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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the Securities and Exchange Commission
on April 27, 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration No. 333-</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNDER</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE SECURITIES ACT OF 1933</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b><span style="text-decoration:underline">FOXO Technologies Inc.</span></b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact Name of Registrant as Specified in Its
Charter)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 32%; border-bottom: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="width: 2%; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6311 </b>&#160;</span></td> <td style="width: 2%; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>85-1050265</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of <br/>
Incorporation or Organization)</span></td> <td style="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt">&#160;</td> <td style="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial <br/>
Classification Code Number)</span></td> <td style="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt">&#160;</td> <td style="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer <br/>
Identification Number)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>729 N. Washington Ave., Suite 600</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Minneapolis, MN 55401</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant&#8217;s Principal Executive Offices)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Tyler Danielson<br/>
Interim Chief Executive Officer<br/>
729 N. Washington Ave., Suite 600<br/>
Minneapolis, MN 55401<br/>
(612)&#160;562-9447</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Copies to:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="background-color: white"><b>Nimish
Patel, Esq.<br/>
Blake Baron, Esq.<br/>
Mitchell Silberberg&#160;&amp; Knupp LLP<br/>
2049 Century Park East, 18<sup>th </sup>Floor<br/>
Los Angeles, California 90064<br/>
(310)&#160;312-2000</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximate date of commencement of proposed sale
to the public<b>:</b> From time to time after this Registration Statement becomes effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.
&#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &#8220;<i>large accelerated filer</i>&#8221;, &#8220;<i>accelerated filer</i>&#8221;, &#8220;<i>smaller reporting
company</i>&#8221; and &#8220;<i>emerging growth company</i>&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</span></td> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9744;</span></td> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td> <td style="width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9746;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company </span></td> <td><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPLANATORY NOTE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This registration statement,
which is a new registration statement, also constitutes Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 of FOXO
Technologies Inc. (the &#8220;<b>Company,</b>&#8221; &#8220;<b>we</b>,&#8221; &#8220;<b>our</b>&#8221; or &#8220;<b>us</b>&#8221;) (File
No. 333-268980) (as amended, the &#8220;<b>Existing Registration Statement</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, this registration statement contains a combined prospectus
(the &#8220;<b>Combined Prospectus</b>&#8221;) pursuant to Rule 429 under the Securities Act of 1933, as amended (the &#8220;<b>Securities
Act</b>&#8221;), relating to (1) the issuance by us of shares of our Class A common stock, $0.0001 par value per share (the &#8220;Class
A Common Stock&#8221;), previously registered under the Existing Registration Statement, in an amount up to (i) 10,062,500 shares of our
Class A Common Stock issuable upon the exercise of 10,062,500 publicly-traded warrants with an exercise price of $11.50 per share (the
&#8220;<b>Public Warrants</b>&#8221;), which were originally issued by Delwinds (as defined below) as part of its initial public offering
of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, (ii) 316,250 shares of our Class A Common Stock issuable upon the exercise of 316,250 private warrants (the &#8220;<b>Private
Warrants</b>&#8221;) with an exercise price of $11.50 per share, which were originally issued to DIAC Sponsor LLC (the &#8220;<b>Sponsor</b>&#8221;)
(and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the Sponsor&#8217;s
dissolution and distribution of all of its assets, including these securities) in a private placement of units at a purchase price of
$10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, and (iii) 1,905,853
shares of Class A Common Stock issuable upon the exercise of 1,905,853 warrants at an exercise price of $6.21 per share, which were originally
issued to accredited investors by Legacy FOXO (as defined below) in a private placement of convertible debentures and warrants and assumed
by us pursuant to the Business Combination (the &#8220;<b>Assumed Warrants</b>&#8221; and together with the Public Warrants and the Private
Warrants, the &#8220;<b>Warrants</b>&#8221;), (2) the potential offer and resale from time to time of certain shares of our Class A common
stock, par value $0.0001 per share (the &#8220;<b>Class A Common Stock</b>&#8221;), previously registered under the Existing Registration
Statement, most of which remain unsold, by the selling securityholders named in this prospectus or their permitted transferees (the &#8220;<b>Selling
Securityholders</b>&#8221;) of (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares of Class A Common
Stock, which were originally issued to the Sponsor in the form of Founder Shares (as defined below) (and such securities were subsequently
distributed for no additional consideration to the members of the Sponsor, upon the Sponsor&#8217;s dissolution and distribution of all
of its assets, including these securities) at an initial purchase price of approximately $0.004 per share, (ii) 632,500 shares of Class
A Common Stock, which were originally issued to the Sponsor (and subsequently distributed to the permitted transferees of the Sponsor)
in a private placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half
of one redeemable warrant, and (iii) up to 316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants
held by the members of the Sponsor at an exercise price of $11.50 per share; and (b)&#160;up to 316,250 Private Warrants held by the members
of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at an exercise price of $11.50 per share and (3) the potential
offer and resale from time to time of 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC (&#8220;JVB&#8221;),
acting through its Cohen &amp; Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale. We
will not receive any proceeds from the sale of shares of Class A Common Stock or Warrants by the Selling Securityholders pursuant to this
prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to Rule 429(b) under the Securities Act, upon effectiveness,
this registration statement shall constitute Post-Effective Amendment No. 1 to the Existing Registration Statement with respect to the
offering of the unsold securities thereunder, which offering is not currently being terminated by the Company. In addition, this Post-Effective
Amendment No. 1 is being filed to update the Existing Registration Statement to include (i) information contained in the Company&#8217;s
Annual Report on Form 10-K, filed with the SEC on March 31, 2023, (ii) updated information regarding the Selling Securityholders, including
a reduction in the number of shares of Class A Common Stock being offered by the Selling Securityholders previously included in the Existing
Registration Statement to 4,672,114 shares of Class A Common Stock and (iii) certain other information in such Existing Registration Statement.
No other changes shall be deemed to be made to the Existing Registration Statement. Post-Effective Amendment No. 1 will become effective
concurrently with the effectiveness of this registration statement in accordance with Section 8(a) of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: Red"><b>The information in
this preliminary prospectus is not complete and may be changed. Neither we nor the selling securityholders may sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an
offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is
not permitted.</b></span><b> </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 33%; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PRELIMINARY
    PROSPECTUS</b></span></td>
    <td style="width: 67%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>Subject
    to Completion, dated April 27, 2023</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FOXO Technologies Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 10,062,500 Shares of </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Class A Common Stock Issuable Upon </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exercise of Public Warrants </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 316,250 Shares of</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Class A Common Stock Issuable Upon</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exercise of Private Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 1,905,853 Shares of</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Class A Common Stock Issuable Upon</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exercise of Assumed Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 5,288,364 Shares of Class A Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 316,250 Private Warrants to </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Purchase Shares of Class A Common Stock&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the issuance by us of up to (i) 10,062,500 shares of our Class A common stock, $0.0001 par value per share (the &#8220;<b>Class A Common
Stock</b>&#8221;), issuable upon the exercise of 10,062,500 publicly-traded warrants with an exercise price of $11.50 per share (the &#8220;<b>Public
Warrants</b>&#8221;), which were originally issued by Delwinds (as defined below) as part of its initial public offering (the &#8220;<b>IPO</b>&#8221;)
of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, (ii) 316,250 shares of our Class A Common Stock issuable upon the exercise of 316,250 private warrants (the &#8220;<b>Private
Warrants</b>&#8221;) with an exercise price of $11.50 per share, which were originally issued to DIAC Sponsor LLC (the &#8220;<b>Sponsor</b>&#8221;)
(and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the Sponsor&#8217;s
dissolution and distribution of all of its assets, including these securities) in a private placement of units at a purchase price of
$10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, and (iii) 1,905,853
shares of Class A Common Stock issuable upon the exercise of 1,905,853 warrants at an exercise price of $6.21 per share, which were originally
issued to accredited investors by Legacy FOXO (as defined below) in a private placement of convertible debentures and warrants and assumed
by us pursuant to the Business Combination (the &#8220;<b>Assumed Warrants</b>&#8221; and together with the Public Warrants and the Private
Warrants, the &#8220;<b>Warrants</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus also relates to the potential offer and resale from
time to time by the selling securityholders named in this prospectus or their permitted transferees (the &#8220;<b>Selling Securityholders</b>&#8221;)
of (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares of Class A Common Stock, which were originally
issued to the Sponsor in the form of Founder Shares (as defined below) (and such securities were subsequently distributed for no additional
consideration to the members of the Sponsor, upon the Sponsor&#8217;s dissolution and distribution of all of its assets, including these
securities) at an initial purchase price of approximately $0.004 per share, (ii) 632,500 shares of Class A Common Stock, which were originally
issued to the Sponsor (and subsequently distributed to the permitted transferees of the Sponsor) in a private placement of units at a
price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii)
up to 316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor
at an exercise price of $11.50 per share, and (iv) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC (&#8220;JVB&#8221;),
acting through its Cohen &amp; Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release, effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale; and
(b)&#160;up to 316,250 Private Warrants held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at
an exercise price of $11.50 per share. We will not receive any proceeds from the sale of shares of Class A Common Stock or Warrants by
the Selling Securityholders pursuant to this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor paid $25,000,
or approximately $0.004 per share, to cover certain of offering and formation costs of the Company in exchange for 5,750,000 Founder Shares.
In November 2020, the Sponsor returned to the Company, at no cost, an aggregate of 718,750 Founder Shares, which the Company cancelled,
resulting in an aggregate of 5,031,250 Founder Shares outstanding and held by the Sponsor. As of the closing of the Business Combination,
the Sponsor forfeited 600,000 Founder Shares This resulted in an effective price of approximately $0.0056 per share for the Founder Shares
received by the Sponsor, which have been distributed for no additional consideration to the members of the Sponsor, upon the Sponsor&#8217;s
dissolution and distribution of all of its assets, including these securities, and being registered for resale by such members pursuant
to this registration statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholders
may offer, sell or distribute all or a portion of the securities hereby registered publicly or through private transactions at prevailing
market prices or at negotiated prices. We will not receive any of the proceeds from such sales of the shares of Class A Common Stock or
Warrants, except with respect to amounts received by us upon the cash exercise of the Warrants. We will receive up to $131.2 million from
the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash, but not from the sale of the shares of Class
A Common Stock issuable upon such exercise. Each Public and Private Warrant entitles the holder thereof to purchase one share of Class
A Common Stock at a price of $11.50 per share, and each Assumed Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $6.21 per share. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per
share, we believe warrant holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. In
addition, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant
Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise price without the consent
of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive upon the exercise in full
of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock equivalents that trigger the
full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent
exercises would decrease the amount of proceeds the Company receives for each share of Class A Common Stock (see&#160;"<i>Description
of Securities of the Company - Warrants</i>").</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See&#160;&#8220;<span style="text-decoration:underline">Risk Factors</span> - <i>Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will bear all costs, expenses
and fees in connection with the registration of these securities, including with regard to compliance with state securities or &#8220;blue
sky&#8221; laws. The timing and amount of any sale are within the sole discretion of the Selling Securityholder. The Selling Securityholders
will bear all commissions and discounts, if any, attributable to their sale of shares of Class A Common Stock or warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of a substantial number
of our shares of Class A Common Stock and/or Warrants in the public market by the Selling Securityholders and/or by our other existing
securityholders, or the perception that those sales might occur, could depress the market price of our shares of our Class A Common Stock
and Warrants and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict
the effect that such sales may have on the prevailing market price of our shares of Class A Common Stock and Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our registration of the securities
covered by this prospectus does not mean that either we or the Selling Securityholders will issue, offer or sell, as applicable, any of
the securities. The Selling Securityholder may offer and sell the securities covered by this prospectus in a number of different ways,
at varying prices and for varying gains and losses. We provide more information about how the Selling Securityholders may sell the shares
in the section entitled &#8220;<i>Plan of Distribution</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class A Common Stock and Public Warrants are listed on the NYSE
American LLC (&#8220;<b>NYSE American</b>&#8221;) under the symbols &#8220;FOXO&#8221; and &#8220;FOXO WS,&#8221; respectively. On April
26, 2023, the last reported sales price of our Class A Common Stock was $0.43 per share and the last reported sales price of our Public
Warrants was $0.02 per Public Warrant.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &#8220;emerging
growth company&#8221; as the term is used in the Jumpstart Our Business Startups Act of 2012 (the &#8220;<b>JOBS Act</b>&#8221;) and will
be subject to reduced public company reporting standards. As such, we have elected to comply with certain reduced public company reporting
requirements for this and future filings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this prospectus
and any prospectus supplement, together with additional information described under the heading &#8220;<i>Where You Can Find More Information</i>,&#8221;
carefully before you invest in any of our securities.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in our securities involves a high
degree of risks. You should review carefully the risks and uncertainties described in the section titled &#8220;Risk Factors&#8221; beginning
on page 14 of this prospectus, and under similar headings in any amendments or supplements to this prospectus. &#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense. </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FREQUENTLY USED TERMS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise stated in
this prospectus or the context otherwise requires, references to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2021 Bridge Agreements</b>&#8221;
means, collectively, the stock purchase agreement, 2021 Bridge Debentures, 2021 Bridge Warrants, lock-up&#160;agreements and other agreements
between Legacy FOXO and the 2021 Bridge Investors, as amended by the 2021 Bridge Amendment, as such agreements may be amended, modified
or supplemented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2021 Bridge Amendment</b>&#8221;
means the contingent amendment agreement, effective as of February&#160;22, 2022, amending the 2021 Bridge Agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2021 Bridge Debentures</b>&#8221;
means the 12.5% Original Issue Discount Convertible Debentures, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO between January 2021 and March 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2021 Bridge Investors</b>&#8221;
means all of the purchasers of the 2021 Bridge Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2021 Bridge Warrants</b>&#8221;
means the warrants to purchase Legacy FOXO Class A Common Stock, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO to the 2021 Bridge Investors and the placement agent, or its designees, in connection with such
offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2022 Bridge Debentures</b>&#8221;
means the 10% Original Issue Discount Convertible Debentures, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO between February&#160;2022 and (i) the termination of the offering of the 2022 Bridge Debentures
as determined by Legacy FOXO and (ii) the Outside Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>2022 Bridge Investors</b>&#8221;
means all of the purchasers of the 2022 Bridge Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Assumed Warrants</b>&#8221;
means the warrants to purchase shares of Class A Common Stock that, as of the Closing, were issued by the Company to holders of Legacy
FOXO warrants outstanding and unexercised immediately prior to the Merger.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Board</b>&#8221;
refers to the board of directors of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Business Combination</b>&#8221;
or &#8220;<b>Merger</b>&#8221; <span style="background-color: white">means the business combination of Delwinds and Legacy FOXO pursuant
to the terms of the Merger Agreement and the other transactions contemplated by the Merger Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Charter</b>&#8221;
means the Company&#8217;s amended and restated certificate of incorporation that became effective upon consummation of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Closing</b>&#8221;
means the closing of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Company</b>&#8221;
means FOXO Technologies Inc., a Delaware corporation, formerly Delwinds Insurance Acquisition Corp. <span style="background-color: white">and
which includes Legacy FOXO and any other direct or indirect subsidiaries of Legacy FOXO, to the extent applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Company Bylaws</b>&#8221;
means the amended and restated bylaws of the Company adopted on closing of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Delwinds</b>&#8221;
means Delwinds Insurance Acquisition Corp., a Delaware corporation, which was renamed &#8220;FOXO Technologies Inc.&#8221; following consummation
of the Closing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>DGCL</b>&#8221;
means the Delaware General Corporation Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Founder Shares</b>&#8221;
means Delwinds Class&#160;B common stock initially purchased by the Sponsor in the Private Placement prior to the IPO, and the shares
of Delwinds Class A Common Stock issued upon the conversion thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>FOXO</b>,&#8221;
&#8220;<b>we</b>,&#8221; &#8220;<b>our</b>&#8221; or &#8220;<b>us</b>&#8221; means the Company and its consolidated subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>IPO</b>&#8221;
means Delwinds&#8217; initial public offering that was consummated by Delwinds on December&#160;11, 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Legacy
FOXO</b>&#8221; means FOXO Technologies Inc., now known as FOXO Technologies Operating Company, prior to the Business Combination.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Merger Agreement</b>&#8221;
<span style="background-color: white">means the Agreement and Plan of Merger, dated February&#160;24, 2022, as amended on April&#160;26,
2022, July&#160;6, 2022 and August 12, 2022, by and among Delwinds, DWIN Merger Sub Inc., Sponsor, as purchaser representative, and Legacy
FOXO.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Private
Warrants</b>&#8221; means one (1)&#160;whole warrant that was </span>issued by Delwinds in a private placement to the Sponsor at the time
of the consummation of the IPO <span style="background-color: white">entitling the holder thereof to purchase one (1)&#160;share of Class
A Common Stock at a purchase price of $11.50 per share. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Public
Warrant</b>&#8221; means one (1)&#160;whole redeemable warrant that was </span>issued in the IPO <span style="background-color: white">entitling
the holder thereof to purchase one (1)&#160;share of Class A Common Stock at a purchase price of $11.50 per share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Sponsor</b>&#8221;
means DIAC Sponsor LLC, a Delaware limited liability company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#8220;<b>Subscription
Investors</b>&#8221; means Andrew J. Poole and The Gray Insurance Company, each party to the Support Subscription Agreements executed
as of the date of the Merger Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>U.S. GAAP</b>&#8221;
means generally accepted accounting principles in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<b>Warrants</b>&#8221;
<span style="background-color: white">means Assumed Warrants, Private Warrants and Public Warrants, collectively.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 7 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 90%; padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_001">ABOUT THIS PROSPECTUS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_002">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_003">PROSPECTUS SUMMARY</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_004">THE OFFERING</a> </span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_005">RISK FACTORS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_006">USE OF PROCEEDS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_007">DETERMINATION OF OFFERING PRICE</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_008">MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_009">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_010">BUSINESS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_011">MANAGEMENT</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_012">EXECUTIVE COMPENSATION</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_013">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_014">BENEFICIAL OWNERSHIP OF SECURITIES</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_015">SELLING SECURITYHOLDERS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_016">DESCRIPTION OF SECURITIES</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_017">SECURITIES ACT RESTRICTIONS ON RESALE OF COMMON STOCK</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_018">PLAN OF DISTRIBUTION</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_019">LEGAL MATTERS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_020">EXPERTS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_021">WHERE YOU CAN FIND MORE INFORMATION</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#m_022">INDEX TO FINANCIAL STATEMENTS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>You should rely only on the information provided
in this prospectus, as well as the information incorporated by reference into this prospectus and any applicable prospectus supplement.
Neither we nor the selling securityholders have authorized anyone to provide you with different information. Neither we nor the selling
securityholders are making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that
the information in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date of the applicable
document. Since the date of this prospectus and the documents incorporated by reference into this prospectus, our business, financial
condition, results of operations and prospects may have changed.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="m_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ABOUT THIS PROSPECTUS </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration statement on Form S-1 that
is being filed with the Securities and Exchange Commission (the &#8220;<b>SEC</b>&#8221;) using the &#8220;shelf&#8221; registration process.
By using a shelf registration statement, the Selling Securityholders may sell (a) up to 5,288,364 shares of Class A Common Stock, which
consists of (i) 4,039,614 shares of Class A Common Stock, which were originally issued to the Sponsor in the form of Founder Shares (as
defined below) at an effective purchase price of approximately $0.0056 per share, after taking into account the prior return by the Sponsor
to the Company an aggregate of 1,318,750 Founder Shares, (ii) 632,500 shares of Class A Common Stock, which were originally issued to
the Sponsor (and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the
Sponsor&#8217;s dissolution and distribution of all of its assets, including these securities) in a private placement of units at a price
of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii) up to
316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an
exercise price of $11.50 per share, and (iv) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC (&#8220;JVB&#8221;),
acting through its Cohen &amp; Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release, effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale; and
(b)&#160;up to 316,250 Private Warrants held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at
an exercise price of $11.50 per share. We will not receive any proceeds from the sale by such Selling Securityholders of the securities
offered by them described in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus also relates
to the issuance by us of the shares of Class A Common Stock issuable upon exercise of the Warrants. We will receive proceeds from an exercise
of the Warrants for cash. We may use the shelf registration statement to issue up to (i) 10,062,500 shares of our Class A Common Stock
issuable upon the exercise of 10,062,500 Public Warrants, which were originally issued by Delwinds as part of its IPO of units at a price
of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (ii) 316,250
shares of our Class A Common Stock issuable upon the exercise of 316,250 Private Warrants, with an exercise price of $11.50 per share,
which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration to the
members of the Sponsor, upon the Sponsor&#8217;s dissolution and distribution of all of its assets, including these securities) in a private
placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, and (iii) 1,905,853 shares of Class A Common Stock issuable upon the exercise of 1,905,853 Assumed Warrants at an exercise price
of $6.21 per share, which were originally issued to accredited investors by Legacy FOXO in a private placement of convertible debentures
and warrants and assumed by us pursuant to the Business Combination. We will not receive any proceeds from the sale of shares of Class
A Common Stock issuable upon exercise of the Warrants pursuant to this prospectus, except with respect to amounts received by us upon
exercise of the Warrants for cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See&#160;&#8220;<span style="text-decoration:underline">Risk Factors</span> - <i>Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus supplement may
also add, update or change information included in this prospectus. Any statement contained in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement modifies or supersedes
such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement
so superseded will be deemed not to constitute a part of this prospectus. You should rely only on the information contained in this prospectus,
any applicable prospectus supplement or any related free writing prospectus. See &#8220;<i>Where You Can Find More Information</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we nor the Selling
Securityholders have authorized anyone to provide any information or to make any representations other than those contained in this prospectus,
any accompanying prospectus supplement or any free writing prospectus we have prepared. We and the Selling Securityholders take no responsibility
for, and can provide no assurance as to the reliability of any other information that others may give you. This prospectus is an offer
to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. No dealer,
salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus, any applicable
prospectus supplement or any related free writing prospectus. This prospectus is not an offer to sell securities, and it is not soliciting
an offer to buy securities, in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing
in this prospectus or any prospectus supplement is accurate only as of the date on the front of those documents only, regardless of the
time of delivery of this prospectus or any applicable prospectus supplement, or any sale of a security. Our business, financial condition,
results of operations and prospects may have changed since those dates.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this
prospectus is a part, and you may obtain copies of those documents as described below under &#8220;<i>Where You Can Find More Information</i>.&#8221;</p><div>

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</div><div><a id="m_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain statements contained
in this registration statement may constitute &#8220;forward-looking&#160;statements&#8221; within the meaning of the &#8220;safe harbor&#8221;
provisions of the United&#160;States Private Securities Litigation Reform Act&#160;of&#160;1995. These statements constitute projections,
forecasts and forward-looking&#160;statements, and are not guarantees of performance. Such statements can be identified by the fact that
they do not relate strictly to historical or current facts. When used in this registration statement, forward-looking&#160;statements
may be identified by the use of words such as &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;may,&#8221;
&#8220;might,&#8221; &#8220;possible,&#8221; &#8220;predict,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221;
&#8220;forecast,&#8221; &#8220;intend,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;seek,&#8221; &#8220;target,&#8221; &#8220;designed to&#8221; or other similar expressions that predict or indicate future events
or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking&#160;statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company cautions readers
of this registration statement that these forward-looking&#160;statements are subject to risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, which could cause the actual results to differ materially from the expected results.
These forward-looking&#160;statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance
metrics, projections of market opportunity and market share, potential benefits and the commercial attractiveness to its customers of
our products and services, the potential success of our marketing and expansion strategies, realization of the potential benefits of the
Business Combination (including with respect to stockholder value), among others. These statements are based on various assumptions, whether
or not identified in this registration statement, and on the current expectations of our management and are not predictions of actual
performance. These forward-looking&#160;statements are provided for illustrative purposes only and are not intended to serve as, and must
not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking&#160;statements
are subject to a number of risks and uncertainties, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the risks to our proprietary software and source code from our use of open source software.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<b>&#160;</b></p><div>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<a id="m_003"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS SUMMARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>This summary highlights
information contained elsewhere in this prospectus. This summary does not contain all of the information that may be important to you.
You should read this entire prospectus carefully, including the matters discussed under the sections entitled &#8220;Risk Factors,&#8221;
&#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; &#8220;Business&#8221; and
the consolidated financial statements and related notes included elsewhere in this prospectus before making an investment decision.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Business </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The convergence of two cutting-edge
technologies, DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as &#8220;epigenetic signatures,&#8221; and will provide valuable insights&#160;to insurers that will inform
their underwriting and product development.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers&#8217; health and lifestyle choices will help insurers tailor their offerings to meet their clients&#8217; needs and provide
insurers with data to plan for their clients&#8217; future financial needs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have two core product offerings:
the &#8220;Underwriting Report&#8221; and the &#8220;Longevity Report&#8482;.&#8221; The Underwriting Report allows us to leverage a single
assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately assess
clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing companion
product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health. It can also
be sold separately. We believe the combination of these two reports provides a valuable win for our insurance carrier partners as well
as their customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to change the sales and underwriting process to the betterment
of consumers and carriers alike.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO Labs &#8211; Underwriting Report</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs is commercializing
a first of its kind proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global
life insurance industry (the &#8220;<b>Underwriting Report</b>&#8221;). The Underwriting Report provides underwriters with an alternative
source of biological mortality risk factors derived from an applicant&#8217;s saliva sample. The information provided in the FOXO Underwriting
Report will allow underwriters to assess mortality risk without the need for more invasive and time-consuming underwriting processes such
as a paramedical exam or the procurement of medical records.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report will
allow insurance companies to leverage cutting-edge biotechnology that streamlines the insurance sales and underwriting process compared
to the costlier and lengthier process of medical underwriting. We can administer our test using saliva allowing for a quick point-of-sale
sample collection. Our non-invasive test can help insurers conduct a multi-panel risk assessment of a proposed insured and make a policy
offer without the need for a paramedical exam or medical records. We believe this will (1) make policy sales more efficient and less invasive,
and (2) expand the market for accelerated underwriting to higher face amount policies. By collecting a sample at the point of sale (or
by mail), we will also streamline and simplify the application and underwriting process. Our multi-panel test can screen for multiple
impairments using a single, non-invasive biospecimen that can be used to assess individual health risks. Additionally, as we collect more
data and create more refined models we can improve our previous measures without the requirement of a new biospecimen. Thus, a saliva-based
sample can be self-administered or collected by the agent without the need for a trained paramedical examiner, and the data can be updated
in perpetuity as technology advances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report consists
of two sections. The first one is the Biological Age Assessment, which provides an individual&#8217;s aggregate biological mortality risk.
This can be used by an underwriter to quickly triage good mortality risks, which can be issued a policy immediately, from bad mortality
risks, which require further underwriting to properly assess.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The core of the Biological
Age Assessment is the &#8220;Biological DeltaAge,&#8221; which is the difference between biological age and chronological age. A Biological
DeltaAge above zero indicates an increased mortality risk, and below zero indicates a decreased mortality risk.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report&#8217;s
second section outlines specific risk factors that are intended to provide underwriters with more detailed information about an individual&#8217;s
health with respect to specific impairments. Life and disability insurance underwriters can use this information to eliminate additional
underwriting requirements so the insurer can focus on areas of elevated risk.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risk factors include
traditional underwriting considerations such as tobacco use, cardiovascular risk, diabetes risk, kidney disease risk, and liver disease
risk as well as new information related to mortality risks such as fitness and nutrition. This information represents a significant overlap
with a traditional paramedical exam; however, it is obtained through a non-invasive saliva sample instead of a blood draw and urine collection.
The saliva sample can be collected by mail or by the agent at the point of sale, which eliminates the need for scheduling an appointment
for a paramedical exam. These exams require fasting and a blood draw, which are additional barriers to the sale. They also need to be
scheduled days or weeks in advance, delaying the underwriting process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report can
be provided electronically via an application programming interface (&#8220;<b>API</b>&#8221;) so an insurer can integrate results into
automated underwriting processes and an underwriting workbench. This allows the report to be securely transmitted and used in the way
that works best for an insurer&#8217;s underwriting teams.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO Life &#8211; Longevity Report</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Longevity Report provides
consumers with novel information about their epigenetic makeup, along with specific insights that can help them change their behavior
to live longer. The centerpiece of the Longevity Report is &#8220;FOXO Age,&#8221; which is a holistic measure of how fast an individual
is aging. It is displayed on the report in comparison to the consumer&#8217;s chronological age.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Longevity Report also
includes four epigenetic health scores: (i) Metabolic, (ii) Cardiovascular, (iii) Inflammation, and (iv) Indulgence scores, which show
how their environment, lifestyle, and behavior affect their health at an epigenetic level. These four epigenetic health scores enable
the consumer to make important decisions about how to improve their lifestyle. Users can take tests more than once, and within each score
we compare each consumer to the FOXO universe of results. This allows the consumer to review their scores in comparison to others who
have received the Longevity Report. With each score, we provide personalized nutritional, lifestyle, and exercise recommendations to help
consumers make lifestyle adjustments to extend their longevity. The Longevity Report is accessible through s an online dashboard that
allows users to view their report as well as sample processing status, from being sent to the lab to final digital report delivery. In
the future, we plan to provide consumers with a more comprehensive dashboard that identifies how they are progressing over time with their
lifestyle adjustments in response to the recommendations provided with their Longevity Report scores.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

</div><div>

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    </div><!-- Field: /Page --><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO is also operationalizing
a sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report
(&#8220;<b>FOXO Life</b>&#8221;). FOXO Life currently markets and sells life insurance products underwritten and issued by third-party&#160;carriers
through distribution relationships. &#160;This distribution model (the &#8220;<b>MGA Model</b>&#8221;) allows FOXO to appoint sales agents
and producers to sell insurance products for specific carriers and earn commissions on subsequent policy sales. Depending on the terms
of the agreement between FOXO and the carrier, the Longevity Report may be included at the time of the policy purchase at no charge or
may be available at an additional cost to the consumer. We believe the Longevity Report will make longevity science a core aspect to the
relationship between life insurance and consumers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">We
began selling insurance products through distribution relationships with third-party&#160;carriers in the first quarter of 2023. Through
our MGA Model, we earn commission revenues, marketing allowances, and service fee revenues from selling life insurance products supported
by our science, technology, and brand marketing. Initially, we do not expect to use epigenetic underwriting technology in the life insurance
products we sell through the MGA Model. However, we expect the research and development studies underway will support the introduction
and commercialization of our saliva-based&#160;underwriting technology through our Underwriting Report in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Trends</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Life Insurance Demand.&#160;</b>According to the 2021 Insurance Barometer Study, there are significant increases in consumer interest and demand for life insurance, with nearly one-third (31%) of consumers surveyed reporting COVID-19 has made them more likely to purchase life insurance in the next 12&#160;months. In addition, the study reported the first sales gains in life insurance since 1983 and described that 22% of Americans (29&#160;million consumers) owning life insurance believe they need more coverage and 59% of Americans (73&#160;million consumers) without life insurance say they would like to acquire coverage. That means 102&#160;million Americans say they either need life insurance coverage or want more of it. The study identified Millennials (ages&#160;22-40) as the demographic most influenced by the pandemic, with 48% surveyed saying they plan to purchase coverage in the next year. Thus, despite the record-low household ownership of life insurance, the 2021 Insurance Barometer Study indicated Americans&#8217; intent to purchase life insurance is at an all-time high.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product Innovation.&#160;</b>As life insurance carriers and distributors look to engage consumers&#8217; renewed interest in life insurance coverage, industry analysts suggest that life insurance can succeed by adopting technology to (i)&#160;personalize every aspect of the consumer experience, transition from a traditional &#8220;assess and service&#8221; model toward a customer-centric &#8220;prescribe and prevent&#8221; model of health management; and (ii)&#160;develop innovative product solutions that place emphasis on product flexibility and innovation, including value-added services and nonmonetary benefits to attract consumers. Other analysts point to the need to reduce sales friction for both consumers and agents that stems from long underwriting timelines as a result of invasive blood and urine specimen collection.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Segments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We manage and classify our
business into two reportable business segments:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -0.5in"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)</b></span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOXO Labs</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs is commercializing
proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global life insurance industry.
Our innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting
and risk assessment. Our research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health
and wellness factors used in life insurance underwriting traditionally obtained through blood and urine specimens. FOXO Labs anticipates
recognizing revenue related to sales of the Underwriting Report and Longevity Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs currently recognizes
revenue from providing epigenetic testing services and collecting a royalty from Illumina, Inc. related to the sales of the Infinium Mouse
Methylation Array. The Company&#8217;s saliva-based health and wellness testing solutions for underwriting and risk classification are
expected to be its largest source of revenue. FOXO Labs conducts research and development and such costs are recorded within research
and development expenses on the consolidated statements of operations.</p>

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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ii)</b></span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOXO Life</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life is redefining the
relationship between consumers and insurer by combining life insurance with healthy longevity. FOXO Life seeks to transform the value
proposition of the life insurance carrier from a provider of mortality risk protection products to a promoter of its customers&#8217;
health and wellness. The distribution of insurance products with FOXO&#8217;s Longevity Report strives to provide life insurance consumers
with valuable information and insights about their individual health and wellness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life currently has residual
commission revenues from its legacy insurance agency business. FOXO Life has begun receiving insurance commission from the distribution
and sale of life insurance policies based on the size and type of policies sold to customers. FOXO Life costs are recorded within selling,
general and administrative expenses on the consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Corporate Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legacy FOXO was formed as
a limited liability company on November&#160;11, 2019 to become a separate and independently managed and controlled entity from GWG Holdings,
Inc. Legacy FOXO was previously named InsurTech Holdings, LLC and FOXO BioScience LLC.&#160;On November&#160;13, 2020, FOXO Bioscience
LLC converted into a C-Corporation&#160;to become FOXO Technologies Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective September 15, 2022,
we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger Sub Inc. merged with
and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of the Company. Upon consummation of our Business Combination,
our name changed from Delwinds Insurance Acquisition Corp. to FOXO&#160;Technologies Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of and upon the
Closing, among other things, (1) all outstanding shares of Legacy FOXO Class A Common Stock (after giving effect to the required conversion
of all outstanding shares of Legacy FOXO preferred stock into shares of Legacy FOXO Class A Common Stock immediately prior to, and contingent
upon, the Closing) and Legacy FOXO Class B Common Stock were converted into 24,718,705 shares of the Company&#8217;s Class A Common Stock,
(3) all FOXO options and FOXO warrants outstanding immediately prior to the effective time of the Merger were assumed and converted, subject
to adjustment pursuant to the terms of the Merger Agreement, into Assumed Options and Assumed Warrants, respectively, of the Company,
exercisable for shares of Class A Common Stock and (4) other than in connection with the Assumed Options and Assumed Warrants, all other
convertible securities and other rights to purchase capital stock of FOXO were retired and terminated, if they were not converted, exchanged
or exercised for FOXO common stock immediately prior to the effective time of the Merger.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain two wholly-owned&#160;operating
subsidiaries, FOXO Labs Inc., formerly named Life Epigenetics Inc., and FOXO Life, LLC, formerly named youSurance General Agency, LLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs Inc. (or FOXO Labs)
is the operating entity for our insurance services platform designed to provide saliva-based&#160;underwriting technology and molecular
health and wellness engagement services to insurance carrier customers. FOXO Labs maintains a wholly-owned&#160;subsidiary, Scientific
Testing Partners, LLC, to conduct its research.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life, LLC is the operating
entity for our insurance products platform designed to market and sell life insurance that is bundled with longevity science.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will receive, from this
offering, proceeds of up to $131.2 million, assuming the exercise in full of all of the Warrants for cash. Each Public and Private Warrant
entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles
the holder thereof to purchase one share of Class A Common Stock at a price of $6.21 per share. However, we may lower the exercise price
of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise
such warrants. The Company may effect such reduction in exercise price without the consent of such warrant holders and such reduction
would decrease the maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in
the event the Company issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in
the Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount
of proceeds the Company receives for each share of Class A Common Stock (see&#160;"<i>Description of Securities of the Company &#8211;
Warrants)</i>.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white"><b>Recent Developments</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FOXO Life Insurance Company </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">In
connection with the Business Combination, we submitted various filings with the Arkansas Insurance Department (the &#8220;<b>Department</b>&#8221;)
to ensure compliance with Arkansas insurance laws. After review and analysis of the relevant documentation and meetings with us, on September
9, 2022, the Department advised us that it concluded that the Business Combination did not require approval from the Department given
that there was no change in the ultimate controlling party. Due to market conditions, our capitalization following the Business Combination
did not materialize in the way the Company anticipated, and we do not currently possess the funding that we believe would be required
to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO Life Insurance Company. As such,
we decided to not move forward with the launch of FOXO Life Insurance Company. The outstanding policies issued by FOXO Life Insurance
will continue to be administered and reinsured by the former owners of MICOA (as defined below). We intend to focus on selling products
issued by third-party&#160;carriers through our MGA Model (see &#8220;<i>Business Overview &#8212; MGA Insurance Products</i>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
January 10, 2023, we entered into a merger agreement (the &#8220;<b>Security National Merger Agreement</b>&#8221;) with Security National
Life Insurance Company, a Utah corporation (&#8220;<b>Security National</b>&#8221;), FOXO Life, LLC, a Delaware limited liability company
and wholly-owned subsidiary of the Company (&#8220;<b>FOXO Life</b>&#8221;), and FOXO Life Insurance Company (fka Memorial Insurance Company
of America (&#8220;<b>MICOA</b>&#8221;)), an Arkansas corporation and wholly-owned subsidiary of the Seller, pursuant to which, subject
to the terms and conditions of the Security National Merger Agreement, the Company agreed to sell FOXO Life Insurance Company to Security
National.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement, whereby FOXO Life Insurance Company merged with and into Security National, with Security National continuing as the surviving
corporation. As a result of the merger, the Company is no longer required to hold cash and cash equivalents required to be held as statutory
capital and surplus, as required under the Arkansas Insurance Code (the &#8220;<b>Arkansas Code</b>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">After
the Merger Consideration and Security National&#8217;s third party expenses, the transaction resulted in the Company gaining access to
$4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
Company maintains both the FOXO Life and FOXO Labs segments after the sale of FOXO Life Insurance. The Company previously indicated in
its quarterly report on Form10-Q for the quarterly period ended September 30, 2022, that due to market conditions, our capitalization
following the Business Combination did not materialize in the way the Company anticipated, and we did not currently possess the funding
that we believe would be required to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO
Life Insurance Company. As such, we did not move forward with the launch of FOXO Life Insurance Company and sold the entity to enhance
stockholder value. The outstanding policies issued by FOXO Life Insurance Company were previously administered and reinsured by the former
owners who once again own the entity and will continue to administer the policies. We intend to focus on selling products issued by third-party
carriers through our MGA Model and FOXO Life segment. Accordingly, the sale formalizes that we will not issue any policies through FOXO
Life Insurance Company. Our FOXO Labs segment continues to work on commercializing our epigenetic biomarker technology for underwriting
risk classification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exchange Offer and PIK Note Offer to Amend</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 27, 2023,
the Company commenced an exchange offer (the &#8220;<b>Exchange Offer</b>&#8221;), pursuant to a Schedule TO filed with the SEC on such
date, whereby holders of the Assumed Warrants will be able to exchange such Assumed Warrants for shares of Class A Common Stock at a rate
of 4.83 shares for each Assumed Warrant during the Offer Period (as defined below), pursuant to the terms and conditions of (i) an Offer
to Exchange Warrants to Acquire Shares of Class A Common Stock and Consent Solicitation and (ii) a Letter of Transmittal and Consent.
In order to participate in the Exchange Offer, holders of Assumed Warrants must agree to a general release (the&#160;&#8220;<b>Exchange
Offer General Release Agreement</b>&#8221;).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &#8220;<b>Offer Period</b>&#8221;
is the period commencing on April 27, 2023 and ending at 11:59 p.m., Eastern Time, on May 26, 2023, or such later date to which
the Company may extend the Exchange Offer or PIK Note Offer to Amend (as defined below), as applicable (the &#8220;<b>Exchange Offer Expiration
Date</b>&#8221; or &#8220;<b>PIK Note Offer to Amend Expiration Date</b>,&#8221; as applicable).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the Exchange Offer,
the Company is also soliciting consents (the &#8220;<b>Consent Solicitation</b>&#8221;) to amend and restate, in accordance with its terms,
the Securities Purchase Agreement, dated as of January 25, 2021, by and between Legacy FOXO, and assumed by the Company in connection
with the Business Combination, and each purchaser of securities identified on the signature pages thereto (as amended, the &#8220;<b>Original
Securities Purchase Agreement</b>&#8221;), which governs all the Assumed Warrants, pursuant to the Amendment and Restatement (the &#8220;<b>Warrant
Amendment</b>&#8221;) to provide that the issuance of shares of Class A Common Stock and certain issuances of Common Stock Equivalents
(as defined in the Original Securities Purchase Agreement) in connection with the Exchange Offer, the PIK Note Amendment, the 2022 Debenture
Release, a Private Placement and a Public Financing (each as defined below), and as Private Placement Additional Consideration (as defined
below), as well as any previous issuance of Class A Common Stock or Common Stock Equivalents (as defined in the Original Securities Purchase
Agreement), do not trigger, and cannot be deemed to have triggered, any anti-dilution adjustments in the securities issued pursuant to
the Original Securities Purchase Agreement, including the Assumed Warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any holder of Assumed Warrants
who elects to participate in the Exchange Offer by executing and delivering a Letter of Transmittal and Consent, together with any other
required documents in accordance with the terms of the Exchange Offer, will be deemed to have authorized, approved, consented to and executed
the Warrant Amendment and the Exchange Offer General Release Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consummation of the Exchange
Offer is conditioned upon, among other things, stockholder approval in accordance with NYSE American Company Guide Section 713, which
may not be waived by the Company, and Assumed Warrants being exchanged in the Exchange Offer the holders of which own at least 50.01%
in interest of the convertible debentures issued pursuant to the Original Securities Purchase Agreement, based on the initial subscription
amounts thereof (which is the minimum amount required to amend the Original Securities Purchase Agreement), which may be waived by the
Company in its sole discretion. The Company may cancel the Exchange Offer if any of the conditions of the Exchange Offer are not satisfied
prior to the Exchange Offer Expiration Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If all outstanding Assumed
Warrants are tendered in the Exchange Offer, the Company&#8217;s obligation to issue 1,905,853 shares of Class A Common Stock under the
Assumed Warrants would be eliminated and approximately 9,205,270 shares of Class A Common Stock, subject to stockholder approval, would
be issued to the Assumed Warrant holders in exchange for the Assumed Warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Concurrently with the Exchange
Offer, the Company is soliciting approval from the holders of the Company&#8217;s 15% Senior Promissory Notes (the &#8220;<b>PIK Notes</b>&#8221;),
pursuant to a separate Schedule TO filed with the SEC on April 27, 2023, of certain amendments to the PIK Notes during the Offer Period,
in exchange for shares of Class A Common Stock (the&#160;&#8220;<b>PIK Note Offer to Amend</b>&#8221;), pursuant to the terms and conditions
of (i) an Offer to Amend 15% Senior Promissory Notes and Consent Solicitation and (ii) an Election to Consent. Specifically, the Company
is soliciting amendments to the Senior Promissory Note Purchase Agreement, dated September 20, 2022, between the Company and each purchaser
thereof (the &#8220;<b>PIK Note Purchase Agreement</b>&#8221;), which governs all of the PIK Notes, to permit the following issuances
by the Company of Class A Common Stock and Common Stock Equivalents (as defined in the PIK Note Purchase Agreement), without prepaying
the PIK Notes as required by the terms of the PIK Note Purchase Agreement: (i) the issuance of shares of Class A Common Stock in the Exchange
Offer, (ii) the issuance of shares of Class A Common Stock in the PIK Note Offer to Amend, (iii) the issuance of shares of Class A Common
Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in connection with the 2022 Debenture Release, (iv)
the issuance of shares of Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in (a) a private placement
of the Company&#8217;s equity, equity-linked or debt securities resulting in gross proceeds to the Company no greater than $5 million
(a &#8220;<b>Private Placement</b>&#8221;) and/or (b) a registered offering of the Company&#8217;s equity, equity-linked or debt securities
resulting in gross proceeds to the Company no greater than $20 million (a &#8220;<b>Public Financing</b>&#8221;); provided that (A) the
proceeds of a Private Placement resulting in gross proceeds to the Company of at least $2 million are used by the Company to prepay not
less than 25% of the Outstanding Principal Balance (as defined in the PIK Notes) as of the date of prepayment on a pro rata basis upon
the closing of such Private Placement, and (B) the proceeds of a Public Financing resulting in gross proceeds to the Company of at least
$10 million are used by the Company to prepay all of the Outstanding Principal Balance as of the date of prepayment upon the closing of
such Public Financing, and (v) the issuance of shares of Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note
Purchase Agreement) as Private Placement Additional Consideration (as defined below) (collectively, the &#8220;<b>PIK Note Amendment</b>&#8221;).
Pursuant to the PIK Note Offer to Amend, and assuming stockholder approval of the issuance of the shares in connection therewith in accordance
with NYSE American Company Guide Section 713 (which condition may not be waived by the Company), consenting holders of the PIK Notes will
receive, assuming receipt of the consent to approve the PIK Note Amendment from holders that purchased at least 50.01% in interest of
the aggregate principal balance of the PIK Notes (which condition may be waived by the Company in its sole discretion), 1.25 shares of
Class A Common Stock for every $1.00 of the original principal amount of their PIK Notes, on the terms and subject to the conditions of
the PIK Note Offer to Amend. In order to participate in the PIK Note Offer to Amend, holders of PIK Notes must agree to a general release
(the &#8220;<b>PIK Note Offer to Amend General Release Agreement</b>&#8221;). The Company may cancel the PIK Note Offer to Amend if any
of the conditions of such offer are not satisfied prior to the PIK Note Offer to Amend Expiration Date.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any holder of PIK Notes who
elects to participate in the PIK Offer to Amend by executing and delivering an Election to Consent, together with any other required documents
in accordance with the terms of the PIK Note Offer to Amend, will be deemed to have authorized, approved, consented to and executed the
PIK Note Amendment and the PIK Note Offer to Amend General Release Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming the Company receives
consents from all PIK Note holders and stockholder approval is obtained, the Company will issue on a pro rata basis to the holders of
the PIK Notes approximately 4,321,875 shares of Class A Common Stock in consideration for the PIK Note Amendment, on the terms and subject
to the conditions of the PIK Note Offer to Amend.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of Class A Common
Stock issuable in the Exchange Offer and the PIK Note Offer to Amend are &#8220;restricted securities&#8221; and may not be sold by the
holder absent a registration statement covering their resale or an exemption from the registration requirements of federal and applicable
state securities laws. The Company will undertake at its sole expense to file appropriate resale registration statements (respectively,
the &#8220;<b>Exchange Offer Registration Statement</b>&#8221; and the &#8220;<b>PIK Note Offer to Amend Registration Statement</b>,&#8221;
and collectively, the &#8220;<b>Registration Statements</b>&#8221;) with the SEC covering all of the shares of Class A Common Stock to
be issued pursuant to the Exchange Offer and the PIK Note Offer to Amend promptly following the issuance of such shares of Class A Common
Stock to holders of the Assumed Warrants and the PIK Note holders who participate in the Exchange Offer and the PIK Note Offer to Amend,
each as applicable, but no later than 30 days thereafter (the &#8220;<b>Filing Deadline</b>&#8221;); provided that the Company (a) will
use its commercially reasonable efforts to have the Registration Statements declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 60th day after the applicable Filing Deadline (or the 90th day if the SEC notifies the
Company that it will review the applicable Registration Statement) and (ii) the fifth business day after the date that the Company is
notified by the SEC that the applicable Registration Statement will not be reviewed or will not be subject to further review (the &#8220;<b>Target
Effectiveness Date</b>&#8221;), (b) will issue to each holder of Assumed Warrants and PIK Notes participating in the Exchange Offer or
PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in the Exchange Offer
or the PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Filing Deadline until the
Company files the applicable initial Registration Statement, pro-rated for each day beyond the Filing Deadline, up to a total of 20% of
the shares of Class A Common Stock originally issued in the Exchange Offer or the PIK Note Offer to Amend, as applicable, to such participating
holder (the &#8220;<b>Additional Shares</b>&#8221;), (c) will issue to each holder of Assumed Warrants or PIK Notes participating in the
Exchange Offer or PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in
the Exchange Offer or PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Target Effectiveness
Date until the applicable initial Registration Statement is declared effective, pro-rated for each day beyond the Target Effectiveness
Date, up to, together with the Additional Shares, a total of 20% of the shares of Class A Common Stock originally issued in the Exchange
Offer or PIK Note Offer to Amend, as applicable, to such participating holder, and (d) may not effect a reverse split of the outstanding
shares of Class A Common Stock sooner than 15 calendar days after the PIK Note Offer to Amend Registration Statement is declared effective
by the SEC without prepaying the PIK Notes in full.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be no contractual
lock-up with regard to the shares of Class A Common Stock issued pursuant to the Exchange Offer or the PIK Note Offer to Amend, although
any resale of such shares will be subject to the provisions of applicable securities laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Company conducts a Private
Placement because the PIK Note Amendment has been approved, each investor who participates in the Private Placement who was a holder of
Assumed Warrants or PIK Notes as of the commencement of the Exchange Offer or the PIK Note Offer to Amend, as applicable, and each former
holder of 2022 Debentures, may receive additional shares of Class A Common Stock or Common Stock Equivalents (as defined in the Original
Securities Purchase Agreement or the PIK Note Purchase Agreement, as applicable) as further consideration for participating in the Private
Placement, in addition to the equity purchase price and other terms of such Private Placement offered to all investors, whether or not
such holder of Assumed Warrants tendered Assumed Warrants or consented to the Amendment and Restatement in the Exchange Offer and whether
or not such holder of PIK Notes consented to the PIK Note Amendment in the PIK Note Offer to Amend (the &#8220;<b>Private Placement Additional
Consideration</b>&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has also authorized
the Company to offer Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement or the Original Securities
Purchase Agreement, as applicable) in exchange for a general release by the former holders of 2022 Bridge Debentures, which 2022 Bridge
Debentures were automatically converted into Class A common stock of Legacy FOXO and exchanged by the Company for Class A Common Stock
in connection with the Business Combination, subject to stockholder approval and other conditions to be determined by the Company, at
a future date to be determined by the Company (the &#8220;<b>2022 Debenture Release</b>&#8221;). As currently contemplated, each former
holder of the 2022 Bridge Debentures that executes such general release would receive approximately 0.67 shares of Class A Common Stock
for every $1.00 of original principal amount of its 2022 Bridge Debentures, and if all former holders of 2022 Bridge Debentures execute
such general release, up to 18,760,000 shares of Class A Common Stock would be issued by the Company to such former holders of the 2022
Bridge Debentures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

