Company: PFSA
Filing Date: 2025-02-18
Form Type: PRE 14A
Source: 0001213900-25-014919
Chunk: 32

Company: Profusa, Inc.
Filing Date: 2025-02-18
Form: PRE 14A
Chunk 32
---
 is:

| ● | an individual who is a United States citizen or resident of the United States; |

| ● | a corporation (including an entity treated as a corporation for United States federal income tax purposes) created or organized 
 in or under the laws of the United States, any state thereof or the District of Columbia;                                       |

| ● | an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; 
 or                                                                                                                                  |

| ● | a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one          
 or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the 
 trust or (B) that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.   |

<div align='center'>25</div>

Redemption of Common Stock

In the event that a U.S. Holder’s common stock of the Company
is redeemed, the treatment of the transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies
as a sale of the common stock under Section 302 of the Code. Whether the redemption qualifies for sale treatment will depend largely
on the total number of shares of our stock treated as held by the U.S. Holder (including any stock constructively owned by the U.S. Holder
as a result of owning warrants) relative to all of our shares both before and after the redemption. The redemption of common stock generally
will be treated as a sale of the common stock (rather than as a distribution) if the redemption (i) is “substantially disproportionate”
with respect to the U.S. Holder, (ii) results in a “complete termination” of the U.S. Holder’s interest
in us or (iii) is “not essentially equivalent to a dividend” with respect to the U.S. Holder. These tests are explained
more fully below.

In determining whether any of the foregoing tests are satisfied, a
U.S. Holder takes into account not only stock actually owned by the U.S. Holder, but also shares of our stock that are constructively
owned by it. A U.S. Holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals
and entities in which the U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any stock the