Jeffrey Busch - 31 Dec 2024 Form 4 Insider Report for IMAC Holdings, Inc. (BACK)

Footnote F1

The Reporting Person received shares of common stock granted under the Issuer's 2018 Incentive Compensation Plan constituting annual board compensation with respect Reporting Person's service as a director during 2024.

Footnote F2

The conversion price is subject to adjustment from time to time.

Footnote F3

The shares of Series C-1 Preferred Convertible Preferred Stock, par value $0.001 per share (the "Series C-1 Preferred Stock") are immediately convertible into shares of the Issuer's common stock, par value $0.001 per share (the "Common Stock").

Footnote F4

The Series C-1 Preferred Stock is perpetual and therefore has no expiration.

Footnote F5

Currently, holders of Series C-1 Preferred Stock receive quarterly dividends in the form of an increase in the stated value of their shares of Series C-1 Preferred Stock until the Issuer obtains stockholder approval to issue dividends in the form of shares of Common Stock. Accordingly, the number of shares of Common Stock underlying the Series C-1 Preferred Stock held by the Reporting Person changes quarterly. However, the Series C-1 Preferred Stock is subject to a beneficial ownership cap that prohibits the conversion of the Series C-1 Preferred Stock into shares of Common Stock to the extent that such conversion would cause the reporting person's beneficial ownership, together with its affiliates, to exceed 9.99%.

Footnote F6

The shares of Series E Preferred Convertible Preferred Stock, par value $0.001 per share (the "Series E Preferred Stock") are immediately convertible into shares of the Common Stock.

Footnote F7

The Series E Preferred Stock is perpetual and therefore has no expiration.

Footnote F8

Currently, holders of Series E Preferred Stock receive quarterly dividends in the form of an increase in the stated value of their shares of Series E Preferred Stock until the Issuer obtains stockholder approval to issue dividends in the form of shares of Common Stock. Accordingly, the number of shares of Common Stock underlying the Series E Preferred Stock held by the Reporting Person changes quarterly. However, the Series E Preferred Stock is subject to a beneficial ownership cap that prohibits the conversion of the Series E Preferred Stock into shares of Common Stock to the extent that such conversion would cause the reporting person's beneficial ownership, together with its affiliates, to exceed 9.99%.