</div><div>

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</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<a id="m_004"></a><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>THE OFFERING </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</span></td>
    <td style="padding-left: 5pt; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOXO Technologies Inc.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance of Class A Common Stock</b></span></td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Class A Common Stock Offered by Us</span></td>
    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,062,500 shares of Class A Common Stock issuable upon the exercise of Public Warrants at an exercise price per share equal to $11.50, subject to adjustment as described herein.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">316,250 shares of Class A Common Stock issuable upon the exercise of Private Warrants, at an exercise price per share equal to $11.50, subject to adjustment as described herein.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Class A Common Stock Outstanding Following the Exercise of Warrants</span></td>
    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,813,672 shares, assuming all Warrants are exercised for cash.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></td>
    <td style="padding-left: 5pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We will receive proceeds of up to $131.2 million, assuming the exercise
in full of all of the Warrants for cash. Each Public and Private Warrant entitles the holder thereof to purchase one share of Class A
Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $6.21 per share. However, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance
with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise
price without the consent of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive
upon the exercise in full of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock
equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants
may be reduced and any subsequent exercises would decrease the amount of proceeds the Company receives for each share of Class A Common
Stock (see&#160;"<i>Description of Securities of the Company &#8211; Warrants)</i>. On April 26, 2023, the closing price for our
Class A Common Stock was $0.43. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per share,
we believe warrant holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. We expect
to use the net proceeds from the exercise of any of the Warrants for general corporate purposes, including working capital, operating
expenses and capital expenditures. See&#160;&#8220;<i>Use of Proceeds</i>.&#8221;</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resale of Class A Common Stock</b></span></td>
    <td style="padding-left: 5pt; width: 60%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Common Stock Offered by the Selling Securityholders</span></td>
    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 5,288,364 shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor paid $25,000, or approximately $0.004 per share, to cover
certain of offering and formation costs of the Company in exchange for 5,750,000 Founder Shares. In November 2020, the Sponsor returned
to the Company, at no cost, an aggregate of 718,750 Founder Shares, which the Company cancelled, resulting in an aggregate of 5,031,250
Founder Shares outstanding and held by the Sponsor. As of the closing of the Business Combination, the Sponsor forfeited 600,000 Founder
Shares, which left the Sponsor with 4,039,614 Founder Shares. These adjustments resulted in an effective purchase price of approximately
$0.0056 per share for the Founder Shares received by the Sponsor, which shares have been distributed for no additional consideration to
the members of the Sponsor, upon the Sponsor&#8217;s dissolution and distribution of all of its assets, including these securities, and
these shares are being registered for resale by such members pursuant to this registration statement.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.V.B.
    Financial Group, LLC (&#8220;JVB&#8221;), acting through its Cohen &amp; Company Capital Markets division, was issued 300,00 shares of
    Class A Common Stock in connection with the transactions contemplated by that certain Amendment and Termination Agreement, dated as of
    September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between the Company and JVB,
    providing for a general release, effective upon effectiveness of this registration statement, of any and all claims by CCM against the
    Company in exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale</span>&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See&#160;&#8220;<span style="text-decoration:underline">Risk Factors</span> - <i>Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall<b>.&#8221;</b></i>&#160;&#160;</p>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></td>
    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any of the proceeds from the sale of the shares of Class A Common Stock by the Selling Securityholders.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid; width: 98%">

<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resale of Warrants</b></span></td>
    <td style="padding-left: 5pt; width: 60%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants Offered by the Selling Warrant holders</span></td>
    <td style="padding-left: 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 316,250 Private Warrants.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="padding-left: 5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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    <td style="padding-left: 5pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Class A Common Stock and Public Warrants are
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our securityholders are subject to
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of shares of our Class A Common Stock outstanding as of April 21, 2023, was 27,418,069, and excludes, as of such date:</span>&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,286,235 available shares for future issuance under our 2022 Equity Incentive Plan (the &#8220;<b>2022 Plan</b>&#8221;); </span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: top; background-color: white">
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issuable upon exercise of outstanding stock options issued pursuant to the Legacy FOXO 2020 Equity Incentive Plan with a weighted-average&#160;exercise
price of $7.02 per share; and</p></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: white">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,140,761 shares of Class A Common Stock held as treasury stock.&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risk Factor Summary</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is subject
to numerous risks and uncertainties that represent challenges, including those highlighted in the section entitled &#8220;<i>Risk Factors</i>,&#8221;
that represent challenges that we face in connection with the successful implementation of our strategy and growth of our business. Below
we summarize what we believe are the principal risk factors, but these risks are not the only ones we face, and you should carefully
review and consider the full discussion of our risk factors in the section titled Risk Factors, together with the other information in
this prospectus. The occurrence of one or more of the events or circumstances described in the section entitled &#8220;Risk Factors,&#8221;
alone or in combination with other events or circumstances, and may have an adverse effect on our business, cash flows, financial condition
and results of operations. Such risks include, but are not limited to:&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Risks Related to
this Offering by the Selling Securityholders</i></b></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">The sales of a substantial number of our securities in the public
market by the Selling Securityholders and/or by our existing securityholders could cause the price of our shares of Class A Common Stock
and Warrants to fall.</td>
</tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>Risks Related to Our Business and Industry</i></b> <i>&#160;</i></p>



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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have a history of losses and we may not achieve or maintain profitability in the future.</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this registration statement, which could limit our ability to raise additional capital and thereby materially adversely impact our business.</span></td></tr>
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will require additional capital to commercialize our product and service offerings, including the Longevity Report and Underwriting Report, and grow our business, which may not be available on terms acceptable to us or at all.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development of new products and services will require substantial resources, and we cannot guarantee that we will have the resources or ability to continue such development.</span></td></tr>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Risks Related to Our Epigenetic Testing
Services</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Risks Related to Our Life Insurance
Operations</i></b></p>

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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may not be successful in establishing the relationships necessary to execute our business plans, which could have a material adverse impact on our ability to generate revenue and our financial condition.</span></td></tr>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Risks Related to Our Intellectual Property</i></b></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Risks Related to Owning Our Securities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table>
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  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><div>

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</div><div><a id="m_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>In addition to the other
information contained in this prospectus, including the matters addressed under the heading &#8220;Cautionary Note Regarding Forward-Looking
Statements,&#8221; you should carefully consider the risks and uncertainties described in this prospectus as they identify and address
other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-
looking statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following risk factors
apply to the business and operations of the Company. These risk factors are not exhaustive, and investors are encouraged to perform their
own investigation with respect to the business, financial condition and prospects of the Company. We may face additional risks and uncertainties
that are not presently known to us, or that we currently deem immaterial, which may also impair our business or financial condition. The
following discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial
statements included herein.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to this
Offering by the Selling Securityholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Sales of a substantial
number of our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price
of our shares of Class A Common Stock and Warrants to fall.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling
Securityholders can sell, under this prospectus, (a) up to 5,288,364&#160;&#160; shares of Class A Common Stock (representing 20.7%
of our current shares outstanding), which consists of (i) 4,039,614 shares of Class A Common Stock (representing 14.7% of our
current shares outstanding), which were originally issued to the Sponsor in the form of Founder Shares at a purchase price of
approximately $0.0056 per share, (ii) 632,500 shares of Class A Common Stock (representing 2.3% of our current shares outstanding),
which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration to
the members of the Sponsor, upon the Sponsor&#8217;s dissolution and distribution of all of its assets, including these securities)
in a private placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and
one-half of one redeemable warrant, (iii) up to 316,250 shares of our Class A Common Stock (representing 1.2% of our current shares
outstanding) issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an exercise price of $11.50
per share, and (iv) 300,000 shares of &#160;Class A Common Stock issued to J.V.B. Financial Group, LLC (&#8220;JVB&#8221;), acting
through its Cohen &amp; Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement
entered into between the Company and JVB providing for a general release of any and all claims by JVB against the Company in
exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale, effective as of April 25, 2023; and (b)&#160;up to 316,250 Private Warrants
held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock (representing 1.2&#160;% of our current
shares outstanding) at an exercise price of $11.50 per share. Depending on the price, the public securityholders may have paid
significantly more than the Selling Securityholders for any shares or Warrants they may have purchased in the open market based on
variable market price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of a substantial number
of our shares of Class A Common Stock and/or Warrants in the public market by the Selling Securityholders and/or by our other existing
securityholders, or the perception that those sales might occur, could depress the market price of our shares of our Class A Common Stock
and Warrants and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict
the effect that such sales may have on the prevailing market price of our shares of Class A Common Stock and Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share paid for each Founder Share. For more information regarding the differences
in the purchase prices paid by the selling securityholders and public securityholders please see the disclosures on the cover page, pages
ii, 9 and 14 of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Our
Business and Industry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We have a history
of losses and it may not achieve or maintain profitability in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a development stage
company and have not been profitable since our inception in 2019, accumulating deficits of $147,231,000 and $51,976,000 as of December&#160;31,
2022 and December&#160;31, 2021, respectively. We incurred net losses of $95,255,000 and $38,488,000 in the years ended December&#160;31,
2022 and December&#160;31, 2021, respectively. We expect we will require significant capital in connection with our efforts, and we will
be required to continue to make significant investments to further develop and expand our business. In particular, we expect to continue
to expend substantial financial and other resources on sales, marketing and advertising as part of our strategy to develop and increase
our network of independent insurance agents, as well as on research and development activities regarding our epigenetic biomarker technology.
The sales, marketing and advertising expenses that we will incur will typically be expensed immediately. In addition, to the extent our
business ramps up as we expect, we will need to increase our headcount significantly in the coming years. As a public company, we incur
significant legal, accounting and other expenses that we did not incur as a private company. We expect that our net loss will increase
in the near term as we continue to make such investments to grow our business. Despite these investments, we may not succeed in increasing
our revenue on the timeline that we expect or in an amount sufficient to lower our net loss and ultimately become profitable. Moreover,
if our revenue does not increase, we may not be able to reduce costs in a timely manner because many of our costs are fixed, at least
in the short term. In addition, if we reduce variable costs to respond to losses, this may limit our ability to enter into agreements
with new customers and grow our revenues. Accordingly, we may not achieve or maintain profitability and it may continue to incur significant
losses in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our independent
registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its
report on our audited financial statements, which could limit our ability to raise additional capital and thereby materially adversely
impact its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our audited financial statements for the&#160;years ended December&#160;31,
2022 and 2021 were prepared assuming that we will continue as a going concern. Primarily as a result of our losses, limited working capital,
debt obligations and significant operating costs expected to be incurred in the next twelve&#160;months, the report of our independent
registered public accounting firm included elsewhere in this prospectus contain an explanatory paragraph on our financial statements stating
there is substantial doubt about our ability to continue as a going concern. Such an opinion could materially limit our ability to raise
additional funds through the issuance of new debt or equity securities or otherwise. There is no assurance that sufficient financing will
be available when needed to allow us to continue as a going concern. The perception that we may not be able to continue as a going concern
may also make it more difficult to operate our business due to concerns about our ability to meet our contractual obligations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we are unable to secure additional capital, we may be required to curtail our business initiatives and take additional measures to reduce
costs in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. These measures could cause a
significant reduction in the scope of our planned development, which could harm its business, financial condition and operating results.
It is not possible for us to predict at this time the potential success of our business. The revenue and income potential of our business
and operations are currently unknown. The accompanying financial statements do not include any adjustments that may be necessary should
we be unable to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We will require
additional capital to commercialize our product and service offerings and grow our business, which may not be available on terms acceptable
to us or at all.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
present capital is insufficient to meet operating requirements or to cover losses, and therefore we need to raise additional funds through
financings to carry out our business plans. Many factors will affect our capital needs as well as their amount and timing, including our
growth and profitability as well as market disruptions and other developments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Historically,
we have funded our operations, marketing expenditures and capital expenditures primarily through equity issuances and debt instruments.
We evaluate financing opportunities from time-to-time, and our ability to obtain financing will depend, among other things, on our development
efforts, business plans and operating performance, and the condition of the capital markets at the time we seek financing. We cannot be
certain that additional financing will be available to us on favorable terms, or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we raise additional funds through the issuance of equity, equity-linked&#160;or debt securities, our existing stockholders may experience
dilution. Any debt financing secured by us in the future could require that a substantial portion of our operating cash flow be devoted
to the payment of interest and principal on such indebtedness, which may decrease available funds for other business activities, and could
involve restrictive covenants relating to our capital-raising&#160;activities and other financial and operational matters, which may make
it more difficult for us to obtain additional capital and to pursue business opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we are unable to obtain adequate financing or financing on terms satisfactory to us, our ability to continue to support our business growth,
maintain minimum amounts of risk-based&#160;capital and to respond to business challenges could be significantly limited, and our business,
results of operations and financial condition could be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Recent and future
management changes could disrupt our operations and impair our ability to attract and retain key personnel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have experienced a number of recent changes to our senior management team. Our board of directors appointed Tyler Danielson, our Chief
Technology Officer, to serve as our Interim Chief Executive Officer and&#160;principal executive officer, effective as of November 14,
2022. Changes in our senior management and uncertainty regarding any future changes may disrupt our operations, impact partner relationships,
and impair our ability to recruit and retain other needed personnel. Any such disruption or impairment could have an adverse effect on
our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our future success
depends in large part on the continued participation in the business of Tyler Danielson, our Interim Chief Executive Officer, which cannot
be ensured or guaranteed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Tyler
Danielson is our Interim Chief Executive Officer. Mr.&#160;Danielson will be instrumental in shaping our vision, strategic direction and
execution priorities. There can be no assurance that Mr.&#160;Danielson will continue to work for us. Mr.&#160;Danielson&#8217;s departure
from service with the Company could materially adversely impact our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The loss of the
services of our other current executives or other key employees, or the failure to attract additional key individuals, could materially
adversely impact its business, results of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
financial success is dependent to a significant degree upon the efforts of our current executive officers and other key employees. At
present, we do not maintain key-man&#160;life insurance policies for any of these individuals. In addition, our success and viability
will depend to a significant extent upon our ability to attract and retain qualified personnel in all areas of our business, especially
the sales, science, and financial management teams. If we were to lose the key members of our respective teams, we would need to replace
them with qualified individuals in a timely manner or our business, results of operations, and financial condition could be adversely
impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our business significantly
depends upon the strength of our brands, and if we are not able to develop, maintain and enhance our brands, our ability to develop and
expand our customer base may be adversely impacted and our business and operating results may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
believe that the brand identity we are developing (encompassing multiple brands) will significantly contribute to the success of our business.
Developing, maintaining, and enhancing our brands may require us to make substantial investments and these investments may not be successful.
If we fail to develop, maintain or enhance our brands, or if we incur excessive expenses in this effort, our business, operating results
and financial condition may be materially adversely impacted. Many of our competitors have brands that are well recognized. As a relatively
new entrant into the markets in which we operate, we will likely spend considerable money and other resources to create brand awareness
and build our reputation. We anticipate that, as our market becomes increasingly competitive, maintaining and enhancing our brands may
become increasingly difficult and expensive.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may not be able to build brand awareness, and our efforts at building, maintaining and enhancing our reputation could fail. Complaints
or negative publicity about our business practices, our marketing and advertising campaigns, our compliance with applicable laws and regulations,
the integrity of the data that we provide to consumers or business partners, data privacy and security issues, and other aspects of our
business, whether valid or not, could diminish confidence in our brands, which could adversely impact our reputation and business. Our
management team could be subject to negative publicity that could interfere with our ability to successfully establish its brand or impact
our ability to compete for business or attract and retain customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
were formed to become a separate and independently managed and controlled entity from GWG Holdings, Inc. (&#8220;<b>GWG</b>&#8221;). GWG,
which remains a significant stockholder in FOXO, on April&#160;20, 2022, has filed for chapter 11 bankruptcy protection in the Federal
Bankruptcy Court for the Southern District of Texas. Our former Chief Executive Officer, who is a former member of our board of directors,
was an officer and director of GWG prior to our initial formation in November&#160;11, 2019. We are not a party to this bankruptcy and
our former board member has not been an officer or director of GWG since April 2019, but the bankruptcy proceedings could negatively impact
our brand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
we commercialize and expand our product offerings and enter new markets, we need to establish our reputation with customers, and to the
extent that we are not successful in creating positive impressions, our business could be adversely impacted. There can be no assurance
that we will be able to develop, maintain or enhance our reputation, and failure to do so could materially adversely impact our business,
results of operations and financial condition. If we are unable to develop, maintain or enhance consumer awareness of our brands in a
cost-effective&#160;manner, our business, results of operations and financial condition could be materially adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Members of our
management team may, from time to time, be associated with negative media coverage or become involved in legal or regulatory proceedings
or investigations unrelated to our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Members
of our management team have been involved in a wide variety of businesses, including transactions, such as sales and purchases of businesses,
and ongoing operations. As a result of such involvement, members of our management team may from time to time be associated with negative
media coverage or become involved in legal or regulatory proceedings or investigations unrelated to our business. Any negative media coverage,
regulatory proceedings or investigations related to our management team, may be detrimental to the management team&#8217;s reputation
or result in other negative consequences or damages, which could cause a material adverse impact on our business and the stock price of
our Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Development of
new products and services will require substantial resources, and we cannot guarantee that we will have the resources or ability to continue
such development.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Developing
new products and services requires substantial technical, financial and human resources, whether or not any products or services are ultimately
commercialized. We may pursue what we believe is a promising opportunity only to discover that certain of its risk or resource allocation
decisions were incorrect or insufficient, or that individual products, services or its science in general has technology limitations or
risks that were previously unknown or underappreciated. In the event material decisions in any of these areas turn out to be incorrect&#160;or&#160;sub-optimal,
we&#160;may experience a material adverse impact on our business and ability to fund our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our success is
based on our ability to integrate molecular biotechnology into the life insurance industry, and our inability to do so may adversely affect
our operating results, business prospects and our ability to repay our obligations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
success of our business is based in large part upon our ability to create new products and services by integrating molecular biotechnology
into the life insurance industry. We expect that current and future developments in molecular biotechnology will enhance the life insurance
industry; however, the industry&#8217;s acceptance of molecular biotechnology will primarily be impacted by a variety of factors such
as the acceptance of new products and services by consumers, insurance carriers, and agents; as well as the interpretation of existing
laws and regulations (including laws relating to privacy), the passage of new legislation and regulations, actuarial understandings and
methodologies, and future innovations in molecular biotechnology. Importantly, the factors that we believe will most significantly affect
the development and success of our products and services in the life insurance industry are beyond our control. Any material or adverse
development in the life insurance market could adversely affect our operating results, our access to capital, and our business prospects
and viability. Because of this, an investment in the Class A Common Stock of our Company generally involves greater risk as compared to
investments offered by companies with more diversified business operations in more established markets.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our success depends,
in large part, on our ability to commercialize our technology enabled products and services with a high level of service at a competitive
price, achieve sufficient sales volume to realize economies of scale, and create innovative new products and services to offer to our
customers. Our failure to achieve any of these outcomes would adversely impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
success depends, in large part, on our ability to extend our technology enabled products and services to the life insurance market with
a high level of service at a competitive price, achieve sufficient sales volume to realize economies of scale, and create innovative new
products and services to offer to our customers. The growth and expansion of our business and service offerings, once such offerings are
commercialized, is expected to place a continuous significant strain on our management, operational and financial resources. To effectively
manage our growth following development and commercialization of our products and services, we must continue to implement and improve
our operational, financial and management information systems and to expand, train and manage our employee base. While we plan to partner
with third-party&#160;commercialization partners, as well as one or more domestic and/or international insurance carriers, we must continue
to work to scale our own operations to meet increases in demand for our products and services. In the event of further growth of our operations
or in the number of our third-party&#160;relationships, our supply, systems, procedures or internal controls may not be adequate to support
our operations and our management may not be able to manage any such growth effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Even
if we are able to successfully scale our infrastructure and operations, we cannot ensure that demand for our products and services will
increase at levels consistent with the growth of our infrastructure. If we fail to generate demand commensurate with this growth or if
we fail to scale our infrastructure sufficiently in advance to meet such demand, our business, financial condition and results of operations
could be materially adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We have limited
experience commercializing our products or technology, which makes it difficult to evaluate our prospects and predict our products&#8217;
future performance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
operations to date have been focused on developing and commercializing our technologies and products, including developing and commercializing
the Underwriting Report and Longevity Report. The performance of our market tests may not be indicative of the performance our customers
experience following commercial launch, and we may need to make modifications to improve our products. Further, the Underwriting Report
is being shown to potential insurance customers to gather feedback to achieve a product-market fit and successfully commercialize our
products, and we may make modifications to improve the reliability, quality and/or functionality of the Underwriting Report as we receive
feedback. There can be no assurance that we will be able to timely achieve market acceptance for either the Longevity Report or Underwriting
Report, in the future. We have limited experience developing our products and technology for commercial use, conducting sales and marketing
activities at scale and managing customer support at the commercial level. Further, while we are continuing to develop the Underwriting
and Longevity Reports, we have no experience commercializing such reports. Consequently, predictions about our future success or viability
are highly uncertain and hard to predict as a result of our limited operating history, the development stage of our products and our limited
history commercializing our technologies or products. Our prospects must be considered in light of the uncertainties, risks, expenses,
and difficulties frequently encountered by companies in their early stages of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Further,
we are transitioning from a company with a focus on research and development to a company capable of supporting both research and development
and commercial activities, and we may not be successful in this transition. We have encountered in the past, and will encounter in the
future, risks and uncertainties, delays and scientific setbacks frequently experienced by development stage companies with limited operating
histories in competitive and rapidly changing industries, such as the genomics industry. If our assumptions regarding these risks and
uncertainties, which we use to plan and operate our business, commercialization activities, are incorrect or change, or if we do not address
these risks, delays or uncertainties successfully, our results of operations could differ materially from our expectations, and our business,
financial condition and results of operations could be adversely affected. To the extent we are successful in developing our products
or technology, but demand for our products and/or our generated revenues are not enough to cover our ongoing expenses, we may need to
raise additional capital to continue our operations and commercialization of our products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We expect our revenue
and results of operations to fluctuate on a quarterly and annual basis.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
revenue and results of operations could vary significantly from period-to-period&#160;and may fail to match expectations as a result of
a variety of factors, some of which are outside of our control. Among other factors, our revenue and results may vary as a result of fluctuations
in the number of customers purchasing insurance products, research and development expenditures, and/or the timing and amount of our expenses.
Fluctuations and variability across the industry may affect our revenue and results of operations. As a result of the potential variations
in our revenue and results of operations, period-to-period&#160;comparisons may not be meaningful and the results of any one period should
not be relied on as an indication of future performance. In addition, our results of operations may not meet the expectations of investors
or public market analysts who follow our Company, which may adversely impact our stock price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Covenants in our
indebtedness could limit our flexibility and adversely affect our financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
outstanding indebtedness contains several restrictive covenants, including that we cannot, without the prior written consent of 50.01%
of the holders of our senior promissory notes (the &#8220;<b>Notes</b>&#8221;), create or incur any other indebtedness. If any of our
covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of our indebtedness and penalties.
Limitations on our ability to incur new indebtedness under the terms of our debt securities may limit the amount of new investments we
make.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The Notes mature on April 1, 2024 (the &#8220;<b>Maturity Date</b>&#8221;),
and accrue interest at an annual interest rate of 15%, commencing on the issuance date, compounded quarterly on each December 20, March
20, June 20 and September 20 until the Maturity Date and on the Maturity Date itself (each, an &#8220;<b>Interest Payment Due Date</b>&#8221;).
Interest is payable by increasing the principal amount of the Note (with such increased amount accruing interest as well) on each Interest
Payment Due Date (&#8220;<b>PIK Interest</b>&#8221;). Monthly payments on the outstanding principal amount of the Note, as such amount
may be increased as the result of the payment of PIK Interest (the &#8220;<b>Outstanding Principal Balance</b>&#8221;), will commence
on November&#160;1, 2023, until the Outstanding Principal Balance has been paid in full on the Maturity Date, or, if earlier, upon acceleration,
or prepayment of the Note in accordance with the Notes terms. A default by us on the Notes would have a material adverse effect on our
business, liquidity and the market price of our Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The warrants issued
by FOXO under its January 2021 bridge financings and assumed by the Company as part of the Business Combination have anti-dilution rights
that could be triggered as part of future financings.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
FOXO raises additional funds through the issuance of equity, equity-linked or debt securities with an exercise price lower than $6.21&#160;per
share at such time as the Assumed Warrants issued under the January 2021 bridge financing are outstanding, the anti-dilution protection
provisions in the Assumed Warrants will be triggered. Specifically, the exercise price and number of warrant shares of the Assumed Warrants
will be adjusted to reflect such lower issuance price as the new equity is sold and the number of shares issuable under the Assumed Warrant
will be increased such that the aggregate exercise price after the lower price adjustment shall be equal to the aggregate exercise price
prior to adjustment.&#160; This anti-dilution adjustment will have a dilutive effect on the Company&#8217;s equity and may hamper its
ability to complete future financings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>There is no guarantee
that the exercise price of our Warrants will ever be less than the trading price of our Class A Common Stock on NYSE American, and they
may expire worthless. In addition, we may reduce the exercise price of the Private and Public Warrants in accordance with the provisions
of the Warrant Agreement, and a reduction in exercise price of the Private and Public Warrants would decrease the maximum amount of cash
proceeds we could receive upon the exercise in full of the Private and Public Warrants for cash.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As of the date of this registration statement, the exercise price for
our Public and Private Warrants is $11.50 per share of Class A Common Stock, and the exercise price for our Assumed Warrants is $6.21
per share of Class A Common Stock. On April 24, 2023, the closing price of our Class A Common Stock was $0.47. If the price of our shares
of Class A Common Stock remains below the respective exercise prices of our Warrants, we believe our warrant holders will be unlikely
to cash exercise their Warrants, resulting in little or no cash proceeds to us. There is no guarantee that our Warrants will be in the
money prior to their expiration and, as such, our Warrants may expire worthless. In addition, at the current exercise price of $11.50
per share for the Public and Private Warrants, and $6.21 per share for the Assumed Warrants, we will receive up to $131.2 million from
the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. However, we may lower the exercise price
of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise
such warrants. The Company may effect such reduction in exercise price without the consent of warrant holders and such reduction would
decrease the maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in the
event the Company issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in the
Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount
of proceeds the Company receives for each share of Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b><i>Our
success and the growth of our business will depend on our ability to effectively and in a cost-feasible manner acquire, maintain, and
engage with our targeted customers. If we fail to acquire, maintain, and engage customers, our business, revenue, operating results, and
financial condition will be adversely impacted.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
a new company, we anticipate that sales and marketing expenses will continue to represent a sizeable part of our overall operating costs
for the foreseeable future. We cannot guarantee, however, that our investments in sales and marketing will effectively reach potential
customers, potential customers will decide to buy our products or services, or that customer spend for our products and services will
yield the intended return on investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, many factors, some of which are beyond our control, may reduce our ability to acquire, maintain and engage with customers, including
the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential customers fail to accept or adopt epigenetic biomarker technology for use in underwriting risk classification;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our competitors mimic our digital platform, causing current and potential customers to purchase their insurance products instead of our products;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
inability to overcome these challenges could adversely impact our ability to attract and add new customers, as well as retain existing
customers, once obtained, and could have an adverse effect on our business, revenue, operating results and financial condition. Further,
if our customer base does not grow, we may be required to incur significantly higher marketing expenses than we currently anticipate in
order to attract new customers. A significant decline in our customer base could have a materially adverse impact on our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Security incidents
or real or perceived errors, failures, or bugs in our systems or websites could adversely impact our operations, result in loss of personal
customer information, damage our reputation and brand, and harm our business and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
success will be dependent on our systems, applications, and software operating and meeting the changing needs of our customers and users.
We will rely on our technology and vendors to successfully implement changes to and maintain our systems and services in an efficient
and secure manner. Like all information systems and technology, our websites may contain material errors, failures, vulnerabilities or
bugs, particularly when new features or capabilities are released, and may be subject to computer viruses or malicious code, break-ins,
phishing impersonation attacks, attempts to overload our servers with denial-of-service&#160;or other attacks, ransomware and similar
incidents or disruptions from unauthorized use of our computer systems, as well as unintentional incidents causing data leakage, any of
which could lead to interruptions, delays or website or online app shutdowns, or could cause loss of critical data, or the unauthorized
disclosure, access, acquisition, alteration or use of personal or other confidential information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we experience compromises to our security that result in technology performance, integrity, or availability problems, the complete shutdown
of our websites or the loss or unauthorized disclosure, access, acquisition, alteration or use of confidential information, customers
or potential customers may lose trust and confidence in us, and may decrease the use of our systems or websites, or stop using our systems
or websites entirely. Further, outside parties may attempt to fraudulently induce employees or customers to disclose sensitive information
in order to gain access to our information, including customer information. Because the techniques used to obtain unauthorized access,
disable or degrade service, or sabotage systems change frequently, they are often not recognized until launched against a target, and
may originate from less regulated and remote areas around the world, we may be unable to proactively address these techniques or to implement
adequate preventative measures. Even if we take steps that we believe are adequate to protect us from cyber threats, hacking against our
competitors or other companies could create the perception among our customers or potential customers that our systems or websites are
not safe to use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
significant impact on the performance, reliability, security, and availability of our systems, software, or services may harm our reputation,
impair our ability to operate, retain customers or attract new customers for the FOXO brands, and expose us to legal claims and government
action, each of which could have a material adverse impact on our business, results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Changes in general
economic conditions could have a material adverse impact on our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Changes
in general economic conditions, including, for example, interest rates, investor sentiment, changes specifically affecting the insurance
industry, biotechnology industry, competition, technological developments, political and diplomatic events, tax laws, and other factors
not known to us today, could substantially and materially adversely impact our business. For example, changes in interest rates may increase
our cost of capital and ability to raise capital and have a corresponding adverse impact on our operating results. While we may engage
in certain hedging activities to mitigate the impact of these changes, none of these conditions are or will be within our control. Changes
in general economic conditions may also negatively impact demand for life insurance and our other products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to maintain effective internal
control over financial reporting and disclosure controls and procedures, the accuracy and timing of our financial reporting may be adversely
affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to comply
with Section 404 of the Sarbanes-Oxley Act, which requires management assessments of the effectiveness of internal control over financial
reporting and disclosure controls and procedures. Prior to our Business Combination, although we had effective internal controls and procedures,
we were a private company with limited accounting and finance personnel, review processes and other resources with which to address our
internal controls and procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the evaluation of
our internal controls over financial reporting and disclosure controls and procedures, we concluded that both were effective as of December
31, 2022. However, due to the current size of our Company and our limited personnel, we may not be able to maintain effective internal
control over financial reporting and disclosure controls and procedures in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We can give no assurance that
we will be able to maintain effective internal control over financial reporting and disclosure controls and procedures, or that no &#8220;material
weaknesses&#8221; in our internal control over financial reporting will be identified in the future. If we encounter &#8220;material weaknesses&#8221;
in our internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual
or interim financial statements will not be prevented or detected on a timely basis, it could lead to errors in our financial statements
that could result in a restatement of our financial statements and cause us to fail to meet our reporting obligations. Further, If we
are unable to maintain effective internal control over financial reporting or disclosure controls and procedures, our ability to record,
process and report financial information accurately and to prepare financial statements within required time periods could be adversely
affected, which could subject us to litigation or investigations requiring management resources and payment of legal and other expenses,
negatively affect investor confidence in our financial statements, restrict access to capital markets and adversely impact our stock price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our business may
be adversely impacted by the continuation of the COVID-19 pandemic.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
2020, the global COVID-19&#160;pandemic spread to every country and every state in the United States. The World Health Organization designated
COVID-19&#160;as a pandemic, and numerous countries, including the United States, declared national emergencies with respect to the COVID-19&#160;pandemic.
While vaccines have been approved and are slowly being deployed, the global impact of the outbreak continues to adversely affect many
industries, and different geographies continue to reflect the effects of public health restrictions in various ways. The timing and likelihood
of achieving widespread global vaccination remain uncertain, and these vaccines may be less effective against new variants, potentially
leading people to continue to self-isolate&#160;and not participate in the economy at pre-pandemic&#160;levels for a prolonged period
of time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
economic recovery following the impact of the COVID-19&#160;pandemic is only partially underway and has been gradual, uneven and characterized
by meaningful dispersion across sectors and regions with uncertainty regarding its ultimate length and trajectory. Further, although many
jurisdictions had relaxed or lifted restrictions in an effort to generate more economic activity, the risk of continued COVID-19&#160;outbreaks
remains, and some jurisdictions may re-impose&#160;restrictions in an effort to mitigate risks to public health, especially as more infectious
variants of the virus emerge. Increasing infection rates and hospitalizations in certain geographies and a potential resulting market
downturn may have a negative impact on our planned products and services as well as the business of third parties on which it may rely,
and as a result could materially adversely impact our business, results of operations and financial condition. It is also possible that
the global recovery from the COVID-19&#160;pandemic may reduce demand for personal life insurance and our other products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">These
and other potential impacts make it more challenging for management to estimate the future performance of our business. While we cannot
predict the specific impacts to our business, financial condition and results of operations, the impacts could be materially negative.
These impacts will depend on future developments, which are highly uncertain and out of our control, including, among others, the duration
and intensity of the COVID-19&#160;pandemic, as well as the subsequent resumption of business operations and recovery of discretionary
consumer spending across the globe. Additional impacts may arise that we are not aware of currently. The potential of such additional
impacts intensifies the business and operating risks that we face, and should be considered when reading the additional risk factors below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may expand operations
abroad, through relationships with international life insurance carriers, where we have limited operating experience and where we may
be subject to increased regulatory risks and local competition. If we are unsuccessful in efforts to expand internationally, our business
may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Regulations
exist or are under consideration in countries outside the United States, which limit or prevent the sale of direct-to-consumer&#160;genetic
tests. Some countries, including Australia, require premarket review by their regulatory body similar to that required in the United States
by the FDA. Some countries, including Australia, Germany, France and Switzerland, require a physician prescription for genetic tests providing
health information, thus limiting our offering in those countries to an ancestry-only&#160;test. Other countries require mandatory genetic
counseling prior to genetic testing. If similar prohibitions were enacted with respect to epigenetic testing, or the scope of the aforementioned
regulations were expanded to include epigenetics, it could limit the available market for our products and services and increase the costs
associated with marketing the products and services where we are able to offer our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may expand our life insurance business internationally, which will subject us to additional laws and regulatory standards with respect
to the insurance business and insurance distribution. We have no previous experience in operating our life insurance business internationally,
may incur significant operating expenses in connection thereto, and may not be successful in our compliance with such international laws
and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Legal
developments in the European Union have created a range of new compliance obligations regarding transfers of personal data from the European
Union to the United States, including the GDPR and UK GDPR, which may apply to certain of our activities related to services or products
that we offer or may offer to individuals located in the European Union. Significant effort and expense will be required to ensure compliance
with the GDPR and UK GDPR, and could cause us to change our business practices. Moreover, requirements under the GDPR and UK GDPR may
change periodically or may be modified by the European Union or the UK and/or the laws of one or more countries. The GDPR and UK GDPR
impose stringent compliance obligations regarding the handling of personal data and have resulted in the issuance of significant financial
penalties for noncompliance, including possible fines of up to 4% of global annual turnover for the preceding financial year or &#8364;20&#160;million/&#163;17.5&#160;million
(whichever is higher) for the most serious violations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may also need to achieve and maintain International Standards Organization (or ISO) certification of our future Quality Management Systems.
If we are not able to achieve or maintain regulatory compliance, we may not be permitted to market our insurance products and/or may be
subject to enforcement by EU Competent Authorities, bodies with authority to act on behalf of the government of the applicable EU Member
State, or other nations which adopt similar standards, to ensure that the requirements of the directive or regulation are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we fail to comply with any applicable laws and regulations, we may not be able to expand internationally or could become subject to enforcement
actions or the imposition of significant monetary fines, other penalties, or claims, which could harm our ability to conduct our business
and could have a material adverse impact on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are exposed
to risks related to litigation and other legal proceedings.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
operate in a highly regulated and litigious environment. We have and may become involved in legal proceedings, including litigation, arbitration
and other claims, and investigations, inspections, audits, claims, inquiries and similar actions by insurance, tax and other governmental
authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Legal
proceedings, in general, and securities, derivative action and class action and multi-district litigation, in particular, can be expensive
and disruptive. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate
amounts, including punitive or exemplary damages, and may remain unresolved for several years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are subject to extensive regulation by national, state and local government agencies in the United States, as well as in other countries
in which we may operate. There continues to be a heightened level of review and/or audit by regulatory authorities of, and increased litigation
regarding, our related industry&#8217;s business, compliance and reporting practices. As a result, we are and may be the subject of government
actions of the types described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
cannot predict with certainty the outcomes of any legal proceedings and other contingencies, and the costs incurred in litigation can
be substantial, regardless of the outcome. Substantial unanticipated verdicts, fines and rulings do sometimes occur. As a result, we could
from time to time incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such
developments could harm our reputation and have a material adverse effect on our results of operations in the period in which the amounts
are accrued and/or our cash flows in the period in which the amounts are paid. In addition, as a result of governmental investigations
or proceedings, we may be subject to damages, civil or criminal fines or penalties, or other sanctions. The outcome of some of these legal
proceedings and other contingencies could require us to take, or refrain from taking, actions which could negatively affect our operations.
Additionally, defending against these lawsuits and proceedings may involve significant expense and diversion of management&#8217;s attention
and resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Our
Epigenetic Testing Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our success and
ability to establish and grow our epigenetic testing services will depend on developing epigenetic biomarkers for use in life insurance
underwriting. If we fail to develop epigenetic biomarkers that attract and retain life insurance carriers as customers, our operating
results and financial condition will be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are still in the process of developing our saliva-based&#160;epigenetic biomarkers for use in life insurance underwriting. If our efforts
to develop saliva-based&#160;epigenetic biomarkers for health and wellness conditions used in life insurance underwriting fail, our ability
to attract customers for our underwriting technology services will be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
ability to attract and add new insurance or reinsurance carriers as customers, as well as retain existing customers, once obtained, depends,
in large part, on the ability of our epigenetic biomarkers to provide accurate, cost-effective&#160;information for life insurance underwriting.
If life insurance carriers or reinsurance carriers do not perceive our underwriting technology services to be reliable and of high quality,
if we fail to introduce new and improved products and services, or if we introduce new products or services that are not favorably received
by the market, we may not be able to attract or retain customers. In order for our epigenetic biomarkers technology to provide actuarial
value, we may be required to incur significantly higher research and development expenses, costs related to improving our services, and
lower margins in order to attract new customers and retain existing customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">While
we will strive to demonstrate the actuarial value of epigenetic biomarker technology we are developing for insurance companies, reinsurers,
underwriters, and insurance agents, these counterparts may not embrace our underwriting technology services. Moreover, if we fail to be
competitive on pricing and actuarial accuracy, our ability to grow our business and generate revenue by attracting and retaining customers
may be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Many
factors, some of which are beyond our control, may reduce our ability to sell our underwriting technology services, including those described
in this &#8220;Risk Factors&#8221; section and the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our potential carrier customers or regulators not understanding or appreciating our science or results (including lack of understanding of the difference between genetics and epigenetics);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our competitors offering alternative underwriting solutions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suffering reputational harm to our brand resulting from negative publicity, whether accurate or inaccurate;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failing to offer price competitive products and services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">experiencing technical or other problems that inhibit our ability to service carrier customers in a fast and reliable manner;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">being unable to address regulatory concerns regarding the application of epigenetic biomarkers for use in life insurance underwriting;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">experiencing regulatory changes that make epigenetics unavailable for use in life insurance underwriting;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">being unable to address customer concerns regarding content, privacy and security; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">being impacted by consumer behavior changes as a result&#160;of&#160;the COVID-19&#160;pandemic.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
inability to overcome these challenges could adversely impact our ability to execute our underwriting technology services business and
could have an adverse effect on our business, revenue, operating results and financial condition. The inability to commercialize our underwriting
technology services business would have a materially adverse impact on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are applying
the relatively new field of epigenetics science to life insurance underwriting, which we cannot guarantee will produce the results we
seek or need for our business model.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">While
the scientific field of epigenetics and its importance in gene expression is well understood, the scientific field is still developing
and the concept of obtaining individually predictive biomarkers of health and wellness from saliva is novel. Most epigenetic research
to date has been conducted from blood specimens and has produced extensive peer reviewed publications on the association between DNA methylation
and health and wellness factors associated with life insurance underwriting (e.g., tobacco use, cardiovascular health, metabolic health,
alcohol use). These association studies, while informative, differ from the individually predictive epigenetic biomarkers we develop and
require for use in life insurance underwriting. In addition, these peer reviewed association studies have not published extensive research
on DNA methylation derived from saliva. Accordingly, while we believe that individually predictive biomarkers are available in saliva
at accuracy levels that are actuarially significant for use in life insurance underwriting, we cannot guarantee the accuracy of such epigenetic
biomarkers, and any errors in the accuracy or results provided by such biomarkers could hinder our ability to gain market share in a very
competitive industry. If we are unable to obtain individually predictive epigenetic biomarkers in saliva at accuracy levels efficacious
for life insurance underwriting, or if the epigenetic biomarkers do not perform as expected, it could significantly affect our ability
to generate revenue from such products, which could then result in a complete loss of your investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our 2019 pilot
study demonstrated that epigenetic biomarkers are available in both blood and saliva for traditional life insurance underwriting risk
factors, but further research may not validate or improve the results discovered in the Pilot Study.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
2019, we completed a pilot study that sought to measure a wide range of health and wellness factors used in traditional life insurance
underwriting with DNA methylation data derived from blood and saliva (the &#8220;<b>Pilot Study</b>&#8221;). While the Pilot Study was
able to identify patterns of DNA methylation (i.e., epigenetic biomarkers) of individuals that corresponded to clinical health and wellness
measurements used in standard life insurance underwriting, we cannot guarantee that the results of the Pilot Study are completely accurate,
or that the results of the Pilot Study will be further validated or improved upon in follow-on&#160;research which could negatively impact
our ability to pursue our business plans and generate revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We currently have
research projects planned and underway designed to further discover, improve and validate the use of our epigenetic biomarkers for our
commercial purposes, but we cannot guarantee the results of such research and any negative results may negatively impact our ability to
pursue our business plans.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
current and planned research projects are designed to further discover, improve and validate the use of epigenetic biomarkers for commercial
use in life insurance underwriting. The main research projects we have underway are the Physicians&#8217; Health Study and the Parallel
Run Study.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">While
we believe these research projects will lead to the discovery, improvement, and commercial validation for the use of its proprietary epigenetic
biomarker technology, we cannot guarantee the results of these studies, nor can we guarantee that insurance carriers, agents, underwriters,
and consumers will use our products and services based on the results of such studies. Our results may be misleading or inaccurate, which
could adversely impact the acceptance of our products and services, and our overall ability to continue pursuing our business plans. If
the results from its research studies differ from what we expect, or if such results are not accepted by insurance carriers, agents, underwriters,
and consumers, it will adversely impact our ability to pursue our business plans and generate revenue, which could result in a complete
loss of your investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We intend to provide
consumer engagement through our health and wellness platform; however, competition in the personal health and wellness testing market
continues to increase and presents a threat to the success of our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
number of companies entering the personal health and wellness testing market with offerings similar to those that we provide through our
health and wellness testing platform continues to increase. We believe that our ability to offer consumer engagement services that add
value to life insurance depends upon many factors both within and beyond our control, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing and market acceptance of health and wellness products and services, including the developments and enhancements to those products and services offered by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the customer service and support efforts required to provide personal health and wellness testing services on our platform;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the selling and marketing efforts required to support consumers and agents using our consumer engagement services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ease of use, performance, price and reliability of solutions developed either by us or our competitors; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our brand strength relative to our competitors.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
anticipate we will also face competition from other companies attempting to capitalize on the same, or similar, opportunities as we are,
including from existing diagnostic, laboratory services and other companies entering the personal health and wellness testing market with
new offerings such as direct access and/or consumer self-pay&#160;tests and interpretation services. Some of our current and potential
competitors have longer operating histories and greater financial, technical, marketing and other resources than we do. These factors
may allow our competitors to respond more quickly or efficiently than we can to new or emerging technologies. These competitors may engage
in more extensive research and development efforts, undertake more far-reaching&#160;marketing campaigns and adopt more aggressive pricing
policies, which may allow them to build larger customer bases than we have. Our competitors may develop products or services that are
similar to our products and services or that achieve greater market acceptance than our products and services. This could attract customers
away from our services and reduce our market share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We rely on a limited
number of critical third-party suppliers for our epigenetic testing services and in the event we are unable to procure our materials or
services, we may not be able to find suitable replacements or immediately transition to alternative suppliers, which will have an adverse
impact on our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
rely on a limited number of critical third-party&#160;suppliers for our epigenetic testing, including: (1)&#160;the maker of our DNA Kit,
which is required for the collection of our customers&#8217; saliva; (2)&#160;a provider of microarrays; and (3)&#160;a provider of array
processing and wet-lab&#160;services to deliver the raw epigenetics data to us. Our suppliers could cease supplying these materials, equipment
and/or services at any time, or fail to provide us with sufficient quantities of materials/services or materials/services that meet our
specifications, or significantly increase the costs of providing the materials or services to us. Our operations could be interrupted
if we encounter delays or difficulties in securing these materials or services, or if we cannot locate an acceptable substitute. Any such
interruption could significantly impact our business, financial condition, results of operations and reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our underwriting
technology services face substantial competition, which may result in others discovering, developing or commercializing products and services
that are similar to ours, before or more successfully than we can.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">While
we believe we are the first company to seek to directly apply saliva-based&#160;epigenetic biomarker technology to life insurance underwriting,
we have not yet fully developed and commercialized, and may never successfully develop or commercialize, our saliva-based&#160;underwriting
technology for the insurance market. Moreover, our business faces substantial competition from larger, more established companies with
products and services that have been accepted by insurance and underwriting markets and may impair our ability to compete to commercialize
our products and services in the life insurance industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
recognize that other companies, including larger insurance, insurance technology and biotechnology companies, may be developing or have
plans to develop products and services that may compete with ours. Many of our competitors have substantially greater financial, technical,
and human resources than we have. In addition, many of our competitors have significantly greater experience than we have in developing
various underwriting protocols and marketing and commercializing products and services similar to ours. Our competitors may discover,
develop or commercialize products and services that are more effective, safer or less costly than any products or services that we are
developing. Our competitors may also obtain regulatory approval for their products and services more rapidly than we may obtain approval
for our planned insurance products, underwriting protocol and testing services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
anticipate that competition with our insurance products and underwriting testing services will be based on a number of factors, including
product efficacy, accuracy, availability and price. Our competitive position will also depend upon our ability to attract and retain qualified
personnel, to obtain patent protection or otherwise develop and maintain proprietary products or processes, protect our intellectual property
including our trade secrets, and to secure sufficient capital resources to support the development and commercialization of our products
and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We or our partners
(or both) may now or in the future be subject to laws and regulations relating to laboratory testing, which could materially adversely
impact our ability to offer our products or services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
clinical laboratory testing sector is highly regulated in the United&#160;States. Both us and our partners may now, or in the future,
be subject to regulation under the Clinical Laboratory Improvement Amendments (&#8220;<b>CLIA</b>&#8221;), or similar state laboratory
licensure laws. CLIA is a federal law (administered by the Centers for Medicare &amp; Medicaid Services, or CMS) that, in partnership
with the states, regulates clinical laboratories that perform testing on specimens derived from humans for the purpose of providing information
for the diagnosis, prevention or treatment of disease or impairment of, or assessment of the health of, human beings. CLIA regulations
require clinical laboratories to obtain a certificate commensurate with the type of testing being performed and mandate specific standards
in areas including personnel qualifications, administration, participation in proficiency testing, patient test management and quality
assurance. CLIA certificates must be renewed every two&#160;years, and renewal requires undergoing survey and inspection. CLIA and/or
state inspectors may conduct random inspections or conduct inspections as a result of a complaint or reported incident.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">DNA
methylation profiling of consumer saliva specimens will be performed by our wet-laboratory&#160;partners. The failure of our laboratory
partners to hold CLIA certification or accreditation appropriate to the type of testing they perform, or to comply with CLIA regulations
or applicable state licensure requirements could result in adverse regulatory action that, if not timely corrected, could result in us
being unable to continue using their services, which could adversely affect our business. Similarly, if our laboratory partners do not
hold state permits or licenses in those states that require them, it may limit our ability to offer our products and services on a national
basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Because
we do not directly analyze human specimens in our facilities, but instead perform only data analysis or &#8220;dry lab&#8221; services,
our bioinformatics analysis activities are not subject to CLIA.&#160;It is possible that, in the future, CLIA may apply to our activities,
which could result in us being unable to offer our services or could require additional expenditures to obtain certification, both of
which could materially adversely impact our business. We could face similar adverse impacts if a state regulator were to conclude that
our bioinformatics activities were subject to state laboratory licensure. Similar adverse consequences could result if CLIA or state regulators
disagree with our laboratory partners&#8217; interpretation of CLIA or our applicability to their testing services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our underwriting
technology and molecular health and wellness engagement services may now or in the future be subject to laws and regulations relating
to laboratory developed tests and software, which could materially adversely impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Federal Food, Drug, and Cosmetic Act (the &#8220;<b>FDC Act</b>&#8221;) gives the United States Food and Drug Administration, or FDA,
the authority to regulate manufacturers of medical devices, which are defined to include<i>,&#160;</i>among other requirements, in vitro
diagnostic (&#8220;<b>IVD</b>&#8221;) products (e.g., laboratory instruments, reagents, and collection devices) and software that are
intended for use in the diagnosis, treatment, cure, mitigation or prevention of diseases or conditions, including, without limitation,
the presence of biomarkers. Medical devices are subject to a variety of regulatory requirements based on their level of risk, including
in some cases premarket review and authorization. The FDA enforces its requirements by market surveillance and periodic inspections. The
FDA may take a variety of actions in response to violations of the FDC Act and implementing regulations, including, but not limited to,
cease and desist orders, injunctions, civil monetary penalties, operating restrictions, or shutdown of production facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
FDA has historically taken the position that laboratory tests developed in-house&#160;by a clinical laboratory, sometimes referred to
as laboratory developed tests (&#8220;<b>LDTs</b>&#8221;), are subject to regulation as in vitro diagnostic devices. However, the FDA
has generally exercised enforcement discretion (i.e., has exercised discretion not to enforce its requirements) with respect to LDTs.
Certain types of LDTs have historically not been subject to enforcement discretion, including LDTs for the COVID-19&#160;pandemic and
LDTs offered directly to consumers without a health care provider&#8217;s order. Legislative proposals introduced in Congress in 2021
seek to codify or, alternatively, eliminate, FDA authority to regulate LDTs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
FDA also takes the position that stand-alone&#160;software that meets the definition of a medical device, known as SaMD, is subject to
FDA regulation. Certain categories of medical software, including certain health and wellness software, have been exempted from FDA regulation
under the FDC Act. Similarly, the FDA has exercised enforcement discretion with respect to certain types of low risk software products,
including those intended to help patients manage chronic conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
products and services include epigenetic analysis of laboratory-generated&#160;DNA methylation data using our proprietary bioinformatics
technology, which it uses to inform both its saliva-based&#160;underwriting and molecular health and wellness engagement services. We
believe that our products and services are not subject to FDA regulation. First, to the extent our products and services are intended
to inform underwriting decisions, they do not meet the definition of a medical device. Second, to the extent our products and services
incorporate software that is intended solely for health and wellness purposes, we believe such software meets the definition of exempt
medical software under the FDC Act, as amended by the 21<sup>st</sup>&#160;Century Cures Act, enacted in 2016. Furthermore, even if elements
of our products and services could be construed to be subject to FDA oversight, we believe that such elements would be subject to FDA
enforcement discretion to the extent that we use such elements to provide general health and wellness and non-disease-specific&#160;information
to customers that includes disclaimers and caveats that the information is not intended for medical purposes and poses low risk to consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
can be no guarantee that the FDA will now, or in the future, agree with our position. Should the FDA determine that our products and services
are subject to FDA regulation, our operations could be adversely affected. If FDA premarket review or approval were required, we could
be forced to stop selling our testing services or be required to modify claims or make other changes while we work to obtain FDA clearance,
approval or de novo classification. Our business, results of operations and financial condition would be negatively affected until such
reviews were completed and clearance, approval or de novo classification to market were obtained or the costs of continuing to operate
our business could increase materially.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our use of saliva-based
epigenetic biomarkers may in the future be subject to laws and regulations at the state and federal levels relating to the use of such
testing or information in life insurance underwriting, which could materially adversely impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Underwriting
life insurance is subject to state insurance regulation. We believe the use of epigenetic biomarkers in life insurance underwriting is
permissible due to the fact that we are seeking to identify underwriting impairments already used by other insurance carriers in medical
underwriting today. Moreover, the use of epigenetic testing or information in life insurance underwriting is not prohibited at either
the federal or state level. Florida and Louisiana are the only states that have explicitly sought to prohibit the use of genetic information,
which is distinguishable from epigenetic information, for use in life insurance underwriting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Any
adverse change in current laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan
to operate (or an aggregation of states in which we conduct a significant amount of business) could result in our curtailment or termination
of operations in such states, or cause us to not start or modify our operations in a manner that adversely affects our ultimate profitability.
Any such action could have a corresponding adverse impact on our results of operations and financial condition, primarily through a material
decrease in revenues, and could have a material adverse impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We provide ancillary
product and service offerings that support our baseline technology, but we cannot guarantee that such products and services will result
in material, if any, revenue, and such products and services may be a distraction to our main business line initiatives.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have built a number of technologies to support researchers and epigenetic science and analysis. For example, in 2019 we released &#8220;MethylSuite,&#8221;
a high throughput bioinformatic software package that supports calculating, reporting and interpreting epigenetic data derived from microarray
technology. Also in 2019, we partnered with the Van Andel Institute and Illumina, Inc. in the commercialization of the Infinium Mouse
Methylation Array, a new microarray designed to advance epigenetic research in model organisms. We receive a royalty on all Infinium Mouse
Methylation Array sales by Illumina, and also provide laboratory and data processing services to researchers using the Infinium Mouse
Methylation Array. However, we do not expect such business lines to result in material, if any, revenues. Furthermore, we cannot guarantee
the accuracy or results of the array/data processing or MethylSuite, and any errors in the results provided by such array or bioinformatic
software could result in costly litigation, and be a distraction to our main business line initiatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Our
Life Insurance Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The life insurance
industry has experienced an overall decline in product sales which, if this trend continues, could materially adversely impact our business
and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Ownership
of life insurance has been in decline in the United&#160;States for decades. While our products and services are designed to address the
overall decline in consumer interest in purchasing life insurance products, there can be no assurance that we will be successful in doing
so. The reasons for a decline in household ownership of life insurance are complex and multi-faceted. There can, therefore, be no assurance
that we will successfully address these multifaceted reasons or that we will generate revenues or become profitable. We may be forced
to make significant changes to our anticipated pricing, sales and revenue models to compete with our competitors&#8217; offerings, and
even if such changes are implemented, there is no guarantee that such steps will be successful. If the overall market trend of declining
demand for personal life insurance continues or worsens, or we are unable to adjust our approach to meet market demands, our business,
financial condition and results of operations could be materially adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Competition in
the insurance technology market presents an ongoing challenge to the success of our business and if we are unable to compete, our business
could be materially adversely impacted.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
number of technology-based&#160;companies entering the insurance market with offerings in life insurance continues to increase. While
we believe there are very few, if any, companies commercializing saliva-based&#160;epigenetic biomarkers or bundling life insurance with
a health and wellness engagement platform, we believe that our ability to compete depends upon many factors both within and beyond our
control, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the speed and size of our customer base as it develops;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing and market acceptance of products and services we offer, including the developments and enhancements to those products and services, offered by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in; background-color: white">&#160;</p><div>

