Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 143

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 143
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-year anniversary                   
 of the closing date of the Merger (“Milestone Event II Period”); provided that such 30 days trading period does                    
 not overlap with the 30 days trading period used to satisfy the requirements of Milestone Event I; provided, further, that in      
 the event that such 30 days trading period could satisfy either Milestone Event I or Milestone Event II, then Milestone            
 Event II shall be deemed to be satisfied first;                                                                                    |

| ● | Milestone III Earnout: the closing of the APAC Joint Venture, as described in this proxy statement/prospectus,          
 and the Companies receipt of the related $6 million funding, during the fiscal year ended December 31, 2025 (“Milestone 
 Event III”);                                                                                                            |

| ● | Milestone IV Earnout: achievement of revenue of $11,864,000 for the fiscal year ended December 31,             
 2026 (“Milestone Event IV,” and, together with Milestone Event I, Milestone Event II and Milestone Event III   
 the “Milestone Events”). Milestone I Earnout Rights, Milestone II Earnout Rights, Milestone III Earnout Rights 
 and Milestone IV Earnout Rights are further referred to collectively as “Milestone Earnout Rights”.            |

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PIPE Lock-Up Agreement

On July 11, 2025, the
PIPE Investors entered into a lock-up agreement (the “PIPE Lock-Up Agreement”), pursuant to which they agreed to, subject
to certain customary exceptions, not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of any shares of New Profusa
Common Stock or securities convertible, exchangeable or exercisable into, shares of New Profusa Common Stock beneficially owned, held
or acquired by them. The period for such restrictions shall apply from the Closing date until the termination of the PIPE Lock-Up Agreement
in accordance with its terms.

The foregoing description of
the PIPE Lock-Up Agreement is not complete and is qualified in its entirety by reference to the text of such document, a form of which
is filed as Exhibit 10.8 hereto and incorporated herein by reference.

PIPE Registration Rights Agreement

On July 11, 2025, New
Profusa and the PIPE Investors entered into a registration rights agreement (the “PIPE Registration Rights Agreement”). The
PIPE Registration Rights Agreement provides customary demand and piggyback registration rights.

Pursuant to the PIPE Registration
Rights