Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 127

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 of the Target upon the closing of the Business Combination
at a price of $2.00 per share, for a total amount of $5,000,000 to be funded by Vellar immediately prior to the Business Combination.
On May 9, 2024, the original term sheet between the Company and Profusa was amended and restated to clarify certain provisions of the
Original term sheet.

On March 4, 2024, the parties to the Merger Agreement
entered into Amendment No. 3 to the Merger Agreement pursuant to which the parties agreed to revise the definition of Company Reference
Value (as defined in the Merger Agreement) to adjust for financing proceeds and debt conversions that could be received by Profusa prior
to the Business Combination. All other aspects of the Merger Agreement were unmodified.

On September 25, 2024, Vellar terminated
the Amended and Restated Binding Principal Terms and Conditions with the Company and Profusa, dated May 9, 2024.

26

On February 11, 2025, the parties entered into
Amendment No. 4 to the Merger Agreement pursuant to which the parties agreed to revise the Company Reference Value (as defined in the
Merger Agreement) to adjust for financing proceeds received by Profusa prior to the Business Combination, along with debt conversions
and incentive shares to be issued. Additionally, the Amendment (i) revised the definition of “Milestone Event III” such that
the parties extended the period for Profusa to consummate the APAC Joint Venture (as defined in the Merger Agreement) and receive the
related funding from December 31, 2024 until December 31, 2025, and (ii) revised the definition of “Milestone Event IV” to
change the earnout revenue target from $99,702,000 for the fiscal year ended December 31, 2025 to an earnout revenue target of $11,864,000
for the fiscal year ended December 31, 2026.

On April 2, 2025, the parties to the Merger Agreement
entered into an Amendment No. 5 to the Merger Agreement (“Amendment No. 5”) pursuant to which Section 9.01 of the Merger Agreement
is hereby amended such that the reference to “March 22, 2025” shall be replaced with “June 22, 2025” by which
the Company must consummate a