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  <tr style="vertical-align: top; background-color: white">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will likely face competition from other companies attempting to capitalize on the same, or similar, opportunities as us, including from
companies focused on molecular health and wellness, epigenetic biomarkers, and from the overall insurance technology markets inclusive
of new offerings such as direct access and/or&#160;consumer&#160;self-pay&#160;tests&#160;and genetic interpretation services. Many of
our current and potential competitors have longer operating histories and greater financial, technical, marketing and other resources
than us. These factors may allow our competitors to respond more quickly or efficiently than we can to new or emerging technologies. These
competitors may engage in more extensive research and development efforts, undertake&#160;more&#160;far-reaching&#160;marketing&#160;campaigns,
and adopt more aggressive pricing, which may allow them to build customer bases larger or faster than us. Our competitors may develop
products or services that are similar to our products and services or that achieve greater market acceptance than our products and services.
This could attract customers away from our services and reduce our market share or prevent us from increasing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be successful
in establishing or maintaining the relationships necessary to execute on our business plans, which could have a material adverse impact
on its ability to generate revenue and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
sales and distribution efforts focus on independent agent distribution channels. Independent agent distribution channels include independent
marketing organizations, broker general agencies and smaller general agencies. In order to serve the broadest range of customers and agents,
we established a managing general agency relationship with multiple domestic carrier partners, in order for us to expand the use of our
products and services in connection with a full suite of life insurance products (term life insurance, universal life insurance, variable
universal life insurance, indexed universal life insurance, whole life insurance, etc.), which we call the &#8220;<b>MGA Model</b>&#8221;
(see &#8220;<i>Business</i>&#8221; section above for more details). We believe the MGA Model appeals to domestic carrier partners who
are seeking to expand the distribution of their products through independent agent distribution channels and who are seeking a differentiated
product offering by combining their own policies with our health and wellness offering as well as replacing blood and urine specimen for
life insurance products that are subject to medical underwriting protocols with our saliva-based&#160;underwriting protocol.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we are unable to develop or maintain these relationships, or if the MGA Model proves unworkable, our business, financial condition and
results of operations may be adversely impacted. Moreover, while we will strive to demonstrate the value of our products and services
to consumers, insurance agents, and carriers, these potential customers may not embrace our products and services, thereby hindering our
ability to execute on our business plans and generate revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may experience
difficulty in marketing and distributing life&#160;insurance&#160;through third parties, and the use of third parties may result in additional
liabilities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Although
we intend to distribute life insurance products through a wide variety of distribution channels, we may maintain relationships with a
number of key distributors, which could result in certain distributor concentration. Distributors may elect to renegotiate the terms of
any existing relationships such that those terms may not be attractive or acceptable to us, limit the products they sell, or otherwise
reduce or terminate their distribution relationships with us with or without cause. This could be due to various reasons, such as uncertainty
related to product offerings, industry consolidation of distributors or other industry changes that increase the competition for access
to distributors, developments in laws or regulations that affect our business or industry, including the marketing and sale of our products
and services, adverse developments in our business, the distribution of products with features that do not meet minimum thresholds set
by the distributor, strategic decisions that impact our business, adverse rating agency actions or concerns about market-related risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Key
distribution partners could merge, consolidate, change their business models in ways that affect how our products can be sold, or new
distribution channels could emerge and adversely impact the effectiveness of our distribution efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Also,
if we are unsuccessful in attracting and retaining distribution partners, or are unable to maintain our distribution relationships, we
may be unable to effectively sell our products, which could have a material adverse effect on our business, results of operations, financial
condition and liquidity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, we could, in certain circumstances, be held responsible for the actions of third-party distributors, including broker-dealers,
registered representatives, insurance agents and agencies and marketing organizations, and their respective employees, agents and representatives,
in connection with the marketing and sale of our products by such parties in a manner that is deemed not compliant with applicable laws
and regulations. This is particularly acute with respect to unaffiliated distributors where we may not be able to directly monitor or
control the manner in which products are sold through third-party firms. If our products are distributed to customers for whom they are
unsuitable or distributed in a manner deemed inappropriate, we could suffer reputational and/or other financial harm to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>As part of our
insurance business, we may collect, process, store, share, disclose and use customer information and other data, and our actual or perceived
failure to protect such information and data, respect customer privacy or comply with data privacy and security laws and regulations could
damage our reputation and brand and harm our business and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may receive and store a large volume of personally identifiable information, epigenetic information, and other data relating to our customers,
as well as other personally identifiable information and other data relating to individuals such as our employees. Security breaches,
employee malfeasance, or human or technological error could lead to potential unauthorized disclosure of our customers&#8217; personal
information. Even the perception that the privacy of personal information is not satisfactorily protected or does not meet regulatory
requirements could inhibit sales of our solutions and any failure to comply with such laws and regulations could lead to significant fines,
penalties or other liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
security compromise of our information systems or of those of businesses with whom we interact that results in confidential information
being accessed by unauthorized or improper persons could harm our reputation and expose us to regulatory actions, customer attrition,
remediation expenses, disruption of our business, and claims brought by our customers or others for breaching contractual confidentiality
and security provisions or data protection laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Monetary
damages imposed on us could be significant and not covered by our liability insurance. Techniques used by bad actors to obtain unauthorized
access, disable or degrade service, or sabotage systems evolve frequently and may not immediately produce signs of intrusion, and we may
be unable to anticipate these techniques or to implement adequate preventative measures. In addition, a security breach could require
us to expend substantial additional resources related to the security of our information systems and provide required breach notifications
and remediation, diverting resources from other projects and disrupting our businesses. If we experience a data security breach, our reputation
could be damaged and we could be subject to additional litigation, regulatory risks and business losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Numerous
local, municipal, state, federal, and international laws and regulations address privacy and the collection, storing, sharing, use, disclosure,
and protection of certain types of data, including the Personal Information Protection and Electronic Documents Act, the Telephone Consumer
Protection Act&#160;of&#160;1991, or the TCPA, Section&#160;5 of the Federal Trade Commission Act, and effective as of January&#160;1,
2020, the California Consumer Privacy Act (or the CCPA). These laws, rules, and regulations evolve frequently and their scope may continually
change, through new legislation, amendments to existing legislation, and changes in enforcement, and may be inconsistent from one jurisdiction
to another. For example, the CCPA, which went into effect on January&#160;1, 2020, requires, among other things, new disclosures to California
consumers and affords such consumers new abilities to&#160;opt out&#160;of certain sales of personal information. The CCPA provides for
fines of up to $7,500 per violation. Aspects of the CCPA and its interpretation and enforcement remain uncertain. The effects of this
legislation are potentially&#160;far-reaching&#160;and&#160;may require FOXO to modify its data processing practices and policies and
incur substantial compliance-related&#160;costs and expenses. The CCPA has been amended on multiple occasions. For example, the California
Privacy Rights Act (or CPRA) recently was approved by California voters and significantly modifies the CCPA, potentially resulting in
further uncertainty and requiring FOXO to incur additional costs and expenses in an effort to comply. The CPRA became operative on January&#160;1,
2023 (and applies only to consumer data collected on or after January&#160;1, 2022, with enforcement beginning July&#160;1, 2023). While
the CCPA will remain operative and enforceable from now until July&#160;1, 2023, we will continue to monitor developments related to the
CPRA.&#160;The effects of this legislation are potentially far-reaching&#160;and may require us to modify our data processing practices
and policies and incur substantial compliance-related&#160;costs and expenses. Additionally, many laws and regulations relating to privacy
and the collection, storing, sharing, use, disclosure, and protection of certain types of data are subject to varying degrees of enforcement
and new and changing interpretations by courts. The CCPA and other changes in laws or regulations relating to privacy, data protection,
breach notifications, and information security, particularly any new or modified laws or regulations, or changes to the interpretation
or enforcement of such laws or regulations, which require enhanced protection of certain types of data or new obligations with regard
to data retention, transfer, or disclosure, could greatly increase the cost of providing our products and services, require significant
changes to our operations, or even prevent us from providing our products and services in jurisdictions in which we currently operate
and in which we may operate in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may also be required to comply with increasingly complex and changing data security and privacy regulations in the UK, the European Union
(the &#8220;<b>EU</b>&#8221;) and in other jurisdictions in which we plan to conduct business that regulate the collection, use and transfer
of personal data, including the transfer of personal data between or among countries. For example, the EU&#8217;s General Data Protection
Regulation (the &#8220;<b>GDPR</b>&#8221;), now also enacted in the UK as the UK GDPR, has imposed stringent compliance obligations regarding
the handling of personal data and has resulted in the issuance of significant financial penalties for noncompliance. Further, in July&#160;2020,
the Court of Justice of the European Union released a decision in the<i>&#160;Schrems&#160;II</i>&#160;case (<i>Data Protection Commission
v. Facebook Ireland, Schrems</i>), declaring&#160;the EU-US&#160;Privacy Shield invalid and calling into question data transfers carried
out under the European Commission&#8217;s Standard Contractual Clauses. As a result of the decision, we may face additional scrutiny from
EU regulators in relation to the transfer of personal data from the EU to the United&#160;States. Noncompliance with the GDPR can trigger
fines of up to the greater of &#8364;20&#160;million or 4% of global annual revenues. In the United&#160;States, there have been proposals
for federal privacy legislation and many new state privacy laws have been enacted or proposed. Other countries have enacted or are considering
enacting data localization laws that require certain data to stay within their borders. We may also face audits or investigations by one
or more domestic or foreign government agencies or our customers pursuant to our contractual obligations relating to our compliance with
these regulations. Complying with changing regulatory requirements requires us to incur substantial costs, exposes us to potential regulatory
action or litigation, and may require changes to our business practices in certain jurisdictions, any of which could materially adversely
impact our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Despite
our efforts to comply with applicable laws, regulations, and other obligations relating to privacy, data protection, and information security,
it is possible that our interpretations of the law or best practices could be inconsistent with, or fail, or be alleged to fail to meet
all requirements of, such laws, regulations, or obligations. Our failure, or the failure by its third-party&#160;providers on its platform,
to comply with applicable laws or regulations or any other obligations relating to privacy, data protection, or information security,
or any compromise of security that results in unauthorized access to, or use or release of personally identifiable information or other
data relating to our customers, or other individuals, or the perception that any of the foregoing types of failure or compromise have
occurred, could damage our reputation, discourage new and existing customers from using our products or services, or result in fines,
investigations, or proceedings by governmental agencies and private claims and litigation, any of which could adversely affect our business,
financial condition, and results of operations. Even if not subject to legal challenge, the perception of privacy concerns, whether or
not valid, may harm our reputation and brand and materially adversely impact our business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will be subject to the terms of our privacy policies and privacy-related&#160;obligations. Any failure or perceived failure by us to comply
with our privacy policies, our privacy-related&#160;obligations to customers or others, or our privacy-related&#160;legal obligations,
or any compromise of security that results in the unauthorized release or transfer of sensitive information, which could include personally
identifiable information or other user data, may result in governmental or regulatory investigations, enforcement actions, regulatory
fines, compliance orders, litigation or public statements against us by consumer advocacy groups or others, and could cause customers
to lose trust in us, all of which could be costly and have an adverse impact on our business. In addition, new and changed rules and regulations
regarding privacy, data protection (in particular those that impact the use of artificial intelligence) and cross-border&#160;transfers
of customer information could cause us to delay planned uses and disclosures of data to comply with applicable privacy and data protection
requirements. Moreover, if any third-party&#160;that we work with violates applicable laws or its policies, such violations also may put
personal information at risk, which may result in increased regulatory scrutiny and have a material adverse effect on our reputation,
business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be unable
to prevent or address the misappropriation of our data, which could damage our reputation and materially adversely impact our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Third
parties may misappropriate our data through website scraping, bots or other means and aggregate this data on their websites with data
from other companies. In addition, copycat websites or online apps may misappropriate data and attempt to imitate our brand or the functionality
of our planned website. If we become aware of such websites or online apps, we intend to employ technological or legal measures in an
attempt to halt their operations. However, we may be unable to detect all such websites or online apps in a timely manner and, even if
we could, technological and legal measures may be insufficient to halt their operations immediately or completely. In some cases, particularly
in the case of websites or online apps operating outside of the United&#160;States, our available remedies may not be adequate to protect
us against the effect of the operation of such websites or online apps. Regardless of whether we can successfully enforce our rights against
the operators of these websites or online apps, any measures that we may take could require us to expend significant financial or other
resources, which could harm our business, results of operations or financial condition. In addition, to the extent that such activity
creates confusion among consumers or advertisers, our brand and business could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Changes in state
laws and regulations governing our business, or changes in the interpretation of such laws and regulations, could negatively impact our
business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">State
statutes typically provide state regulatory agencies with significant powers to interpret, administer and enforce the laws relating to
the purchase of life insurance policies. Under statutory authority, state regulators have broad discretionary power and may impose new
licensing requirements, interpret or enforce existing regulatory requirements in different ways or issue new administrative rules, even
if not contained in state statutes. State regulators may also impose rules that may restrict and negatively impact our industry. Because
of the history of certain abuses in the industry, we believe it is likely that state insurance regulation will increase and grow more
complex during the foreseeable future. We cannot, however, predict what any new regulation would specifically involve.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
emergence of new biotechnologies has led to frequent legislation governing the use of genetic information in insurance. The federal regulation,
Genetic Information Nondiscrimination Act (&#8220;<b>GINA</b>&#8221;), prohibits the use of genetic information by health insurers, but
it does not apply to life insurance or epigenetics at this time. To date, a small minority of states have adopted a GINA-like&#160;framework,
essentially prohibiting the use of genetic information for life insurance underwriting and risk classification. Other states have laws
regulating, though not prohibiting, the use of genetic information in life insurance. While epigenetics&#8217; distinguishable features
exempt it from the text of, and rationale behind, current laws regulating the use of genetic information in life insurance, any adverse
change in present laws or regulations, or their interpretation in one or more states in which we may operate (or an aggregation of states
in which we may conduct a significant amount of business) could result in our curtailment or termination of operations in such jurisdictions,
or cause us to modify our operations in a way that adversely affects our profitability. Any such action could have a corresponding material
and negative impact on our results of operations and financial condition, primarily through a material decrease in revenues, and could
also have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>New legislation
or legal requirements may affect how we communicate with our customers, which could have a material adverse impact on our business model,
financial condition, and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">State
and federal lawmakers and insurance regulators are focusing upon the use of customer communications, including concerns about transparency,
deception, and fairness, in particular. Changes in laws or regulations, or changes in the interpretation of laws or regulations by a regulatory
authority may decrease our revenues and earnings and may require us to change the manner in which we conduct some aspects of our business.
In addition, our business and operations are subject to various U.S. federal, state, and local consumer protection laws, including laws
which place restrictions on the use of automated tools and technologies to communicate with wireless telephone subscribers or consumers
generally. For example, a California law, effective as of July 2019, makes it unlawful for any person to use a bot to communicate with
a person in California online with the intent to mislead the other person about its artificial identity for the purpose of knowingly deceiving
the person about the content of the communication in order to incentivize a purchase of goods or services in a commercial transaction.
Although we take steps to comply with this and other laws restricting the use of electronic communication tools, no assurance can be given
that we will not be exposed to civil litigation or regulatory enforcement. Further, to the extent that any changes in law or regulation
further restrict the ways in which we communicate with prospective or current customers, these restrictions could result in a material
reduction in our customer acquisition and retention, reducing the growth prospects of our business, and materially adversely impact our
business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Our
Intellectual Property</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If we are unable
to protect our patent pending methods of identifying saliva-based epigenetic biomarkers or intellectual property in general, the value
of our brand and other intangible assets may be diminished, and our business may be adversely impacted.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
depend on our proprietary technology, intellectual property and services for our business plans, success and ability to compete. We rely
and expect to continue to rely on a combination of confidentiality and other agreements with our employees, consultants and third parties
with whom we have relationships or with whom we plan to have relationships, and who may have access to confidential or patentable aspects
of our research and development output, as well as the trademark, copyright, patent and trade secret protection and common law rights
and laws, to protect our proprietary rights. For example, we rely on trade secret protection for building and validating an extensive
number of machine learning models that use epigenetic data derived from different types of tissues to predict a wide variety of targets,
such as direct mappings to life insurance classification, smoking use and/or extent, alcohol use and/or extent, etc. Although we enter
into confidentiality and other agreements to protect these and other proprietary technologies, any of these parties may breach the agreements
and disclose information before a patent application is filed, and jeopardize our ability to seek patent protection, if we were not able
to use the courts to enjoin the disclosure in advance. In addition, our ability to obtain and maintain valid and enforceable patents or
patent licenses depends on whether the differences between our inventions and the prior art allow our inventions to be patentable over
the prior art. Since publications in the scientific literature often lag behind the actual discoveries, and patent applications do not
publish until 18&#160;months after filing, we are never certain we are the first to make the inventions claimed in any of our patents
or that we are the first to file for patent protection of such patents. In other words, priority is never known until an application is
prosecuted. Additionally, third parties may knowingly or unknowingly infringe our proprietary rights, and third parties may challenge
our proprietary rights held, pending and future patent, copyright, trademark and other applications, which, if successful, may not be
approved and which may affect our ability to prevent infringement without incurring substantial expense. In addition, the laws of some
foreign countries do not protect proprietary rights to the same extent as do the laws of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
the protection of our proprietary rights are inadequate to prevent use or appropriation by third parties, the value of our brand and other
intangible assets may be diminished and competitors may be able to more effectively mimic our service and methods of operations. Despite
our efforts to protect our proprietary rights, attempts may be made to copy or reverse engineer aspects of our products or services, or
to obtain and use information that we regard as proprietary and which a judge may not enjoin. Accordingly, we may be unable to protect
our proprietary rights against unauthorized third-party&#160;copying or use. Furthermore, as a practical matter, policing the unauthorized
use of our intellectual property would be difficult for us, because of the private nature of our competitors and because our competitors
may offer competing products as software-as-a-service, which may limit the ability to discover a competitor&#8217;s use of our proprietary
technology. Litigation may be necessary in the future to enforce our intellectual property rights, to protect our trade secrets, or to
determine the validity and scope of the proprietary rights of others. Litigation and/or any of the events above could result in substantial
costs and diversion of resources, and could have a material adverse impact on our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be unable
to obtain sufficiently broad protection, or we may lose intellectual property protection.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
patent and trademark prosecution of biotechnology inventions is highly uncertain, involves complex legal and factual questions, and has
been the subject of litigation in recent years, the issuance, scope, validity, enforceability and commercial value of our intellectual
property rights are highly uncertain. Our pending and future trademark or patent applications may not result in issued trademarks and
patents that protect our products and services, which would render us unable to prevent others from commercializing the same or similar
products and services that we offer. The coverage of trademark and patent claims may be significantly reduced before such intellectual
property approval is granted and the scope and validity of issued trademarks and patents can also be challenged after grant, which, if
successful, may not provide us meaningful protection, may not allow us to exclude competitors or may not provide us with any competitive
advantage.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Despite
our efforts, we may not be able to maintain confidentiality for our trade secrets and proprietary know-how. In addition, our trade secrets
and proprietary know-how&#160;may otherwise become known or be independently discovered by others. No guarantee can be given that others
will not independently develop substantially equivalent proprietary information or techniques, or otherwise gain access to our proprietary
technology. We rely on a combination of patent, trademark, and trade secret protection to establish and protect the ideas, concepts, and
know-how&#160;for the products, services and technology we develop. Our failure to establish patent, trademark and trade secret protection
for our technology and intellectual property rights could enable our competitors to more effectively compete and have an adverse impact
on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be able
to protect our intellectual property rights throughout the world.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Filing,
prosecuting and defending trademarks or future patents on our products and services in all countries throughout the world would be prohibitively
expensive. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as the laws
of the United States, and we may encounter difficulties in protecting and defending such rights in foreign jurisdictions. Our owned and
licensed patent applications are pending in the U.S. only and thus these present patent applications, even if granted, cannot cover any
foreign countries in the future. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries
outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions.
Competitors may use our technologies (even copying from the patent disclosures) in jurisdictions where we have not obtained patent protection
to develop their own products and may also export infringing products to territories where we have patent protection. These products may
compete with our products and our patents or other intellectual property rights may not be effective or sufficient to prevent them from
competing.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Many
companies have encountered significant problems in protecting and defending intellectual property rights in various foreign jurisdictions.
The legal systems of many other countries do not favor the enforcement of patents and other intellectual property protection, particularly
those relating to biotechnology, which could make it difficult for us to stop the infringement of our patents in such countries. Proceedings
to enforce our current trademark and potential future patent rights in foreign jurisdictions could result in substantial cost and divert
our efforts and attention from other aspects of our business, could put our intellectual property at risk of not issuing, being invalidated,
or interpreted narrowly, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate
and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual
property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we
develop or license.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Changes in trademark
or patent law in the United States and other jurisdictions could diminish the value of our potential future trademarks and patents in
general, thereby adversely impacting our ability to protect our products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Changes
in either the trademark or patent laws or in interpretations of trademark or patent laws in the United States or other countries or regions
may diminish the value of our intellectual property. We cannot predict the breadth of claims that may be allowed or enforced in our potential
future trademarks and patents or in third-party&#160;intellectual property. In the United States, prior to March&#160;16, 2013, assuming
that other requirements for patentability were satisfied, the first to invent the claimed invention was entitled to the patent, while
outside the United States, the first to file a patent application was entitled to the patent. On or after March&#160;16, 2013, under the
Leahy-Smith&#160;America Invents Act (or the America Invents Act), enacted on September&#160;16, 2011, the United States transitioned
to a first inventor to file system in which, assuming that other requirements for patentability are satisfied, the first inventor to file
a patent application will be entitled to the patent on an invention regardless of whether a third party was the first to invent the claimed
invention. As such, a third party that files a patent application in the United States Patent and Trademark Office (the &#8220;<b>USPTO</b>&#8221;)
before us could be awarded a patent covering an invention of ours even if we had made the invention before it was made by such third party.
This will require us to be cognizant of the time from invention to filing of a patent application. Since patent applications in the United
States and most other countries are confidential for a period of time after filing or until issuance, we cannot be certain that we or
our licensors were the first to either file any patent application related to our products or services, or invent any of the inventions
claimed in our or its licensor&#8217;s patents or patent applications.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
America Invents Act also includes a number of significant changes that affect the way patent applications will be prosecuted and also
may affect patent litigation. These include allowing third-party&#160;submission of prior art to the USPTO during patent prosecution and
additional procedures to attack the validity of a patent by USPTO-administered&#160;post-grant&#160;proceedings, including post-grant&#160;review,<i>&#160;inter
partes</i>&#160;review, and derivation proceedings. Because of a lower evidentiary standard in USPTO proceedings compared to the evidentiary
standard in U.S. federal courts necessary to invalidate a patent claim, a third party could potentially provide evidence in a USPTO proceeding
sufficient for the USPTO to hold a claim invalid even though the same evidence would be insufficient to invalidate the claim if first
presented in a district court action. Accordingly, a third party may attempt to use the USPTO procedures to invalidate our patent claims
that would not have been invalidated if first challenged by the third party as a defendant in a district court action. Therefore, the
America Invents Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our owned&#160;or&#160;in-licensed&#160;patent&#160;applications
and the enforcement or defense of our owned&#160;or&#160;in-licensed&#160;issued&#160;patents, all of which could have a material adverse
impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Recent
U.S. Supreme Court rulings have also narrowed the scope of patent protection available in specific circumstances (e.g., regarding domestic
processes) and weakened the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability
to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained.
Depending on decisions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change
in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might
obtain in the future.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be subject
to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third
parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have employed and expect to employ or contract with individuals who were previously employed by or were independent contractors for universities
or other companies, including our competitors or potential competitors. Although we try to ensure that our employees, consultants and
independent contractors do not use the proprietary information&#160;or&#160;know-how&#160;of&#160;others in their work for us, we may
be subject to claims that our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed trade
secrets or other proprietary information of their former employers or other third parties, or to claims that we have improperly used or
obtained such trade secrets. Litigation may be necessary to defend against these claims. If we fail in defending such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel, or lose the ability to use certain technologies,
all of which could adversely impact our business. A loss of use of certain technologies or key research personnel work product could hamper
or prevent our ability to commercialize potential products and services, which could harm our business. Even if we are successful in defending
against these claims, litigation could result in substantial costs and be a distraction to management and other employees.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may not be successful
in registering and enforcing our trademarks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
we apply to register our unregistered trademarks in the United States and other countries, our applications may not be allowed for registration
in a timely fashion or at all, and our registered trademarks may not be maintained or enforced. Trademark enforcement is always uncertain,
since proving infringement requires a showing of consumer confusion in addition to use by the defendant of a similar or identical trademark.
In addition, opposition or cancellation proceedings may be filed against our trademark applications and registrations, and our trademarks
may not survive such proceedings. In certain countries outside of the United States, trademark registration is required to enforce trademark
rights. If we do not secure registrations for our trademarks, we may encounter more difficulty in enforcing them against third parties
than we otherwise would.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We may be subject
to claims challenging the inventorship or ownership of our patents and other intellectual property.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may be subject to claims that former employees, collaborators or other third parties have an interest in our future owned or in-licensed&#160;patents,
trade secrets or other intellectual property as an inventor or co-inventor. Ownership disputes may arise, for example, from conflicting
obligations of employees, consultants or others who are involved in developing our future products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Litigation
may be necessary to defend against these and other claims by a third party challenging inventorship of our or our licensors&#8217; ownership
of our future owned or in-licensed&#160;patents, trade secrets or other intellectual property. If we or our licensors fail in defending
any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership
of, or a right to use, intellectual property or technology that is important to our product or services. Alternatively, we may need to
obtain one or more additional licenses from certain third parties, which could be time-consuming&#160;and expensive and could result in
substantial costs and diversion of resources and could have a material adverse effect on our business. Even if we are successful in defending
against such claims, litigation could result in substantial costs and be a distraction to management and other employees. Any of the foregoing
could have a material adverse impact on our business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If we become involved
in trademark or patent litigation or other proceedings related to a determination of rights, we could incur substantial costs and expenses,
substantial liability for damages or be required to stop our development and commercialization efforts of our products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
is a substantial amount of litigation, both within and outside the United States, involving trademark, patent and other intellectual property
rights in the insurance technology industry, including patent and trademark infringement lawsuits, declaratory judgment litigation and
adversarial proceedings before the USPTO, including trademark oppositions and cancellations, patent interferences, derivation proceedings,<i>&#160;ex
parte</i>&#160;reexaminations, post-grant&#160;review and<i>&#160;inter partes</i>&#160;review, as well as corresponding proceedings in
foreign courts and foreign patent offices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may, in the future, become involved with litigation or actions at the USPTO or foreign patent offices with various third parties. We expect
that the number of such claims may increase as our industry expands, more trademarks and patents are issued, the number of products or
services increases and the level of competition in our industry increases. Any infringement claim, regardless of its validity, could harm
our business by, among other things, resulting in time-consuming&#160;and costly litigation, diverting management&#8217;s time and attention
from the development of our business, requiring the payment of monetary damages (including possible treble damages, attorney&#8217;s fees,
costs and expenses) or royalty payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">It
may be necessary for us to pursue litigation or adversarial proceedings before the trademark or patent office in order to enforce our
patent and proprietary rights or to determine the scope, coverage and validity of the proprietary rights of others. The outcome of any
such litigation might not be favorable to us, and even if we were to prevail, such litigation could result in substantial costs and diversion
of resources and could have a material adverse impact on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
we move into new markets and expands our products or services offerings, incumbent participants in such markets may assert their patents
and other proprietary rights against us as a means of slowing our entry into such markets or as a means to extract substantial license
and royalty payments from us. In addition, future litigation may involve patent holding companies or other adverse patent owners who have
no relevant product or service revenue and against whom our own patents may provide little or no deterrence or protection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Because
patent applications can take many years to issue, there may be currently pending patent applications that may later result in issued patents
that our current or future products, technologies and services may infringe. We cannot be certain that we have identified or addressed
all potentially significant third-party&#160;patents in advance of an infringement claim being made against us. In addition, similar to
what other companies in our industry have experienced, we expect our competitors and others may have trademarks or patents or may in the
future obtain trademarks or patents, and assert that making, having made, using, selling, offering to sell or importing its products or
services infringes these trademarks or patents. Defense of infringement and other claims, regardless of their merit, would involve substantial
litigation expense and would be a substantial diversion of management and employee resources from our business. Parties making claims
against us may be able to sustain the costs of complex trademark or patent litigation more effectively than we can because they have substantially
greater resources. Parties making claims against us may be able to obtain injunctive or other relief, which could block our ability to
develop, commercialize and sell products or services and could result in the award of substantial damages against us, including possible
treble damages, attorney&#8217;s fees, costs and expenses if we are found to have willfully infringed. In the event of a successful claim
of infringement against us, we may be required to pay damages and ongoing royalties and obtain one or more licenses from third parties,
or be prohibited from selling certain products or services. We may not be able to obtain these licenses on acceptable or commercially
reasonable terms, if at all, or these licenses may&#160;be&#160;non-exclusive,&#160;which&#160;could result our competitors gaining access
to the same intellectual property. In addition, we could encounter delays in product or service introductions while we attempt to develop
alternative products or services to avoid infringing third-party&#160;patents or proprietary rights. Defense of any lawsuit or failure
to obtain any of these licenses could prevent us from commercializing products or services, and the prohibition of sale of any of our
products or services could materially impact our business and our ability to gain market acceptance for our products or services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
maintain multiple forms of proprietary information, the value of which is derived from the proprietary nature of such information. Employees
of ours or third parties that are or become privy to our proprietary information may, despite our efforts, misappropriate such information.
Such misappropriation may result in publication or other public release of such information. In such an event, although we may have a
cause of action against any such parties, such legal action is costly and may not result in sufficient compensation to ameliorate the
loss of competitive advantages enjoyed by our confidential possession of such proprietary information. Additionally, such proprietary
information, once published or otherwise released to the public, may not be returned to a secret state, and may be copied or otherwise
imitated or used by competitors of ours without legal recourse or means of compensation by us. Such loss could materially adversely impact
our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation, although courts are empowered to protect
confidential information using protective orders. In addition, during the course of this kind of litigation, there could be public announcements
of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results
to be negative, it could have a substantial adverse effect on the price of our Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, our agreements with some of our customers, suppliers or other entities with whom we do business require us to defend or indemnify
these parties to the extent they become involved in infringement claims, including the types of claims described above. We could also
voluntarily agree to defend or indemnify third parties in instances where we are not obligated to do so if we determine it would be important
to our business relationships. If we are required or agree to defend or indemnify third parties in connection with any infringement claims,
we could incur significant costs and expenses that could materially adversely impact our business, financial condition and results of
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Patent terms may
be inadequate to protect our competitive position with respect to our products and services for an adequate amount of time.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Patents
have a limited lifespan. In the United States, if all maintenance fees are timely paid, the natural expiration of a patent is generally
20 years from its earliest&#160;U.S.&#160;non-provisional&#160;filing&#160;date. Various extensions may be available, but the life of
a patent, and the protection it affords, is limited. Even if patents covering our products and services are obtained, once the patent
life has expired, we may be open to competition from competitive products&#160;&#8212;&#160;and the patent document itself is a disclosure
enabling such competitors. Given the amount of time required for the development, testing and regulatory review of new products and services,
patents protecting such products and services might expire before or shortly after such products and services are commercialized. As
a result, our future owned and currently licensed patent portfolio may not provide it with sufficient rights to exclude others from commercializing
products similar or identical to ours.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We utilize open-source
software, which may pose particular risks to our proprietary software and source code.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
use open-source&#160;software in our proprietary software and will use open-source&#160;software in the future. Companies that incorporate
open-source&#160;software into their proprietary software and products have, from time-to-time, faced claims challenging the use of open-source&#160;software
and compliance with open-source&#160;license terms. Some licenses governing the use of open-source&#160;software contain requirements
that we make available source code for modifications or derivative works we create based upon the open-source&#160;software, and that
we license such modifications or derivative works under the terms of a particular open-source&#160;license or other license granting third
parties certain rights of further use. By the terms of certain open-source&#160;licenses, we could be required to release the source code
of certain aspects of our proprietary software, and to make our proprietary software available under open-source&#160;licenses to third
parties at no cost if we combine certain aspects of proprietary software with open-source&#160;software in certain manners. Although we
monitor our use of open-source&#160;software and have a policy of full compliance with all open-source&#160;software license terms, we
cannot assure that all open-source&#160;software is reviewed prior to use in our software, that our developers have not incorporated open-source&#160;software
into our proprietary software, or that they will not do so in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Additionally,
the terms of many open-source&#160;licenses to which we are subject have not been interpreted by U.S. or foreign courts. There is a risk
that open-source&#160;software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability
to market or provide certain aspects of its proprietary software. Companies that incorporate open-source&#160;software into their products
have, in the past, faced claims seeking enforcement of open-source&#160;license provisions and claims asserting ownership of open-source&#160;software
incorporated into their proprietary software, and claims for damages for failure to fully comply with those applicable licenses. If an
author or other third party that distributes such open-source&#160;software were to allege that we have not complied with the conditions
of an open-source&#160;license, we could incur significant legal costs defending ourselves against such allegations. In the event such
claims were successful, we could be subject to significant damages or be enjoined from the distribution of our proprietary software. In
addition, the terms of open-source&#160;software licenses may require us to provide certain aspects of our software that we develop using
such open-source&#160;software to others on unfavorable license terms. As a result of our current or future use of open-source&#160;software,
we may face claims or litigation, be required to release certain aspects of our proprietary source code, pay damages for breach of&#160;contract,&#160;re-engineer&#160;its&#160;proprietary
software, discontinue making our proprietary software available in the&#160;event that&#160;re-engineering&#160;cannot&#160;be accomplished
on a timely basis, discontinue certain aspects or functionality of our products and testing services, or take other remedial action. Any&#160;such&#160;re-engineering&#160;or&#160;other
remedial efforts could require significant additional research and development resources, and we may not be able to successfully complete
any&#160;such&#160;re-engineering&#160;or&#160;other remedial efforts. Further, in addition to risks related to license requirements,
use of certain open-source&#160;software can lead to greater risks than use of third-party&#160;commercial software, as open-source&#160;licensors
generally do not provide warranties or controls on the origin of the software. Any of these risks could be difficult to eliminate or manage,
and, if not addressed, could have a material adverse impact on our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Owning
Our Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The public market
for our securities is volatile. This may affect not only the ability of our investors to sell their securities, but the price at which
they can sell their securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the consummation of our Business Combination, our Class A Common Stock (NYSE American: FOXO) has traded as low as $0.23 </span>&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share based upon daily closing prices, and day-to-day trading has been volatile at times. This volatility may continue or increase in
the future. The market price for the securities may be significantly affected by factors such as progress in the development of our technology,
commercialization of our technology, variations in quarterly and yearly operating results, general trends in the life insurance industry,
and other uncertainties further described in this section. Furthermore, recently the stock market has experienced extreme price and volume
fluctuations that are unrelated or disproportionate to the operating performance of the affected companies, such as the market reactions
to internet marketed &#8216;short squeezes&#8217;, the coronavirus outbreak and recent macroeconomic factors such as inflationary pressures
and higher interest rates. Such broad market fluctuations may adversely affect the market price of our securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We are subject
to the continued listing standards of the NYSE American and our failure to satisfy these criteria may result in delisting of our Class
A Common Stock</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Class A Common Stock is listed on the NYSE American. In order to maintain this listing, we must maintain a certain share price, financial
and share distribution targets, including maintaining a minimum amount of stockholders&#8217; equity and a minimum number of public stockholders.
In addition to these objective standards, the NYSE American may delist the securities of any issuer (i) if, in its opinion, the issuer&#8217;s
financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the
aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if
the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with
the NYSE American&#8217;s listing requirements; (v) if an issuer&#8217;s securities sell at what the NYSE American considers a &#8220;low
selling price&#8221; which the exchange generally considers $0.20 per share and the issuer fails to correct this via a reverse split
of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing
on the NYSE American, in its opinion, inadvisable. There are no assurances how the market price of our Class A Common Stock will be impacted
in future periods as a result of the general uncertainties in the capital markets and any specific impact on our Company as a result
of the recent volatility in the capital markets. If the NYSE American delists our Class A Common Stock, investors may face material adverse
consequences, including, but not limited to, a lack of trading market for our Class A Common Stock, reduced liquidity, decreased analyst
coverage of our Class A Common Stock, and an inability for us to obtain any additional financing to fund our operations that we may need.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p><div>

