Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 395

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 395
---
ible Notes by investors introduced by Benchmark, the Company will pay to Benchmark fees in cash equal to % of the
net proceeds of any Convertible Note draw at the time of funding of such draw (“Arrangement Fees”). The Tranche 2 fee shall
be reduced by the amount of any fees paid to Benchmark for other transactions during the Term other than Arrangement Fees associated with
Convertible Notes, after the Business Combination, up to $. As a result of the Business Combination, Benchmark was paid in shares
of the post-combination company in the amount of $.

Securities Purchase Agreement

On February 11, 2025,
in a private transaction, the Company entered into a securities purchase agreement (the “SPA”) with an institutional investor
(the “Investor”). Pursuant to the SPA, the Investor is expected, subject to the conditions relating to such purchase set forth
in the SPA, to purchase from the Company’s senior secured convertible promissory notes in an aggregate principal amount of up to
$ (the “Convertible Notes”) for a purchase price of up to $, after a % original issue discount (“OID”).
As a result of the Business Combination, pursuant to the SPA, the Company issued a Convertible Note in the principal amount of $
(the “Initial Note”) for a purchase price of $, reflecting a % OID. The Initial Note matures on the date that
is 18-months from the closing of the Business Combination and is convertible at any time at the Investor’s option at a conversion
price equal to the lower of $ or % of the lowest daily volume-weighted average price per share of the post-combination company common
stock in the trading days prior to the original issue date of the Initial Note and shall be adjusted, without limitation, based
on down-round and most-favored nation (MFN) price and terms protections (the “Conversion Price”).

The SPA contemplates that additional
Convertible Notes will be purchased in multiple tranches:

| (i) | Prior to the one-year anniversary of the Initial Closing Date,                                                                         
 subject to the conditions set forth in the SPA, the Company may request that the Investor purchase additional Convertible Notes having 
 an aggregate principal amount of up to $12,222,222 at a purchase price of $11,000,000 (reflecting a 10% OID), as follows:              |

| (a) | Provided a registration statement has been filed for the                                                                                 
 shares underlying the Initial Note, shares of combined company common