Company: BLNE
Filing Date: 2025-01-08
Form Type: S-1/A
Source: 0001493152-25-001415
Chunk: 183

Company: Beeline Holdings, Inc.
Filing Date: 2025-01-08
Form: S-1/A
Chunk 183
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 immediately prior to the closing of the Offering and has substantially identical terms to the Notes issued therein, except it is subordinated with respect to its security interest, (ii) permit two Investors to convert Series D Preferred Stock beginning on April 7, 2025, and (iii) permit two Investors to receive a number of shares of Series F equal to 50% of their investment amount, or $ 0.1million each, using the stated value of the Series F Preferred Stock, which is $ 0.50per share, to determine the number of shares of Series F Preferred Stock.

Promissory Note

On October 30, 2024, the Company entered into a Promissory Note with LDI for $ 0.3million. A balloon payment of the entire outstanding principal balance of the indebtedness together with all accrued interest shall be due and payable in full on November 24, 2024, totaling $ 0.4million.

Employment Agreement: Chief Executive Officer

The Merger Agreement provided that, as a condition to closing of the Merger, The Employment Agreement between the Company and Geoffrey Gwin, the Company’s Chief Executive Officer, would be amended in a manner satisfactory to the Company, Beeline and Mr. Gwin. Accordingly, at the time of the Merger, the Company’s Employment Agreement with Geoffrey Gwin was amended as follows:

| ● | The                                                                                                                                
 performance bonuses in the Employment Agreement were replaced by a bonus of $90,000.                                               
 On October 15, 2024, the Company issued 180,000                                                                                    
 shares of common stock to Mr. Gwin at $0.50                                                                                        
 per share in satisfaction of the Company’s                                                                                         
 bonus obligation.                                                                                                                  |
| ● | The                                                                                                                                
 Company issued 400,000                                                                                                             
 shares of common stock to Mr. Gwin, which                                                                                          
 will vest on the earlier of March 31, 2025 or the date on which Mr. Gwin’s employment is terminated without cause.                 |
| ● | The                                                                                                                                
 Company covenanted that, in the event that the conversion price of the Series F Preferred Stock is reduced, the Company will issue 
 to Mr. Gwin a number of common shares equal to one percent of the additional shares issued as a result of the adjustment.          |
| ● | The                                                                                                                                
 Company agreed to issue 100,000                                                                                                    
 shares of common stock to Mr. Gwin if he                                                                                           
 is terminated by the Company