</div><div><a id="m_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will receive up to $131.2
million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash, but not from the sale of the
shares of Class A Common Stock issuable upon such exercise. Each Public and Private Warrant entitles the holder thereof to purchase one
share of Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles the holder thereof to purchase one share of Common
Stock at a price of $6.21 per share. However, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance
with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise
price without the consent of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive
upon the exercise in full of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock
equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants
may be reduced and any subsequent exercises would decrease the amount of proceeds the Company receives for each share of Class A Common
Stock (see&#160;"<i>Description of Securities of the Company &#8211; Warrants)</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 26, 2023, the closing price for our Class A Common Stock was
$0.43. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per share, we believe our warrant
holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. We expect to use the net proceeds
from the exercise of the Warrants for general corporate purposes, including working capital, operating expenses and capital expenditures.
We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance that the holders of the
Warrants will elect to exercise any or all of such Warrants. To the extent that the Warrants are exercised on a &#8220;cashless basis,&#8221;
the amount of cash we would receive from the exercise of the Warrants will decrease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the Class A Common
Stock and the Private Warrants offered by the Selling Securityholders pursuant to this prospectus will be sold by the Selling Securityholders
for their respective accounts. We will not receive any of the proceeds from these sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="m_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DETERMINATION OF OFFERING PRICE </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering price of the
shares of Class A Common Stock underlying the Public Warrants, the Private Warrants and the Assumed Warrants offered hereby is determined
by reference to the exercise price per share of the Public Warrants, Private Warrants and Assumed Warrants of $11.50, $11.50 and $6.21,
respectively, subject to adjustment as described herein. The Public Warrants are listed on NYSE American under the symbol &#8220;FOXO
WS&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot currently determine
the price or prices at which shares of our Class A Common Stock or Warrants may be sold by the selling securityholders under this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MARKET INFORMATION FOR SECURITIES AND DIVIDEND
POLICY </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Market Price and Ticker Symbols</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares of Class A Common
Stock and Public Warrants are currently listed on NYSE American under the symbols &#8220;FOXO&#8221; and &#8220;FOXO.WS,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The closing price of our shares of Class A Common Stock on April 26,
2023 was $0.43.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The closing price of our Public
Warrants on April 26, 2023 was $0.02.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022,
there were 75 holders of record of our Class A Common Stock, 12 holders of record of our Public Warrants, 11 holders of record of the
Private Warrants and 72 holders of record of the Assumed Warrants. We believe a substantially greater number of beneficial owners hold
shares of Class A Common Stock or Public Warrants through brokers, banks or other nominees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dividend Policy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid any cash dividend on our capital stock. We do not anticipate paying any cash dividends in the foreseeable future and we intend to
retain all of our earnings, if any, to finance our growth and operations and to fund the expansion of our business. Payment of any dividends
will be made in the discretion of our board of directors. Our board of directors may take into account general and economic conditions,
our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual,
legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to
us and such other factors as our board of directors may deem relevant. In addition, our ability to pay dividends is limited by our credit
facilities and may be limited by covenants of other indebtedness we or our subsidiaries incur in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="m_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following discussion
and analysis of our financial condition and results of operations should&#160;be read in conjunction with our financial statements and
related notes that appear elsewhere in this registration statement. In addition to historical information, this discussion and analysis
contains forward-looking&#160;statements that involve risks, uncertainties, assumptions and other factors that could cause actual results
to differ materially from those made, projected or implied in the forward-looking&#160;statements. Factors that could cause or contribute
to these differences include, but are not limited to, those discussed below and elsewhere particularly in the &#8220;Risk Factors&#8221;
and &#8220;Cautionary Note&#160;Regarding Forward-Looking&#160;Statements&#8221; sections of this registration statement. Unless otherwise
indicated or the context otherwise requires, references in this section to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; and other
similar terms refer to FOXO and its consolidated subsidiaries after the Business Combination. Dollar amounts are in thousands, unless
otherwise noted. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Formation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were formed as a limited
liability company on November&#160;11, 2019, following our separation (the &#8220;<b>Separation</b>&#8221;) from GWG Holdings, Inc. (the
&#8220;<b>Member</b>&#8221;). We were previously named InsurTech Holdings, LLC and FOXO BioScience LLC.&#160;On November&#160;13, 2020,
FOXO Bioscience LLC completed a conversion to a C Corporation (&#8220;<b>Corporate Conversion</b>&#8221;) and became FOXO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective September 15, 2022,
we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger Sub Inc. merged with
and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of the Company. Upon consummation of our Business Combination,
our name changed from Delwinds Insurance Acquisition Corp. to FOXO&#160;Technologies Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The convergence of two cutting-edge
technologies: DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as epigenetic signatures and will provide valuable insights to insurers that will inform their underwriting
and product development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers&#8217; health and lifestyle choices will help insurers tailor their offerings to meet their clients&#8217; needs and provide
insurers with data to plan for their client&#8217;s future financial needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have two core product offerings:
the &#8220;Underwriting Report,&#8221; and the &#8220;Longevity Report&#8482;.&#8221; The Underwriting Report allows us to leverage a
single assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately
assess clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing
companion product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health
and wellness. It can also be sold separately. We believe the combination of these two reports provides a valuable win for our insurance
carrier partners as well as their customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO is operationalizing a
sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report.
FOXO currently markets and sells life insurance products underwritten and issued by third-party&#160;carriers through distribution relationships.
&#160;This distribution model (the &#8220;MGA Model&#8221;) allows FOXO to appoint sales agents and producers to sell insurance products
for specific carriers and earn commissions on subsequent policy sales. Depending on the terms of the agreement between FOXO and the carrier
FOXO MGA, the Longevity Report may be included at the time of the policy purchase at no charge or may be available at an additional cost
to the consumer. We believe the Longevity Report will make longevity science a core aspect to the relationship between life insurance
and consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to revolutionize the life insurance sales and underwriting
experience to the betterment of consumers and carriers alike.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Trends</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Segments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We manage and classify our
business into two reportable business segments:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)</b></span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOXO Labs</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs is commercializing
proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global life insurance industry.
Our innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting
and risk assessment. Our research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health
and wellness factors used in life insurance underwriting traditionally obtained through blood and urine specimens. FOXO Labs anticipates
recognizing revenue related to sales of the Underwriting Report and Longevity Report.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs currently recognizes
revenue from providing epigenetic testing services and collecting a royalty from Illumina, Inc. related to the sales of the Infinium Mouse
Methylation Array. The Company&#8217;s saliva-based health and wellness testing solutions for underwriting and risk classification are
expected to be its largest source of revenue. FOXO Labs conducts research and development and such costs are recorded within research
and development expenses on the consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ii)</b></span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOXO Life</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life is redefining the
relationship between consumers and insurer by combining life insurance with healthy longevity. FOXO Life seeks to transform the value
proposition of the life insurance carrier from a provider of mortality risk protection products to a promoter of its customers&#8217;
health and wellness. The distribution of insurance products with FOXO&#8217;s Longevity Report strives to provide life insurance consumers
with valuable information and insights about their individual health and wellness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life currently has residual
commission revenues from its legacy insurance agency business. FOXO Life has begun receiving insurance commission from the distribution
and sale of life insurance policies based on the size and type of policies sold to customers. FOXO Life costs are recorded within selling,
general and administrative expenses on the consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Acquisition of Insurance Entity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We completed our acquisition
of Memorial Insurance Company of America (&#8220;<b>MICOA</b>&#8221;) on August&#160;20, 2021. Purchase consideration for the acquisition
of MICOA totaled $1,155, which included an indefinite-lived insurance license intangible asset recorded at a fair value of $63 and cash
of $1,092. We fair valued reinsurance recoverables and policy reserves as part of the acquisition. The existing statutory capital and
surplus remains with us post-acquisition. The approval by the Arkansas Insurance Department requires us to maintain statutory capital
and surplus of no less than $5,000 and a risk-based capital ratio of 301% or greater in the regulated insurance entity. MICOA has been
renamed FOXO Life Insurance Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the transaction
and while our subsidiary, the former owners of MICOA administer and 100% reinsure all policies outstanding as of the acquisition date.
FOXO Life Insurance Company has not issued any new insurance policies since the acquisition and all premiums, reinsurance recoverables,
and policy reserves relate to the 100% reinsured business. Additionally, as part of the transaction and while our subsidiary FOXO Life
Insurance Company remains liable only in the event the reinsuring company is unable to meet its obligations under the reinsurance agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Life Insurance Company
is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the
Arkansas Insurance Department. The activity of FOXO Life Insurance Company post-acquisition is included in the consolidated financial
statements in accordance with generally accepted accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement. After the Merger Consideration and Security National&#8217;s third party expenses, the transaction resulted in the Company
gaining access to $4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code.</span> For additional
information concerning FOXO Life Insurance Company operations, see &#8220;<i>Recent Developments &#8211; FOXO Life Insurance Company</i>&#8221;
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Comparability of Financial Results</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 15, 2022, we
consummated the transactions contemplated by the Merger Agreement. Immediately upon the Closing, the name of the combined company was
changed to FOXO Technologies Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legacy FOXO was determined
to be the accounting acquirer in the Business Combination. Accordingly, the acquisition of Legacy FOXO by the Company was accounted for
as a reverse recapitalization. Under this method of accounting, the Company was treated as the acquiree for financial reporting purposes.
The net assets of the Company were stated at their historical cost, with no goodwill or other separately identifiable intangible assets
recorded. The balance sheet, results of operations and cash flows prior to the Business Combination are those of Legacy FOXO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Simultaneously with the execution
of the Merger Agreement, Delwinds entered into a Common Stock Purchase Agreement (the &#8220;<b>ELOC Agreement</b>&#8221;) with CF Principal
Investments LLC (the &#8220;<b>Cantor Investor</b>&#8221;), pursuant to which, assuming satisfaction of certain conditions and subject
to limitations set forth in the ELOC Agreement, the Company would have the right, from time to time to sell the Cantor Investor up to
$40,000 in shares of the Company&#8217;s Class A common stock (the &#8220;<b>Class A Common Stock</b>&#8221;) until the first day of the
next month following the 36-month anniversary of when the SEC has declared effective a registration statement covering the resale of such
shares of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier. On November 8, 2022, the Company
and Cantor mutually terminated the ELOC Agreement. Upon the termination of the ELOC Agreement, the related Registration Rights Agreement,
dated as of February 24, 2022 (the &#8220;<b>Registration Rights Agreement</b>&#8221;), by and between the Company and Cantor was automatically
terminated in accordance with its terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the terms
of the Merger Agreement, at Closing, the Company (i) acquired 100% of the issued and outstanding Legacy FOXO Class A common stock (the
&#8220;<b>FOXO Class A Common Stock</b>&#8221;) in exchange for equity consideration in the form of the Company&#8217;s Class A Common
Stock, (ii) acquired 100% of the issued and outstanding shares of Legacy FOXO Class B common stock (the &#8220;<b>FOXO Class B Common
Stock</b>&#8221;) in exchange for equity consideration in the form of the Company&#8217;s Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately prior to the Closing,
the following transactions occurred:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000,000 shares of Legacy FOXO Series A preferred stock (the &#8220;<b>FOXO Preferred Stock</b>&#8221;) were exchanged for 8,000,000 shares of FOXO Class A Common Stock.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2021 Bridge Debentures in the principal amount, together with accrued and unpaid interest, of $24,402 were converted into 6,759,642 shares of FOXO Class A Common Stock.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the 2022 Bridge Debentures in the principal amount, together with accrued and unpaid interest, of $34,496 were converted into 7,810,509 shares of FOXO Class A Common Stock.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of and upon the
Closing, among other things, (1) all outstanding shares of FOXO Class A Common Stock (after giving effect to the conversion of the FOXO
Preferred Stock into shares of FOXO Class A Common Stock) and FOXO Class B Common Stock were converted into 15,518,705 shares of the Company&#8217;s
Class A Common Stock, (2) all FOXO options and FOXO warrants outstanding immediately before the Closing (&#8220;<b>Assumed Options</b>&#8221;
and &#8220;<b>Assumed Warrants</b>&#8221;, as applicable) were assumed and converted, subject to adjustment pursuant to the terms of the
Merger Agreement, into options and warrants, respectively, of the Company, exercisable for share of the Company&#8217;s Class A Common
Stock and (3) other than the Assumed Options and Assumed Warrants, all other convertible securities and other rights to purchase capital
stock Legacy FOXO were retired and terminated, if they were not converted, exchanged or exercised for Legacy FOXO stock immediately prior
the Closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FOXO Life Insurance Company </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">In
connection with the Business Combination, we submitted various filings with the Arkansas Insurance Department (the &#8220;<b>Department</b>&#8221;)
to ensure compliance with Arkansas insurance laws. After review and analysis of the relevant documentation and meetings with us, on September
9, 2022, the Department advised us that it concluded that the Business Combination did not require approval from the Department given
that there was no change in the ultimate controlling party. Due to market conditions, our capitalization following the Business Combination
did not materialize in the way the Company anticipated, and we do not currently possess the funding that we believe would be required
to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO Life Insurance Company. As such,
we decided to not move forward with the launch of FOXO Life Insurance Company. The outstanding policies issued by FOXO Life Insurance
will continue to be administered and reinsured by the former owners of MICOA (as defined below). We intend to focus on selling products
issued by third-party&#160;carriers through our MGA Model (see &#8220;<i>Business Overview &#8212; MGA Insurance Products</i>&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
January 10, 2023, we entered into a merger agreement (the &#8220;<b>Security National Merger Agreement</b>&#8221;) with Security National
Life Insurance Company, a Utah corporation (&#8220;<b>Security National</b>&#8221;), FOXO Life, LLC, a Delaware limited liability company
and wholly-owned subsidiary of the Company (&#8220;<b>FOXO Life</b>&#8221;), and FOXO Life Insurance Company (fka Memorial Insurance Company
of America (&#8220;<b>MICOA</b>&#8221;)), an Arkansas corporation and wholly-owned subsidiary of the Seller, pursuant to which, subject
to the terms and conditions of the Security National Merger Agreement, the Company agreed to sell FOXO Life Insurance Company to Security
National.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement, whereby FOXO Life Insurance Company merged with and into Security National, with Security National continuing as the surviving
corporation. As a result of the merger, the Company is no longer required to hold cash and cash equivalents required to be held as statutory
capital and surplus, as required under the Arkansas Insurance Code (the &#8220;<b>Arkansas Code</b>&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">After
the Merger Consideration and Security National&#8217;s third party expenses, the transaction resulted in the Company gaining access to
$4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
Company maintains both the FOXO Life and FOXO Labs segments after the sale of FOXO Life Insurance. The Company previously indicated in
its quarterly report on Form10-Q for the quarterly period ended September 30, 2022, that due to market conditions, our capitalization
following the Business Combination did not materialize in the way the Company anticipated, and we did not currently possess the funding
that we believe would be required to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO
Life Insurance Company. As such, we did not move forward with the launch of FOXO Life Insurance Company and sold the entity to enhance
stockholder value. The outstanding policies issued by FOXO Life Insurance Company were previously administered and reinsured by the former
owners who once again own the entity and will continue to administer the policies. We intend to focus on selling products issued by third-party
carriers through our MGA Model and FOXO Life segment. Accordingly, the sale formalizes that we will not issue any policies through FOXO
Life Insurance Company. Our FOXO Labs segment continues to work on commercializing our epigenetic biomarker technology for underwriting
risk classification.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exchange Offer and PIK Note Offer to Amend</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 27, 2023,
the Company commenced an exchange offer (the &#8220;<b>Exchange Offer</b>&#8221;), pursuant to a Schedule TO filed with the SEC on such
date, whereby holders of the Assumed Warrants will be able to exchange such Assumed Warrants for shares of Class A Common Stock at a rate
of 4.83 shares for each Assumed Warrant during the Offer Period (as defined below), pursuant to the terms and conditions of (i) an Offer
to Exchange Warrants to Acquire Shares of Class A Common Stock and Consent Solicitation and (ii) a Letter of Transmittal and Consent.
In order to participate in the Exchange Offer, holders of Assumed Warrants must agree to a general release (the&#160;&#8220;<b>Exchange
Offer General Release Agreement</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &#8220;<b>Offer Period</b>&#8221;
is the period commencing on April 27, 2023 and ending at 11:59 p.m., Eastern Time, on May 26, 2023, or such later date to which
the Company may extend the Exchange Offer or PIK Note Offer to Amend (as defined below), as applicable (the &#8220;<b>Exchange Offer Expiration
Date</b>&#8221; or &#8220;<b>PIK Note Offer to Amend Expiration Date</b>,&#8221; as applicable).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the Exchange Offer,
the Company is also soliciting consents (the &#8220;<b>Consent Solicitation</b>&#8221;) to amend and restate, in accordance with its terms,
the Securities Purchase Agreement, dated as of January 25, 2021, by and between Legacy FOXO, and assumed by the Company in connection
with the Business Combination, and each purchaser of securities identified on the signature pages thereto (as amended, the &#8220;<b>Original
Securities Purchase Agreement</b>&#8221;), which governs all the Assumed Warrants, pursuant to the Amendment and Restatement (the &#8220;<b>Warrant
Amendment</b>&#8221;) to provide that the issuance of shares of Class A Common Stock and certain issuances of Common Stock Equivalents
(as defined in the Original Securities Purchase Agreement) in connection with the Exchange Offer, the PIK Note Amendment, the 2022 Debenture
Release, a Private Placement and a Public Financing (each as defined below), and as Private Placement Additional Consideration (as defined
below), as well as any previous issuance of Class A Common Stock or Common Stock Equivalents (as defined in the Original Securities Purchase
Agreement), do not trigger, and cannot be deemed to have triggered, any anti-dilution adjustments in the securities issued pursuant to
the Original Securities Purchase Agreement, including the Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any holder of Assumed Warrants
who elects to participate in the Exchange Offer by executing and delivering a Letter of Transmittal and Consent, together with any other
required documents in accordance with the terms of the Exchange Offer, will be deemed to have authorized, approved, consented to and executed
the Warrant Amendment and the Exchange Offer General Release Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consummation of the Exchange
Offer is conditioned upon, among other things, stockholder approval in accordance with NYSE American Company Guide Section 713, which
may not be waived by the Company, and Assumed Warrants being exchanged in the Exchange Offer the holders of which own at least 50.01%
in interest of the convertible debentures issued pursuant to the Original Securities Purchase Agreement, based on the initial subscription
amounts thereof (which is the minimum amount required to amend the Original Securities Purchase Agreement), which may be waived by the
Company in its sole discretion. The Company may cancel the Exchange Offer if any of the conditions of the Exchange Offer are not satisfied
prior to the Exchange Offer Expiration Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If all outstanding Assumed
Warrants are tendered in the Exchange Offer, the Company&#8217;s obligation to issue 1,905,853 shares of Class A Common Stock under the
Assumed Warrants would be eliminated and approximately 9,205,270 shares of Class A Common Stock, subject to stockholder approval, would
be issued to the Assumed Warrant holders in exchange for the Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Concurrently with the Exchange
Offer, the Company is soliciting approval from the holders of the Company&#8217;s 15% Senior Promissory Notes (the &#8220;<b>PIK Notes</b>&#8221;),
pursuant to a separate Schedule TO filed with the SEC on April 27, 2023, of certain amendments to the PIK Notes during the Offer Period,
in exchange for shares of Class A Common Stock (the&#160;&#8220;<b>PIK Note Offer to Amend</b>&#8221;), pursuant to the terms and conditions
of (i) an Offer to Amend 15% Senior Promissory Notes and Consent Solicitation and (ii) an Election to Consent. Specifically, the Company
is soliciting amendments to the Senior Promissory Note Purchase Agreement, dated September 20, 2022, between the Company and each purchaser
thereof (the &#8220;<b>PIK Note Purchase Agreement</b>&#8221;), which governs all of the PIK Notes, to permit the following issuances
by the Company of Class A Common Stock and Common Stock Equivalents (as defined in the PIK Note Purchase Agreement), without prepaying
the PIK Notes as required by the terms of the PIK Note Purchase Agreement: (i) the issuance of shares of Class A Common Stock in the Exchange
Offer, (ii) the issuance of shares of Class A Common Stock in the PIK Note Offer to Amend, (iii) the issuance of shares of Class A Common
Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in connection with the 2022 Debenture Release, (iv)
the issuance of shares of Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in (a) a private placement
of the Company&#8217;s equity, equity-linked or debt securities resulting in gross proceeds to the Company no greater than $5 million
(a &#8220;<b>Private Placement</b>&#8221;) and/or (b) a registered offering of the Company&#8217;s equity, equity-linked or debt securities
resulting in gross proceeds to the Company no greater than $20 million (a &#8220;<b>Public Financing</b>&#8221;); provided that (A) the
proceeds of a Private Placement resulting in gross proceeds to the Company of at least $2 million are used by the Company to prepay not
less than 25% of the Outstanding Principal Balance (as defined in the PIK Notes) as of the date of prepayment on a pro rata basis upon
the closing of such Private Placement, and (B) the proceeds of a Public Financing resulting in gross proceeds to the Company of at least
$10 million are used by the Company to prepay all of the Outstanding Principal Balance as of the date of prepayment upon the closing of
such Public Financing, and (v) the issuance of shares of Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note
Purchase Agreement) as Private Placement Additional Consideration (as defined below) (collectively, the &#8220;<b>PIK Note Amendment</b>&#8221;).
Pursuant to the PIK Note Offer to Amend, and assuming stockholder approval of the issuance of the shares in connection therewith in accordance
with NYSE American Company Guide Section 713 (which condition may not be waived by the Company), consenting holders of the PIK Notes will
receive, assuming receipt of the consent to approve the PIK Note Amendment from holders that purchased at least 50.01% in interest of
the aggregate principal balance of the PIK Notes (which condition may be waived by the Company in its sole discretion), 1.25 shares of
Class A Common Stock for every $1.00 of the original principal amount of their PIK Notes, on the terms and subject to the conditions of
the PIK Note Offer to Amend. In order to participate in the PIK Note Offer to Amend, holders of PIK Notes must agree to a general release
(the &#8220;<b>PIK Note Offer to Amend General Release Agreement</b>&#8221;). The Company may cancel the PIK Note Offer to Amend if any
of the conditions of such offer are not satisfied prior to the PIK Note Offer to Amend Expiration Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any holder of PIK Notes who
elects to participate in the PIK Offer to Amend by executing and delivering an Election to Consent, together with any other required documents
in accordance with the terms of the PIK Note Offer to Amend, will be deemed to have authorized, approved, consented to and executed the
PIK Note Amendment and the PIK Note Offer to Amend General Release Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming the Company receives
consents from all PIK Note holders and stockholder approval is obtained, the Company will issue on a pro rata basis to the holders of
the PIK Notes approximately 4,321,875 shares of Class A Common Stock in consideration for the PIK Note Amendment, on the terms and subject
to the conditions of the PIK Note Offer to Amend.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of Class A Common
Stock issuable in the Exchange Offer and the PIK Note Offer to Amend are &#8220;restricted securities&#8221; and may not be sold by the
holder absent a registration statement covering their resale or an exemption from the registration requirements of federal and applicable
state securities laws. The Company will undertake at its sole expense to file appropriate resale registration statements (respectively,
the &#8220;<b>Exchange Offer Registration Statement</b>&#8221; and the &#8220;<b>PIK Note Offer to Amend Registration Statement</b>,&#8221;
and collectively, the &#8220;<b>Registration Statements</b>&#8221;) with the SEC covering all of the shares of Class A Common Stock to
be issued pursuant to the Exchange Offer and the PIK Note Offer to Amend promptly following the issuance of such shares of Class A Common
Stock to holders of the Assumed Warrants and the PIK Note holders who participate in the Exchange Offer and the PIK Note Offer to Amend,
each as applicable, but no later than 30 days thereafter (the &#8220;<b>Filing Deadline</b>&#8221;); provided that the Company (a) will
use its commercially reasonable efforts to have the Registration Statements declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 60th day after the applicable Filing Deadline (or the 90th day if the SEC notifies the
Company that it will review the applicable Registration Statement) and (ii) the fifth business day after the date that the Company is
notified by the SEC that the applicable Registration Statement will not be reviewed or will not be subject to further review (the &#8220;<b>Target
Effectiveness Date</b>&#8221;), (b) will issue to each holder of Assumed Warrants and PIK Notes participating in the Exchange Offer or
PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in the Exchange Offer
or the PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Filing Deadline until the
Company files the applicable initial Registration Statement, pro-rated for each day beyond the Filing Deadline, up to a total of 20% of
the shares of Class A Common Stock originally issued in the Exchange Offer or the PIK Note Offer to Amend, as applicable, to such participating
holder (the &#8220;<b>Additional Shares</b>&#8221;), (c) will issue to each holder of Assumed Warrants or PIK Notes participating in the
Exchange Offer or PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in
the Exchange Offer or PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Target Effectiveness
Date until the applicable initial Registration Statement is declared effective, pro-rated for each day beyond the Target Effectiveness
Date, up to, together with the Additional Shares, a total of 20% of the shares of Class A Common Stock originally issued in the Exchange
Offer or PIK Note Offer to Amend, as applicable, to such participating holder, and (d) may not effect a reverse split of the outstanding
shares of Class A Common Stock sooner than 15 calendar days after the PIK Note Offer to Amend Registration Statement is declared effective
by the SEC without prepaying the PIK Notes in full.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be no contractual
lock-up with regard to the shares of Class A Common Stock issued pursuant to the Exchange Offer or the PIK Note Offer to Amend, although
any resale of such shares will be subject to the provisions of applicable securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Company conducts a Private
Placement because the PIK Note Amendment has been approved, each investor who participates in the Private Placement who was a holder of
Assumed Warrants or PIK Notes as of the commencement of the Exchange Offer or the PIK Note Offer to Amend, as applicable, and each former
holder of 2022 Debentures, may receive additional shares of Class A Common Stock or Common Stock Equivalents (as defined in the Original
Securities Purchase Agreement or the PIK Note Purchase Agreement, as applicable) as further consideration for participating in the Private
Placement, in addition to the equity purchase price and other terms of such Private Placement offered to all investors, whether or not
such holder of Assumed Warrants tendered Assumed Warrants or consented to the Amendment and Restatement in the Exchange Offer and whether
or not such holder of PIK Notes consented to the PIK Note Amendment in the PIK Note Offer to Amend (the &#8220;<b>Private Placement Additional
Consideration</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has also authorized
the Company to offer Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement or the Original Securities
Purchase Agreement, as applicable) in exchange for a general release by the former holders of 2022 Bridge Debentures, which 2022 Bridge
Debentures were automatically converted into Class A common stock of Legacy FOXO and exchanged by the Company for Class A Common Stock
in connection with the Business Combination, subject to stockholder approval and other conditions to be determined by the Company, at
a future date to be determined by the Company (the &#8220;<b>2022 Debenture Release</b>&#8221;). As currently contemplated, each former
holder of the 2022 Bridge Debentures that executes such general release would receive approximately 0.67 shares of Class A Common Stock
for every $1.00 of original principal amount of its 2022 Bridge Debentures, and if all former holders of 2022 Bridge Debentures execute
such general release, up to 18,760,000 shares of Class A Common Stock would be issued by the Company to such former holders of the 2022
Bridge Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-GAAP Financial Measures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To supplement our financial
information presented in accordance with U.S.&#160;GAAP, management periodically uses certain &#8220;non-GAAP financial measures,&#8221;
as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future.
Generally, a non-GAAP financial measure is a numerical measure of a company&#8217;s operating performance, financial position or cash
flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented
in accordance with U.S.&#160;GAAP.&#160;For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures,
gains, losses and impairments, or items outside of management&#8217;s control. Management believes that the following non-GAAP financial
measure provides investors and analysts useful insight into our financial position and operating performance. Any non-GAAP measure provided
should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S.&#160;GAAP.
Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented
by other companies and therefore may not be comparable among companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Adjusted EBITDA provides additional
insight into our underlying, ongoing operating performance and facilitates period-to-period comparisons by excluding the earnings impact
of interest, tax, depreciation and amortization, investment impairment, non-cash change in fair value of convertible debentures, and equity-based
compensation. Management believes that presenting Adjusted EBITDA is more representative of our operational performance and may be more
useful for investors. Adjusted EBITDA along with a reconciliation to net loss is shown in Other Operating Data within the Results of Operations
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon closing of the Business
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to periods ending prior to the Closing of the Business Combination on September 15, 2022 are those of Legacy FOXO.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,337</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Revenues.&#160;</i></b>Total
revenues were $511 for the year ended December 31, 2022, compared to $120 for the year ended December 31, 2021. During the year ended
December 31, 2022, the Company recognized $400 of revenue related to epigenetic biomarker services that did occur in the year ended December
31, 2021. This increase was offset by a combined $9 decrease in life insurance commissions earned and epigenetic biomarker royalties because
we ceased placing policies from our legacy agency business and had a reduction of the royalty rate on Illumina, Inc.&#8217;s license to
manufacture and sell Infinium Mouse Methylation Arrays using our epigenetic research.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Research and Development.&#160;</i></b>Research
and development expenses were $3,047 for the year ended December 31, 2022, compared to $4,879 for the year ended December 31, 2021. The
decrease of $1,832, or 38%, was driven by $3,310 of expenses incurred during the year ended December 31, 2021, related to Harvard University&#8217;s
Brigham and Women&#8217;s Hospital Physicians&#8217; Health Study (&#8220;<b>PHS</b>&#8221;) that were insignificant in the comparable
period. This included three milestone payments totaling $926 thousand, required at commencement, upon transfer of clinical data, and upon
the receipt of human materials used in the study, respectively. There are no additional milestone payments due for PHS. The remaining
expenses related to supplies and data processing to obtain epigenetic data. PHS is currently in a data organizing and analysis phase.
As such, the Company does not expect to incur additional material expenses related to PHS after December 31, 2022. This decrease was partially
offset by $696 of incremental research and development costs associated with a clinical trial agreement with The Brigham and Women&#8217;s
Hospital, Inc. (&#8220;<b>VECTOR</b>&#8221;), the majority of which related to a payment at contract inception. The research study associated
with this arrangement is on hold. Additional employee-related expenses incurred during the year ended December 31, 2022, also partially
offset the decrease in research and development expenses over the comparison period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Management Contingent
Share Plan. &#160;</i></b>Management contingent share plan expenses were $10,091 for the year ended December 31, 2022, as a result of
issuing awards as part of the Business Combination. We began recognizing expense related to the performance condition for entering into
a commercial research collaboration agreement. $8,695 of the expense recognized on the Management Contingent Share Plan relates to the
service-based conditions that no longer applied to the former CEO and is subject to forfeiture pending conclusion of the Board of Director&#8217;s
review. As of December 31, 2022, the Board of Directors was in process of reviewing whether our former Chief Executive Officer, Jon Sabes,
was terminated with or without cause. Accordingly, we have yet to make a determination on our obligations to the former Chief Executive
Officer. We have recognized expenses related to his management contingent share plan per the terms of that arrangement while the matter
remains under review.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Selling, General and
Administrative.</i></b>&#160;Selling, general and administrative expenses were $27,196 for the year ended December 31, 2022 compared to
$10,272 for the year ended December 31, 2021. The increase of $16,924, or 165%, was primarily due to (i) $6,654 of equity-based compensation
costs associated with the Consulting Agreement, Cantor Commitment Fee, and vendor shares in the year ended December 31, 2022, (ii) $1,283
of amortization expense that began when assets were placed in service in the year ended December 31, 2022, and (iii) $1,370 of impairment
charges in the year ended December 31, 2022, related to the health study tool and insurance license. The remaining increase of $7,617
was incurred to support business growth and the implementation of our business plan, primarily related to employee-related expenses, insurance
expenses, as well as incremental professional services incurred in connection with the Business Combinations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Non-Cash Change in Fair
Value of Convertible Debentures.</i></b> The non-cash change in fair value of convertible debentures was $28,180 for the year ended December
31, 2022, compared to $21,703 for the year ended December 31, 2021. We elected the fair value option to account for the 2021 Bridge Debentures
and 2022 Bridge Debentures. The increase in fair value for the year ended December 31, 2021, was the result of the increased likelihood
of voluntary or mandatory conversion at OIP, which represents a favorable result to holders of the debentures. The change for the year
ended December 31, 2022, also reflected the increase in fair value associated with incurring additional debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Change in Fair Value
of Warrant Liabilities.</i></b> The change in fair value of warrant liabilities was $2,076 during the year ended December 31, 2022 as
a result of a reduction in the fair value of derivative warrant liabilities assumed as part of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Forward Purchase Agreement
Expense.</i></b> The forward purchase agreement expense was $27,337 during the year ended December 31, 2022 due to the forward purchase
agreement entered into as part of the Business Combination and the decline in our stock price. The expense primarily relates to the cancellation
of the agreement, amounts released from escrow to the counterparty as a result of open market sales, and settling the collateral liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Other Expense. </i></b>We
recognized other expense of $1,647 for the year ended December 31, 2022 compared to $1,754 for the year ended December 31, 2021. This
decrease was the result of a $400 investment impairment in the year ended December 31, 2021 that was partially offset by incremental contractual
interest expense incurred in the year ended December 31, 2022 in connection with the 2021 Bridge Amendment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Net Loss. </i></b>Net
loss was $95,255 for the year ended December 31, 2022, which reflects an increase of $56,767 or 147% over the $38,488 net loss in the
prior year comparable period. This increase was primarily due to increases in non-cash change in fair value of convertible debentures,
increases in selling, general and administrative expenses, and incurring forward purchase agreement expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Analysis of Segment Results:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is an analysis
of our results by reportable segment for the year ended December 31, 2022 compared to the year ended December 31, 2021. The primary income
measure used for assessing reportable segment performance is earnings before interest, income taxes, depreciation, amortization, and equity-based
compensation. Segment Earnings by reportable segment also excludes corporate and other costs, including management, IT, and overhead costs.
For further information regarding our reportable business segments, please refer to our consolidated financial statements and related
notes included elsewhere in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>FOXO Labs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-style: italic; border-bottom: Black 1.5pt solid">(Dollars in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in <br/> $</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in<br/>
 %</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Total revenue</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">483</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">85</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">398</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">468</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,875</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,790</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,021</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Revenues. </i></b>Total
revenues were $483 and $85 for the year ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the Company
recognized $400 of revenue related to epigenetic biomarker services with the remaining revenue in both periods from earned royalties on
Illumina, Inc.&#8217;s license to manufacture and sell Infinium Mouse Methylation Arrays using our epigenetic research.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Segment Earnings. </i></b>Segment
Earnings increased from ($4,790) for the year ended December 31, 2021 to ($2,769) for the year ended December 31, 2022. The increase of
$2,021 was driven by $3,310 of expenses incurred during the year ended December 31, 2021 related to PHS that were insignificant in the
2022 comparable period. This decrease was partially offset by $696 of incremental research and development costs associated with VECTOR,
the majority of which related to a payment at contract inception. The research study associated with this arrangement is on hold. Additional
employee-related expenses incurred during the year ended December 31, 2022 also partially offset the decrease in research and development
expenses over the comparison period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>FOXO Life</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(7</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">(1,354</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Revenues. </i></b>Total
revenues were $28 for the year ended December 31, 2022 compared to $35 for the year ended December 31, 2021. The decrease was due to reduced
life insurance commissions earned as we ceased placing policies from our legacy agency business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Segment Earnings. </i></b>Segment
Earnings decreased from ($2,381) for the year ended December 31, 2021 to ($3,735) for the year ended December 31, 2022. The decrease of
($1,354) was primarily due to incremental employee-related expenses and costs for professional services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Operating Data:</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use Adjusted EBITDA to
evaluate our operating performance. Adjusted EBITDA does not represent and should not be considered an alternative to net income as determined
by U.S. GAAP, and our calculations thereof may not be comparable to those reported by other companies. We believe Adjusted EBITDA is an
important measure of operating performance and provides useful information to investors because it highlights trends in our business that
may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our
operating performance. Adjusted EBITDA, as presented herein, is a supplemental measure of our performance that is not required by, or
presented in accordance with, U.S. GAAP. We use non-GAAP financial measures as supplements to our U.S. GAAP results in order to provide
a more complete understanding of the factors and trends affecting our business. Adjusted EBITDA is a measure of operating performance
that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S.
GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reconcile our non-GAAP
financial measure to our net loss, which is its most directly comparable financial measure calculated and presented in accordance with
U.S. GAAP. Our management uses Adjusted EBITDA as a financial measure to evaluate the profitability and efficiency of our business model.
Adjusted EBITDA is not presented in accordance with U.S. GAAP. Adjusted EBITDA includes adjustments for provision for income taxes, as
applicable, interest income and expense, depreciation and amortization, equity-based compensation, and certain other infrequent and/or
unpredictable non-cash charges or benefits, such as impairment, changes in fair value of convertible debentures, changes in fair value
of warrant liabilities, and expenses related to the forward purchase agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,118</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">28,180</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Add: Change in fair value of warrant liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,076</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,370</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">400</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Add: Forward purchase agreement expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
expense recognized related to the shares issued to the Consultant, vendor shares, and for the Cantor Commitment Fee. See Notes 6 and
7 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
impairment for the health study tool, insurance license and investment impairment. See Notes 3 and 4 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sources of Liquidity and Capital</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had cash and cash equivalents
of $5,515 and $6,856 as of December 31, 2022 and December 31, 2021, respectively. We have incurred net losses since our inception. For
the year ended December 31, 2022 and 2021, we incurred net losses of $95,255 and $38,488, respectively. We had an accumulated deficit
of $147,231 and $51,976, respectively, as of December 31, 2022, and December 31, 2021. We have generated limited revenue to date and expect
to incur additional losses in future periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the Business Combination,
we entered into a Forward Purchase Agreement and ELOC Agreement to fund our business; however, these agreements have since been terminated
as a result of the performance of our stock. The Business Combination ultimately resulted in a significant number of redemptions limiting
our proceeds. Additionally, we are unlikely to receive proceeds from the exercise of outstanding Warrants as a result of the difference
between our current trading price of our Class A Common Stock and the exercise price of the various Warrants, as further discussed below.
Our current revenue is not adequate to fund our operations in the next twelve months, as further described under &#8220;Liquidity Update&#8221;
below, and requires us to fund our business through other avenues until the time we achieve adequate scale. Securing additional capital
is necessary to execute on our business strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FOXO Life Insurance Company Sale</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed above under &#8220;<i>Recent
Developments &#8211; FOXO Life Insurance Company</i>,&#8221; <span style="background-color: white">we consummated the sale of FOXO Life
Insurance Company to Security National pursuant to the Security National Merger Agreement. After the Merger Consideration and Security
National&#8217;s third party expenses, the transaction resulted in the Company gaining access to $4,751 that was previously held as statutory
capital and surplus pursuant to the Arkansas Code. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impact of this Offering on Liquidity</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of a substantial number of our shares of Class A Common Stock
and/or Public Warrants in the public market by the Selling Securityholders and/or by our other existing securityholders, or the perception
that those sales might occur, could depress the market price of our shares of Class A Common Stock and Public Warrants and could impair
our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may
have on the prevailing market price of our shares of Class A Common Stock and Public Warrants. The total amount of shares being registered
for resale represent a substantial percentage of our total outstanding Class A Common Stock as of the date of this prospectus. The shares
being offered for resale in this prospectus represent 19.5% of our current total outstanding Class A Common Stock, assuming the exercise
of all Warrants. Further, certain Selling Securityholders beneficially own a significant percentage of our outstanding Class A Common
Stock. For instance, the members of the Sponsor beneficially own in the aggregate<i>&#160;</i>4,039,614 shares, or 14.7% of our Class
A Common Stock, and Jon Sabes, our previous Chief Executive Officer and Chairman and former member of the Board, beneficially owns 3,741,062
shares, or 13.1% of our Class A Common Stock. These shares may be resold for so long as the registration statement, of which this prospectus
forms a part, is available for use. The sale of all securities being offered in this prospectus could result in a significant decline
in the public trading price of our Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of the exercise of any Warrants for cash, we will receive
the proceeds from such exercise. Assuming the exercise in full of all of the Warrants for cash, we would receive an aggregate of approximately
$131.2 million, but would not receive any proceeds from the sale of the shares of Class A Common Stock issuable upon such exercise. To
the extent any of the Warrants are exercised on a &#8220;cashless basis&#8221; in accordance with their terms, we will not receive any
proceeds upon such exercise. We expect to use any proceeds we receive from Warrant exercises for general corporate and working capital
purposes, which would increase our liquidity. We believe the likelihood that warrant holders will exercise their Warrants, and therefore
the amount of cash proceeds we would receive, is dependent upon the trading price of our Class A Common Stock, the last reported sales
price for which was $0.43 per share on April 26, 2023. If the trading price of our Class A Common Stock is less than the respective Warrant
exercise prices, we expect that warrant holders will not exercise their Warrants. There is no guarantee the Warrants will be in the money
while exercisable and prior to their expiration, and as such, the Warrants may expire worthless and we may receive no proceeds from the
exercise of Warrants. As a result, we do not expect to rely on the cash exercise of Warrants to fund our operations and cannot depend
on such proceeds to support working capital and capital expenditure requirements for the next twelve months. We will continue to evaluate
the probability of Warrant exercises and the merit of including potential cash proceeds from the exercise of the Warrants in its future
liquidity projections. We currently expect to rely on the sources of funding described in this prospectus, and any future financings,
if available on reasonable terms or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the current
exercise price is $11.50 per share for the Public and Private Warrants. However, we may lower the exercise price of the Public Warrants
and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The
Company may effect such reduction in exercise price without the consent of such warrant holders and such reduction would decrease the
maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in the event the Company
issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants,
then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount of proceeds the
Company receives for each share of Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Prior
Financings</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the closing of the
Business Combination, we financed our business through a combination of equity and debt, consisting of proceeds from a subscription receivable
and proceeds from convertible debenture offerings. The subscription receivable initially totaled $20,000, with the last installment being
received during the third quarter of 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the first quarter of
2021, we entered into separate securities purchase agreements with the 2021 Bridge Investors, pursuant to which we issued convertible
debentures for $11,812 in aggregate principal. After an original issue discount of 12.5% we received cash proceeds of $10,500 for this
issuance. Additionally, we incurred an incremental $888 of fees and expenses related to the offering. The 2021 Bridge Debentures were
issued in three tranches, on January 25, 2021, February 23, 2021, and March 4, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, during the first
quarter of 2022, we entered into separate securities purchase agreements with the 2022 Bridge Investors, pursuant to which we issued the
2022 Bridge Debentures for $24,750 in aggregate principal. After an original issue discount of 10.0% we received cash proceeds of $22,500
for this issuance. In the second quarter of 2022, we issued additional 2022 Bridge Debentures pursuant to which we raised an additional
$5,500 in cash proceeds or $6,050 in aggregate principal amount under the same terms as the issuance of the 2022 Bridge Debentures in
the first quarter of 2022, resulting in total cash proceeds of $28,000 from the issuance of the 2022 Bridge Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately prior to the Closing,
the 2021 Bridge Debentures and 2022 Bridge Debentures were converted into 6,759,642 and 7,810,509, respectively, shares of FOXO Class
A Common Stock and were subsequently exchanged for shares of the Company&#8217;s Class A Common Stock at the Closing of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the third quarter of
2022, we entered into separate securities purchase agreements pursuant to which we issued our Senior PIK Notes in the aggregate principal
of $3,458. We received net proceeds of $2,918, after deducting fees and expenses of $540.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our primary uses of cash are
to fund our operations as we continue to grow our business. We expect to continue to incur operating losses in the near term to support
the growth of our business. Capital expenditures have historically not been material to our consolidated operations, and we do not anticipate
making material capital expenditures in 2022 or beyond. We expect that our liquidity requirements will continue to consist of working
capital and general corporate expenses associated with the growth of our business. Based on our current planned operations, we expect
to address our liquidity needs through the pursuit of additional funding through a combination of equity or debt financings to enable
us to fund our operations for at least 12 months from the date hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect proceeds from the
FOXO Life Insurance Company sale to contribute in funding our operations until June 2023. In the event we are unable to secure financing
by that time, we may be forced to sell the company, suspend our operations, and possibly even liquidate our assets and wind-up and dissolve
our Company. As such, until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there is
substantial doubt about the Company&#8217;s ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have based our estimates
as to how long we expect we will be able to fund our operations on assumptions that may prove to be wrong, and we could use our available
capital resources sooner than we currently expect, in which case we would be required to obtain additional financing sooner than currently
projected, which may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have
a negative impact on our financial condition and our ability to pursue our business strategy. We may raise additional capital through
equity offerings, debt financings or other capital sources. If we do raise additional capital through public or private equity offerings,
or convertible debt offerings, the ownership interest of our existing stockholders will be diluted, and the terms of these securities
may include liquidation or other preferences that adversely impact our existing stockholders&#8217; rights. If we raise additional capital
through debt financing, we may be subject to covenants limiting or restricting our ability to take certain actions. As discussed above
under &#8220;Recent Developments &#8211; Memorandum Regarding Assumed Warrants and PIK Note&#8221; the Company is pursuing amendments
to existing agreements to help it raise additional capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidity Update</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the evaluation
of the Business Combination, our management prepared and provided to our Board of Directors and Delwinds&#8217; financial advisor unaudited
prospective financial information, which included projected revenues for fiscal year 2022 of $2,000. The prospective financial information
was prepared using a number of assumptions, including assumptions with respect to general business, economic, market, regulatory and financial
conditions and various other factors, all of which are difficult to predict and many of which are beyond FOXO&#8217;s control. Based on
the $511 of revenue recognized during the year ended December 31, 2022, we had substantially less revenue than previously anticipated.
The significant reduction in revenue is due to several factors including but not limited to (i) the Business Combination taking longer
than expected to consummate, which was not considered when the forecast was originally prepared, (ii) the updates to the business strategy
to focus on the MGA Model as opposed to starting to sell policies through FOXO Life Insurance Company requiring us to adjust our operations
and resulting in zero revenue from the sale of policies through FOXO Life Insurance Company, (iii) the royalties earned from our mouse
methylation biomarker royalties being lower than forecast as a result of lower sales than expected and as a result of a reduced royalty
rate in exchange for releasing us from a purchase commitment and (iv) the Company&#8217;s continued focus on capital raising initiatives.
As previously discussed, the sale of FOXO Life Insurance Company improved our liquidity by giving us access to $4,751 that was previously
subject to statutory capital and surplus requirements<span style="background-color: white">. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Years Ended December 31, 2022 and 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our cash flow data for the years ended December 31, 2022 and 2021 (dollars in thousands):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cash Provided by /<br/>
(Used in)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Years Ended December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(23,760</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(15,055</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(355</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">24,289</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used for operating
activities in the year ended December 31, 2022 was $23,760 compared to $15,055 in the year ended December 31, 2021. Operating cash flow
decreased $8,705, or 58%, from the year ended December 31, 2021 to the year&#160;ended December 31, 2022. The decrease was the result
of an increased net loss, primarily driven by non-cash items, as well as increased working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used for investing
activities in the year ended December 31, 2022 was $1,870 compared to $355 in the year ended December 31, 2021. This investing cash flow
decrease of $1,515 was due to incremental costs incurred to develop internal use software, partially offset by a decrease in investments
made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing
activities in the year ended December 31, 2022 was $24,289 compared to $14,143 in the year ended December 31, 2021. This financing cash
flow increase was the result of higher debt proceeds of $28,000 from the 2022 Bridge Debentures and $2,918 net proceeds from the Senior
PIK Notes compared to $10,500 from the 2021 Bridge Debentures. This was partially offset by reduced proceeds received on our Subscription
Receivable during the year ended December 31, 2021, warrant repurchases and the series of transactions associated with the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Off-Balance Sheet Financing Arrangements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no obligations, assets
or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions that create relationships
with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established
for the purpose of facilitating off-balance sheet arrangements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into any
off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,
or entered into any non-financial assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Contractual Obligations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our contractual obligations
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License
agreements remain in place until the licensor&#8217;s patents expire or are abandoned. Amounts do not include development milestones
that have not been reached as of December 31, 2022.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
relate to completing CHOP in the upcoming year. See Note 16 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
the principal balance as of December 31, 2022. The Senior PIK Notes are subject to prepayment penalties and interest is paid through
the issuance of additional Senior PIK Notes. The ultimate amount required to settle the Senior PIK Note will vary depending on when it
is settled. See Note 5 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two vendor commitments comprising the balance shown. See Note 15 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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not include $425 of potential milestone payments related to the VECTOR study. The milestone payments are within the control of the Company
and as of December 31, 2022 the milestones have not been met. See Note 16 of the consolidated financial statements.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the consolidated
financial statements and related notes included under &#8220;Item 8. Financial Statements&#8221; and related disclosures in conformity
with GAAP. The preparation of these consolidated financial statements requires the selection of the appropriate accounting principles
to be applied and the judgments and assumptions on which to base accounting estimates, which affect the reported amounts of assets and
liabilities as of the date of the balance sheets, the reported amounts of revenue and expenses during the reporting periods, and related
disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the
circumstances at the time such estimates are made. Actual results and outcomes may differ materially from our estimates, judgments, and
assumptions. We periodically review our estimates in light of changes in circumstances, facts, and experience. The effects of material
revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We define our critical accounting
policies and estimates as those that require us to make subjective judgments about matters that are uncertain and are likely to have a
material impact on our financial condition and results of operations as well as the specific manner in which we apply those principles.
We believe the critical accounting policies used in the preparation of our financial statements which require significant estimates and
judgments are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Equity-Based Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, prior to the
Business Combination, we offered equity-based compensation to employees and nonemployees in the form of stock options and restricted stock.
We measure and recognize all equity-based payments to employees, service providers and board members at fair value. The cost of services
received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statements of
operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized
on a straight-line basis over the requisite service period. We recognize forfeitures as incurred. We utilize a Black-Scholes valuation
model to estimate the fair value of stock options and this model requires the input of assumptions, including the exercise price, volatility,
expected term, discount rate, and the fair value of the underlying membership or stock on the date of grant. These inputs are provided
at the grant date for an equity classified award and each measurement date for a liability classified award. Equity-based compensation
awards are considered granted (i)&#160;when there is a mutual understanding of key terms, (ii)&#160;we are contingently obligated to issue
the options, and (iii)&#160;the option holder begins to benefit or be adversely impacted by changes in our stock price. This primarily
occurs at the time the stock option agreements are executed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our option pricing model requires
the input of highly subjective assumptions, including the fair value of the underlying units or stock, the expected term of the equity-based
award, the expected volatility of the price of our common units or stock, risk-free interest rates, and the expected dividend yield of
our common units or stock. The assumptions used in our option pricing model represent management&#8217;s best estimates. These estimates
involve inherent uncertainties and the application of management&#8217;s judgment. If factors change and different assumptions are used,
our equity-based compensation expense could be materially different in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These assumptions were estimated
as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Common Stock Valuations</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to our initial public
offering FOXO Technologies Operating Company&#8217;s common stock was not publicly traded, the fair value of our equity, which is the
basis upon which all of our equity-based compensation awards was measured and recognized, was determined by our board of directors, with
input from management and third-party valuation specialists. The third-party valuation specialists apply valuation techniques and methods
that conform to generally accepted valuation practices and standards established by the American Society of Appraisers in accordance with
Uniform Standards of Professional Appraisal Practice. The valuation methodologies and techniques utilized are also consistent with guidance
issued by the American Institute of Certified Public Accountants in its <i>Accounting and Valuation Guide, Valuation of Privately-Held-Company
Equity Securities Issued as Compensation, 2013</i>. The specialists used a variety of both objective and subjective factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An initial valuation was performed
by an independent third-party valuation specialist in November&#160;2019, concurrent with the formation of Legacy FOXO as a limited liability
company. In this valuation, the Cost Approach was used to determine enterprise value based on the fair market value of our assets. This
approach was utilized given our lack of earnings history and the start-up nature of our business and operations, both of which brought
into question our ability to continue as a going concern. At the time of this valuation, the estimated enterprise value was primarily
based on the subscription receivable. Another valuation was performed by an independent third-party valuation specialist in November&#160;2020
following the corporate conversion of Legacy FOXO and in anticipation of issuing stock options. The valuation was performed using the
same methodology, but also considered a liquidation preference for preferred stock calculated using a Black-Scholes valuation model. At
the time of this valuation, the majority of the subscription receivable had already been collected, causing a reduction in the estimated
enterprise value. The liquidation preference for preferred stock and a discount for lack of marketability also had an adverse impact on
valuation, which was determined to be $0.21 per share of common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have historically refreshed
enterprise valuations to determine the fair value of our equity-based compensation at grant date for stock options based on the methodologies
as described.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct performance reviews
twice annually following the end of the second and fourth quarter. Our first stock option grant occurred following our biannual review
after the fourth quarter of 2020, with the formal grant occurring when the stock option agreements were executed in April&#160;2021. At
that time, the fair value of our common stock was $0.09 per share. While the preferred stock is outstanding, holders have protection from
share issuance at a price below the original issue price (&#8220;<b>OIP</b>&#8221;). Accordingly, for stock options granted in April&#160;2021,
the exercise price per option was set at an amount slightly above the anticipated OIP.&#160;Stock options granted in April&#160;2021 comprise
the majority of stock options outstanding as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We completed our biannual
review following the second quarter of 2021 as we entered into negotiations with Delwinds. At this time, stock options were issued with
the same exercise price as the April&#160;2021 grant. This was determined to be a good faith estimate as a result of the uncertainty of
the transaction, prior values of common stock, and the historical investment of our preferred stockholder. As a result of a letter of
intent (the &#8220;Letter of Intent&#8221;) to merge with Delwinds, we considered it prudent to have another valuation performed to record
equity-based compensation expense in the consolidated financial statements reflective of the updated circumstances surrounding our company.
This valuation report was received subsequent to the grant of the stock options but is reflected in the consolidated financial statements
for this grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This valuation report reflected
a change in methodology due to the letter of intent related to the Business Combination and development of our Company as a result of
the in-process August order to acquire MICOA. This valuation report used a probability weighting of the Market Approach and Income Approach.
The Market Approach reflected the offer from Delwinds based on the pre-money valuation of FOXO plus a Monte Carlo simulation to capture
the value from earn-out shares based on exceeding specified per share price targets after closing. The Income Approach utilized a discounted
cash flow analysis to provide an estimate of enterprise value based on the present value of anticipated future cash flows. As with prior
valuations, a Black-Scholes valuation model was used to value each equity class by creating a series of call options on our equity value,
with exercise prices based on the liquidation preferences and participation rights. The non-marketability discount in this valuation report
was 20%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock options were granted
in January and February of 2022 after the completion of our biannual review following the fourth quarter of 2021 based on the valuation
discussed above as the circumstances surrounding our common stock remained relatively stable during the timeframe from the valuation report
to the option grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Application of these approaches
and methodologies involves the use of estimates, judgment and assumptions that are highly complex and subjective, such as those regarding
our expected operations, the selection of comparable public companies, and the probability of and timing associated with possible future
events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations
as of each valuation date and may have a material impact on the valuation of our common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fair Value of Convertible Debentures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We elected the fair value
option to account for the 2021 Bridge Debentures and 2022 Bridge Debentures. The fair value option provides an election that allows a
company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at
initial recognition. We elected the fair value option to better depict the ultimate liability associated with the debentures, including
all features and embedded derivatives. The debentures accounted for under the fair value option election represent debt host financial
instruments containing certain embedded features that would otherwise be required to be bifurcated from the debt host and recognized as
separate derivative liabilities subject to initial and subsequent periodic fair value measurement in accordance with U.S. GAAP. When the
fair value option election is applied to financial liabilities, bifurcation of embedded derivatives is not required, and the financial
liability in totality is recorded at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a
recurring basis as of each balance sheet date thereafter. Upon remeasurement, the portion of a change in estimated fair value attributable
to a change in instrument-specific credit risk is recognized as a component of other comprehensive income (loss) and the remaining amount
of a change in estimated fair value is to be recognized in the consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2021, the fair value
of the 2021 Bridge Debentures was determined using a Monte Carlo simulation, which is commonly used to value convertible debt instruments,
and is intended to provide an estimated fair value that approximates the equity value that would be received upon conversion. The significant
assumptions used in those models were as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likelihood of conversion: The convertible debentures allowed for both: (i) voluntary conversion of aggregate principal and accrued and unpaid interest to shares of Class A common stock at the option of the holder at a price per share equal to nine and (ii) mandatory conversion of aggregate principal and accrued and unpaid interest upon FOXO consummating an offering of common stock, including a special purpose acquisition company transaction, for an aggregate price of at least $5,000 at a price per share equal to the lower of (a) 70% of the offering price per share or (b) nine. Given the terms of the convertible debt, and depending upon the fair value of our equity as of a given reporting date, voluntary and mandatory conversion features are often beneficial to holders and thus have the potential to materially increase the estimated fair value of the convertible debentures. For mandatory conversion, increases in the fair value of our equity as of a given reporting date make conversion at nine more likely, which is a favorable result to holders of the convertible debentures as compared to conversion at a price per share equal to 70% of a qualified offering price and thus increases the estimated fair value. Conversely, and while still beneficial to holders, conversion at a price per share equal to 70% of a qualified offering price increases the estimated fair value of the convertible debentures to a lesser degree than conversion at nine. Voluntary conversion is considered in the Monte Carlo simulation and affects the estimated fair value in scenarios in which a qualified offering event that would affect mandatory conversion does not take place.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other notable, but not significant,
assumptions utilized in the Monte Carlo simulations included, but were not limited to, implied borrowing and annualized volatility rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the execution
of the Merger Agreement on February 24, 2022, the ultimate value to holders of the 2021 Bridge Debentures and 2022 Bridge Debentures upon
voluntary or mandatory conversion became clearer, and thus management determined that a Monte Carlo simulation was no longer appropriate
for purposes of estimating fair value. Thus, for the first and second quarters of 2022, the estimated fair value of the 2021 Bridge Debentures
and 2022 Bridge Debentures was calculated using a probability-weighted expected return model. The significant assumptions used in the
models were as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likelihood of conversion: The 2021 Bridge Debentures contain voluntary and mandatory conversion provisions, which are discussed at length above. As the fair value of our equity increases, both conversion mechanisms represent an increasingly favorable result to holders and thus as the likelihood of conversion increases, so too does the estimated fair value of our liability related to the 2021 Bridge Debentures. The 2022 Bridge Debentures allow for both: (i) voluntary conversion of aggregate principal and unpaid interest thereon to shares of Class A common stock at any time after two hundred seventy days following the original issue dates, at a conversion price equal to $5.00 per share, except that if there has been no mandatory conversion within three hundred sixty days following the original issue date, the conversion price following such three hundred sixty-day period would be equal to $4.00 per share; and (ii) mandatory conversion of aggregate principal and unpaid interest thereon upon consummation of an offering of common stock, including a special purpose acquisition company transaction, for an aggregate price of at least $5,000, at a conversion price equal to 75% of the offering price per share. In the conversion scenario, the probability-weighted expected return model determines which conversion mechanism is most favorable to holders and assumes holders will choose the most favorable option in estimating fair value. Depending upon the fair value of our equity as of a given reporting date, these conversion features are often beneficial to holders and thus, increases in the likelihood of conversion increase the estimated fair value of our liability related to the 2022 Bridge Debentures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other notable, but not significant,
assumptions used in the probability-weighted expected return model included, but were not limited to, implied borrowing rates. Upon close
of the business combination, the 2021 Bridge Debenture and 2022 Bridge Debentures were remeasured at fair value based on the actual conversion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On a quarterly basis, we assess
going concern uncertainty for our consolidated financial statements to determine if we have sufficient cash and cash equivalents on hand
and working capital to operate for a period of at least one year from the date our consolidated financial statements are issued or are
available to be issued (the &#8220;look-forward period&#8221;). Based on conditions that are known and reasonably knowable to us, we consider
various scenarios, forecasts, projections, and estimates, and we make certain key assumptions, including the timing and nature of projected
cash expenditures or programs, among other factors, and our ability to delay or curtail those expenditures or programs within the look-forward
period, if necessary. Until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there is
substantial doubt about the Company&#8217;s ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2019, the Financial
Accounting Standards Board (&#8220;<b>FASB</b>&#8221;) issued Accounting Standards Update (&#8220;<b>ASU</b>&#8221;) No. 2019-12, Income
Taxes (Topic 740): Simplifying the Accounting for Income Taxes (&#8220;ASU 2019-12&#8221;). ASU 2019-12 removed certain exceptions to
the general principles in ASC 740 and clarified and amended existing guidance to improve consistent application. This amended guidance
was effective for public entities for interim and annual periods beginning after December 15, 2021. The Company adopted ASU 2019-12 effective
January 1, 2022 and it did not have a material impact on the Company&#8217;s consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, the FASB issued
ASU No. 2020-06, Debt &#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#8212; Contracts in
Entity&#8217;s Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity (&#8220;<b>ASU
2020-06</b>&#8221;), which simplifies the accounting for convertible instruments by reducing the number of accounting models available
for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. This amended guidance is effective for public and private companies for fiscal
years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption
is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The Company adopted the amended guidance prospectively effective January 1, 2021. The impact is not material to the Company&#8217;s results
of operations or financial position as the Company had no debt prior to the issuance of convertible debentures in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Factors That May Adversely
Affect our Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
results of operations may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial
markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets
or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer
confidence and spending, the ongoing effects of the COVID-19 pandemic, including resurgences and the emergence of new variants, and geopolitical
instability, such as the military conflict in the Ukraine. We cannot at this time fully predict the likelihood of one or more of the above
events, their duration or magnitude or the extent to which they may negatively impact our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Quantitative and Qualitative
Information about Market Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Emerging Growth Company
Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company is an &#8220;emerging growth company&#8221; as defined in the Jobs Act and may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage
of these exemptions until it is no longer an emerging growth company under Section&#160;107 of the JOBS Act, which provides that an emerging
growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised
accounting standards. The Company avails itself of the extended transition period and, therefore, while the Company is an emerging growth
company, it will not be subject to new or revised accounting standards the same time that they become applicable to other public companies
that are not emerging growth companies, unless it chooses to early adopt a new or revised accounting standard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Smaller Reporting
Company Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is also a &#8220;smaller
reporting company&#8221; as defined in Item&#160;10(f)(1)&#160;of Regulation&#160;S-K.&#160;Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two&#160;years of audited financial statements.
The Company will remain a smaller reporting company until the last&#160;day of the fiscal year in which (i)&#160;the market value of the
Company&#8217;s shares of Class A Common Stock held by non-affiliates&#160;exceeds $250&#160;million as of the prior September&#160;30,
or (ii)&#160;its annual revenue exceeded $100&#160;million during such completed fiscal year and the market value of its ordinary shares
held by non-affiliates&#160;exceeds $700&#160;million as of the prior September&#160;30.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="m_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BUSINESS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Business </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The convergence of two cutting-edge
technologies, DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as &#8220;epigenetic signatures,&#8221; and will provide valuable insights&#160;to insurers that will inform
their underwriting and product development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers&#8217; health and lifestyle choices will help insurers tailor their offerings to meet their clients&#8217; needs and provide
insurers with data to plan for their clients&#8217; future financial needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have two core product offerings:
the &#8220;Underwriting Report&#8221; and the &#8220;Longevity Report&#8482;.&#8221; The Underwriting Report allows us to leverage a single
assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately assess
clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing companion
product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health. It can also
be sold separately. We believe the combination of these two reports provides a valuable win for our insurance carrier partners as well
as their customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to change the sales and underwriting process to the betterment
of consumers and carriers alike.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO Labs &#8211; Underwriting Report</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Labs is commercializing
a first of its kind proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global
life insurance industry (the &#8220;<b>Underwriting Report</b>&#8221;). The Underwriting Report provides underwriters with an alternative
source of biological mortality risk factors derived from an applicant&#8217;s saliva sample. The information provided in the FOXO Underwriting
Report will allow underwriters to assess mortality risk without the need for more invasive and time-consuming underwriting processes such
as a paramedical exam or the procurement of medical records.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report will
allow insurance companies to leverage cutting-edge biotechnology that streamlines the insurance sales and underwriting process compared
to the costlier and lengthier process of medical underwriting. We can administer our test using saliva allowing for a quick point-of-sale
sample collection. Our non-invasive test can help insurers conduct a multi-panel risk assessment of a proposed insured and make a policy
offer without the need for a paramedical exam or medical records. We believe this will (1) make policy sales more efficient and less invasive,
and (2) expand the market for accelerated underwriting to higher face amount policies. By collecting a sample at the point of sale (or
by mail), we will also streamline and simplify the application and underwriting process. Our multi-panel test can screen for multiple
impairments using a single, non-invasive biospecimen that can be used to assess individual health risks. Additionally, as we collect more
data and create more refined models we can improve our previous measures without the requirement of a new biospecimen. Thus, a saliva-based
sample can be self-administered or collected by the agent without the need for a trained paramedical examiner, and the data can be updated
in perpetuity as technology advances.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report consists
of two sections. The first one is the Biological Age Assessment, which provides an individual&#8217;s aggregate biological mortality risk.
This can be used by an underwriter to quickly triage good mortality risks, which can be issued a policy immediately, from bad mortality
risks, which require further underwriting to properly assess.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The core of the Biological
Age Assessment is the &#8220;Biological DeltaAge,&#8221; which is the difference between biological age and chronological age. A Biological
DeltaAge above zero indicates an increased mortality risk, and below zero indicates a decreased mortality risk.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report&#8217;s
second section outlines specific risk factors that are intended to provide underwriters with more detailed information about an individual&#8217;s
health with respect to specific impairments. Life and disability insurance underwriters can use this information to eliminate additional
underwriting requirements so the insurer can focus on areas of elevated risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risk factors include traditional
underwriting considerations such as tobacco use, cardiovascular risk, diabetes risk, kidney disease risk, and liver disease risk as well
as new information related to mortality risks such as fitness and nutrition. This information represents a significant overlap with a
traditional paramedical exam; however, it is obtained through a non-invasive saliva sample instead of a blood draw and urine collection.
The saliva sample can be collected by mail or by the agent at the point of sale, which eliminates the need for scheduling an appointment
for a paramedical exam. These exams require fasting and a blood draw, which are additional barriers to the sale. They also need to be
scheduled days or weeks in advance, delaying the underwriting process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Report can
be provided electronically via an application programming interface (&#8220;<b>API</b>&#8221;) so an insurer can integrate results into
automated underwriting processes and an underwriting workbench. This allows the report to be securely transmitted and used in the way
that works best for an insurer&#8217;s underwriting teams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO Life &#8211; Longevity Report</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Longevity Report provides
consumers with novel information about their epigenetic makeup, along with specific insights that can help them change their behavior
to live longer. The centerpiece of the Longevity Report is &#8220;FOXO Age,&#8221; which is a holistic measure of how fast an individual
is aging. It is displayed on the report in comparison to the consumer&#8217;s chronological age.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Longevity Report also
includes four epigenetic health scores: (i) Metabolic, (ii) Cardiovascular, (iii) Inflammation, and (iv) Indulgence scores, which show
how their environment, lifestyle, and behavior affect their health at an epigenetic level. These four epigenetic health scores enable
the consumer to make important decisions about how to improve their lifestyle. Users can take tests more than once, and within each score
we compare each consumer to the FOXO universe of results. This allows the consumer to review their scores in comparison to others who
have received the Longevity Report. With each score, we provide personalized nutritional, lifestyle, and exercise recommendations to help
consumers make lifestyle adjustments to extend their longevity. The Longevity Report is accessible through s an online dashboard that
allows users to view their report as well as sample processing status, from being sent to the lab to final digital report delivery. In
the future, we plan to provide consumers with a more comprehensive dashboard that identifies how they are progressing over time with their
lifestyle adjustments in response to the recommendations provided with their Longevity Report scores.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO is also operationalizing
a sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report
(&#8220;<b>FOXO Life</b>&#8221;). FOXO Life currently markets and sells life insurance products underwritten and issued by third-party&#160;carriers
through distribution relationships. &#160;This distribution model (the &#8220;<b>MGA Model</b>&#8221;) allows FOXO to appoint sales agents
and producers to sell insurance products for specific carriers and earn commissions on subsequent policy sales. Depending on the terms
of the agreement between FOXO and the carrier, the Longevity Report may be included at the time of the policy purchase at no charge or
may be available at an additional cost to the consumer. We believe the Longevity Report will make longevity science a core aspect to the
relationship between life insurance and consumers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">We
began selling insurance products through distribution relationships with third-party&#160;carriers in the first quarter of 2023. Through
our MGA Model, we earn commission revenues, marketing allowances, and service fee revenues from selling life insurance products supported
by our science, technology, and brand marketing. Initially, we do not expect to use epigenetic underwriting technology in the life insurance
products we sell through the MGA Model. However, we expect the research and development studies underway will support the introduction
and commercialization of our saliva-based&#160;underwriting technology through our Underwriting Report in the future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competitive Strengths</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Chief Science Officer, Dr. Brian Chen, is a leading expert in the field of epigenetic science. Dr. Chen manages our research and development
and has played an instrumental role in demonstrating that machine learning paired with epigenetic data can provide valuable insights into
human health. Our product and technical teams, led by </span>&#160;<span style="font-family: Times New Roman, Times, Serif">Tyler Danielson
(Interim CEO) are experienced in bringing consumer facing experiences to market in the insurance industry. Lastly, our underwriting and
actuarial team is positioned to leverage our science to change the way insurance is underwritten. It is very rare to put together this
combination of experts at this level all working towards a common goal. Core members of our team have been working together for over five
years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We leverage the native cloud
software from Amazon Web Services (&#8220;<b>AWS</b>&#8221;), working with artificial intelligence (&#8220;<b>AI</b>&#8221;) companies
like DataRobot to develop our models and deploy them securely in the best-in-class systems. Our systems and processes will be difficult
for competitors to replicate as most of our systems are automated, from shipping kits to processing data from our labs and producing results
for use in our reports. Our systems, through the usage of AI, is also built to continuously and autonomously develop, which makes it even
more difficult to be replicated. This autonomous development includes having the AI test hundreds of models to build each predictor. We
have leaders with extensive experience applying AI technologies to biological data. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Key Value Drivers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are modernizing the life
insurance industry through a new digital technology stack designed to help us execute on our business and support our ambitious growth
plans. To support our business, we have developed a technology stack that provides us with scalable operational infrastructure that offers
a high degree of flexibility and adaptability in its operational software architecture. To that end, we have built a digital life insurance
product services platform that will operationalize our MGA sales operations. The goal of our technology operations is to be able to service
life insurance carriers worldwide, at scale. In addition, we are building operational technology that supports researchers and epigenetic
analyses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
expect that the operational software platform technology that we have developed with advanced architecture will enable us to meet our
business requirements efficiently and effectively. Our operational software goal is to build a basic, modern, core operating infrastructure
that enables us to service our sales, marketing, and operations across our entire platform. The platform&#8217;s operating system is substantially
complete with the majority of the attentive costs associated with the build already incurred. It is built to support our saliva-based&#160;underwriting
technology and consumer engagement platform, complete with saliva kit distribution and specimen tracking systems, Longevity Report production,
consumer dashboard interface, and mobile application access. We expect that our operating platform will support our ability to efficiently
grow at scale as we market and sell life insurance products and technology services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
believe our product and service offerings described below allow for significant scaling at a time when we observe (i) burgeoning consumer
interest in health and longevity; (ii) increased interest in life insurance due the COVID-19&#160;pandemic; and (iii) a significant opportunity
to disrupt a large, old, and slow life insurance industry with innovative applications of fast-moving&#160;modern technology. We believe
our products and services can help reverse a general decline in household ownership of life insurance in the United States by providing
a simplified pathway to purchase life insurance with longevity-focused products that re-establish&#160;their relevance with consumers
and restore life insurance as a tool for greater social good.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Together,
we believe our operating systems comprise a technology innovation stack that makes FOXO capable of scaling to support the demand it expects
to receive from the products and services it intends to sell worldwide. Whether running 1,000 saliva-tests&#160;or 10,000,000, we believe
the design of our operating platform and underlying systems will allow them to be highly scalable&#160;&#8212;&#160;and as a result we
expect to be able to address accelerating demand in large and growing markets. In addition, as demand and volume of our saliva-based&#160;underwriting
technology services scale, we expect to be able to realize significant cost savings across our platforms on the raw material inputs involved
in providing our services. Our technology stack is supported by what we believe are best-in-class&#160;no-code&#160;software and cloud
computing platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have also built a number of technologies that support researchers and epigenetic science and analysis. Extending our technology to researchers
in longevity science is a key initiative of our business. We are supporting longevity science in a number of ways including the development
of our MethylSuite, which is a high throughput bioinformatics software package that supports calculating, reporting and interpreting epigenetic
data derived from microarray technology; and the Infinium Mouse Methylation Array, a new microarray designed to advance epigenetic research
in model organisms.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Privacy and Security</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO Technologies is entrusted
with highly personal data and is committed to protecting the privacy and security of its customers and organization. Protection and access
to company data is the keystone of the cybersecurity strategy and is considered the utmost of business requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO uses the General Data
Protection Regulation (&#8220;<b>GDPR</b>&#8221;) as its guidepost for data protection practices and continues to monitor emerging U.S.
laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO&#8217;s security program
is built on the following key success factors: tightly controlled access management based on least-privilege authorization, layered defenses,
continuous monitoring, vulnerability testing, rapid response, internal and supply chain risk management, strong executive support, and
regular development of a security culture. Integration of our compliance command center tool enables continuous monitoring of policy and
practices covering service organization control 2 (&#8220;<b>SOC 2</b>&#8221;) compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Protecting data privacy and
security is an organizational-wide responsibility. We protect customer data with a variety of processes and monitoring tools, such as:</p><div>

