Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 55

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 to which the parties agreed to revise the definition of “Milestone
Event III” and such that the Earnout Revenue milestone of $11,864,000 for the fiscal year ended December 31, 2024, was replaced
with a milestone of consummating the Tasly JV (as defined in the amended Merger Agreement) and receipt of the related funding during
the fiscal year ended December 31, 2024. All other aspects of the Merger Agreement were unmodified.

On February 16, 2024, the Company’s Board
of Directors approved and authorized the Company to execute a binding term sheet (“Original term sheet”) between the Company
and Profusa, Inc. (the “Target”) for PIPE funding with Vellar Opportunities Fund Master, Ltd. (“Vellar”). Vellar
agreed to subscribe for 2,500,000 shares of common and/or preferred stock 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 Mer