Calidi Biotherapeutics, Inc. has entered into an loan agreement issued promissory notes with the gross proceeds of $600,000 on July 1, 2024. The transaction included participation from new individual lender Dennis R. Conklin. Under the terms of the Note, the Lender agreed to provide the principal amount of $600,000.

The Note bears a simple interest rate at 15.0% per annum. The notes shall be due and payable in full on the earlier of three calendar years from the payment date or an event of default. Holder shall be paid annual accrued interest after each calendar year from the payment date until any remaining interest is paid in full on the maturity date.