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  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access control is tightly managed with single sign-on, multi-factor authentication, and sensitive data access limited by least-privilege authorization appropriate for job duties and reviewed quarterly.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal Risk Assessments are performed quarterly to identify areas of risk to mitigate or eliminate to improve security.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Security is an ongoing focus
with continuous improvement to strengthen our security posture, strengthen data protection, eliminate gaps, and expand our security-as-a-culture.
We are completing our control compliance development in preparation for our initial SOC 2 Type II audit. Having a SOC 2 Report will improve
our ability to sell to large organizations and attest to our use of best practices for protecting sensitive data. SOC 2 compliant policies,
procedures, and controls will make it easier to achieve other security certifications, further increasing customer confidence in FOXO
security.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
approach to intellectual property is guided by the following strategic guidelines: create proprietary intellectual property that adds
value, credibility, and competitive advantage; file patents, if possible; and protect our intellectual property as trade-secrets where
meaningful patent protection cannot be achieved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Proprietary Intellectual
Property</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
currently maintain and will continue to create significant trade-secret intellectual property regarding epigenetic biomarker technology.
We work with patent attorneys with particular expertise in the intersection of artificial intelligence, machine learning, and biotechnology
to file patent applications for our inventions where it furthers the protection of our intellectual property. The Pilot Study, as defined
below, serves as the basis of our current proprietary intellectual property assets (trade-secrets and patent claims). Our patent applications
are based on the use of machine learning for epigenetic biomarker identification, the application of epigenetics for underwriting risk
classification, and synthetic DNA methylation prediction. The following patent applications were filed in the United States only with
a non-publication request to prolong confidentiality and allow for an option to abandon one or more in favor of trade secret protection:&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Application USAN 16/579,777: &#8220;A Machine Learning Model Trained to Classify Risk Using DNA Epigenetic Data&#8221; (filed September 23, 2019).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Application USAN 16/579,818: &#8220;A Machine Learning Model Trained to Determine Biochemical State and/or Medical Condition Using DNA Epigenetic Data&#8221; (filed September 23, 2019).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Application USAN 16/591,296: &#8220;Synthetic Probe&#8221; (filed October 2, 2019).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
further patent application will be published in due course: Patent Application USAN 17/482,405: &#8220;Machine Learned Quality Control
for Epigenetic Data&#8221; (filed September 22, 2021).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Licensed Intellectual
Property</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have licensed &#8220;epigenetic clock&#8221; patent applications from UCLA for use in the life insurance industry. These licenses require
us to achieve certain milestones and pay royalties for the commercial use of the technologies. We intend to continue to pursue licensed
technology where we believe such technology adds value to our products or services. Our licensed technology includes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Application USAN 17/282,318 entitled &#8220;DNA Methylation Biomarker of Aging for Human Ex Vivo and In Vivo Studies&#8221; (aka &#8220;GrimAge&#8221;) (filed April 1, 2021).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent Application USAN 16/963,065 entitled &#8220;Phenotypic Age and DNA Methylation Based Biomarkers for Life Expectancy and Morbidity&#8221; (aka &#8220;PhenoAge&#8221;) (filed July 17, 2020).</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Opportunity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
2019, we completed a pilot study that sought to measure a wide range of health and wellness factors used in traditional life insurance
underwriting with DNA methylation data derived from blood and saliva (the &#8220;<b>Pilot Study</b>&#8221;). The Pilot Study began after
we concluded market research to inform the product-market fit of combining longevity science with life insurance. Starting in 2018, we
initiated market research to begin working with creative marketing assets to engage agents and consumers. Our market research included
renting a retail storefront in the downtown Minneapolis skyway where we constructed and operated a consumer &#8220;learning laboratory.&#8221;
We used this learning laboratory to recruit participants for our Pilot Study, host events, post social media content, a podcast, and hold
learning seminars. This market research allowed us to develop our consumer value proposition, which includes a full range of benefits
to support healthy longevity. The learning laboratory taught us that our value proposition appealed most to consumers who were tech-savvy,
forward-thinking, open-minded, and in the market for life insurance. In addition, we found that consumers were much more interested in
life insurance when we included their longevity as part of the product purchasing experience. Key learnings from our marketing research
included:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
2019, we engaged an insurance industry-leading consultancy to conduct additional market research beyond our Pilot Study to further confirm
our product-market fit hypothesis with agents and consumers. In 2020, the overwhelming conclusion from the market research study was
that the proposition of bundling molecular health and wellness with life insurance and a saliva-based underwriting protocol was &#8220;incredibly
strong.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
market research itself consisted of surveying 500 consumers and 125 agents with a 20-minute online survey designed to gather feedback
on our value propositions. The objectives of the consumer survey were to measure and rank interest in, and general propensity to pay for
(or otherwise perceive distinct or differentiated value in), a life insurance product offering that provides direct consumer benefits
around individualized health and wellness information and aging. Key results from the research include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58% of consumers who indicated they had an interest in purchasing life insurance in the next two years preferred the FOXO Life concept over life insurance that did not include health and wellness information.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Overall,
we believe our market research further confirms our product-market-fit hypothesis that longevity science bundled with life insurance will
have an immediate and strong appeal to consumers and agents alike. In addition, our market research indicates that a saliva-based underwriting
protocol that replaces the need for blood and urine specimen collection will be a highly desired offering. The results from our market
research have informed our go-to-market and business development strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will encounter significant
competition in the life insurance and molecular health and wellness testing business. Many of these competitors have greater financial
and other resources than we do and may have significantly greater access to capital markets. Moreover, some of these competitors have
significant cash reserves and can better fund shortfalls in collections that might have a more pronounced impact on companies such as
FOXO. They also likely have a greater market share. In addition, we compete against other companies seeking to commercialize epigenetic
biomarker underwriting technology, both within the insurance industry, as well as in other applications in other markets. In the event
that the life insurance companies make a significant effort to compete against our business, we would experience significant challenges
to our business model.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Competition can take many
forms, including the pricing of the financing, transaction structuring, timeliness, and responsiveness in processing a seller&#8217;s
application and customer service. Some of the competitors may outperform us in these areas. Some competitors target the same type of life
insurance clients as we do and generally have operated in the markets for a longer period of time than us. Increased competition may result
in increased costs of issuing policies through our MGAs, or it may affect the availability and quality of policies that are available
for issuance through our MGAs. These factors could adversely affect our profitability by reducing our return on investment or increasing
our risk.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research &amp; Development</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consumer interest in health
and wellness is at an all-time high. This excitement is partly spurred by recent advances in fields such as artificial intelligence, biotechnology,
and longevity science. We want tools that arm our users with valuable insights about their own health and wellness. We have developed
and innovated on a number of biomarkers to help us achieve this for our consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Predictive Biomarkers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many clinical biomarkers represent
indicators of chronic disease conditions. Oftentimes, by the time the chronic disease sets in, the opportunity for prevention has long
passed. Providing early indicators of health trajectories at a molecular scale may provide novel personalized insights into health before
the onset of chronic disease. By, first, bringing awareness to a potential health issue before it arises, we believe small lifestyle interventions
early on can prevent or slow the development of chronic conditions. Molecular biomarkers through the use of epigenetics may serve as a
means to identify more subtle changes in health at a molecular level.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to identify subtle
changes in epigenetic patterning at the early stages of the development of chronic diseases, one must leverage long-standing longitudinal
datasets that have obtained biospecimens from a large number of individuals, then followed those individuals for decades to observe who
developed chronic diseases. Then one may examine the epigenetic patterns of those who never developed chronic diseases and compare their
epigenetic patterns to those who developed specific chronic diseases. Such a study cannot be easily conducted in modern biobanks because
of the lack of longitudinal health data on individuals, especially over decades of time &#8211; most biobanks are fairly new.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have completed the acquisition&#160;of
epigenetic data through Harvard University&#8217;s Brigham and Women&#8217;s Hospital Physicians&#8217; Health Study ("PHS&#8221;)
in a longitudinal cohort of over 10,000 individuals. Based on our knowledge of published reports and industry knowledge, we believe this
represents one of the largest epigenetic datasets in the world, particularly one with longitudinal health data spanning decades.&#160;
We plan to initiate research collaborations with external scientists at major research institutions to accelerate the discovery of predictive
epigenetic biomarkers. Due to bandwidth limitations, we believe the advantage of this approach is that it accelerates the time to discover
and bring new products to market by making the data more widely available to a larger number of world-class researchers. Furthermore,
limited-to-no additional capital will be needed in the next quarter for this effort as we have completed the milestone payments related
to this research study.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Biomarkers with Proven Responses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The key to biotech products
that work in real-world scenarios is rigorous science in both the development and validation of each technology. Because consumers are
demanding tools that provide real-time feedback on the effectiveness of lifestyle interventions, ultimately, large randomized trials are
needed to validate the technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In collaboration with a large
academic research institution, we completed generating epigenetic data in randomized controlled trials that tested the effects of vitamin
D3, omega-3 fatty acid (eicosapentaenoic acid (&#8220;EPA&#8221;) + docosahexaenoic acid (&#8220;DHA&#8221;)), multivitamin, vitamin E,
and vitamin C. The rich longitudinal health data with the epigenetic data that we generated are ripe for the use of artificial intelligence
(&#8220;AI&#8221;) to identify subtle molecular indicators of salutary changes. The value of a more &#8220;sensitive&#8221; indicator
of health changes is that you may not have to wait weeks or months before knowing if a certain intervention is effective for you. Such
epigenetic biomarkers may allow rapid &#8220;n-of-1&#8221; (i.e., personalized health) testing of a number of interventions providing
more personalized health regimens to people.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Strategically, we also plan
to accelerate discovery by leveraging research collaborations with world-class scientists at major research institutions. And, since the
data has already been generated, no further capital is needed for the initial phase of analysis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The life insurance and direct-to-consumer
testing business is highly regulated at both the federal and state levels. We are subject to federal and state regulation and supervision
in the life insurance business. As described below, there are significant regulations in many states that require us to obtain specific
licenses or approvals to be able to sell life insurance in those states. We continually research and monitor the regulatory environment
and regulatory changes that may apply to our business and intend to apply for the appropriate licenses in the required states, if such
licenses are necessary, both federally and at the state level. We plan to provide our products and services under a distributed testing
mode with separated &#8220;dry&#8221; and &#8220;wet&#8221; labs, with FOXO Labs analyzing epigenetic biomarkers based on data from outsourced
testing performed by its partner &#8220;wet&#8221; lab. Risks related to regulation are detailed in the section entitled &#8220;Risk Factors
&#8212; Risks Related to Our Life Insurance Operations.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Insurance Regulation &#8212; Insurance Products
</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operations of FOXO Life
activities, including working with licensed insurance agents, are subject to a complex, state-by-state regulatory framework that includes
company and producer licensing requirements, life insurance product regulation, financial regulation, and/or market conduct regulation.
Many of these regulations are based upon the NAIC Model Rules, a set of laws, regulations, and guidelines promulgated by the National
Association of Insurance Commissioners as proposed statements of insurance law to be adopted by the 50 states. The inclusion of our planned
Longevity Report with the sale of life insurance is consistent with other life insurance consumer health and engagement models that are
well established in the marketplace. FOXO Life does not expect significant regulatory hurdles for bundling or marketing molecular health
and wellness with life insurance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Insurance Regulation &#8212; Epigenetic
Biomarkers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriting life insurance
is subject to state insurance regulation. We believe the use of epigenetic biomarkers in life insurance underwriting is permissible due
to the fact that we are seeking to identify similar underwriting impairments already used by other insurance carriers in medical underwriting
today. Moreover, the use of epigenetic testing or information in life insurance underwriting is not prohibited at either the federal or
state level. Florida and Louisiana are the only states that have explicitly sought to prohibit the use of genetic information, which is
distinguishable from epigenetic information, for use in life insurance underwriting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any adverse change in current
laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan to operate (or an aggregation
of states in which we conduct a significant amount of business) could result in our curtailment or termination of operations in such states,
or cause us to not start or modify our operations in a manner that adversely affects our ultimate profitability. Any such action could
have a corresponding material adverse impact on our results of operations and financial condition, primarily through a material decrease
in revenues, and could have a material adverse impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Human Testing Services &#8212; Consumer
Engagement and Underwriting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conducting human testing is
subject to state and federal regulation. Clinical Laboratory Improvement Amendments, or CLIA, is the federal law (administered by the
Centers for Medicare &amp; Medicaid Services, or &#8220;<b>CMS</b>&#8221;) that, in partnership with the states, regulates clinical laboratories
that perform testing on human specimens. The Federal Food, Drug, and Cosmetic Act (the &#8220;<b>FDC Act</b>&#8221;) gives the United
States Food and Drug Administration, or FDA, the authority to regulate manufacturers of medical devices. We do not believe that our &#8220;dry
lab&#8221; data analysis services require certification under CLIA, or that FDA jurisdiction or enforcement would be exercised over insurance
underwriting or our use of data analysis for general health and wellness and non-diagnostic or medical treatment purposes (see section
titled &#8220;Risk Factors &#8212; Risks Related to Our Epigenetic Testing Services&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any adverse change in present
laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan to operate (or an aggregation
of states in which we conduct a significant amount of business) could result in our curtailment or termination of operations in such jurisdictions,
or cause us to not start or modify its operations in a way that adversely affects our ultimate profitability. Further, the failure of
our wet-laboratory partners to hold a CLIA certification appropriate to the type of testing they provide could result in adverse regulatory
action (see section titled &#8220;Risk Factors &#8212; Risks Related to Our Epigenetic Testing Services&#8221;). Any such action could
have a corresponding material adverse impact on our results of operations and financial condition, primarily through a material decrease
in revenues, and could have a material adverse impact on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Suppliers and Lab Processing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our supplies and lab processing
primarily includes vendors that provide our saliva kits, arrays, and process samples at laboratories. We utilize third-parties for these
supplies and services. While we consider many of these third-parties single suppliers, we have qualified second sources for our saliva
kits and lab processing. Our arrays are specialized, and we would not be able to quickly change suppliers should the need arise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Supply interruptions, tariffs
on components used on our saliva kits, arrays and others, or price increases may slow production, delay shipments to our customers or
increase production costs in the future, any of which could adversely affect our financial results. Although we have not experienced any
significant delays or interruptions, we expect that delays, interruptions or non-optimal scheduling of production related to interruptions
in components we use to provide our services would result in an increase to our costs. We can give no assurance that global supply-chain
constraints, geopolitical conflicts or limited ability for third-parties to be able to provide the materials and components we need will
not adversely affect our ability to procure materials and components necessary to develop our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Facilities </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">We
do not own any real property but lease an office space. </span>Our principal executive offices are located at 729 N. Washington Ave.,
Suite 600, Minneapolis, MN 55401.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As of April 25, 2023, we have
five executive officers and approximately 21 other employees and consultants supporting our business. We have sought to bring together
a diverse and multidisciplinary group of professionals who share in our passion for modernizing the life insurance industry with longevity
science.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Smithline
Family Trust II vs. FOXO Technologies Inc. and Jon Sabes</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 18, 2022, Smithline Family Trust II (&#8220;<b>Smithline</b>&#8221;) filed a complaint against the Company and Jon Sabes, the
Company&#8217;s former Chief Executive Officer and a former member of the Company&#8217;s board of directors, in the Supreme Court of
the State of New York, County of New York, Index 0654430/2022. The complaint asserts claims for breach of contract, unjust enrichment
and fraud, alleging that (i) the Company breached its obligations to Smithline pursuant to that certain Securities Purchase Agreement,
dated January 25, 2021, between Legacy FOXO and Smithline, an accompanying 12.5% Original Issue Discount Convertible Debenture, due February
23, 2022, and Warrant to purchase shares of FOXO common stock until February 23, 2024 (collectively, including any amendment or other
document entered into in connection therewith, the &#8220;<b>Financing Documents</b>&#8221;), (ii) the Company and Mr. Sabes were unjustly
enriched as a result of their alleged actions and omissions in connection with the Financing Documents, and (iii) the Company and Mr.
Sabes made materially false statements or omitted material information in connection with the Financing Documents. The complaint claims
damages in excess of a minimum of $6,206,768 on each of the three causes of action, plus attorneys&#8217; fees and costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December 23, 2022, FOXO removed this action from the Supreme Court of the State of New York, County of New York to the United States District
Court for the Southern District of New York, Case 1:22-cv-10858-VEC. The action was assigned to Judge Valerie E. Caproni, and the Initial
Pretrial Conference will be held on February 24, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
February 1, 2023, defendant Jon Sabes moved to dismiss the complaint pursuant to Fed. R. Civ. P. 12(b)(2) and 12(b)(6), which was denied
on February 27, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
February 22, 2023, Smithline filed an Amended Complaint. The Company filed its Answer to the Amended Complaint on March 8, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">This
action is at an early stage in the litigation process and the Company is unable to determine the outcome. The Company intends to contest
this case vigorously.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">S<i>EC Investigation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
March 3, 2023, the Company received a document request from the SEC indicating that the SEC was conducting an investigation regarding
the Company and sought documents concerning (1) Jon Sabes&#8217; termination as CEO, (2) Jon Sabes&#8217; resignation from the Company&#8217;s
board of directors, and (3) Steven Sabes&#8217; termination as COO, and is voluntarily responding to the SEC&#8217;s request. According
to the SEC&#8217;s request, its investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has
a negative opinion of the Company or any person, event, or security. At this point, the Company cannot predict the eventual scope, duration
or outcome of this matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Delaware 205 Petition</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
March 30, 2023, the Company filed a petition in the Delaware Court of Chancery pursuant to Section 205 of the Delaware General Corporation
Law seeking validation of the Charter, which included a 464,000,000 share increase in the number of authorized shares of Class A Common
Stock (the &#8220;2022 Class A Increase Amendment&#8221;), and all shares of Class A Common Stock issued at or after the filing of the
Charter, to resolve any uncertainty with respect to those matters (captioned&#160;<i>In re FOXO Technologies Inc.,</i>&#160;C.A. No. 2023-0379-LWW
(Del. Ch.), the &#8220;Section 205 Action&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
April 13, 2023, the Court of Chancery held a hearing in the Section 205 Action and issued an order in the Section 205 Action granting
the Company&#8217;s petition validating the 2022 Class A Increase Amendment and the Charter, and all shares of capital stock of the Company
issued in reliance on the effectiveness of the 2022 Class A Increase Amendment and the Charter.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Corporate Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Legacy
FOXO was formed as a limited liability company on November&#160;11, 2019 to become a separate and independently managed and controlled
entity from GWG Holdings, Inc. Legacy FOXO was previously named InsurTech Holdings, LLC and FOXO BioScience LLC.&#160;On November&#160;13,
2020, FOXO Bioscience LLC converted into a C-Corporation&#160;to become FOXO Technologies Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Effective
September 15, 2022 we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger
Sub Inc. merged with and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of Delwinds. Upon consummation of our
Business Combination, our name changed from Delwinds Insurance Acquisition Corp. to FOXO&#160;Technologies Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
a result of and upon the Closing, among other things, (1) all outstanding shares of Legacy FOXO Class A Common Stock (after giving effect
to the required conversion of all outstanding shares of Legacy FOXO preferred stock into shares of Legacy FOXO Class A Common Stock immediately
prior to, and contingent upon, the Closing) and Legacy FOXO Class B Common Stock were converted into 24,718,705 shares of the Company&#8217;s
Class A Common Stock, (3) all FOXO options and FOXO warrants outstanding immediately prior to the effective time of the Merger were assumed
and converted, subject to adjustment pursuant to the terms of the Merger Agreement, into options and warrants, respectively, of the Company,
exercisable for shares of Class A Common Stock and (4) other than Assumed Options and Assumed Warrants, all other convertible securities
and other rights to purchase capital stock of FOXO were retired and terminated, if they were not converted, exchanged or exercised for
FOXO common stock immediately prior to the effective time of the Merger.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
maintain two wholly-owned&#160;operating subsidiaries, FOXO Labs Inc., formerly named Life Epigenetics Inc., and FOXO Life, LLC, formerly
named youSurance General Agency, LLC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">FOXO
Labs Inc. (&#8220;<b>FOXO Labs</b>&#8221;) is the operating entity for our insurance services platform designed to provide saliva-based&#160;underwriting
technology and molecular health and wellness engagement services to insurance carrier customers. FOXO Labs maintains a wholly-owned&#160;subsidiary,
Scientific Testing Partners, LLC, to conduct its research.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">FOXO
Life, LLC is the operating entity for our insurance products platform designed to market and sell life insurance that is bundled with
longevity science. FOXO Life is licensed as a general insurance agency and previously maintained a wholly-owned&#160;subsidiary, FOXO
Life Insurance Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><div><a id="m_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Executive Officers
and Directors </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
business and affairs of the Company are managed by or under the direction of the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following table sets forth the name, age and position of each of the current directors and executive officers of the Company:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 30%; border-bottom: black 1.5pt solid; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 59%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Executive Officers</i></b></span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center">&#160;</td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tyler Danielson</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Executive Officer and Chief Technology Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Potashnick</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian Chen, PhD</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Science Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Will</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taylor Fay (4)</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39&#160;</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Employee Directors</i></b></span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center">&#160;</td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew J. Poole(1)(2)(3)</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class III Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bret Barnes(1)(2)(3)</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Class I Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Murdoc Khaleghi</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class II Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
of nominating and corporate governance committee.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
of compensation committee.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
of audit committee.</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 12, 2023, Taylor Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of
April 28, 2023, to pursue other opportunities.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The principal occupations
and positions for at least the past five years of our directors are described below. There are no family relationships among any of our
directors or executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Tyler
Danielson </b>&#8212; <i>Interim Chief Executive Officer and Chief Technology Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Danielson
has served as the Interim Chief Executive Officer since November 2022 and the Chief Technology Officer of FOXO since 2020. From 2019 to
2020, Mr.&#160;Danielson served as Platform Product Owner of Cargill, a global food distributor. Before that, from 2015 to 2019, Mr.&#160;Danielson
served as User Interface Software Architect at brightpeak financial, a division of Thrivent Financial. Mr.&#160;Danielson holds a Master&#8217;s
Degree in Computer Science from the University of Minnesota.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Robert
Potashnick </b>&#8212; <i>Chief Financial Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Potashnick
has served as the Chief Financial Officer of FOXO since the beginning of 2021. From 2017 to 2020, Mr.&#160;Potashnick served in capital
planning and business development finance roles at UnitedHealth Group (NYSE American: UNH). Before that, from 2010 to 2017, Mr.&#160;Potashnick
worked as a certified public accountant at PricewaterhouseCoopers LLP. Other prior work experiences include working in mergers and acquisitions
at Blaige &amp; Company and as a trader at Great Point Trading. Mr.&#160;Potashnick holds a Bachelor of Arts degree in Economics from
Northwestern University, a Master&#8217;s Degree in Accountancy from the University of Illinois, and a MBA (Finance/Strategy) from DePaul
University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Brian
Chen, PhD </b>&#8212; <i>Chief Science Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Chen
has served as the Chief Science Officer of FOXO since 2019. Prior to that time, from 2017 to 2019, Mr.&#160;Chen served as Vice President
of Research and Analytics at Actua Life &amp; Annuity, Ltd., an insurtech startup that later became FOXO Labs, Inc. Mr.&#160;Chen holds
a Ph.D. degree from University of California, Los Angeles and a Master&#8217;s Degree in Public Health from the University of California,
Berkeley.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Michael
Will</b> &#8212; <i>General Counsel</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Will
has served as the General Counsel of FOXO since 2019. From 2016 to 2019, Mr.&#160;Will served as Legal and Compliance Officer, and then
Senior Counsel, of brightpeak financial, a division of Thrivent Financial. Mr.&#160;Will also supported Thrivent&#8217;s life insurance
manufacturing and distribution teams on products including universal life, variable universal life, and whole life plus. Prior to brightpeak/Thrivent,
Mr.&#160;Will spent ten years in private practice representing property &amp; casualty insurance carriers on a variety of first and third-party&#160;coverage
matters. Mr.&#160;Will&#160;holds a Bachelor of Arts degree from Gustavus Adolphus College, and a Juris Doctor degree from the University
of St. Thomas School of Law. Mr.&#160;Will is licensed to practice law before the state and federal courts of the State of Minnesota.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Taylor
Fay &#8211; </b><i>Chief Operating Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Fay
has served as the Chief Operating Officer since February 2023.<span style="background-color: white">&#160;From June 2018 until January
2022, Mr. Fay served as the Company&#8217;s Senior Product Manager and Director of Products. Prior to joining the Company, Mr. Fay served
as Product Manager at Explore Information Services from September 2016 to June 2018, where he managed a portfolio of insurance underwriting
data products. In addition, Mr. Fay served as Product Owner at Hubio/Identifix from June 2013 to July 2016. Mr.&#160;Fay holds a Bachelor&#8217;s
Degree in Geography and a Master&#8217;s Degree in Business Administration from the University of Minnesota.</span> On April 12, 2023,
Mr. Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of April 28, 2023, to pursue
other opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Non-Employee Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Andrew
J. Poole </b>&#8212; <i>Director</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Mr.&#160;Poole
has served as a director of FOXO since September 2022. He previously served as Chief Executive Officer and Chairman of Delwinds from its
inception until the Closing of the Business Combination and has over 18 years of diversified investment experience. Mr.&#160;Poole was
the Chief Investment Officer of Tiberius, a blank check company which went public in March 2018 with $174.225&#160;million held in trust
and which consummated its initial business combination with International General Insurance Holdings Ltd. (Nasdaq: IGIC), or &#8220;IGI,&#8221;
an international specialty insurance and reinsurance group registered in Bermuda, in March 2020 under very challenging market conditions.
Upon the closing of Tiberius&#8217; business combination, Mr.&#160;Poole joined the board of IGI. Concurrently, since October 2015 he
has been and remains an investment consultant at The Gray Insurance Company. Mr.&#160;Poole&#8217;s most recent role prior to joining
Tiberius and The Gray Insurance Company was as Partner and Portfolio Manager at Scoria Capital Partners, LP, a long/short equity hedge
fund, where he managed a portion of the firm&#8217;s capital including insurance sector investments from 2013 to 2015. Prior to Scoria,
Mr.&#160;Poole held various positions at Diamondback Capital Management from 2005 to 2012 (including Portfolio Manager from 2011 onwards)
and SAC Capital from 2004 to 2005, both of which are multi-strategy&#160;multi-manager&#160;cross capital structure long/short hedge funds.
Earlier, Mr.&#160;Poole started his career at Swiss Re (SIX: SREN) working in facultative property placements in 2003 and was on the board
of Family Security, a personal lines insurance company, from 2013 to 2015 prior to the sale of the company to United Insurance Holdings
Corporation (Nasdaq: UIHC). Mr.&#160;Poole is a graduate of The George Washington University. We believe Mr.&#160;Poole is qualified to
serve on the Board due to his background in investment management of insurance investments, his extensive public company insurance valuation
expertise and deep knowledge of, and connections in, the insurance industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Murdoc
Khaleghi, M.D. <i>&#8212; </i></b><i>Director</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Dr.
Khaleghi is a physician with 20 years of experience, and also a researcher and author. He has served as a member of the Board since July
of 2021. He currently serves as the Chief Medical Officer of Helium, a role he has held since 2020. From 2012 until 2022, Dr. Khaleghi
served as the Chief Medical Officer of WellnessFX. He also served as the Chief Medical Officer of Neurotrack from 2020 until 2022. Dr.
Khaleghi also serves as Chief Medical Officer, or on the board of directors, of a number of private medical device and technology companies.
From 2015 to 2017, he was the Chief Medical Officer of EverlyWell, where he was the first employee hired. Dr.&#160;Khaleghi&#160;attended
the University of California San Diego and holds a degree in Bioengineering as well as a Doctor of Medicine. Dr. Khaleghi also has an
MBA from the University of California, Berkeley, an MBA from Columbia Business School and a Master&#8217;s degree in Computer Science
from University of Pennsylvania. Dr. Khaleghi holds a medical license from the Colorado Medical Board and the Medical Board of California.
We believe that Dr. Khaleghi&#8217;s financial and industry experience qualify him to serve on the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>Bret
Barnes <i>&#8212; </i></b><i>Chairman and Director</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Mr.&#160;Barnes
has served as a member of the FOXO Board since November 2021 and became Chairman in November 2022. Since April 2007, Mr.&#160;Barnes has
served as a Staff Bioinformatics Scientist for Illumina, Inc. (NASDAQ: ILMN). Mr.&#160;Barnes has developed a number of patents and products,
including methods to examine methylation of genomic DNA and methods for diagnosing respiratory pathogens and predicting COVID-19&#160;related
outcomes. Mr.&#160;Barnes has been the core bioinformatics lead on all Infinium Methylation products, including all original and new novel
design capabilities. In addition to his array development efforts, Mr.&#160;Barnes has been instrumental in developing structural variant
detection algorithms via DNA sequencing at Illumina, Inc. Prior to that position, Mr.&#160;Barnes served as a Bioinformatics Software
Engineer from 2005 to 2007 at Science Applications International Corporation (NYSE American: SAIC). Mr.&#160;Barnes holds a Bachelor of
Science degree in Bioinformatics from the University of California, Santa Cruz. Mr.&#160;Barnes was among the first graduates at University
of California, Santa Cruz to receive a degree in bioinformatics. We believe that Mr.&#160;Barnes&#8217; industry experience qualifies
him to serve on our board of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
Board is divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III. The term of
the initial Class I directors will expire at the first annual meeting of the stockholders following the consummation of the Business Combination,
the term of the initial Class II directors will expire at the second annual meeting of the stockholders following the consummation of
the Business Combination and the term of the initial Class III directors will expire on the third annual meeting of the stockholders following
the consummation of the Business Combination. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Directors
elected at annual meetings of stockholders following the consummation of the Business Combination will be elected for terms expiring at
the next annual meeting of stockholders or until the election and qualification of their respective successors in office, subject to their
earlier death, resignation, removal or the earlier termination of his or her term of office. Our Certificate of Incorporation and Bylaws
provide that the authorized number of directors may be changed only by resolution of the Board. Subject to the terms of any preferred
stock, any or all of the directors may be removed from office at any time, with or without cause, and only by the affirmative vote of
the holders of at least a majority of the voting power of all of the then outstanding shares of voting stock of the Company entitled to
vote at an election of directors. Any vacancy on the Board, including a vacancy resulting from an enlargement of the Board, may be filled
only by the affirmative vote of a majority of the Company&#8217;s directors then in office.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">When
considering whether directors and director nominees have the experience, qualifications, attributes and skills, taken as a whole, to enable
the Board to satisfy its oversight responsibilities effectively in light of its business and structure, the Board expects to focus primarily
on each person&#8217;s background and experience as reflected in the information discussed in each of the directors&#8217; individual
biographies set forth above in order to provide an appropriate mix of experience and skills relevant to the size and nature of its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Director Independence</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
a result of the Company&#8217;s Class A Common Stock being listed on the NYSE American following the consummation of the Business Combination,
it is required to comply with the applicable rules of such exchange in determining whether a director is independent. Prior to the completion
of the Business Combination, the Board undertook a review of the independence of the individuals named above and have determined that
each of Dr. Khaleghi, Mr.&#160;Barnes and Mr. Poole qualifies as &#8220;independent&#8221; as defined under the applicable NYSE American
rules, and the Board consists of a majority of &#8220;independent directors,&#8221; as defined under the rules of the SEC and NYSE American
relating to director independence requirements. In addition, the Company is subject to the rules of the SEC and NYSE American relating
to the membership, qualifications and operations of the audit committee, as discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Board Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Board directs the management of its business and affairs, as provided by Delaware law, and will conduct its business through meetings
of the Board and standing committees. The Company has a standing audit committee, compensation committee and nominating and corporate
governance committee, each of which operates under a written charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, from time to time, special committees may be established under the direction of the Board when the Board deems it necessary
or advisable to address specific issues. Current copies of the Company&#8217;s committee charters are posted on its website,&#160;<i>www.foxotechnologies.com</i>,
as required by applicable SEC and the NYSE American rules. The information on or available through any of such website is not deemed incorporated
in this registration statement and does not form part of this registration statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Audit Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company&#8217;s audit committee consists of Bret Barnes and Andrew Poole. The Board has determined that each of these individuals meets
the independence requirements of the Sarbanes-Oxley&#160;Act of 2002, as amended, or the Sarbanes-Oxley&#160;Act, Rule&#160;10A-3&#160;under
the Exchange&#160;Act and the applicable listing standards of the NYSE American. Each member of the Company&#8217;s audit committee meets
the requirements for financial literacy under the applicable NYSE American rules. In arriving at this determination, the Board has examined
each audit committee member&#8217;s scope of experience and the nature of their prior and/or current employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Board has determined that Mr. Poole qualifies as an audit committee financial expert within the meaning of SEC regulations and meets the
financial sophistication requirements of the NYSE American rules. In making this determination, the Board has considered Mr. Poole&#8217;s
formal education and previous and current experience in financial and accounting roles. Both the Company&#8217;s independent registered
public accounting firm and management periodically will meet privately with the Company&#8217;s audit committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
audit committee&#8217;s responsibilities include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving&#160;all audit and permissible non-audit&#160;services to be performed by the Company&#8217;s independent registered public accounting firm;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
composition and function of the audit committee complies with applicable requirements of the Sarbanes-Oxley&#160;Act, SEC rules and regulations
and NYSE American listing rules. The Company will comply with future requirements to the extent they become applicable to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Compensation Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company&#8217;s compensation committee consists of<b><i>&#160;</i></b>Bret Barnes and Andrew Poole. Bret Barnes and Andrew Poole are non-employee&#160;directors,
as defined in Rule&#160;16b-3&#160;promulgated under the Exchange&#160;Act. The Board has determined that Bret Barnes and Andrew Poole
are &#8220;independent&#8221; as defined under the applicable NYSE American listing standards, including the standards specific to members
of a compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
compensation committee&#8217;s responsibilities include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
composition and function of its compensation committee complies with all applicable requirements of the Sarbanes-Oxley&#160;Act, SEC rules
and regulations and the NYSE American listing rules. The Company will comply with future requirements to the extent they become applicable
to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Nominating and
Corporate Governance Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company&#8217;s nominating and corporate governance committee consists of Bret Barnes and Andrew Poole. The Board has determined that
each of Bret Barnes and Andrew Poole is &#8220;independent&#8221; as defined under the applicable listing standards of the NYSE American
and SEC rules and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
nominating and corporate governance committee&#8217;s responsibilities include, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
composition and function of the nominating and corporate governance committee complies with all applicable requirements of the Sarbanes-Oxley&#160;Act,
SEC rules and regulations and NYSE American listing rules. The Company will comply with future requirements to the extent they become
applicable to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Compensation Committee
Interlocks and Insider Participation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">None
of the members of the Company&#8217;s compensation committee has ever been an executive officer or employee of the Company. None of the
Company&#8217;s executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee
or board of directors of any other entity that has one or more executive officers that will serve as a member of the Board or compensation
committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Role of the Board
in Risk Oversight/Risk Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">One
of the key functions of the Board is informed oversight of the Company&#8217;s risk management process. The Board does not anticipate
having a standing risk management committee, but rather anticipates administering this oversight function directly through the Board as
a whole, as well as through various standing committees of the Board that address risks inherent in their respective areas of oversight.
For example, the Company audit committee will be responsible for overseeing the management of risks associated with the Company&#8217;s
financial reporting, accounting, and auditing matters; the Company&#8217;s compensation committee will oversee the management of risks
associated with our compensation policies and programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Board Oversight of
Cybersecurity Risks</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company will face a number of risks, including cybersecurity risks and those other risks described under the section titled&#160;<i>&#8220;Risk
Factors&#8221;</i>&#160;included in this registration statement. The Board will play an active role in monitoring cybersecurity risks
and will be committed to the prevention, timely detection, and mitigation of the effects of any such incidents on the Company&#8217;s
operations. In addition to regular reports from each of the Board&#8217;s committees, the Board will receive regular reports from management,
including its chief technology officer and chief security officer, on material cybersecurity risks and the degree of the Company&#8217;s
exposure to those risks. While the Board will oversee its cybersecurity risk management, management will be responsible for day-to-day&#160;risk
management processes. Management will work with third party service providers to maintain appropriate controls. We believe this division
of responsibilities is the most effective approach for addressing the Company&#8217;s cybersecurity risks and that the Board leadership
structure supports this approach.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Limitation on Liability
and Indemnification of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter contains provisions that limit the liability of the Company&#8217;s directors for damages to the fullest extent permitted by Delaware
law. Consequently, the Company&#8217;s directors will not be personally liable to the Company or its stockholders for damages as a result
of an act or failure to act in his or her capacity as a director, unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is proven that the director&#8217;s act or failure to act constituted a breach of his or her fiduciary duties as a director and such breach involved intentional misconduct, fraud or a knowing violation of law.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter requires the Company to indemnify and advance expenses to, to the fullest extent permitted by applicable law, its directors, officers
and agents. The Company maintains a directors&#8217; and officers&#8217; insurance policy pursuant to which the Company&#8217;s directors
and officers are insured against liability for actions taken in their capacities as directors and officers. Finally, the Charter prohibits
any retroactive changes to the rights or protections or increasing the liability of any director in effect at the time of the alleged
occurrence of any act or omission to act giving rise to liability or indemnification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, the Company has entered and will enter into separate indemnification agreements with the Company&#8217;s directors and officers.
These agreements, among other things, require the Company to indemnify its directors and officers for certain expenses, including attorneys&#8217;
fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services
as one of the Company&#8217;s directors or officers or any other company or enterprise to which the person provides services at the Company&#8217;s
request.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
believe these provisions in the Charter are necessary to attract and retain qualified persons as directors and officers for the Company
following the completion of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Corporate Governance
Guidelines and Code of Business Conduct</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Board adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of its directors and
director candidates and corporate governance policies and standards applicable to its directors. In addition, the Board adopted a Code
of Business Conduct and Ethics that applies to all of its employees, officers and directors, including its Chief Executive Officer, Chief
Financial Officer and other executive and senior financial officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
full text of the Company&#8217;s Corporate Governance Guidelines and its Code of Business Conduct and Ethics is posted on the Corporate
Governance portion of the Company&#8217;s website at&#160;<i>www.foxotechnologies.com</i>. Information contained on or accessible through
the Company&#8217;s website is not a part of this registration statement, and the inclusion of the Company&#8217;s website address in
this registration statement is an inactive textual reference only. The Company intends to make any legally required disclosures regarding
amendments to, or waivers of, provisions of its Code of Business Conduct and Ethics on its website rather than by filing a Current Report
on Form 8-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><div><a id="m_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>EXECUTIVE COMPENSATION
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Unless
the context otherwise requires, any reference in this section of this registration statement to &#8220;FOXO,&#8221; &#8220;we,&#8221;
&#8220;us,&#8221; or &#8220;our&#8221; refers to FOXO and its consolidated subsidiaries after the consummation of the Business Combination
and to the Company and its subsidiaries after the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">FOXO
is an &#8220;emerging growth company,&#8221; as defined in the JOBS Act, and thus the following disclosures are intended to comply with
the scaled disclosure requirements applicable to emerging growth companies and &#8220;smaller reporting companies,&#8221; as such term
is defined in the rules promulgated under the Securities Exchange&#160;Act, which require compensation disclosure for our principal executive
officer and the two most highly compensated executive officers other than our principal executive officer, whom we refer to as our &#8220;named
executive officers.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">This
section discusses the material components of the executive compensation program offered to our named executive officers. Our named executive
officers for the years ended December&#160;31, 2022 and 2021 were as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Robert Potashnick, our Chief Financial Officer;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Sabes, our former Chief Operating Officer.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">This
discussion may contain forward-looking&#160;statements that are based on our current plans, considerations, expectations and determinations
regarding future compensation programs. Actual compensation programs that FOXO adopts could vary materially from our historical practices
and currently planned programs summarized in this discussion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will continue to update, in accordance with the rules and regulations of the SEC, information in this section regarding the compensation
of our named executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Executive Compensation
Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Compensation Philosophy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">FOXO
has designed its compensation and benefits program to attract, retain, incentivize and reward talented and qualified executives who share
our philosophy and desire to achieve our enterprise goals. We believe our compensation program should promote the success of FOXO and
align executive incentives with the long-term&#160;interest of its stockholders. Our current compensation programs reflect our startup
origins in that they consist primarily of base salaries and short-term&#160;incentive compensation, as well as the grant of options to
purchase stock. As we transition from a private company to a publicly traded company, we intend to evaluate our compensation values and
philosophy and compensation plans and arrangements as circumstances require.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Compensation Elements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
compensation for our named executive officers consists of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 40%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation Element</b></span></td>
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    <td style="width: 59%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purpose</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base Salary</span></td>
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  <tr style="vertical-align: top; background-color: white">
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To encourage executives to maximize long-term&#160;stockholder value (provided in the form of stock option awards).</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td>
    <td style=" text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To motivate and reward short-term&#160;behaviors, actions and results that drive long-term&#160;value creation.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">To
accomplish both its short-term&#160;and long-term&#160;objectives, the compensation program emphasizes pay-for-performance, with two variable
components. Base salary is intended to provide a fixed component of compensation commensurate with the executive&#8217;s skill set, experience,
role and responsibilities, and is compared against those in similar positions at similar companies. Variable components include short-term&#160;incentive
compensation and long-term&#160;equity-based&#160;incentives, which are used to align each component of incentive compensation with our
short and long-term&#160;business objectives. Discretionary biannual incentive bonuses, paid in the form of stock option awards, and/or
cash, are worth, at maximum, 10% of each named executive officer&#8217;s annual base salary per review cycle, for an annual total value
of up to 20% of each named executive officer&#8217;s base salary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Summary Compensation
Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
following table sets forth information regarding the total compensation awarded to and earned by our named executive officers for services
rendered in all capacities for the&#160;years ended December&#160;31, 2022 and 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td colspan="2" style=" text-align: center">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style=" text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style=" text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: center">&#160;</td>
    <td style=" text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021
amounts reflect the payment of a holiday bonus earned and paid in the year ended December&#160;31, 2021.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
reflect the aggregate grant date fair value of stock option awards and restricted stock granted under FOXO&#8217;s 2020 Equity Incentive
Plan (the &#8220;<b>2020 Plan</b>&#8221;) to our named executive officers during the year ended December 31, 2021 and 2022, computed
in accordance with FASB ASC Topic 718, <i>Compensation &#8212; Stock Compensation</i>. See Note 8 of the audited consolidated financial
statements included elsewhere in this registration statement for a discussion of the relevant assumptions used in calculating this amount
for the year ended December 31, 2021. These amounts do not reflect the actual economic value that may be realized by the named executive
officer.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022
amounts reflect the aggregate fair value of restricted stock as part of FOXO&#8217;s Management Contingent Share Plan to our named executive
officers during the year ended December 31, 2022, computed in accordance with FASB ASC 718,&#160;<i>Compensation &#8211; Stock Compensation.&#160;</i>See
Note 8 of the consolidated financial statements included elsewhere in this registration statement for a discussion of the relevant assumptions
used in calculating this amount. These amounts do not reflect the actual economic value that may be realized by the named executive officer.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Narrative Disclosure
to the Summary Compensation Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Equity-Based Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Legacy
FOXO previously utilized its 2020 Equity Incentive Plan, or the 2020 Plan, to enable it and its affiliates to attract and retain qualified
employees (including officers), consultants and directors to contribute to its long range success, provide incentives that aligned their
interests with those of Legacy FOXO stockholders, and promote the success of its business. The Legacy FOXO board of directors adopted,
and the Legacy FOXO stockholders approved, the 2020 Plan in 2020. The 2020 Plan governs and previously facilitated the grant of incentive
awards, including incentive stock options, non-qualified&#160;stock options, stock appreciation rights, restricted awards, performance
share awards, cash awards and other equity-based&#160;awards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Prior
to the closing of the Business Combination, our named executive officers received equity-based&#160;compensation in the form of stock
option awards under the 2020 Plan, as described below. Under the 2020 Plan, stock option awards generally vest monthly over a three-year&#160;period
and have a term of five&#160;years. Prior to the adoption of the 2020 Plan and the Corporate Conversion, equity-based&#160;compensation
was provided in the form of profits interests agreements, as described previously.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Following
the approval of the 2022 Plan, the 2020 Plan was terminated and no further awards will be granted under the 2020 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following describes certain material terms of the 2020 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Grants,
Generally.&#160;</i>The 2020 Plan provided both for the direct award or sale of shares and for the grant of incentive stock options (&#8220;<b>ISOs</b>&#8221;)
and non-qualified&#160;stock options (&#8220;<b>NSOs</b>&#8221;). ISOs may have been granted only to Legacy FOXO employees. All other
awards may have been granted to employees, consultants and directors of Legacy FOXO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
maximum number of shares of Legacy FOXO common stock that may have been issued over the term of the 2020 Plan was 7,000,000&#160;shares
on a pre-Business Combination basis, or approximately 4,065,861 on a post-Business Combination basis. As of December 31, 2022, stock options
to purchase 2,765,099&#160;shares of FOXO Class A Common Stock on a post-Business Combination basis with a weighted-average&#160;exercise
price of $7.02 per share were outstanding under the 2020 Plan. Additionally, 30,000 shares&#160;on a pre-Business Combination basis or
17,425 on a post-Business Combination basis of restricted stock were granted pursuant to the 2020 Plan to an employee who is a named executive
officer now but was not at the time of issuance. There were no outstanding awards under the 2020 Plan other than these options and restricted
stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Administration.&#160;</i>The
Legacy FOXO board of directors, or a committee delegated by the Legacy FOXO board of directors, administered the 2020 Plan. Our Board
has assumed such role following the Business Combination. During the term and subject to the terms of the 2020 Plan, the administrator
had the power to, among other things, construe and interpret the 2020 Plan and apply its provisions, determined when awards were to be
granted under the 2020 Plan and the applicable grant date, prescribed the terms and conditions of each award, including, without limitation,
the exercise price and medium of payment and vesting provisions, and specified the provisions of the award agreement relating to such
grant, made decisions with respect to outstanding awards that may have become necessary upon a change in corporate control or an event
that triggers anti-dilution&#160;adjustments, and exercised discretion to make any and all other determinations which it determined to
be necessary or advisable for the administration of the 2020 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Options.&#160;</i>Each
of the named executive officers was granted a mix of ISOs and NSOs. See the &#8220;<i>Outstanding Equity Awards</i>&#8221; table below
for further information about our named executive officers&#8217; outstanding options as of December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Under
the terms of the 2020 Plan, no stock option is exercisable after the expiration of five&#160;years from the grant date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
exercise price per share of options granted under the 2020 Plan must be at least 100% of the fair market value per share of Legacy FOXO
common stock on the grant date, subject to certain exceptions. Subject to the provisions of the 2020 Plan, the administrator determined
the other terms of options, including any vesting and exercisability requirements, the method of payment of the option exercise price,
the option expiration date, and the period following termination of service during which options may remain exercisable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Adjustments
upon Changes in Stock.&#160;</i>In the event of changes in the outstanding Legacy FOXO common stock (now, our shares of Class A Common
Stock) or in the capital structure of Legacy FOXO by reason of any stock or extraordinary cash dividend, stock split, reverse stock split,
an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or
other relevant change in capitalization occurring after the grant date of any award, awards granted under the 2020 Plan and any award
agreements, the exercise price of options, the maximum number of shares of Legacy FOXO common stock subject to all awards set forth above
would be equitably adjusted or substituted, as to the number, price or kind of a share of Legacy FOXO common stock or other consideration
subject to such awards to the extent necessary to preserve the economic intent of such award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Effect
of Change in Control.&#160;</i>Unless otherwise provided in an award agreement, in the event of a participant&#8217;s termination of continuous
service without cause or for good reason (as defined in the 2020 Plan) during the 12-month&#160;period following a change in control,
all outstanding options will become fully vested and immediately exercisable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Short-Term Incentive
Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
outlined in our compensation policy, our named executive officers are eligible to earn discretionary biannual incentive bonuses. These
discretionary incentive bonuses are worth, at maximum, 10% of each named executive officer&#8217;s annual base salary per review cycle,
for an annual total value of up to 20% of each named executive officer&#8217;s base salary. Review cycles occur biannually, following
the second and fourth quarter of each year, and discretionary incentive bonuses are paid at the conclusion of these review cycles. Discretionary
biannual incentive bonuses awarded to named executive officers are paid in the form of stock option awards, cash, or some combination
of the two. As such, since our named executive officers typically received their biannual incentive bonuses in the form of stock options,
these amounts, as applicable to each year presented, are included in the &#8220;option awards&#8221; column of the summary compensation
table above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Agreements with
Named Executive Officers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Tyler Danielson</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
entered into an offer letter with Tyler Danielson on September 3, 2020, pursuant to which Mr. Danielson agreed to serve as our Chief Technology
Officer and receive an annual base salary of $195,000. Mr. Danielson&#8217;s employment will continue until such time as either the Company
or Mr. Danielson terminates employment. Mr. Danielson was granted 17,425 shares of restricted stock on a post-business combination basis
as replacement for a signing bonus that was initially intended to be in the form of a Sprinter Van.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Mr.
Danielson is also eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in
the form of cash and/or stock options based on individual performance and the Company&#8217;s achievement of certain milestones, with
a payment expected to equate to up to 20% of annual base salary. Incentive compensation will be at the discretion of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Mr.&#160;Danielson
is also eligible for standard benefit plans made available to management-level&#160;employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company has yet to enter into a new employment agreement with Mr. Danielson to reflect his role as our Interim Chief Executive Officer.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Robert Potashnick</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
entered into an employment agreement with Robert Potashnick on December 29, 2020, pursuant to which Mr. Potashnick agreed to serve as
our Chief Financial Officer and receive an annual base salary of $180,000. Mr. Potashnick&#8217;s employment will continue until such
time either the Company or Mr. Potashnick terminates the employment agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Mr.
Potashnick is eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in the
form of cash and/or stock options based on individual performance and the Company&#8217;s achievement of certain milestones, with a payment
expected to equate to up to 20% of annual base salary. No later than thirty days of the commencement date of the employment agreement,
the Company compensated Mr. Potashnick with (i) a cash compensation signing bonus of $30,000; and (ii) an initial grant of 78,413 incentive
stock options on a post-Business Combination basis. Additionally, in the absence of an executive incentive compensation plan by the compensation
committee of the </span>Board<span style="background-color: white">, Mr. Potashnick is eligible for an additional annual bonus of up to
20% of his salary.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
employment agreement provides that&#160;Mr.&#160;Potashnick is also eligible for standard benefit plans made available to management-level&#160;employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
Company has the right immediately to terminate Mr. Potashnick&#8217;s employment for cause (as defined in his employment agreement) during
the employment period upon notice to Mr. Potashnick.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">In
the event of a termination of Mr. Potashnick&#8217;s employment, the Company shall pay Mr. Potashnick: (i) any unpaid base salary on the
Company&#8217;s regular payday, prorated to the effective date of termination; and (ii) the dollar value of all accrued and unused vacation
benefits based upon Mr. Potashnick&#8217;s base salary. The Company shall also reimburse Mr. Potashnick in accordance with and subject
to the requirements of the Company&#8217;s expense reimbursement practices for any reasonable and necessary business expenses incurred
by Mr. Potashnick&#8217;s on behalf of the Company on or before the date on which his employment terminates, and reported and properly
documented on expense reports.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
Company has the right to terminate Mr. Potashnick&#8217;s employment without cause during the employment period upon notice to Mr. Potashnick.
In the event of a termination without cause (as defined in his employment agreement), the Company will pay Mr. Potashnick severance compensation
in an amount equal to an amount of one half of Mr. Potashnick&#8217;s base salary in effect on the date on which Mr. Potashnick&#8217;s
employment is terminated, payable in a lump sum within thirty (30) days after the date of the termination. If Mr. Potashnick is eligible
for and elects to continue group health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (&#8220;<b>COBRA</b>&#8221;),
he will be allowed to do so. The Company will also pay Mr. Potashnick a bonus under the Company&#8217;s equity incentive plan prorated
based upon the number of days for which Mr. Potashnick was employed during the period for which such payments are made (e.g., quarter),
and any options or other equity incentives which have been granted to Mr. Potashnick shall fully vest on the date of termination.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
CFO</span>&#160;employment agreement includes provisions governing Company confidential information, assignment of employee inventions,
non-solicitation&#160;of employees for 12&#160;months following employment termination, non-competition&#160;for one year following any
employment termination for cause or without good reason (as defined in the employment agreement) and indemnification rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Brian Chen</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Our
predecessor, GWG Holdings, Inc., entered into an employment agreement with Mr.&#160;Brian Chen, its Chief Science Officer, as of August&#160;20,
2017, for a five-year&#160;initial term that automatically renews for additional one-year&#160;terms thereafter. For the&#160;years ended
December&#160;31, 2022 and 2021, the annual base salary for Mr.&#160;Brian Chen was $236,000. By letter agreement, dated October&#160;17,
2019, the CSO employment agreement was amended and provided that Mr.&#160;Brian Chen will be eligible to participate in a discretionary
incentive compensation plan and receive annual incentive compensation in the form of cash and/or stock options based on individual performance
and the company&#8217;s achievement of certain milestones, with a payment expected to equate to up to 20% of annual base salary. The CSO
employment agreement provides that Mr.&#160;Brian Chen is eligible for standard benefit plans made available to management-level&#160;employees.
If the CSO&#8217;s employment ends on account of death or disability, the Company will pay his estate continued salary for one month and
continue welfare benefits including paying all premiums for coverage of the CSO&#8217;s dependent family members.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
CSO employment agreement includes provisions governing Company confidential information, assignment of employee inventions, non-solicitation&#160;of
employees for 12&#160;months following employment termination, non-competition&#160;for one year following any employment termination
for cause or without good reason (as defined in the CSO employment agreement) and indemnification rights.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Taylor Fay, our Chief Operating Officer</i></span><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our predecessor, GWG Holdings,
Inc., previously entered into an employment agreement with Mr.&#160;Fay, effective as of June 18, 2018. On October 17, 2019, by letter
agreement, Mr. Fay&#8217;s employment agreement was amended to increase his salary to $130,500 per annum, and also to provide that Mr.
Fay would be eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in the form
of cash and/or stock options based on individual performance and the company&#8217;s achievement of certain milestones, with a payment
expected to equate to up to 20% of his annual base salary. Mr. Fay&#8217;s employment agreement also provides that he is eligible for
standard benefit plans made available to management-level&#160;employees. If Mr. Fay&#8217;s employment ends on account of death or disability,
the Company will pay his estate continued salary for one month and continue welfare benefits, including paying all premiums for coverage
of his dependent family members. Mr. Fay&#8217;s compensation was again amended on November 18, 2020, to increase his salary to $160,000,
effective as of August 9, 2020. Thereafter, Mr. Fay was promoted to Vice President of Product Operations and his salary was increased
to $177,000 per annum, effective as of March 11, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Jon Sabes, our former Chief Executive Officer</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
predecessor, FOXO BioScience LLC, entered into an employment agreement with Mr.&#160;Jon Sabes, its Chief Executive Officer (&#8220;<b>CEO</b>&#8221;),
as of April&#160;22, 2020, for a five-year&#160;term that was to automatically renew for additional five-year&#160;periods unless terminated
prior to such renewal by the Company&#8217;s board or Mr.&#160;Sabes. Pursuant to the terms of the employment agreement, the annual base
salary for Mr.&#160;Jon Sabes was $480,000. The CEO employment agreement provided that Mr.&#160;Sabes will receive an annual cash bonus
of up to 50% of his base salary, with such amount determined by the Company&#8217;s compensation committee. The CEO employment agreement
also made a 10% profits interest grant, although this grant was later terminated when the Company converted to a C corporation and the
profits interest grant replaced by stock options. Mr.&#160;Sabes was entitled to participate in (i) all human resource benefit programs
made available to management-level&#160;employees of the Company and its subsidiaries, and (ii) all employee benefit plans and programs
made available by the Company. The CEO agreement provided reimbursement for private travel including the family members of Mr.&#160;Sabes
for both business and personal use, and social club memberships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">In
the event Mr.&#160;Sabes&#8217; employment was terminated as a result of his death or incapacity, the Company was to pay to the estate
of Mr.&#160;Sabes an amount equal to his then current base salary through the balance of the agreement, including any earned but unpaid
annual compensation and the Company would continue the welfare benefit programs provided under the agreement, including paying all premiums
for coverage for Mr.&#160;Sabes&#8217; dependent family members. In the event Mr.&#160;Sabes&#8217; employment was terminated by the board
without a renewal term or without Cause (as defined in the CEO employment agreement), then all equity awards immediately vest as specified
in the related agreements and Mr.&#160;Sabes would receive a severance payment equal to 36&#160;months of his base salary. In the event
Mr.&#160;Sabes&#8217; employment was terminated by the Company with Cause (as defined in the CEO employment agreement) or Mr.&#160;Sabes
resigns, then he would not be entitled to any severance or continued benefits.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Under
the CEO employment agreement, Mr.&#160;Sabes agreed to customary confidentiality provisions and to refrain from soliciting employees of
the Company and its affiliates for a period of 12&#160;months following any termination of employment and to a non-competition&#160;restriction
during the term of the agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Jon
Sabes was terminated as the Company&#8217;s CEO on November 14 2022. The Company is continuing to review its obligations, if any, to Jon
Sabes pursuant to the CEO employment agreement.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white"><i>Agreement
with Steven Sabes, our former Chief Operating Officer</i></span><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
predecessor, GWG Holdings, Inc., entered into an employment agreement with Mr.&#160;Steven Sabes, its Chief Operating Officer, as of August&#160;20,
2017, for a five-year&#160;initial term that automatically renewed for additional one-year&#160;terms thereafter. For the&#160;years ended
December&#160;31, 2022 and 2021, the annual base salary for Mr.&#160;Steven Sabes was $200,000. By letter agreement, dated October&#160;17,
2019, the COO employment agreement was amended and provided that Mr.&#160;Steven Sabes would be eligible to participate in a discretionary
incentive compensation plan and receive annual incentive compensation in the form of cash and/or stock options based on individual performance
and the Company&#8217;s achievement of certain milestones, with a payment expected to equate to up to 20% of annual base salary. The COO
employment agreement provided that Mr.&#160;Steven Sabes was eligible for standard benefit plans made available to management-level&#160;employees.
If the COO&#8217;s employment ended on account of death or disability, the Company would pay his estate continued salary for one month
and continue welfare benefits including paying all premiums for coverage of the COO&#8217;s dependent family members.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
COO employment agreement included provisions governing Company confidential information, assignment of employee inventions, non-solicitation&#160;of
employees for 12&#160;months following employment termination, non-competition&#160;for one year following any employment termination
for cause or without good reason (as defined in the COO employment agreement) and indemnification rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">Steven
Sabes was terminated as the Company&#8217;s Chief Operating Officer on November 14, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Outstanding Equity
Awards</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
following table sets forth information concerning outstanding equity awards held by each of our named executive officers or former named
executive officers as of December&#160;31, 2022, on a post-Business Combination basis. The table reflects both vested and unvested stock
option awards, bifurcated by grant date. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style=" text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.75</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
stock was issued in 2022 as part of the Company&#8217;s Management Contingent Share Plan and is subject to time, performance, and service
conditions. The shares held by Mr. Jon Sabes that are subject to forfeiture pursuant to the Management Contingent Share Plan are pending
a review of the Company&#8217;s obligations to vest these shares in connection with Mr. Sabes&#8217; termination. The amount shown reflects
shares associated with a performance obligation that was met at the time of Mr. Sabes&#8217; termination. The restricted stock issued
to Tyler Danielson is fully vested.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
granted on January 27, 2022 began vesting at grant date and are fully vested as of December 31, 2022</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
option award vests monthly over a three-year period from the grant date.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2, 2021, Mr. Tyler Danielson was granted a total of 52,275 stock option awards. The 14,520 stock option awards granted to Mr. Danielson
that are unvested as of December 31, 2022 will vest in equal monthly installments through December 31, 2023.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;13, 2021, Mr.&#160;Brian Chen was granted a total of 672,264 stock option awards, a portion of which reflect compensation
awards for services rendered prior to the adoption of the 2020 Plan. Of the 2,238 stock option awards granted to Mr. Chen that are unvested
as of December 31, 2022, (i) 834 will vest in equal monthly installments from January 1, 2023 to June 30, 2023; and (iii) 1,404 will
vest in equal monthly installments from January 1, 2023 to December 31, 2023.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2, 2021, Mr. Robert Potashnick was granted a total of 78,413 stock option awards. The 26,136 stock option awards granted to Mr.
Potashnick that are unvested as of December 31, 2022 will vest in equal monthly installments through December 31, 2023.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;2, 2021, Mr.&#160;Jon&#160;Sabes was granted a total of 859,569 stock option awards, a portion of which reflect compensation
awards issued as replacement for prior profits interests cancelled in 2020 and for services rendered prior to the adoption of the 2020
Plan. Of the&#160;26,764 stock option awards granted to Mr.&#160;Jon&#160;Sabes that are unvested as of December 31,&#160;2022, (i) 22,426
will vest in January 2023; (ii) 1,446 will vest in equal monthly installments from January 1, 2023 to June 30, 2023; and (iii) 2,892
will vest in equal monthly installments from January 1, 2023&#160;to December 31, 2023.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Steven Sabes had three months from his termination of continuous service to exercise his options in accordance with our 2020 Plan. The
options were not exercised within the allotted time and have since been forfeited.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><td style="text-align: justify">The shares held by Mr. Jon Sabes that are subject to forfeiture
pursuant to the Management Contingent Share Plan are pending a review of the Company&#8217;s obligations to vest these shares in connection
with Mr. Sabes termination. The amount shown reflects shares associated with a performance obligation that was met at the time of his
termination. The Company is additionally reviewing its obligations to Mr. Sabes related to the immediate vesting of options. The amount
shown reflects options vested based on his continuous service as a director as of December 31, 2022. Mr. Sabes no longer provides continuous
service upon his resignation from the Board and has three months from his resignation on January 29, 2023 to exercise any of his remaining
options.</td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Executive Compensation
Arrangements &#8211; Post-Closing Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Post-Closing Employment
Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are in the process of negotiating, approving and implementing new employment arrangements with each of our executive officers, which will
govern the terms of their continuing employment with us. Although the terms of these agreements are still being finalized, we expect that
the agreements will have a fixed term of years, with annual renewals thereafter, subject to termination in accordance with each agreement&#8217;s
terms and conditions. We expect that each executive will be entitled to an annual salary, to be reviewed each year, an annual target bonus
opportunity (calculated as a percentage of salary) paid in cash, and an equity incentive grant. We anticipate the agreements will contain
severance provisions whereby, if the executive is terminated other than for cause or resigns for good reason, then the executive will
be paid a lump sum payment calculated based on his or her salary and bonus. If the executive is terminated for cause, we anticipate the
agreements will provide that the executive would receive no amounts other than amounts accrued at the date of termination and any vested
benefits under Company benefit plans. We expect that all unvested equity awards would become fully vested in connection with a change
of control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Simultaneously
with the execution and delivery of the Merger Agreement, certain Legacy FOXO executive officers entered into Non-Competition&#160;Agreements
in favor of Legacy FOXO and Delwinds and their respective present and future successors and direct and indirect subsidiaries. Under the
Non-Competition&#160;Agreements, the Legacy FOXO executive officers signatory thereto agreed not to compete with Delwinds, Legacy FOXO
and their respective affiliates during the two-year&#160;period following the Closing and, during such two-year&#160;restricted period,
to not solicit employees or customers of such entities. The Non-Competition&#160;Agreements also contain customary confidentiality and
non-disparagement&#160;provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>2022 Equity Incentive
Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Following
the consummation of the Business Combination, the Company adopted the 2022 Plan in order to facilitate the grant of equity awards to attract,
retain and incentivize employees (including officers), independent contractors and directors of the Company and its affiliates, which
is essential to the Company&#8217;s long term success.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Summary of the 2022 Equity Incentive Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Eligibility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Employees
(including officers), non-employee directors and consultants who render services to the Company or an affiliate thereof (whether now existing
or subsequently established) are eligible to receive awards under the 2022 Plan. Incentive stock options may only be granted to employees
of the Company or a parent or subsidiary thereof. As of the date of this registration statement, we have approximately 29 employees and
consultants, including five executive officers, and three non-employee directors, eligible to participate in the 2022 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Administration</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
compensation committee of our Board, or such other committee as may be designated by the Board, or in the absence of any such committee,
the Board (the &#8220;<b>compensation committee</b>&#8221; or &#8220;<b>Administrator</b>&#8221;), administers 2022 Plan. Subject to the
terms of 2022 Plan, the compensation committee has complete authority and discretion to determine the terms of awards under 2022 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Types of Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
2022 Plan provides for the grant of stock options, which may be incentive stock options (&#8220;<b>ISOs</b>&#8221;) or non-qualified&#160;stock
options (&#8220;<b>NQSOs</b>&#8221;), stock appreciation rights (&#8220;<b>SARs</b>&#8221;), restricted shares, restricted stock units
(&#8220;<b>RSUs</b>&#8221;) and other equity-based&#160;awards, or collectively, awards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Share Reserve</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">3,286,235
shares of Class A Common Stock may be issued under the 2022 Plan. All of the shares available under the 2022 Plan may be issued upon the
exercise of ISOs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Awards
granted under the 2022 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity
plan maintained by an entity with which we enter into a merger or similar corporate transaction do not reduce the shares available for
grant under the 2022 Plan but will count against the maximum number of shares that may be issued upon the exercise of ISOs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
options, SARs, restricted stock, RSUs or any other awards are forfeited, cancelled or expire before being exercised or settled in full,
the shares subject to such awards will again be available for issuance under the 2022 Plan. Notwithstanding anything to the contrary contained
herein: shares subject to an award under the 2022 Plan shall not again be made available for issuance or delivery under the 2022 Plan
if such shares are (a) shares tendered in payment of an option, (b) shares delivered or withheld by the company to satisfy any tax withholding
obligation, or (c) shares covered by a stock-settled&#160;SAR or other awards that were not issued upon the settlement of the award. Shares
issued under the 2022 Plan may be authorized but unissued shares or treasury shares. As of the date hereof, no awards have been granted
under the 2022 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Annual Limitation on Awards to Non-Employee
Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
grant date fair value of 2022 Plan awards granted to each non-employee&#160;director during any calendar year may not exceed $500,000
(on a per-director&#160;basis).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Stock Options</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
2022 Plan authorizes the grant of ISOs and NQSOs (each an &#8220;<b>Option</b>&#8221;). Options granted under 2022 Plan entitle the grantee,
upon exercise, to purchase a specified number of shares of Class A Common Stock from us at a specified exercise price per share. The Administrator
of 2022 Plan determines the period during which an Option may be exercised, as well as any Option vesting schedule, except that no Option
may be exercised more than 10&#160;years after the date of grant and will generally expire sooner if the option holder&#8217;s service
terminates. The exercise price for shares of Class A Common Stock covered by an Option cannot be less than the fair market value of the
common stock on the date of grant unless pursuant to an assumption or substitution for another option in a manner satisfying the provisions
of Section&#160;409A of the Internal Revenue Code of 1986, as amended (the &#8220;<b>Code</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">An
Option&#8217;s exercise price may be paid in cash or by certified check at the time the Option is exercised, or, at the discretion of
the Administrator, (1)&#160;a stock-for-stock&#160;exchange whereby the exercise price is paid by exchange of other common stock with
a fair market value equal to the Option exercise price; (2)&#160;a &#8220;cashless&#8221; exchange established with a broker; (3)&#160;by
reducing the number of shares of common stock otherwise deliverable upon exercise with the fair market value equal to the aggregate Option
exercise price; (4)&#160;any combination of the previous methods; or (5)&#160;in any other form of legal consideration that may be acceptable
by the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Tax Limitations on Incentive Stock Options</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
aggregate fair market value, determined on the date of grant, of shares for which ISOs granted under the 2022 Plan first become exercisable
by a participant during any calendar year shall not exceed $100,000, and any amount in excess of $100,000 shall be treated as NQSOs. If
an ISO is granted to any employee who owns more than 10% of the total combined voting securities of the Company, the exercise price of
such ISO shall be at least 110% of the fair market value of the Class A Common Stock on the date of grant, and such ISO shall not be exercisable
more than five years after the date of grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Stock Appreciation Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Stock
appreciation rights may be granted under the 2022 Plan. Stock appreciation rights allow the recipient to receive the appreciation in the
fair market value of the Company Class A Common Stock between the exercise date and the date of grant. Stock appreciation rights may not
have a term exceeding ten&#160;years. The grant price for a stock appreciation right may not be less than 100% of the fair market value
per share on the date of grant. Subject to the provisions of the, the Administrator determines the other terms of stock appreciation rights,
including when such rights become exercisable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Restricted Stock Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Restricted
stock may be granted under the 2022 Plan. Restricted stock awards are grants of shares of Company Class A Common Stock that vest in accordance
with terms and conditions established by the compensation committee. The Administrator determines the number of shares of restricted stock
granted to any employee, director or consultant and, subject to the provisions of the 2022 Plan, determines the terms and conditions of
such awards. The compensation committee may impose whatever conditions to vesting it determines to be appropriate. The compensation committee,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Recipients
of restricted stock awards generally have voting rights with respect to such shares upon grant unless the Administrator provides otherwise.
Unless the Administrator determines otherwise, during the restricted period, all dividends or other distributions paid upon any restricted
stock awards will be retained by the Company for the account of the recipient. Such dividends or other distributions will revert to the
Company if for any reason the restricted stock award upon which such dividends or other distributions were paid reverts to the company.
Upon the expiration of the restricted period, all such dividends or other distributions made on such restricted share and retained by
the Company will be paid to the recipient, with or without interest as determined by the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Restricted Stock Units</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Restricted
stock units may be granted under the 2022 Plan. Restricted stock units are bookkeeping entries representing an amount equal to the fair
market value of one share of company common stock. Subject to the provisions of the 2022 Plan, the Administrator determines the terms
and conditions of restricted stock units, including the vesting criteria and the form and timing of payment. The Administrator may also
grant restricted stock units with a deferral feature, whereby settlement is deferred beyond the vesting date or lapse of the restricted
period until the occurrence of a future payment date or event set forth in an award agreement. A holder of restricted stock units will
have only the rights of a general unsecured creditor of the Company, until the delivery of shares, cash or other securities or property.
On the delivery date, the holder of each restricted stock unit not previously forfeited or terminated will receive one share, cash or
other securities or property equal in value to one share or a combination thereof, as specified by the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Other&#160;Equity-Based&#160;Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
2022 Plan&#160;also authorizes the grant of other types of equity-based&#160;awards based in whole or in part by reference to the Company&#8217;s
Class A Common Stock. The Administrator will determine the terms and conditions of any such awards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Change in Control</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Unless
otherwise provided in an award agreement, under the 2022 Plan, if a participant is terminated without cause or for good reason during
the 12-month&#160;period following a change in control (as defined in the 2022 Plan), all of such participant&#8217;s outstanding awards
shall vest and be immediately exercisable as of the date of termination. With respect to awards subject to performance goals, in the event
of a change in control, all incomplete performance periods in respect of such awards in effect on the date the change in control occurs
shall end on the date of such change and the Administrator shall (i)&#160;determine the extent to which performance goals with respect
to each such performance period have been met based upon such audited or unaudited financial information then available as it deems relevant
and (ii)&#160;cause to be paid to the applicable participant partial or full awards with respect to performance goals for each such performance
period based upon the Administrator&#8217;s determination of the degree of attainment of performance goals or, if not determinable, assuming
that the applicable &#8220;target&#8221; levels of performance have been attained, or on such other basis determined by the Administrator.
In addition, in the event of a change in control, the Administrator may in its discretion cash out any or all outstanding awards immediately
before the change in control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Changes to Capital Structure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
the event of certain changes in capitalization, including a stock split, reverse stock split or stock dividend, proportionate adjustments
will be made in the number and kind of shares available for issuance under the 2022 Plan, the limit on the number of shares that may be
issued under the 2022 Plan as ISOs, the number and kind of shares subject to each outstanding award and/or the exercise price of each
outstanding award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Duration, Amendment and Termination</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Administrator of the 2022 Plan&#160;may suspend or terminate the 2022 Plan&#160;without stockholder approval or ratification at any time
or from time to time. Unless sooner terminated, the 2022 Plan&#160;will terminate on the tenth anniversary of its effective date. The
Administrator may also amend the 2022 Plan&#160;at any time, except that no amendment shall be effective unless approved by our stockholders,
to the extent stockholder approval is necessary to satisfy any applicable laws. No change may be made that increases the total number
of shares of Class A Common Stock reserved for issuance pursuant to awards or reduces the minimum exercise price for options or exchange
of options for other awards, unless such change is authorized by our stockholders. No modification may be made to an outstanding award
under the 2022 Plan if such modification effects a &#8220;repricing&#8221; of the award unless such a repricing is approved by our stockholders.
A termination or amendment of the 2022 Plan&#160;will not, without the consent of the participant, materially impair the rights under
a previously granted award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Restrictions on Transfer</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">ISOs
may not be transferred or exercised by another person except by will or by the laws of descent and distribution. NQSOs may, in the sole
discretion of the Administrator, be transferable to certain permitted transferees as provided in the individual award agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>International Participation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Administrator has the authority to implement sub-plans&#160;(or otherwise modify applicable grant terms) for purposes of satisfying applicable
foreign laws, conforming to applicable market practices or for qualifying for favorable tax treatment under applicable foreign laws,
and the terms and conditions applicable to awards granted under any such sub-plan&#160;or modified award may differ from the terms of
the 2022 Plan. Any shares issued in satisfaction of awards granted under a sub-plan&#160;will come from the 2022 Plan share reserve.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Incentive Stock Options</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
participant will not recognize income on the grant, vesting, or exercise of an ISO. However, the difference between the exercise price
and the fair market value of the Class A Common Stock on the date of exercise is an adjustment item for purposes of the alternative minimum
tax. If a participant does not exercise an ISO within certain specified periods after termination of employment, the participant will
recognize ordinary income on the exercise of an ISO in the same manner as on the exercise of a NQSO, as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Non-Qualified&#160;Stock Options and
SARs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
participant generally is not required to recognize income on the grant or vesting of a NQSO or SAR. Instead, ordinary income generally
is required to be recognized on the date the NQSO or SAR is exercised. In general, the amount of ordinary income required to be recognized
is (a)&#160;in the case of a NQSO, an amount equal to the excess, if any, of the fair market value of the shares on the exercise date
over the exercise price and (b)&#160;in the case of a SAR, the amount of cash and/or the fair market value of any shares received upon
exercise. If the participant is an employee or former employee, the participant will be required to satisfy the tax withholding requirements
applicable to such income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
participant who receives an award of restricted stock generally does not recognize taxable income at the time of the award. Instead, the
participant recognizes ordinary income when the shares vest, subject to withholding if the participant is an employee or former employee.
The amount of taxable income is equal to the fair market value of the shares on the vesting date(s) less the amount, if any, paid for
the shares. Alternatively, a participant may make a one-time&#160;election to recognize income at the time the participant receives restricted
stock in an amount equal to the fair market value of the restricted stock (less any amount paid for the shares) on the date of the award
by making an election under Section 83(b) of the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Restricted Stock Unit Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
general, no taxable income results upon the grant of an RSU. The recipient will generally recognize ordinary income, subject to withholding
if the recipient is an employee or former employee, equal to the fair market value of the shares that are delivered to the recipient upon
settlement of the RSU.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Gain or Loss on Sale or Exchange of
Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
general, gain or loss from the sale or exchange of shares of common stock granted or awarded under the 2022 Plan&#160;will be treated
as capital gain or loss, provided that the shares are held as capital assets at the time of the sale or exchange. However, if certain
holding period requirements are not satisfied at the time of a sale or exchange of shares acquired upon exercise of an ISO, a participant
generally will be required to recognize ordinary income upon such disposition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Section 409A</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
foregoing description assumes that Section 409A of the Code does not apply to an award. In general, options and stock appreciation rights
are exempt from Section 409A if the exercise price per share is at least equal to the fair market value per share of the underlying stock
at the time the option or stock appreciation right was granted. RSUs are subject to Section 409A unless they are settled within two and
one half months after the end of the later of (a) the end of the Company&#8217;s fiscal year in which vesting occurs or (b) the end of
the calendar year in which vesting occurs. Restricted stock awards are not generally subject to Section 409A. If an award is subject to
Section 409A and the provisions for the exercise or settlement of that award do not comply with Section 409A, then the participant would
be required to recognize ordinary income whenever a portion of the award vested (regardless of whether it had been exercised or settled).
This amount would also be subject to a 20% U.S. federal tax and premium interest in addition to the U.S. federal income tax at the participant&#8217;s
usual marginal rate for ordinary income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Deductibility by Company</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company will generally be entitled to an income tax deduction at the time and to the extent a participant recognizes ordinary income
as a result of an award granted under the 2022 Plan. However, Section 162(m) of the Code may limit the deductibility of certain awards
granted under the 2022 Plan. Although the Administrator considers the deductibility of compensation as one factor in determining executive
compensation, the Administrator retains the discretion to award and pay compensation that is not deductible as it believes that it is
in the stockholders&#8217; best interests to maintain flexibility in the approach to executive compensation and to structure a program
that the Administrator considers to be the most effective in attracting, motivating and retaining key employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Management Contingent
Share Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection with the Business Combination, we adopted an earnout incentive plan (the &#8220;<b>Management Contingent Share Plan</b>&#8221;)
to secure and retain the services of certain key employees and service providers and incentivize such key employees and service providers
to exert maximum efforts for the success of FOXO and its affiliates. The Management Contingent Share Plan makes available a total of 9,200,000&#160;shares
eligible to be issued pursuant to restricted share awards, all of which are eligible to be issued. These restricted share awards will
vest and be subject to forfeiture according to time and performance-based&#160;criteria established as part of the Business Combination.
Certain of these restricted share awards will be granted to our named executive officers and will represent compensation to such individuals
in 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Summary of the Management Contingent Share Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Eligibility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Employees
(including officers), non-employee&#160;directors and consultants who render services to the Company or an affiliate thereof (whether
now existing or subsequently established) are eligible to receive awards under the Management Contingent Share Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Administration</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Management Contingent Share Plan is administered by the compensation committee, or such other committee of the Board, composed of independent
directors, as is designated by the Board to administer the Management Contingent Share Plan (the &#8220;<b>Committee</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Subject
to the terms of the Management Contingent Share Plan, the Committee will have complete authority to construe and interpret the plan and
awards granted under it. The Committee shall be solely responsible for monitoring and determining whether or not any performance-based&#160;condition
(described below) is achieved and any such determination shall be final and conclusive. The Committee may utilize whatever rules and processes
it believes are appropriate in this determinative process. All determinations, interpretations, and constructions made by the Committee
in good faith and consistent with the terms of the plan shall not be subject to review by any person and shall be final, binding, and
conclusive on all persons.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Share Reserve</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
number of shares of Class A Common Stock that may be issued under the Management Contingent Share Plan is 9,200,000&#160;shares, subject
to equitable adjustment for share splits, share dividends, combinations and recapitalizations, including to account for any equity securities
into which such shares are exchanged or converted. All 9,200,000&#160;shares of Class A Common Stock were issued to members of Company
management designated by management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Types of Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Management Contingent Share Plan provides for the grant of restricted share awards of Class A Common Stock. All of the shares of Class
A Common Stock issued to employees at the Closing were issued pursuant to a &#8220;Restricted Share Award,&#8221; the terms of which apply
to all shares issued to such recipient. For the purposes of the Management Contingent Share Plan, shares of restricted Class A Common
Stock issued in accordance with such plan will be considered &#8220;vested&#8221; when they are no longer subject to forfeiture in accordance
with the terms of such plan. Each restricted share award issued under the Management Contingent Share Plan is subject to both a time-based&#160;vesting
component and a performance-based&#160;vesting component.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Time-Based&#160;Vesting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Each
restricted share award shall be subject to three service-based&#160;vesting conditions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sixty
percent (60%) of a participant&#8217;s restricted share award will become vested on the third anniversary of the Closing if the participant
is still employed by the Company on such date (and has been continuously employed by the Company from the date of grant through such
vesting date).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
additional twenty percent (20%) of a participant&#8217;s restricted share award will become vested on the fourth anniversary of the Closing
if the participant is still employed by the Company on such date (and has been continuously employed by the Company from the date of
grant through such vesting date).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
final twenty percent (20%) of a participant&#8217;s restricted share award will become vested on the fifth anniversary of the Closing
if the participant is still employed by the Company on such date (and has been continuously employed by the Company from the date of
grant through such vesting date).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Performance-Based&#160;Vesting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, to time-based&#160;vesting, one-third&#160;of each restricted share award may only become vested upon satisfaction of each of
the following three performance-based&#160;conditions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operational launch of digital online insurance products by FOXO Life Insurance Company (or its functional equivalent under a managing
general agency relationship with a life insurance company), with at least 100 policies sold, within one year following the Closing;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
signing of a commercial research collaboration agreement with an insurance company or reinsurance company for saliva-based&#160;epigenetic
biomarkers in life insurance underwriting within two&#160;years following the Closing; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation of saliva-based&#160;epigenetic biomarkers in life insurance underwriting by the Company, with at least 250 policies sold
using such underwriting, within two&#160;years following the Closing.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Service Based-Conditions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Management Contingent Share Plan provides that in the event of the death, disability, or termination without cause of the CEO at the time
of the Closing, service-based&#160;conditions will not apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Forfeiture of Restricted Share Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
a performance-based&#160;condition is not achieved within the specified timeframe then the one-third&#160;portion of each restricted share
award that is associated to that performance-based&#160;condition will be permanently forfeited. The Committee shall be solely responsible
for monitoring and determining whether or not any performance-based&#160;condition is achieved and any such determination shall be final
and conclusive.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Any
restricted stock awards that fail to vest due to a time-based&#160;vesting condition not being satisfied will be forfeited by the participant
and the shares associated with that award will be permanently forfeited and cancelled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Change in Control</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
the event of a change in control (as defined in the plan), all time-based&#160;vesting conditions and any performance-based&#160;vesting
conditions whose time frame for achievement has not expired will be waived. Any restricted share awards that were forfeited due to failure
to meet a performance-based&#160;vesting condition prior to the change in control will remain permanently forfeited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Duration, Amendment and Termination</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Unless
sooner terminated, the Management Contingent Share Plan will terminate on the first to occur of (a)&#160;the date that 100% of the restricted
share awards have become vested or (b)&#160;the first business&#160;day following the fifth (5<sup>th</sup>) anniversary of the Closing.
The Board may suspend or terminate the plan with the written consent of all remaining participants in the Management Contingent Share
Plan (at the time of the proposed suspension or termination of the Management Contingent Share Plan). The Board at any time, and from
time to time, may amend, supplement, modify or restate the plan or any award provided that any such amendment applicable to a previously
outstanding award shall not have an adverse effect on a participant or diminish the value of any previously outstanding award under the
plan without participant&#8217;s prior written consent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Restrictions on Transfer</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Except
for transfers without consideration to persons or entities related to a participant (family members, family trusts, etc.) restricted share
awards may not be transferred to another person except in the sole discretion of the Committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Non-Employee Director
Compensation Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">No
directors received compensation for their service on Delwinds&#8217; board of directors in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">The
following table presents the total compensation earned and paid to non-employee&#160;member directors of the Legacy FOXO board during
the year ended December&#160;31, 2022. Mr.&#160;Jon Sabes, our former Chief Executive Officer, did not receive any compensation for his
service as a member of the Legacy FOXO board during any period presented. Mr.&#160;Sabes&#8217; compensation for service as an employee
is presented above under the heading &#8220;<i>Summary Compensation Table</i>&#8221; above. In addition to the compensation outlined below,
we reimbursed non-employee&#160;members of the Legacy FOXO board for reasonable travel expenses, and out-of-pocket&#160;costs incurred
in attending meetings of the Legacy FOXO board or events attended on behalf of Legacy FOXO.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fees Earned<br/> and Paid in<br/> Cash ($)(4)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option Awards ($) (5)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Stock Awards ($) (6)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total<br/> ($)(7)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">390,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lyle Berman<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: center">2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bret
Barnes was appointed to the Legacy FOXO board in November of 2021 and given the timing of his appointment to the Legacy FOXO board, and
ongoing valuation work, Mr.&#160;Barnes was not granted any equity-based&#160;compensation awards during the year ended December&#160;31,
2021. The restricted stock grant to Mr. Barnes was part of the Company&#8217;s Management Contingent Share Plan. During the year ended
December 31, 2022, Mr. Barnes was also granted options valued at $133,200 for serving on the Company&#8217;s Scientific Advisory Board.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
restricted stock grant to Dr. Khaleghi was part of the Company&#8217;s Management Contingent Share Plan. Dr. Khaleghi also received $99,000
in cash and $624,800 worth of shares from the Management Contingent Share Plan during the year ended December 31, 2022 as fees for his
services under his Contractor Agreement with Legacy FOXO (see &#8220;<i>Certain Relationships and Related Person Transactions &#8212;
Legacy FOXO &#8212; Contractor Agreement</i>&#8221;). Dr. Khaleghi was supposed to be issued options as part of his Contractor Agreement
but agreed to accept shares under the Management Contingent Share Plan instead. Dr. Khaleghi was also granted options valued at $133,200
for serving on the Company&#8217;s Scientific Advisory Board.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lyle
Berman and Laurence Zipkin were appointed and no longer serve on the Legacy FOXO board.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
represent cash compensation earned and paid during the year ended December&#160;31, 2022 for services rendered by each member of the
Legacy FOXO board. Cash compensation amounts are paid in the final month of each calendar quarter for services rendered during that respective
quarter.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
reflect the aggregate grant date fair value of stock option awards granted under the 2020 Plan to non-employee&#160;members of Legacy
FOXO board during the year ended December&#160;31,&#160;2022, computed in accordance with FASB ASC Topic&#160;718,&#160;<i>Compensation&#160;&#8212;&#160;Stock
Compensation</i>. See Note&#160;8 of the audited consolidated financial statements included elsewhere in this registration statement
for a discussion of the relevant assumptions used in calculating this amount. During the year ended December&#160;31,&#160;2022, Mr.
Bret Barnes was granted 69,500 stock option awards as compensation for&#160;joining the Board and for&#160;services rendered.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
reflect the aggregate grant date fair value of restricted stock granted under FOXO&#8217;s Management Contingent Share Plan computed
in accordance with FASB ASC Topic 718, Compensation &#8212; Stock Compensation. See Note 8 of the consolidated financial statements included
elsewhere in this registration statement for a discussion of the relevant assumptions used in calculating this amount for the year ended
December 31, 2022. These amounts do not reflect the actual economic value that may be realized by the named executive officer.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee has not yet determined compensation for the FOXO Board. Accordingly, all compensation relates to the Legacy FOXO
board of directors.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Post-Combination Director
Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In April 2023, based on the recommendation of our compensation committee,
our Board approved the following annual retainers for the fiscal year ending December 31, 2023: $15,000 for service as chair of our audit
committee, $10,000 for service as chair of our compensation committee, $7,500 for service as chair of our nominating and corporate governance
committee, $10,000 for service as a non-chair member of our audit committee, $6,750 for service as a non-chair member of our compensation
committee, $5,000 for service as a non-chair member of our nominating and corporate governance committee, $35,000 for service as the non-executive
chairman of the Board, $15,000 for service as the lead director, and $121,000 for service as a director. In approving these retainers,
our compensation committee and Board considered the FW Cook 2022 Director Compensation Report to inform its decision making. In addition,
the Board approved one-time bonuses of $51,843.75, $35,291.67, and $41,635.42 for Mr. Barnes, Dr. Khaleghi, and Mr. Poole, respectively,
which amounts represent each director&#8217;s total annual retainers, prorated for three and a half months of service. 52.5% of each director&#8217;s
total compensation for fiscal year ending December 31, 2023 will be paid in equity and 47.5% will be paid in cash. Although the Board
has approved the foregoing terms of this director compensation plan, it has determined not to authorize the Company to make any awards,
stock issuances or cash payments thereunder until such time as the Board formally implements the plan. Other material terms of the plan,
including specific award schedules and the formula to be used to calculate the value of the stock issuance portion of each director&#8217;s
compensation, will be determined by the Board at such time as the Board approves the formal implementation of the plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><div><a id="m_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>CERTAIN RELATIONSHIPS
AND RELATED PERSON TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Delwinds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">On
February&#160;23, 2022, Delwinds issued a promissory note in the principal amount of up to $2,000,000 to the Sponsor (the &#8220;<b>Sponsor
February Promissory Note</b>&#8221;). The Sponsor February Promissory Note was issued in connection with advances the Sponsor has made
to Delwinds for working capital expenses. As of the date of this registration statement, $500,000 was still outstanding under the Sponsor
February Promissory Note.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
February&#160;24, 2022, in connection with the Transaction, concurrent with the execution of the Merger Agreement, Andrew J. Poole, Delwinds&#8217;
Chairman and Chief Executive Officer, and The Gray Insurance Company, which is an affiliate of certain of Delwinds&#8217; officers and
directors (the &#8220;<b>Backstop Investors</b>&#8221;) entered into Backstop Subscription Agreements (the &#8220;<b>Backstop Subscription
Agreements</b>&#8221;) pursuant to which the Backstop Investors agreed, subject to the terms and conditions of the Backstop Subscription
Agreements, to purchase certain newly-issued shares of Class A Common Stock, contingent upon the occurrence of certain events, including
the amount of Class A Common Stock redeemed upon consummation of the Business Combination and other contingencies. Concurrent and in connection
with Delwinds entering into a Forward Purchase Agreement with Meteora Capital Partners or its affiliates, Delwinds and the Backstop Investors
entered into revised Backstop Subscription Agreements (the &#8220;<b>Revised Backstop Subscription Agreements</b>&#8221;), the terms of
which were also approved and agreed by Legacy FOXO. As a result of the terms of the Revised Backstop Subscription Agreements, the Backstop
Investors did not subscribe for Delwinds shares concurrent with the consummation of the Business Combination pursuant to such agreements,
in connection with Delwinds entering into the Forward Purchase Agreement with Meteora.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Delwinds
has entered into a registration and stockholder rights agreement with respect to the private placement units, the units issuable upon
conversion of working capital loans (if any) and the shares of Delwinds Class A Common Stock issuable upon exercise of the foregoing and
upon conversion of the Founder shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
September 14, 2022, the Sponsor forfeited 600,000 shares of Delwinds Class B Common Stock and assigned all of its remaining securities
of the Company to its members for no additional consideration pursuant to securities assignment and joinder agreements (the &#8220;<b>Distribution</b>&#8221;),
pursuant to which the members became parties to the Existing Letter Agreement, as amended by the Insider Letter Amendment, the Registration
Rights Agreement, dated as of December 10, 2020, and Warrant Agreement, dated as of December 10, 2020, as applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Administrative
Support Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Delwinds
agreed, commencing on the effective date of the IPO through the earlier of the Delwinds&#8217; consummation of a business combination
and its liquidation, to pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative
support. At December&#160;31, 2021 and 2020, a total of $5,000 was recorded as due to Sponsor on the balance sheet related to this agreement.
For the years ending December&#160;31, 2021 and 2020, under this agreement we paid a total of $120,000 and $0, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered
accounting firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written
letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account
to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date
of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes
payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver
of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act.
However, we have not asked the sponsor to reserve for such indemnification obligations, nor have we independently verified whether the
sponsor has sufficient funds to satisfy its indemnity obligations and believe that the sponsor&#8217;s only assets are securities of our
company. Therefore, we cannot assure you that the Sponsor would be able to satisfy those obligations. None of our officers or directors
will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Legacy FOXO</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Other
than compensation arrangements, the following is a summary of the transactions and series of similar transactions since January&#160;1,
2020, or any currently proposed transactions, to which Legacy FOXO was a participant or will be a participant, in which:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of our directors, executive officers or holders of more than 5% of our voting securities, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Compensation
arrangements for our directors and named executive officers are described elsewhere in this registration statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Sales and Purchases
of Securities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Convertible Debenture
Sales</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">During
the three months ended March&#160;31, 2021, Legacy FOXO entered into separate Securities Purchase Agreements and other 2021 Bridge Agreements,
with the 2021 Bridge Investors, pursuant to which Legacy FOXO issued $11,812,500 in aggregate principal amount of the 2021 Bridge Debentures.
Legacy FOXO received net proceeds of $9,612,007 from the sale of the 2021 Bridge Debentures after the original issue discount of 12.5%
and deducting fees and expenses of $887,993. The 2021 Bridge Debentures were issued in three tranches, on January&#160;25, 2021, February&#160;23,
2021, and March&#160;4, 2021. The 2021 Bridge Debentures mature twelve months from the initial issuance dates, bear interest at a rate
of 12% per annum, and require interest only payments on a quarterly basis. We retained the right to extend the maturity date for each
issuance for an additional three-month&#160;period and incur an extension amount rate of 110% of the outstanding balance of the 2021 Bridge
Debenture. The 2021 Bridge Debentures allow for both: (i) voluntary conversion of aggregate principal and accrued and unpaid interest
to shares of Class A Common Stock at the option of the holder at a price per share equal to OIP and (ii) mandatory conversion of aggregate
principal and accrued and unpaid interest upon our consummation of offering of common stock, including a special purpose acquisition company
transaction, for an aggregate price of at least $5,000,000 at a price per share equal to the lower of (a) 70% of the offering price per
share or (b) OIP. On January&#160;25, 2021, Legacy FOXO also issued convertible debentures to its serving Chief Executive Officer and
Chief Operating Officer, and to the Consultant (as defined below) that provided consulting services to Legacy FOXO, on the same terms
as the 2021 Bridge Debentures issued to the 2021 Bridge Investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Effective
February&#160;22, 2022, pursuant to the 2021 Bridge Amendment, Legacy FOXO and the requisite 2021 Bridge Investors amended the terms of
certain 2021 Bridge Agreements to, among other things: (i) expand the definition of &#8220;Qualified Offering&#8221; to include certain
transactions with a special purpose acquisition company, (ii) permit Legacy FOXO to undertake the issuance of the 2022 Bridge Debentures,
(iii) allow Legacy FOXO to further extend the maturity dates of the 2021 Bridge Debentures by 5&#160;months under certain circumstances
and (iv) implement additional premiums payable on the outstanding principal amount of the 2021 Bridge Debentures under certain circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Contractor Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
October 2021, Legacy FOXO entered into a Contractor Agreement with Dr. Murdoc Khaleghi, one of its directors, under which Dr. Khaleghi
serves as our Chief Medical Officer. The Agreement is for an initial 12&#160;month term and renews on a month-to-month&#160;basis thereafter
subject to termination by either party on 10 days&#8217; notice. We pay Dr. Khaleghi $9,000 per month and reimbursement of out-of-pocket&#160;expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Indemnification
Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section&#160;145
of the DGCL authorizes a court to award, or a corporation&#8217;s board of directors to grant, indemnity to directors and officers in
terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement for expenses
incurred, arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Charter provides for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the DGCL,
and our bylaws provide for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the
DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, we have entered and will enter into indemnification agreements with directors, officers, and some employees containing provisions
which are in some respects broader than the specific indemnification provisions contained in the DGCL. The indemnification agreements
will require our Company, among other things, to indemnify its directors against certain liabilities that may arise by reason of their
status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which they could
be indemnified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Consulting Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
April&#160;2022, Legacy FOXO executed a consulting agreement with Bespoke Growth Partners, Inc., a company controlled by Mark Peikin (the
&#8220;<b>Consultant</b>&#8221;), which was subsequently amended on June&#160;1, 2022. The Consultant was considered to be a related party
of the Company as a holder of more than 5% of Legacy FOXO Class A Common Stock prior to the Business Combination. The agreement has a
term of twelve&#160;months, over which the Consultant is to provide services that include, but are not limited to, advisory services relating
to the implementation and completion of an event that will result in Legacy FOXO being publicly listed and subject to Exchange&#160;Act.
Following the execution of the agreement, as compensation for such services to be rendered as well as related expenses over the term of
the contract, the Consultant was paid a cash fee of $1,425. The consulting agreement also calls for the payment of an equity fee as compensation
for such services. Legacy FOXO issued 1,500,000&#160;shares of Class A Common Stock to the Consultant. These shares are intended to convert
into no less than 800,000&#160;shares of Class A Common Stock of the Company after the consummation of the Business Combination. To the
extent that adjustments to the Conversion Ratio reduce the Consultant&#8217;s converted shares to an amount less than 800,000, the Consultant
is to be issued make-up&#160;shares to ensure they are the holder of 800,000&#160;shares of Class A Common Stock of the Company following
the close of the Business Combination. The shares ultimately converted into 871,256 shares of Class A Common Stock of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Policies for Approval
of Related Person Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Board reviews and approves transactions with related persons (as defined below). Prior to our Board&#8217;s consideration of a transaction
with a related person, the material facts as to the related person&#8217;s relationship or interest in the transaction are disclosed to
the board of directors, and the transaction is not considered approved by the board of directors unless a majority of the directors who
are not interested in the transaction approve the transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company adopted a written related person transaction policy that sets forth the following policies and procedures for the review and approval
or ratification of related person transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
&#8220;<b>Related Person Transaction</b>&#8221; is a transaction, arrangement or relationship in which the Company or any of its subsidiaries
was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have
a direct or indirect material interest. A &#8220;<b>related person</b>&#8221; means:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

