VSee Health issues $180,550 Vanquish convertible note due July 30, 2027 with 12% interest, default-only conversion

VSEE HEALTH, INC.

VSee issued Vanquish Funding Group an additional unsecured convertible note with $180,550 principal, $23,550 OID, and $157,000 purchase price on Sept. 24, 2026.
The note carries a one-time 12% interest charge of $21,666, 22% default interest, and is due July 30, 2027; payments total $202,216.
Payments: $101,108 on March 30, 2027, then four $25,277 installments on April 30, May 30, June 30, and July 30, 2027; missed payment is an Event of Default.
Vanquish may convert only after an Event of Default at 65% of the lowest 10-day closing bid, subject to a non-waivable 4.99% beneficial ownership cap.
The Vanquish SPA permits additional tranches up to $2,050,000; the prior June 18, 2026 note had $295,550 principal and $38,550 OID.

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