Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 345

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 345
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 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.

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 Merger Agreement) and receive the
related funding from December 31, 2024 until December