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  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company has policies and procedures designed to minimize potential conflicts of interest arising from any dealings it may have with its
affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest that may exist from
time to time. Specifically, pursuant to its charter, the audit committee of the board of directors of the Company has the responsibility
to review related party transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Employment Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
intend to enter into new employment agreements with our Interim Chief Executive Officer and Chief Technology Officer, Chief Financial
Officer and Chief Science Officer. The Company is still in the process of negotiating, approving, and implementing such employment arrangements,
which will govern the terms of their continuing employment with the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Simultaneously
with the execution and delivery of the Merger Agreement, certain Legacy FOXO executive officers entered into Non-Competition&#160;Agreements
in favor of Legacy FOXO and Delwinds and their respective present and future successors and direct and indirect subsidiaries. Under the
Non-Competition&#160;Agreements, the Legacy FOXO executive officers signatory thereto agree not to compete with Delwinds, Legacy FOXO
and their respective affiliates during the two-year&#160;period following the Closing and, during such two-year&#160;restricted period
and not to solicit employees or customers of such entities. The Non-Competition&#160;Agreement also contains customary confidentiality
and non-disparagement&#160;provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="m_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BENEFICIAL OWNERSHIP OF SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The following table lists,
as of April 10, 2023, the number of shares of Class A Common Stock beneficially owned by (i) each person, entity or group (as that term
is used in Section 13(d)(3) of the Exchange Act of 1934) known to the Company to be the beneficial owner of more than 5% of the outstanding
shares of common stock; (ii) each of our directors; (iii) each of our executive officers; and (iv) all executive officers and directors
as a group. Information relating to beneficial ownership of common stock by our principal stockholders and management is based upon information
furnished by each person using &#8220;beneficial ownership&#8221; concepts under the rules of the SEC. Under these rules, a person is
deemed to be a beneficial owner of a security if that person directly or indirectly has or shares voting power, which includes the power
to vote or direct the voting of the security, or investment power, which includes the power to dispose or direct the disposition of the
security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership
within 60 days from the date of this prospectus. Under the SEC rules, more than one person may be deemed to be a beneficial owner of the
same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary interest.
Except as noted below, each person has sole voting and investment power with respect to the shares beneficially owned and each stockholder&#8217;s
address is c/o FOXO Technologies Inc., 729 N. Washington Ave., Suite 600, Minneapolis, MN 55401.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Applicable percentage of ownership
is based on 27,418,069 shares of Class A Common Stock issued as of April 10, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">575,354</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Michael Will (7)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">553,199</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">All directors and executive officers as a group (8 individuals)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left">Five Percent Holders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">GWG Holdings, Inc. (9)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">less
than 1%.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i)&#160;730,142 shares of Class A Common Stock held by Mr. Poole; (ii) 42,500 shares of Class A Common Stock underlying Private Warrants
held by Mr. Poole; and (iii) 396,520 shares of Class A Common Stock held in irrevocable trusts for the benefit of Mr. Poole&#8217;s children,
over which Mr. Poole exercises voting control.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 130,000 shares of Class A Common Stock held by Dr. Khaleghi that are subject to forfeiture pursuant to the Management Contingent
Share Plan; and (ii) 32,419 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held
by Dr. Khaleghi.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 50,000 shares of Class A Common Stock held by Mr. Barnes that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 25,693 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr.
Barnes.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 760,000 shares of Class A Common Stock held by Mr. Chen that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 674,052 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by
Mr. Chen.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 17,425 shares of Class A Common Stock held by Mr. Danielson, (ii) 760,000 shares of Class A Common Stock held by Mr. Danielson that
are subject to forfeiture pursuant to the Management Contingent Share Plan; and (iii) 46,094 shares of Class A Common Stock underlying
vested options and options expected to vest by June 9, 2023 held by Mr. Danielson.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 510,000 shares of Class A Common Stock held by Mr. Potashnick that are subject to forfeiture pursuant to the Management Contingent
Share Plan; and (ii) 65,354 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held
by Mr. Potashnick.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 510,000 shares of Class A Common Stock held by Mr. Will that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 43,199 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr.
Will.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0in"></td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 150,000 shares of Class A Common Stock held by Mr. Fay that are subject to forfeiture pursuant to the Management Contingent Share Plan; and (ii) 32,605 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr. Fay. On April 12, 2023, Taylor Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of April 28, 2023, to pursue other opportunities.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address for GWG Holdings, Inc. is 325 North St. Paul Street, Suite 2650, Dallas, TX 75201.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 181,511 shares of Class A Common Stock underlying Assumed Warrants and 372,680 shares of Class A Common Stock held by JK-JBM Family
Investment LLC over which Mr. Sabes exercises voting control; (ii) 1,169,000 shares of Class A Common Stock held by Mr. Sabes that are
subject to forfeiture pursuant to the Management Contingent Share Plan,; (iii) 855,233 shares of Class A Common Stock underlying vested
options held by Mr. Sabes; and (iv) 1,161,674 shares of Class A Common Stock held by FOXO Management, LLC over which Mr. Sabes exercises
voting control. The shares held by Mr. Sabes that are subject to forfeiture pursuant to the Management Contingent Share Plan are pending
a review of the Company&#8217;s obligations to vest these shares in connection with Mr. Sabes termination. The amount shown reflects
shares associated with a performance obligation that was met at the time of his termination. The Company is additionally reviewing its
obligations to Mr. Sabes related to the immediate vesting of options. The amount shown reflects options vested based on his service as
a director through his resignation date. Mr. Sabes resigned from the Board on January 29, 2023 and has three months following his continuous
service to exercise his options.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
amounts are based upon information available to the Company as of the date of this filing.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, except as indicated in the footnotes above and subject to state community property laws where applicable, all beneficial
owners named in the beneficial ownership table above have sole voting and investment power with respect to all shares shown as beneficially
owned by them.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELLING SECURITYHOLDERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to the possible offer and resale by the Selling
Securityholders of (i) up to 5,288,364 shares of Class A Common Stock, consisting of (a) 5,063,750 shares of Class A Common Stock held
by the members of the Sponsor that received shares for no additional consideration, upon the Sponsor&#8217;s dissolution and distribution
of all of its assets, including these securities, (b) 316,250 shares of Class A Common Stock issuable upon exercise of the Private Warrants,
and (c) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC (&#8220;JVB&#8221;), acting through its Cohen &amp;
Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment and Termination Agreement,
dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between the Company
and JVB, providing for a general release, effective upon the effectiveness of this registration statement, of any and all claims by JVB
against the Company in exchange for the registration of JVB&#8217;s shares of Class A Common Stock for resale; and (ii) up to 316,250
Private Warrants. We are registering the shares of Class A Common Stock and the Private Warrants in order to permit the Selling Securityholders
to offer these securities for resale from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the securities sold
in this offering are eligible for sale, except for any securities held by our affiliates as defined in Rule 144 under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot advise you as to
whether the Selling Securityholders will in fact sell any or all of such shares of Class A Common Stock or Private Warrants. In particular,
the Selling Securityholders identified below may have sold, transferred or otherwise disposed of all or a portion of their securities
after the date on which they provided us with information regarding their securities in transactions exempt from registration under the
Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth certain information provided by or on behalf of the Selling Securityholders as of March 24, 2023 concerning the securities that
may be offered from time to time by each Selling Securityholder with this prospectus. See &#8220;Plan of Distribution.&#8221; For the
purposes of this following table, we have assumed that the Selling Securityholders will have sold all of the securities covered by this
prospectus upon the completion of the offering. The percentage ownership of voting securities in the following table is based on 27,418,069
shares of Class A Common Stock outstanding as of April 21, 2023. Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated
by the SEC under the Exchange Act, and includes shares of Class A Common Stock with respect to which the Selling Securityholder has voting
and investment power.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">All
expenses incurred with respect to the registration of the securities will be borne by us, but we will not be obligated to pay any underwriting
fees, discounts, commission or other expenses incurred by the Selling Securityholders in connection with the sale of such securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,972,114</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">316,250</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership of less than 1%.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
that the Selling Securityholders sells all of the Class A Common Stock and all of the Class A Common Stock underlying the Private Warrants.
These amounts are based upon information available to the Company as of the date of this filing.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable
percentage ownership is based on 27,418,069 of our shares of Class A Common Stock outstanding as of April 21, 2023 pending the Company&#8217;s
review of its obligations to our former Chief Executive Officer with respect to compensation and severance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
(i) 730,142 shares of Class A Common Stock held by Mr. Poole; (ii) 42,500 shares of Class A Common Stock underlying Private Warrants
held by Mr. Poole; and (iii) 396,520 shares of Class A Common Stock held in irrevocable trusts for the benefit of Mr. Poole&#8217;s children,
of which Mr. Poole exercises voting control.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Andrew James Poole is 729 N. Washington Ave., Suite 600, Minneapolis, MN 55401.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Michael T. Gray is 3601 N. I-10 Service Road West, Metairie, LA 70002.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Ryan Rugg is 946 John Anderson Drive, Ormond Beach, FL 32176.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes:
(i) 1,105,881 Class A Common Stock held by Coat Tail Partners, LLC (&#8220;<b>Coat Tail Partners</b>&#8221;); and (ii) 97,333 shares
of Class A Common Stock underlying Private Warrants held by Coat Tail Partners. Vincent J. Dowling, Jr. has the sole voting and dispositive
control over the shares held by Coat Tail Partners.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Vincent J. Dowling, Jr. is P.O. Box 644490, Vero Beach, FL 32964.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Dominic James Addesso is 1730 4<sup>th</sup> Street South, Naples, FL 34102.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of E. Benjamin Nelson is 9738 Fieldcrest Drive, Omaha, NE 68114.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Paul Britton Newhouse is 24600 S. Tamiami Trail 212, Bonita Springs, FL 34134.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Clifford Allen Bradley, Jr. is 1835 Highway 27, DeRidder, LA 70634.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric
Verlander Gray has the sole voting and dispositive control over the shares held by The Gray Insurance Company.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of The Gray Insurance Company is P.O. Box 6202, Metairie, LA 70009.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of David Delaney, Jr. is 823 Ponte Vedra Boulevard, Ponte Vedra Beach, FL 32082.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</span></td><td style="text-align: justify">The address of Robert M. Hughes is 4613 Taft Park, Metairie,
LA 70002.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cohen&#160;&amp;&#160;Company&#160;Financial&#160;Management,&#160;LLC&#160;(&#8220;<b>Cohen
Financial LLC</b>&#8221;) has voting and/or investment control over the securities held by Vellar Special Opportunities Fund LLC - Series
9. Daniel Cohen has the sole voting and dispositive control over the shares held by Cohen Financial LLC.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Cohen Financial LLC is 3 Columbus Circle, 24<sup>th </sup>Floor, New York, NY 10019.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of Stephen Way is P.O. Box 751987, Houston, TX 77275.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lester
Brafman has the sole voting and dispositive control over the shares held by Cohen &amp; Company, LLC and J.V.B. Financial Group, LLC. The
address of Cohen &amp; Company, LLC and J.V.B. Financial Group, LLC is 3 Columbus Circle, 24<sup>th</sup> Floor, New York, NY 10019.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SECURITIES OF THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following summary of the material terms of the Company&#8217;s securities following the Business Combination is not intended to be a complete
summary of the rights and preferences of such securities. We urge you to read the Charter and Company Bylaws in their entirety for a complete
description of the rights and preferences of Delwinds&#8217; securities following the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Charter&#8217;s authorized capital stock of the Company consists of 500,000,000&#160;shares of Class A Common Stock and 10,000,000&#160;shares
of undesignated preferred stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of April 21, 2023, the Company has 27,418,069 shares of Class A Common Stock outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Class A Common Stock
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Voting Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of Class
A Common Stock will be entitled to one vote for each share of Class A Common Stock held on all matters submitted to a vote of stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has not provided
for cumulative voting for the election of directors in the Charter. Accordingly, holders of at least a majority of the voting power of
then-outstanding&#160;shares of the Class A Common Stock entitled to vote in the election of directors, voting together as a single class,
will be able to elect all of the Company directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Dividend Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Subject
to preferences that may apply to any shares of convertible preferred stock outstanding at the time, the holders of shares of the Class
A Common Stock are entitled to receive dividends out of funds legally available if the Board, in its discretion, determines to issue dividends
and then only at the times and in the amounts that the Board may determine. Stock dividends with respect to each class of our common stock
may only be paid with shares of stock of the same class of common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>No Preemptive or
Similar Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Class A Common Stock is not entitled to preemptive rights, and is not subject to redemption or sinking fund provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Right to Receive
Liquidation Distributions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Upon
the Company&#8217;s liquidation, dissolution or winding-up, the assets legally available for distribution to the Company stockholders
would be distributed among the holders of the then outstanding Common Stock pro rata in accordance with the number of shares of Common
Stock held by each such holder, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and
the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Preferred Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be
authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will
be able to, without stockholder approval, issue preferred stock with voting and other rights that could have anti-takeover&#160;effects.
The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.
No shares of preferred stock were issued or registered in the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Public Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Each
Public Warrant entitles the registered holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing 30&#160;days after the Closing provided that we have an effective registration statement
under the Securities Act covering our Class&#160;A Common Stock issuable upon exercise of the Public Warrants and a current prospectus
relating to such our Class&#160;A Common Stock is available (or we permit holders to exercise their respective warrants on a cashless
basis under the circumstances specified in the Warrant Agreement) and such shares are registered, qualified or exempt from registration
under the securities, or blue sky laws of the state of residence of the holder. The Public Warrants will expire five&#160;years
after the Closing of the Business Combination, at 5:00&#160;p.m., New&#160;York City time, or earlier upon redemption or liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may call the warrants for redemption:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $0.01 per warrant;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30&#160;days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
and when the Public Warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock
upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to
effect such registration or qualification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call
a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of
the Public Warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the
price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we call the Public Warrants for redemption as described above, our management will have the option to require any holder that wishes to
exercise its warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their warrants
on a &#8220;cashless basis,&#8221; our management will consider, among other factors, our cash position, the number of warrants that are
outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A Common Stock issuable upon
the exercise of our warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise
price by surrendering their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x)&#160;the
product of the number of shares of Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price
of the warrants and the &#8220;fair market value&#8221; (defined below) by (y)&#160;the fair market value. The &#8220;fair market value&#8221;
shall mean the average reported last sale price of the Class A Common Stock for the 10&#160;trading days ending on the third&#160;trading
day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this
option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A Common Stock to be
received upon exercise of the Public Warrants, including the &#8220;fair market value&#8221; in such case. Requiring a cashless exercise
in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe
this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after the Closing. If we call
our Public Warrants for redemption and our management does not take advantage of this option, the members of the Sponsor would still be
entitled to exercise their Private Warrants for cash or on a cashless basis using the same formula described above that other warrant
holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described
in more detail below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
the event the Company determines to redeem the Public Warrants, holders of our redeemable warrants would be notified of such redemption
as described in our warrant agreement. Specifically, in the event that the Company elects to redeem all of the redeemable warrants as
described above, the Company will fix a date for the redemption (the &#8220;<b>Redemption Date</b>&#8221;). Notice of redemption will
be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption Date to the registered holders
of the redeemable warrants to be redeemed at their last addresses as they appear on the registration books. Any notice mailed in the manner
provided in the warrant agreement will be conclusively presumed to have been duly given whether or not the registered holder received
such notice. In addition, beneficial owners of the redeemable warrants will be notified of such redemption via the Company&#8217;s posting
of the redemption notice to DTC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
holder of a Public Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person&#8217;s
affiliates), to the warrant agent&#8217;s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as
a holder may specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common Stock, or
by a split-up&#160;of shares of Class A Common Stock or other similar event, then, on the effective date of such stock dividend, split-up&#160;or
similar event, the number of shares of Class A Common Stock issuable on exercise of each Public Warrant will be increased in proportion
to such increase in the outstanding shares of Class A Common Stock. A rights offering to holders of Class A Common Stock entitling holders
to purchase shares of Class A Common Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares
of Class A Common Stock equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A Common
Stock) and (ii)&#160;one (1)&#160;minus the quotient of (x)&#160;the price per share of the Company Class A Common Stock paid in such
rights offering divided by (y)&#160;the fair market value. For these purposes (i)&#160;if the rights offering is for securities convertible
into or exercisable for Class A Common Stock, in determining the price payable for Class A Common Stock, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii)&#160;fair market
value means the volume weighted average price of Class A Common Stock as reported during the ten (10)&#160;trading day period ending on
the&#160;trading day prior to the first date on which the shares of Class A Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other shares of our capital
stock into which the warrants are convertible), other than (a)&#160;as described above, (b)&#160;certain ordinary cash dividends, and
(c)&#160;to satisfy the redemption rights of the holders of Class A Common Stock in connection with the Closing of the Business Combination,
by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A Common Stock in respect
of such event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
the number of outstanding shares of our Class A Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Class A Common Stock issuable on exercise of each Public Warrant will
be decreased in proportion to such decrease in outstanding shares of Class A Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Whenever
the number of shares of Class A Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&#160;the
numerator of which will be the number of shares of Class A Common Stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y)&#160;the denominator of which will be the number of shares of Class A Common Stock so purchasable immediately
thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above or
that solely affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of us with or
into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in
any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with
which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and
upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the holder of the warrants would have received if such holder had exercised that person&#8217;s warrants
immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A Common Stock in such a transaction
is payable in the form of Class A Common Stock in the successor entity that is listed for trading on a national securities exchange or
is quoted in an established over-the-counter&#160;market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty&#160;days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on per share consideration minus the
Black-Scholes&#160;warrant value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is
to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine
and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value
portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30&#160;days of the event. The Black-Scholes&#160;model
is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Public Warrants and the Private Warrants were issued in registered form under a warrant agreement between Continental Stock Transfer&#160;&amp;
Trust Company, as warrant agent, and Delwinds. You should review a copy of the warrant agreement, which has been publicly filed with the
SEC and which you can find in the list of exhibits to this registration statement, for a complete description of the terms and conditions
applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the then
issued and outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A Common Stock and any voting
rights until they exercise their warrants and receive shares of Class A Common Stock. After the issuance of shares of Class A Common Stock
upon exercise of the warrants, each holder will be entitled to one (1)&#160;vote for each share held of record on all matters to be voted
on by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the warrants, a holder would be entitled to
receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock
to be issued to the warrant holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Private Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Except as described below, the Private Warrants have terms and provisions
that are identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period. The Private Warrants
(including the Class A Common Stock issuable upon exercise of the Private Warrants) were not transferable, assignable or salable until
30&#160;days after the Closing (except, among certain other limited exceptions to our officers and directors and other persons or entities
affiliated with Sponsor) and they will not be redeemable by us so long as they are held by the Sponsor or its permitted transferees. The
Sponsor, or its permitted transferees, has the option to exercise the Private Warrants on a cashless basis. If the Private Warrants are
held by holders other than Sponsor or its permitted transferees, the Private Warrants will be subject to the same terms and conditions
as the Public Warrants, and among other matters, be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants
for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x)&#160;the product of the number of shares
of Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#8220;fair
market value&#8221; (defined below) by (y)&#160;the fair market value. The &#8220;fair market value&#8221; shall mean the average reported
last sale price of the Class A Common Stock for the 10&#160;trading days ending on the third&#160;trading day prior to the date on which
the notice of warrant exercise is sent to the warrant agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Exercise Price
Reduction for Public and Private Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Notwithstanding
the foregoing, the Company may lower the exercise price at any time prior to the expiration date of the Public Warrants and the Private
Warrants for a period of not less than twenty (20) business days, provided, that the Company provide at least twenty (20) days prior written
notice of such reduction to registered holders of such warrants and, provided further that any such reduction shall be identical among
all of the Public Warrants and Private Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company does not have any current plans or intentions to lower the exercise price of the Public Warrants in accordance with Section 9.8
of the Warrant Agreement, however, there may be circumstances that lead the Company to lower the exercise price. For example, in the event
the exercise price of the Public Warrants and the Private Warrants is higher than the market price of the Class A Common Stock, then the
Company may determine to lower the exercise price below the market price at the time to induce the holders of such warrants to exercise
such warrants for cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Assumed Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">At
the effective time of the Business Combination, each Legacy FOXO warrant that was outstanding and unexercised immediately prior to the
Business Combination was assumed by us and converted into Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Each
Assumed Warrant entitles the registered holder to purchase one share of Common Stock at a price of $6.21 per share. The Assumed Warrants
will expire on or before three years after their issuance date at 5:00&#160;p.m., New&#160;York City time, or earlier upon liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
holder of an Assumed Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not
have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person&#8217;s
affiliates), to the warrant agent&#8217;s actual knowledge, would beneficially own in excess of 4.99% or 9.99% (or such other amount as
a holder may specify) of the shares of Common Stock outstanding immediately after giving effect to such exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up&#160;of
shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up&#160;or similar event, the
number of shares of Common Stock issuable on exercise of each Assumed Warrant will be increased in proportion to such increase in the
outstanding shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
the number of outstanding shares of our Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Assumed Warrant will be decreased
in proportion to such decrease in outstanding shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Assumed Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date to the Company. Within
the earlier of (i) two (2) business days and (ii) the number of trading days comprising the Standard Settlement Period (as defined in
Section 2(d)(i) of the Warrant Agreement) following the date of exercise, the holder shall deliver to us the aggregate exercise price
for the shares specified in the exercise form, by wire transfer or cashier&#8217;s check drawn on a United States bank. The holder is
not required to physically surrender the Assume Warrant to us until the holder has purchased all of the shares available and the warrant
has been exercised in full, in which case, the holder shall surrender the warrant to us for cancellation within three (3) business days
of the date on which the final notice of exercise is delivered to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">If
at any time after the six (6) month anniversary of the Qualified Offering, there is no effective registration statement registering the
resale of the warrant shares, then (i) the Assumed Warrant may also be exercised, in whole or in part, by means of a &#8220;cashless exercise&#8221;
and (ii) for each thirty (30) days following the six (6) month anniversary of the consummation of a Qualified Offering or portion of any
thirty (30) day period thereafter in which no effective registration statement is available, the amount of warrant shares shall be automatically
increased by five percent (5%) over the warrant shares available on such dates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
warrant holders do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their warrants
and receive shares of Common Stock. After the issuance of shares of Common Stock upon exercise of the warrants, each holder will be entitled
to one (1)&#160;vote for each share held of record on all matters to be voted on by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
and whenever, at any time while the Assumed Warrant is outstanding, we issue or sell, announce any offer, sale, or other disposition of,
or are deemed to have issued, sold or granted (or makes an announcement regarding the same), any shares of Class A Common Stock and/or
common stock equivalents for a consideration per share (the &#8220;<b>New Issuance Price</b>&#8221;) less than a price equal to the exercise
price in effect immediately prior to such issuance or sale or deemed issuance or sale, then immediately after such issuance, (1) the exercise
price then in effect shall be reduced to an amount equal to the New Issuance Price and (2) the number of warrant shares issuable under
the Assumed Warrant shall be increased such that the aggregate exercise price payable, after taking into account the decrease in the exercise
price, shall be equal to the aggregate exercise price prior to such adjustment.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
the case of certain fundamental transactions affecting the Company, a holder of Assumed Warrants, upon exercise of such Assumed Warrants
after such fundamental transaction, will have the right to receive, in lieu of shares of Class A Common Stock, the same amount and kind
of securities, cash or property that such holder would have been entitled to receive upon the occurrence of the fundamental transaction,
had the Assumed Warrants been exercised immediately prior to such fundamental transaction. In lieu of such consideration, a holder of
Assumed Warrants may instead elect to receive a cash payment based upon the Black-Scholes value of their Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">No
fractional shares will be issued upon exercise of the Assumed Warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Common Stock
to be issued to the warrant holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Our Transfer Agent
and Warrant Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
transfer agent for our Class A Common Stock and warrant agent for our Public Warrants and Private Warrants is Continental Stock Transfer&#160;&amp;
Trust Company. We have agreed to indemnify Continental Stock Transfer&#160;&amp; Trust Company in its roles as transfer agent and warrant
agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct
or bad faith of the indemnified person or entity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company is the warrant agent for the Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Anti-Takeover Provisions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter and the Company Bylaws following this offering could have the effect of delaying, deferring or discouraging another person from
acquiring control of the Company. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover
practices and inadequate takeover bids and encourage persons seeking to acquire control of the Company to first negotiate with the Board.
We believe that the benefits of increased protection of the Company&#8217;s potential ability to negotiate with an unfriendly or unsolicited
acquirer outweigh the disadvantages of discouraging a proposal to acquire the Company because negotiation of these proposals could result
in an improvement of their terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Certain Anti-Takeover
Provisions of the Charter and the Company Bylaws</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Certain
provisions of the Charter prevents the Company from engaging in a &#8220;business combination&#8221; with:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a stockholder who owns 15% or more of the Company&#8217;s outstanding voting stock (otherwise known as an &#8220;interested stockholder&#8221;);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
&#8220;business combination&#8221; includes a merger or sale of the Company&#8217;s assets with a market value of 10% or more of its aggregate
market value of all of its assets or of all of its outstanding stock. However, the above provisions do not apply if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Board approves the transaction that made the stockholder an &#8220;interested stockholder,&#8221; prior to the date of the transaction;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Under
certain circumstances, the Charter makes it more difficult for a person who would be an &#8220;interested stockholder&#8221; to effect
various business combinations with the Company for a three-year&#160;period. This provision may encourage companies interested in acquiring
Company to negotiate in advance with the Board because the stockholder approval requirement would be avoided if the Board approves either
the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions of the
Charter also may have the effect of preventing changes in the Board and may make it more difficult to accomplish transactions which stockholders
may otherwise deem to be in their best interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Charter and Restated
Bylaw Provisions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter and the Company Bylaws include a number of provisions that may have the effect of deterring hostile takeovers, or delaying or
preventing changes in control of the Company management team or changes in the Board or the Company governance or policy, including the
following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Issuance
of Undesignated Preferred Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000&#160;shares of undesignated
preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. The existence of authorized
but unissued shares of preferred stock enables the Board to render more difficult or to discourage an attempt to obtain control of the
Company by means of a merger, tender offer, proxy contest or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Exclusive
forum for certain lawsuits</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Charter requires, to the fullest extent permitted by law, that derivative actions brought in the Company&#8217;s name, actions against
any current or former directors, officers, employees or stockholders of the Company for breach of fiduciary duty and other similar actions
may be brought only in the Court of Chancery in the State of Delaware or if such court does not have subject matter jurisdiction, the
federal district court of the State of Delaware. The Charter also requires, to the fullest extent permitted by applicable law, the federal
district courts of the United&#160;States to be the exclusive forum for the resolution of any complaint asserting a cause of action under
the Securities Act. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware
law in the types of lawsuits to which it applies, a court may determine that these provisions are unenforceable, and to the extent they
are enforceable, the provisions may have the effect of discouraging lawsuits against the Company&#8217;s directors and officers, although
the Company stockholders will not be deemed to have waived the Company&#8217;s compliance with federal securities laws and the rules and
regulations thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Notwithstanding
the Charter provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section&#160;27
of the Exchange&#160;Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the
Exchange&#160;Act or the rules and regulations thereunder. As a result, (i)&#160;the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange&#160;Act or any other claim for which the federal courts have exclusive
jurisdiction, and (ii)&#160;unless we consent in writing to the selection of an alternative forum, the federal district courts of the
United&#160;States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Special
meeting of stockholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company Bylaws provide that special meetings of our stockholders may be called only by the chairman of the Board, or a Chief Executive
Officer, or the Board pursuant to a resolution adopted by a majority of the board, and may not be called by any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Advance
notice requirements for stockholder proposals and director nominations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company Bylaws provide that stockholders seeking to bring business before the Company&#8217;s annual meeting of stockholders, or to nominate
candidates for election as directors at the Company&#8217;s annual meeting of stockholders, must provide timely notice of their intent
in writing. To be timely, a stockholder&#8217;s notice will need to be received by the company secretary at the Company&#8217;s principal
executive offices not later than the close of business on the 90<sup>th</sup>&#160;day nor earlier than the opening of business on the
120<sup>th</sup>&#160;day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule&#160;14A-8&#160;of
the Exchange&#160;Act, proposals seeking inclusion in the Company&#8217;s annual proxy statement must comply with the notice periods contained
therein. The Company Bylaws also specify certain requirements as to the form and content of a stockholders&#8217; meeting. These provisions
may preclude the Company&#8217;s stockholders from bringing matters before the Company&#8217;s annual meeting of stockholders or from
making nominations for directors at the Company&#8217;s annual meeting of stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Action
by written consent</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Any
action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special
meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting
forth the action so taken, shall be signed by the holders of outstanding stock entitled to vote thereon having not less than the minimum
number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were
present and voted, and shall be delivered to the Company by delivery to its registered office in the State of Delaware, its principal
place of business, or an officer or agent of the Company having custody of the book in which proceedings of meetings of stockholders are
recorded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><b><i>Board
of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Board is divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III; however, such
classification will terminate for each class upon the initial expiration of their respective term and will then have one year terms expiring
at the next annual meeting of stockholders or until the election and qualification of their respective successors in office, subject to
their earlier death, resignation or removal. The Charter and the Company Bylaws provide that the authorized number of directors may be
changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be
removed from office at any time, with or without cause, and only by the affirmative vote of the holders of at least a majority of the
voting power of all of the then outstanding shares of voting stock of the Company entitled to vote at an election of directors. Any vacancy
on the Board, including a vacancy resulting from an enlargement of the Board, may be filled only by the affirmative vote of a majority
of the Company&#8217;s directors then in office.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Listing of Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Class A Common Stock and our Public Warrants are each listed on the NYSE American under the symbol &#8220;FOXO&#8221;, and &#8220;FOXO
WS,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><div><a id="m_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>SECURITIES ACT RESTRICTIONS
ON RESALE OF COMMON STOCK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Rule&#160;144</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to Rule&#160;144, a person who has beneficially owned restricted shares of our Class A Common Stock or warrants for at least six&#160;months
would be entitled to sell their securities provided that (i)&#160;such person is not deemed to have been one of our affiliates at the
time of, or at any time during the three&#160;months preceding, a sale and (ii)&#160;we are subject to the Exchange&#160;Act periodic
reporting requirements for at least three&#160;months before the sale and have filed all required reports under Section&#160;13 or 15(d)&#160;of
the Exchange&#160;Act during the 12&#160;months (or such shorter period as we were required to file reports) preceding the sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Persons
who have beneficially owned restricted shares of our Class A Common Stock or warrants for at least six&#160;months but who are our affiliates
at the time of, or at any time during the three&#160;months preceding, a sale, would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month&#160;period only a number of securities that does not exceed the greater of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1% of the total number of shares of Delwinds Class A Common Stock (or after the Closing, Class A Common Stock) then outstanding; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the average weekly reported trading volume of the Delwinds Class A Common Stock (or after the Closing, Class A Common Stock) then during the four calendar&#160;weeks preceding the filing of a notice on Form&#160;144 with respect to the sale.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Sales
by our affiliates under Rule&#160;144 are also limited by manner of sale provisions and notice requirements and to the availability of
current public information about us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Restrictions on the
Use of Rule&#160;144 by Shell Companies or Former Shell Companies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Rule&#160;144
is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies)
or issuers that have been at any time previously a shell company. However, Rule&#160;144 also includes an important exception to this
prohibition if the following conditions are met:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuer of the securities that was formerly a shell company has ceased to be a shell company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuer of the securities has filed all Exchange&#160;Act reports and materials required to be filed, as applicable, during the preceding 12&#160;months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form&#160;8-K; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least one year has elapsed from the time that the issuer filed current Form&#160;10 type information with the SEC reflecting its status as an entity that is not a shell company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Following
the consummation of the Business Combination, the Company is no longer a shell company, and so, once the conditions set forth in the exceptions
listed above are satisfied, Rule&#160;144 will become available for the resale of the above-noted&#160;restricted securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Form S-8 Registration Statement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed a registration
statement on Form S-8 under the Securities Act to register the shares of Class A Common Stock issued or issuable under our 2022 Plan and
our 2020 Plan. These shares can be sold in the public market upon issuance, subject to Rule 144 limitations applicable to affiliates and
vesting restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="m_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the issuance
by us of up to 10,062,500 shares of our Class A Common Stock issuable upon the exercise of the Warrants. We will not receive any proceeds
from the sale of shares of Class A Common Stock issuable upon exercise of the Warrants pursuant to this prospectus, except with respect
to amounts received by us upon exercise of the Warrants for cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the offer and sale from time to time by the Selling
Securityholders, or their permitted transferees, (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares
of Class A Common Stock, which were originally issued to the Sponsor in the form of Founder Shares, which shares are being registered
for resale hereunder, at an effective purchase price of approximately $0.0056 per share (such that the members of the Sponsor may experience
potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate), (ii) 632,500 shares of Class A
Common Stock, which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration
to the members of the Sponsor, upon the Sponsor&#8217;s dissolution) in a private placement of units at a price of $10.00 per unit, with
each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii) up to 316,250 shares of our Class
A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an exercise price of $11.50 per
share, and (iv) 300,00 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC, acting through its Cohen &amp; Company Capital
Markets (&#8220;<b>CCM</b>&#8221;) division, in connection with the transactions contemplated by that certain Amendment and Termination
Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between
the Company and CCM, providing for a release of any and all claims by CCM against the Company in exchange for the registration of CCM&#8217;s
shares of Class A Common Stock for resale; and (b)&#160;up to 316,250 Private Warrants held by the members of the Sponsor to purchase
up to 316,250 shares of Class A Common Stock at an exercise price of $11.50 per warrant (such that the members of the Sponsor may experience
a potential loss of up to $5,673,525 in the aggregate for the shares of Class A Common Stock and related warrants). We will not receive
any proceeds from the sale of shares of Class A Common Stock or Warrants by the Selling Securityholders pursuant to this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to pay all
fees and expenses incident to the registration of the securities to be offered and sold pursuant to this prospectus. The Selling Securityholders
may offer and sell, from time to time, all or any portion of their respective shares of Class A Common Stock or Warrants covered by this
prospectus. The Selling Securityholders will bear all commissions and discounts, if any, attributable to their sale of securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any of
the proceeds from the sale of the securities by the Selling Securityholders. We will receive proceeds from Warrants exercised in the event
that such warrants are exercised for cash. The aggregate proceeds to the selling securityholders will be the purchase price of the securities
less any discounts and commissions borne by the Selling Securityholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of Class A Common
Stock and Private Warrants beneficially owned by the Selling Securityholders covered by this prospectus may be offered and sold from time
to time by the Selling Securityholders. The term &#8220;Selling Securityholders&#8221; includes donees, pledgees, transferees or other
successors in interest selling securities received after the date of this prospectus from a selling securityholder as a gift, pledge,
partnership distribution or other transfer. The Selling Securityholders will act independently of us in making decisions with respect
to the timing, manner and size of each sale. Such sales may be made on one or more exchanges or in the over-the-counter market or otherwise,
at prices and under terms then prevailing or at prices related to the then current market price or in negotiated transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Selling Securityholders may sell their securities
by one or more of, or a combination of, the following methods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; ">&#160;</td>
    <td style="width: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style=" text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted pursuant to applicable law.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, any securities
that qualify for sale pursuant to Rule 144 or another exemption from registration under the Securities Act or other such exemption may
be sold under Rule 144 rather than pursuant to this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required, this
prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. In connection with distributions
of the securities or otherwise, the selling securityholders may enter into hedging transactions with broker-dealers or other financial
institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the securities
in the course of hedging the positions they assume with selling securityholders. The selling securityholders may also sell the securities
short and redeliver the securities to close out such short positions. The selling securityholders may also enter into option or other
transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution
of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction). The selling securityholders may also pledge securities to a broker-dealer
or other financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged
securities pursuant to this prospectus (as supplemented or amended to reflect such transaction).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In effecting sales, broker-dealers
or agents engaged by the selling securityholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive
commissions, discounts or concessions from the selling securityholders in amounts to be negotiated immediately prior to the sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In offering the securities
covered by this prospectus, the selling securityholders and any broker-dealers who execute sales for the selling securityholders may be
deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales. Any profits realized by
the selling securityholders and the compensation of any broker-dealer may be deemed to be underwriting discounts and commissions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have advised the selling
securityholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of securities in the market
and to the activities of the selling securityholders and their affiliates. In addition, we will make copies of this prospectus available
to the selling securityholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling securityholders
may indemnify any broker-dealer that participates in transactions involving the sale of the securities against certain liabilities, including
liabilities arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the time a particular
offer of securities is made, if required, a prospectus supplement will be distributed that will set forth the number of securities being
offered and the terms of the offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or concession allowed or reallowed or paid
to any dealer, and the proposed selling price to the public.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of warrants may
exercise its warrants in accordance with the warrant agreement on or before the expiration date set forth therein by surrendering, at
the office of the warrant agent, Continental Stock Transfer&#160;&amp; Trust Company, the certificate evidencing such warrant, with the
form of election to purchase set forth thereon, properly completed and duly executed, accompanied by full payment of the exercise price
and any and all applicable taxes due in connection with the exercise of the warrant, subject to any applicable provisions relating to
cashless exercises in accordance with the warrant agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RESTRICTIONS TO SELL</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
shares may be resold for so long as the registration statement, of which this prospectus forms a part, is available for use. The sale
of all securities being offered in this prospectus could result in a significant decline in the public trading price of our Class A Common
Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><div><a id="m_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Certain
legal matters will be passed upon for the Company by Mitchell Silberberg &amp; Knupp, LLP, New York, New York (&#8220;<b>MSK</b>&#8221;).
Prior to the closing of the Business Combination, Mark Peikin was associated with MSK as special counsel. Based on information available
to the Company, Mr. Peikin beneficially owned more than 5% of the Company&#8217;s outstanding common stock through Bespoke Growth Partners,
Inc. MSK does not have any interest in such securities and, as a result, does not have any voting or investment control of such securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="m_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>EXPERTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
financial statements of FOXO as of and for the years ended December&#160;31, 2022 and 2021, included in this prospectus have been audited
by KPMG LLP, an independent registered public accounting firm, as stated in their report appearing herein, and are included in reliance
upon the report of such firm given upon their authority as experts in accounting and auditing. The audit report covering the December&#160;31,
2022 financial statements contains an explanatory paragraph that states that FOXO&#8217;s recurring negative cash flows and losses from
operations, and a net capital deficiency raise substantial doubt about the entity&#8217;s ability to continue as a going concern. The
financial statements do not include any adjustments that might result from the outcome of that uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>TRANSFER AGENT AND
REGISTRAR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
transfer agent and registrar for the Company&#8217;s Class A Common Stock, Public Warrants and Private Warrants is Continental Stock Transfer&#160;&amp;
Trust Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><div><a id="m_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WHERE YOU CAN FIND MORE INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form S-1 under the Securities Act with respect to our shares of Class A Common Stock and Private Warrants
offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules
thereto. For further information with respect to the Company and its securities, reference is made to the registration statement and the
exhibits and any schedules filed therewith. Statements contained in this prospectus as to the contents of any contract or other document
referred to are not necessarily complete and in each instance, if such contract or document is filed as an exhibit, reference is made
to the copy of such contract or other document filed as an exhibit to the registration statement, each statement being qualified in all
respects by such reference. The SEC maintains a website at www.sec.gov, from which interested persons can electronically access the registration
statement, including the exhibits and any schedules thereto and which contains the periodic reports, proxy and information statements
and other information that we file electronically with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOXO files reports, proxy
statements and other information with the SEC as required by the Exchange Act. You may access information on FOXO at the SEC website containing
reports, proxy statements and other information at www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements contained in this
prospectus as to the contents of any contract or other document referred to are not necessarily complete and in each instance, if such
contract or document is filed as an exhibit, reference is made to the copy of such contract or other document filed as an exhibit to the
registration statement, each statement being qualified in all respects by such reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain an Internet
website at http://www.foxotechnologies.com. Through our website, we make available, free of charge, the following documents of FOXO as
soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: Annual Reports on Form 10-K; proxy
statements for our annual and special stockholder meetings; Quarterly Reports on Form 10-Q; Current Reports on Form 8-K; Forms 3, 4 and
5 and Schedules 13D; and amendments to those documents. The information contained on, or that may be accessed through, our website is
not part of, and is not incorporated into, this prospectus or the registration statement of which it forms a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><div><a id="m_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>INDEX TO THE FINANCIAL
STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>FOXO TECHNOLOGIES INC.&#160;AND
SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; width: 89%">&#160;</td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><b>CONSOLIDATED
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    </tr>

