Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1303

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 1303
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4, the Company fully repaid the Senior Secured Note pursuant to the terms
in the amount of $2,102,797.

The
Shares. In connection with the issuance of the Note, the Company issued 514,403 shares of common stock to the holder with a fair
market value of $2.16 per share (aggregate value of $1,111,111) as additional consideration for the holder lending $1,000,000 to the
Company. The 514,403 shares have a relatively fair value of $310,000.

The
Purchase Agreement related to the Note was amended to provide that upon closing, the purchaser will receive 133.33% coverage (i.e. the
face amount of the Note, i.e., $1,111,111.11 divided by the lesser of (i) the price/share of the last issuance of solely common stock
(including options) of the Company, i.e., $5.00/share or (ii) the price per share of common stock (or if units are issued in the Qualified
Offering, the price of units sold in the Qualified Offering), in shares of common stock of the Company (or if units are issued in the
Qualified Offering, units). The number of shares to be received at closing shall be determined by using clause (i) above.

In
light of the foregoing, the holder shall receive an additional number of shares of common stock, such that it shall have received the
number of shares of common stock of the aggregate value of $1,111,111 divided by the lesser of (i) the price/share of the last issuance
of solely common stock (including options) of the Company, i.e., $5.00/share or (ii) the price per share of common stock (or if units
are issued in the Qualified Offering, the price of units sold in the Qualified Offering), in shares of common stock of the Company (or
if units are issued in the Qualified Offering, units) (“Share True Up”). The Share True Up was forfeited as a result of the
April 29, 2024 agreement.

Ancillary
Agreements. In connection with the Company’s obligations under the Note, the Company entered into a security agreement
and intellectual property security agreement with the holder, pursuant to which the Company granted a security interest on all assets
of the Company, including all intellectual property of the Company, for the benefit of the holders, to secure the Company’s obligations
under