04
Form Type: DEFA14A
Source: 0001104659-25-118484
Chunk: 30

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-12-04
Form: DEFA14A
Chunk 30
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 Third Extension Note (the “Assignment”) by and between Sriram, as assignor, and Suntone, as assignee.

On January 14, 2025, the Company
issued an amended and restated promissory note (the “January 2025 Note”) in the aggregate principal amount of up to $4,000,000
to the Sponsor. Such note amends and restates in its entirety the Third Extension Note. The Sponsor may elect to convert up to a maximum
amount of $1.5 million of the unpaid principal balance under the January 2025 Note relating to working capital expenses into such number
of ordinary shares (the “Conversion Shares”) equal to: (x) the portion of the principal amount of the January 2025 Note being
converted divided by (y) the conversion price of $1.00, rounded up to the nearest whole number of ordinary shares. The promissory note
is payable in cash or the Conversion Shares are issuable upon the consummation of the Company’s initial business combination. The
note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial business
combination, and (b) the date of the liquidation of the Company.

As of September 30, 2025, the
Company has borrowed $3,676,223 under the Third Extension Note.

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Administrative Services Agreement

The Company has agreed to pay
the Sponsor a total of $10,000 per month for office space, secretarial and administrative services provided to the Company. Upon completion
of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. Both the Prior
Sponsor and Sriram have waived these payments, which the Company accounts for as capital contributions. For the nine months ended September
30, 2025 and 2024, the Company has recorded $90,000 and $330,000 to Administrative Expense – Related Party on the condensed consolidated
statements of operations, respectively. The balance for the nine months ended September 30, 2024 includes an out-of-period adjustment
to account for the $10,000 monthly administrative services fee incurred for the years ended December 31, 2023 and 2022, or $240,000 in
the aggregate.

Related Party Loans

In addition, in order to finance
transaction costs in connection with a Business