<tr style="background-color: White">
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    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">F-2</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="background-color: White">
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-6</td></tr>
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-7</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 128; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 111.5pt 0pt 113.35pt; text-align: center"><b>Report of Independent Registered
Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 111.5pt 0pt 113.35pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">To the Stockholders and Board of Directors<br/>
 FOXO Technologies
Inc.:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><i>Opinion on the Consolidated Financial Statements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 8.55pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">We have audited the accompanying consolidated balance
sheets of FOXO Technologies Inc. and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements
of operations, stockholders&#8217; equity (deficit), and cash flows for the years then ended, and the related notes (collectively, the
consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the
years in the two-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Going Concern</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The accompanying consolidated financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the Company has suffered continued negative cash flows and losses from operations that raise substantial doubt about its ability to continue
as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 2. The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Basis for Opinion </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">These consolidated financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">/s/ KPMG LLP</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We have served as the Company&#8217;s
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 391pt 0pt 0in">Minneapolis, Minnesota <br/>
March 30, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 391pt 0pt 5.9pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 391pt 0pt 5.9pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 391pt 0pt 5.9pt"></p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>FOXO
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CONSOLIDATED BALANCE SHEETS</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebtCurrent" scale="3" unitRef="usd">22,236</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying Notes to Consolidated Financial
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</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
Technologies INc. and subsidiaries </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CONSOLIDATED STATEMENTS OF OPERATIONS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><i>See
accompanying Notes to Consolidated Financial Statements</i></span></p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>FOXO
TECHNOLOGIES INC. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217;
EQUITY (DEFICIT)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">(Dollars
in thousands)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-size: 8pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; padding-bottom: 1.5pt"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 28.5%">Balance, December 31, 2020</td><td style="font: bold 8pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-60; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt">Balance, December 31, 2021</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 8pt">-</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 8pt">-</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">Balance, December 31, 2021</td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">$</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-88; font-size: 8pt">-</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="font: italic 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Activity prior to the business combination:</td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Conversion of Series A Preferred Stock</td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Conversion of Bridge Loans</td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Conversion of existing Class A Common Stock</td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
    <td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-size: 8pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: White">
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  <tr style="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">Vendor share issuance</td><td style="font-size: 8pt"><span style="font-size: 8pt">&#160;</span></td>
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</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>See accompanying Notes to Consolidated Financial Statements</i></p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>FOXO
TECHNOLOGIES INC. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CONSOLIDATED STATEMENTS OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Dollars in thousands)</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended <br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="font-weight: bold">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Adjustments to reconcile net loss to net cash used in operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Depreciation and amortization</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Impairment charges</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" scale="3" unitRef="usd">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" scale="3" unitRef="usd">400</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Equity-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensation" scale="3" unitRef="usd">11,035</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Cantor commitment fee paid in common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:CantorCommitmentFee" scale="3" unitRef="usd">1,600</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-193">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Loss on settlement of the forward purchase agreement paid in common stock</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Release of forward purchase agreement collateral upon cancellation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherDeferredLiability" scale="3" unitRef="usd">26,773</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Vendor share issuance paid in common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:VendorShareIssuancePaidInCommonStock" scale="3" unitRef="usd">376</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Amortization of consulting fees paid in common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CostOfGoodsAndServicesSoldAmortization" scale="3" unitRef="usd">4,679</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Change in fair value of convertible debentures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDerivativeLiabilities" scale="3" unitRef="usd">28,180</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDerivativeLiabilities" scale="3" unitRef="usd">21,703</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Change in fair value of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="3" sign="-" unitRef="usd">2,076</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Conversion of accrued interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ConversionOfAccruedInterest" scale="3" unitRef="usd">593</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">PIK interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaidInKindInterest" scale="3" unitRef="usd">130</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Amortization of debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfFinancingCosts" scale="3" unitRef="usd">91</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Contributions in the form of rent payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ContributionsInTheFormOfRentPayments" scale="3" unitRef="usd">225</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ContributionsInTheFormOfRentPayments" scale="3" unitRef="usd">547</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Amortization of right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="3" unitRef="usd">28</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Accretion of operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AccretionOfOperatingLeaseLiabilities" scale="3" unitRef="usd">28</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-203">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Recognition of prepaid offering costs upon election of fair value option</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:RecognitionOfPrepaidOfferingCostsUponElectionOfFairValueOption" scale="3" unitRef="usd">107</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Accretion of interest earned on investment in convertible promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="3" unitRef="usd">32</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in">Other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingActivitiesCashFlowStatement" scale="3" unitRef="usd">6</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingActivitiesCashFlowStatement" scale="3" unitRef="usd">14</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in">Supplies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInMaterialsAndSupplies" scale="3" unitRef="usd">1,018</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInMaterialsAndSupplies" scale="3" unitRef="usd">295</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Prepaid expenses and consulting fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="3" unitRef="usd">2,832</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="3" sign="-" unitRef="usd">117</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="3" unitRef="usd">91</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="3" unitRef="usd">6</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Other assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" scale="3" unitRef="usd">100</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Cloud computing arrangements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:CloudComputingArrangements" scale="3" unitRef="usd">1,773</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:CloudComputingArrangements" scale="3" unitRef="usd">2,488</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Reinsurance recoverables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInReinsurancePayables" scale="3" unitRef="usd">890</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInReinsurancePayables" scale="3" unitRef="usd">305</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" unitRef="usd">127</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" unitRef="usd">3,090</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25in">Accrued and other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="3" unitRef="usd">2,336</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="3" unitRef="usd">154</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Policy reserves</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:IncreaseDecreaseInPolicyReserves" scale="3" unitRef="usd">890</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:IncreaseDecreaseInPolicyReserves" scale="3" unitRef="usd">305</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 27pt">Net cash used in operating activities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">23,760</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="3" unitRef="usd">110</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Asset acquisition, net of cash acquired</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="3" unitRef="usd">63</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Development of internal use software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForSoftware" scale="3" unitRef="usd">1,760</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Acquisition of convertible promissory note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-208">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireAvailableForSaleSecuritiesDebt" scale="3" unitRef="usd">50</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 0.25in">Net cash used in investing activities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">1,870</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Proceeds from issuance of related party convertible debentures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-209">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="3" unitRef="usd">3,250</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Proceeds from issuance of convertible debentures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="3" unitRef="usd">28,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="3" unitRef="usd">7,250</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Warrant repurchase</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfWarrants" scale="3" unitRef="usd">507</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Senior PIK Notes proceeds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfSeniorLongTermDebt" scale="3" unitRef="usd">3,458</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-211">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Reverse recapitalization proceeds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ReverseRecapitalizationProceeds" scale="3" unitRef="usd">23,237</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-212">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Forward purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="3" sign="-" unitRef="usd">30,561</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Forward purchase agreement collateral release</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ForwardPurchaseAgreementCollateralReleaseToMeteora" scale="3" unitRef="usd">2,362</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Deferred offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfFinancingCosts" scale="3" unitRef="usd">540</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfFinancingCosts" scale="3" unitRef="usd">107</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 9pt">Related party promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfRelatedPartyDebt" scale="3" unitRef="usd">1,160</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Proceeds received from stockholder subscription receivable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" scale="3" unitRef="usd">3,750</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 0.25in">Net cash provided by financing activities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" unitRef="usd">24,289</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" unitRef="usd">14,143</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net increase in cash and cash equivalents</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="3" sign="-" unitRef="usd">1,341</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="3" sign="-" unitRef="usd">1,267</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at beginning of period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">6,856</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">8,123</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at end of period</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">5,515</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">6,856</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">NONCASH INVESTING AND FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Conversion of phantom equity to stock options</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockAmountConverted1" scale="3" unitRef="usd">54</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of warrants</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TransferToInvestments" scale="3" unitRef="usd">1</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Conversion of debt</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" scale="3" unitRef="usd">88,382</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Conversion of preferred stock</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionConvertedInstrumentAmount1" scale="3" unitRef="usd">21,854</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accrued internal use software</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AccruedInternalUseSoftware" scale="3" unitRef="usd">239</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash paid for interest, net of amounts capitalized</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="3" unitRef="usd">1,219</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="3" unitRef="usd">1,131</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>See accompanying Notes to Consolidated Financial
Statements</i></p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
1 DESCRIPTION OF BUSINESS</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Technologies Inc. (&#8220;FOXO&#8221; or
the &#8220;Company&#8221;), formerly known as Delwinds Insurance Acquisition Corp. (&#8220;Delwinds&#8221;), a Delaware corporation, was
originally formed in April 2020 as a publicly traded special purpose company for the purpose of effecting a merger, capital stock exchange,
asset acquisition, reorganization, or similar business combination involving one or more businesses. FOXO is a leader in commercializing
epigenetic biomarker technology to support groundbreaking scientific research and disruptive next-generation business initiatives. The
Company applies automated machine learning and artificial intelligence technologies to discover epigenetic biomarkers of human health,
wellness and aging. The Company has been building a life insurance business to support the commercial applications of its epigenetic biomarker
underwriting technology and consumer engagement platform service business. On August 20, 2021, the Company completed its acquisition of
Memorial Insurance Company of America (&#8220;MICOA&#8221;) and renamed it FOXO Life Insurance Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company manages and reports results of operations
for two reportable business segments: FOXO Life, the Company&#8217;s life insurance business operations, and FOXO Labs, the Company&#8217;s
epigenetic biomarker technology business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Business Combination</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
February 24, 2022, Delwinds entered into a definitive Agreement and Plan of Merger, dated as of February 24, 2022, as amended on April
26, 2022, July 6, 2022 and August 12, 2022 (the &#8220;Merger Agreement&#8221;), with FOXO Technologies Inc., now known as FOXO Technologies
Operating Company (&#8220;FOXO Technologies Operating Company&#8221;), DWIN Merger Sub Inc., a Delaware corporation and a wholly owned
subsidiary of Delwinds (&#8220;Merger Sub&#8221;), and DIAC Sponsor LLC (the &#8220;Sponsor&#8221;), in its capacity as the representative
of the stockholders of Delwinds from and after the closing (the &#8220;Closing&#8221;) of the transactions contemplated by the FOXO Transaction
Agreement (collectively, the &#8220;Transaction&#8221; or the &#8220;Business Combination&#8221;). Simultaneously with the execution of
the Merger Agreement, Delwinds entered into a Common Stock Purchase Agreement (the &#8220;ELOC Agreement&#8221;) with CF Principal Investments
LLC (the &#8220;Cantor Investor&#8221;), pursuant to which, assuming satisfaction of certain conditions and subject to limitations set
forth in the ELOC Agreement, the Company would have the right, from time to time to sell the Cantor Investor up to $<ix:nonFraction contextRef="c52" decimals="-3" format="ixt:num-dot-decimal" name="foxo:InvestorShares" scale="3" unitRef="usd">40,000</ix:nonFraction> in shares of
the Company&#8217;s Class A common stock (the &#8220;Class A Common Stock&#8221;) until the first day of the next month following the
36-month anniversary of when the Securities and Exchange Commission (&#8220;SEC&#8221;) has declared effective a registration statement
covering the resale of such shares of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier.
The ELOC Agreement was subsequently cancelled. See Note </span>7 for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Business Combination was approved by Delwinds&#8217;
stockholders on September 14, 2022 and closed on September 15, 2022 (the &#8220;Closing Date&#8221;) whereby Merger Sub merged into FOXO
Technologies Operating Company, with FOXO Technologies Operating Company surviving the merger as a wholly owned subsidiary of the Company
(the &#8220;Combined Company&#8221;), and with FOXO Technologies Operating Company security holders becoming security holders of the Combined
Company. Immediately upon the Closing, the name of Delwinds was changed to FOXO Technologies Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the Closing, FOXO is a holding company
whose wholly-owned subsidiary, FOXO Technologies Operating Company, conducts all of the core business operations. FOXO Technologies Operating
Company maintains its two wholly-owned subsidiaries, FOXO Labs Inc. and FOXO Life, LLC. FOXO Labs maintains a wholly-owned subsidiary,
Scientific Testing Partners, LLC, while FOXO Life Insurance Company is a wholly-owned subsidiary of FOXO Life, LLC. References to &#8220;FOXO&#8221;
and the &#8220;Company&#8221; in these consolidated financial statements refer to FOXO Technologies Operating Company and its wholly-owned
subsidiaries prior to the Closing and FOXO Technologies Inc. following the Closing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the terms of the Merger Agreement,
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&#8220;FOXO Class A Common Stock&#8221;) in exchange for equity consideration in the form of the Company&#8217;s Class A Common Stock,
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B Common Stock&#8221;) in exchange for equity consideration in the form of the Company&#8217;s Class A Common Stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c54" continuedAt="_BusinessCombinationControlObtainedDescription-c54_cont_1" name="us-gaap:BusinessCombinationControlObtainedDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately prior to the Closing, the following
transactions occurred:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9"><ix:continuation continuedAt="_BusinessCombinationControlObtainedDescription-c54_cont_2" id="_BusinessCombinationControlObtainedDescription-c54_cont_1"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000,000
                                            shares of FOXO Technologies Operating Company Series A preferred stock (the &#8220;FOXO Preferred
                                            Stock&#8221;) were exchanged for 8,000,000 shares of FOXO Class A Common Stock.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10"><ix:continuation continuedAt="_BusinessCombinationControlObtainedDescription-c54_cont_3" id="_BusinessCombinationControlObtainedDescription-c54_cont_2"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            2021 Bridge Debentures (as defined in Note 5) in the principal amount, together with accrued
                                            and unpaid interest, of $24,402 were converted into 6,759,642 shares of FOXO Class A Common
                                            Stock.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11"><ix:continuation id="_BusinessCombinationControlObtainedDescription-c54_cont_3"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            holders of the 2022 Bridge Debentures (as defined in Note 5) in the principal amount, together
                                            with accrued and unpaid interest, of $34,496 were converted into 7,810,509 shares of FOXO
                                            Class A Common Stock.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of and upon the Closing, among other
things, (1) all outstanding shares of FOXO Class A Common Stock (after giving effect to the conversion of the FOXO Preferred Stock, the
2021 Bridge Debentures, and 2022 Bridge Debentures into share of FOXO Class A Common Stock) and FOXO Class B Common Stock were converted
into <ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesConverted1" scale="0" unitRef="shares">15,518,705</ix:nonFraction> shares of the Company&#8217;s Class A Common Stock, (2) all FOXO options and FOXO warrants outstanding immediately before
the Closing (&#8220;Assumed Options&#8221; and &#8220;Assumed Warrants&#8221;, as applicable) were assumed and converted, subject to adjustment
pursuant to the terms of the Merger Agreement, into options and warrants, respectively, of the Company, exercisable for share of the Company&#8217;s
Class A Common Stock and (3) other than the Assumed Options and Assumed Warrants, all other convertible securities and other rights to
purchase capital stock of FOXO Technologies Operating Company were retired and terminated, if they were not converted, exchanged or exercised
for FOXO Technologies Operating Company stock immediately prior the Closing.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_1" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
2 LIQUIDITY AND MANAGEMENT&#8217;S PLAN</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

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of losses requires management to critically assess its ability to continue operating as a going concern. For the year ended December 31,
2022, the Company incurred a net loss of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLossFromRealEstateOperations" scale="3" unitRef="usd">95,255</ix:nonFraction>. As of December 31, 2022, the Company had an accumulated deficit of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:RetainedEarningAppropriated" scale="3" unitRef="usd">147,231</ix:nonFraction>. Cash used
in operating activities for the year ended December 31, 2022 was $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" scale="3" unitRef="usd">23,760</ix:nonFraction>. As of December 31, 2022, the Company had $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" scale="3" unitRef="usd">513</ix:nonFraction> of available cash
and cash equivalents, excluding amounts required to be held as statutory capital and surplus by FOXO Life Insurance Company. See Note
13 for additional information on the statutory capital and surplus held at FOXO Life Insurance Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_3" id="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company&#8217;s ability
to continue as a going concern is dependent on generating revenue, raising additional equity or debt capital, reducing losses and improving
future cash flows. The Company will continue ongoing capital raise initiatives and has demonstrated previous success in raising capital
to support its operations. For instance, in the first and second quarters of 2022, the Company issued convertible debentures for $<ix:nonFraction contextRef="c55" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebt" scale="3" unitRef="usd"><ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebt" scale="3" unitRef="usd">28,000</ix:nonFraction></ix:nonFraction>
that has subsequently converted to equity. The Company also completed its transaction with Delwinds that was initially intended to provide
up to $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherPartnersCapital" scale="3" unitRef="usd">300,000</ix:nonFraction> of capital to the Company. The ELOC Agreement, a backstop agreement, and Forward Purchase Agreement were also part of the
Business Combination and were intended to provide capital. Ultimately, the series of transactions associated with the Business Combination
did not result in any net proceeds for the Company. Additionally, we are unlikely to receive proceeds from the exercise of outstanding
warrants as a result of the difference between our current trading price of the Company&#8217;s Class A Common Stock and the exercise
price of the various warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_4" id="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company entered into
a letter of intent to sell FOXO Life Insurance Company in order to gain access to the cash held as statutory capital and surplus at FOXO
Life Insurance Company. See Notes 13 and 17 for more information. The Company intends to use the cash previously held at FOXO Life Insurance
Capital to fund its operation as it continues to (i) pursue additional avenues to capitalize the Company and (ii) commercialize its products
to generate revenue.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SubstantialDoubtAboutGoingConcernTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">However, the Company
can provide no assurance that these actions will be successful or that additional sources of financing will be available on favorable
terms, if at all. As such, until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there
is substantial doubt about the Company&#8217;s ability to continue as a going concern for the one-year period following the issuance of
these consolidated financial statements.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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Delwinds was treated as the &#8220;acquired&#8221; company for financial reporting purposes. For accounting purposes the Reverse Recapitalization
was treated as the equivalent of FOXO Technologies Operating Company issuing equity securities for the net assets of Delwinds, accompanied
by a recapitalization. The net assets of Delwinds are stated at historical cost, with no goodwill or other intangible asset being recorded.
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take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation
requirements of Section&#160;404 of the Sarbanes-Oxley Act, and reduced disclosure obligations regarding executive compensation in its
periodic reports and proxy statements. Further, Section&#160;102(b)(1)&#160;of the JOBS Act exempts emerging growth companies from being
required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities
Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange&#160;Act&#160;of&#160;1934)
are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out
of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to
opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is
issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company,
can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the
Company&#8217;s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging
growth company which has opted out of using the extended transition period difficult because of the potential differences in accounting
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and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reported period. Management evaluates these estimates and judgments on an ongoing basis and bases its
estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management
believes are reasonable under the circumstances. It is reasonably possible that actual experience could differ from the estimates and
assumptions utilized. All revisions to accounting estimates are recognized in the period in which the estimates are revised. A description
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fair value. At times, cash account balances may exceed insured limits. The Company has not experienced any losses related to such accounts
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



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indicate that the carrying amount of an asset group may not be fully recoverable. Recoverability is measured by comparing the carrying
amount of the asset group with the future undiscounted cash flows the assets are expected to generate. If such assets are considered impaired,
an impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets.
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investments are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company
regularly evaluates these investments to determine if there are indicators that the investment is impaired. For the year ended December
31, 2021, the Company recorded an impairment charge of $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetImpairmentCharges" scale="3" unitRef="usd">400</ix:nonFraction> related to one of its investments as a result of the investee&#8217;s lack
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</div><div>

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expenses costs associated with preliminary project phase activities, training, maintenance, and any post-implementation costs as incurred.
Capitalized costs related to projects to develop internal use software are included within intangible assets on the consolidated balance
sheets, while capitalized costs related to cloud computing arrangements are included within cloud computing arrangements on the consolidated
balance sheets. Capitalized costs are amortized on a straight-line basis once application development is complete based on the estimated
life of the asset or the expected term of the contract, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



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purchase warrants and forward share purchase obligations, to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives, pursuant to ASC 480, <i>&#8220;Distinguishing Liabilities from Equity,&#8221;</i> and ASC 815-15, <i>&#8220;Derivatives
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financial statements. The detachable warrants represent freestanding, separable equity-linked financial instruments recorded at fair value.
The fair value of the detachable warrants is calculated using a Black-Scholes valuation model. The Company elected the fair value option
for the convertible debt, which requires recognition at fair value upon issuance and on each balance sheet date thereafter. Changes in
the estimated fair value are recognized as non-cash change in fair value of convertible debentures in the consolidated statements of operations.
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</div><div>

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against the carrying value of the debt and amortized to interest expense over the estimated life of the debt based on the effective interest
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</div><div>

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</div><div>

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insurance policies, and epigenetic testing services sold primarily to research organizations. Revenues are recognized when control of
the promised goods or services is transferred to the Company&#8217;s customers, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for those goods or services. To recognize revenues, the Company applies the following five step
approach: (i)&#160;identify the contract with a customer, (ii)&#160;identify the performance obligations in the contract, (iii)&#160;determine
the transaction price, (iv)&#160;allocate the transaction price to the performance obligations in the contract, and (v)&#160;recognize
revenues when a performance obligation is satisfied. The Company accounts for a contract when it has approval and commitment from all
parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability
of consideration is probable. The Company applies judgment in determining the customer&#8217;s ability and intention to pay based on a
variety of factors including the customer&#8217;s historical payment experience. As of December 31, 2022 the Company had a contract asset
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_5" id="_RevenueRecognitionPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO Labs&#160;&#8212;&#160;Epigenetic biomarker
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_6" id="_RevenueRecognitionPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Labs receives epigenetic biomarker services
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biomarker data analysis. At the completion of the biomarker testing, results are reviewed and released to the customer. The Company subsequently
bills the organization for the epigenetic biomarker data based on the transaction price, which reflects the amount the Company has rights
to under present contracts. Revenue is recognized and reported within the FOXO Labs reportable segment over the life of the contract as
work is performed, as FOXO Labs has an enforceable right to payment as the performance is being completed. Revenue is recorded gross as
the Company is responsible for fulfilling the obligations to the customer and has inventory risk, among other reasons. The corresponding
expenses are shown as cost of sales in the consolidated statements of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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research on epigenetic biomarkers in exchange for a royalty on global sales. Illumina provides reporting to the Company so that revenue
can be properly recognized as the license is used. Epigenetic biomarker royalties are recorded with the FOXO Labs reportable segment.
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_37" id="_SignificantAccountingPoliciesTextBlock-c0_cont_36"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_9" id="_RevenueRecognitionPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FOXO LIFE&#160;&#8212;&#160;Life insurance
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</div><div>

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receives insurance commission revenue from the distribution and sale of life insurance policies based on a percentage of the premiums
paid by its customers. These commission revenues are substantially recognized at a point in time on the effective date of the associated
policies when control of the policy transfers to the client, as well as deferring certain revenues to reflect delivery of services over
the contract period and are reported within the FOXO Life reportable segment. Commissions are fixed at the contract effective date and
generally are based on a percentage of premiums for insurance coverage. Commission rates vary depending on a variety of factors, including
the type of risk being placed, the particular underwriting enterprise&#8217;s demand, expected loss experience of the particular risk
of coverage, and historical benchmarks surrounding the level of effort necessary for the Company to place and service the insurance contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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earned from the initial life insurance placement on the effective date of the underlying insurance contract. The amount of revenue recognized
is based on costs to provide services up and through that effective date, including an appropriate estimate of profit margin on a portfolio
basis (a practical expedient as defined in ASC&#160;606, <i>Revenue from Contracts with Customers</i>). Based on the proportion of additional
services provided in each period after the effective date of the insurance contract, including an appropriate estimate of profit margin,
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These periods may be different than the underlying premium payment patterns of the insurance contracts, but the vast majority of services
are fully provided within one year of the insurance contract effective date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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including options and restricted stock to employees, service providers and nonemployee directors, using a fair-value based method. The
cost of services received from employees and nonemployee directors in exchange for awards of equity instruments is recognized in the consolidated
statements of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured,
and amortized on a straight-line basis over the requisite service period. The Black-Scholes valuation model requires the input of assumptions,
including the exercise price, volatility, expected term, discount rate, and the fair value of the underlying stock on the date of grant.
These inputs are provided at the grant date for an equity classified award and each measurement date for a liability classified award.
See Note&#160;8 for additional disclosures regarding the equity-based compensation program.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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and professional services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts
of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company is required to analyze its filing
positions open to review and believes all significant positions have a &#8220;more-likely-than-not&#8221; likelihood of being upheld based
on their technical merit and accordingly the Company has not identified any unrecognized tax benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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of ASC Topic 260, <i>Earnings Per Share </i>for determining whether outstanding shares that are contingently returnable are included for
purposes of calculating net loss per share and determining whether instruments granted in equity-based compensation arrangements are participating
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</div><div>

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meet the definition of a business combination because either: (i)&#160;substantially all of the fair value of the gross assets acquired
is concentrated in a single identifiable asset, or group of similar identified assets, or (ii)&#160;the acquired entity does not have
an input and a substantive process that together significantly contribute to the ability to create outputs, the company accounts for the
acquisition as an asset acquisition and goodwill is not recognized. The cost of the acquisition includes the fair value of consideration
transferred and direct transaction costs attributable to the acquisition. Any excess cost over the fair value of the net assets acquired
is allocated to the assets acquired based on their relative fair value; however, no excess acquisition cost is allocated to non-qualifying
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</div><div>

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recoverables include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers
on insurance liabilities that have not yet been paid. Reinsurance recoverables on unpaid losses are estimated based upon assumptions consistent
with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross
of reinsurance recoverables. Management believes reinsurance recoverables are appropriately established. Reinsurance premiums are reflected
in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company&#8217;s
primary liability under the policies written. The Company regularly evaluates the financial condition of the reinsurer and establishes
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</div><div>

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</div><div>

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period. Liabilities for future policy benefits of traditional life insurance have been computed by using a net level premium method based
upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience
less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality
tables. Annuity liabilities are primarily associated with deferred annuity contracts. The deferred annuity contracts credit interest based
on a fixed rate. Liabilities for deferred annuities are included without reduction for potential surrender charges. The liability is equal
to accumulated deposits, plus interest credited, less policyholder withdrawals. Reserving assumptions for interest rates, mortality and
expense are &#8220;locked in&#8221; upon the acquisition date for traditional life insurance contracts; significant changes in experience
or assumptions may require the Company to provide for extended future losses by establishing premium deficiency reserves. Premium deficiency
reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do
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</div><div>

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</div><div>

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Accounting for Income Taxes (&#8220;ASU 2019-12&#8221;). ASU 2019-12 removed certain exceptions to the general principles in ASC 740 and
clarified and amended existing guidance to improve consistent application. This amended guidance was effective for public entities for
interim and annual periods beginning after December 15, 2021. The Company adopted ASU 2019-12 effective January 1, 2022 and it did not
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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Entity&#8217;s Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity (&#8220;<b>ASU
2020-06</b>&#8221;), which simplifies the accounting for convertible instruments by reducing the number of accounting models available
for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. This amended guidance is effective for public and private companies for fiscal
years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption
is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The Company adopted the amended guidance prospectively effective January 1, 2021. The impact is not material to the Company&#8217;s results
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</div><div>

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of operations or cash flows.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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was greater than the carrying value. The impairment charge has been recorded in the FOXO Life reportable segment and within selling, general
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</div><div>

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application programming interface (&#8220;API&#8221;). During the year ended December 31, 2022, the Company began developing a longevity
API to show the results derived from the longevity pipeline. The Company has capitalized costs incurred during the application development
stage and has determined that these intangible assets have a finite life. Application development on these projects was completed in the
fourth quarter of 2022. Amortization is recorded on a straight-line basis within selling, general and administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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</div><div>

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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_8" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into a cloud computing arrangement
to develop a digital insurance platform and health study tool. Costs related to the application development phase are included in cloud
computing arrangements. The Company finished the application development phase in the fourth quarter of 2022 and began amortizing the
assets on a straight-line basis within selling, general and administrative expenses over the remaining term of the contract, or one year
from completing the application development phase, as the Company is not reasonably assured of renewing the contract. The Company subsequently
determined that it is doubtful the health study tool will be used for its intended purpose through the end of its amortizable period and
has recognized an impairment charge of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TangibleAssetImpairmentCharges" scale="3" unitRef="usd">1,307</ix:nonFraction> as selling, general and administrative expenses and within corporate and other consistent
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</div><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s internal use software and
cloud computing arrangements, including the longevity pipeline, underwriting API, longevity API, digital insurance platform and health
study tool, include amounts capitalized for interest.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DebtDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
5 DEBT</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_2" id="_DebtDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="foxo:SeniorNotesPercentage" scale="-2" unitRef="pure">15</ix:nonFraction>% Senior PIK Notes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_3" id="_DebtDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 20, 2022, the Company entered into
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of $<ix:nonFraction contextRef="c70" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ExchangeFees" scale="3" unitRef="usd">540</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_4" id="_DebtDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Senior PIK Notes bear interest at <ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" scale="-2" unitRef="pure">15</ix:nonFraction>% per
annum, paid in arrears quarterly by payment in kind through the issuance of additional Senior PIK Notes (&#8220;PIK Interest&#8221;).
The Senior PIK Notes mature on April 1, 2024 (the &#8220;Maturity Date&#8221;). Commencing on November 1, 2023, the Company is required
to pay the holders of the Senior PIK Notes and on each one month anniversary thereof an equal amount until the outstanding principal balance
has been paid in full on the Maturity Date. If the Senior PIK Notes are prepaid in the first year, the Company is required to pay the
holders the outstanding principal balance, excluding any increases as a result of PIK Interest, multiplied by <ix:nonFraction contextRef="c0" decimals="-1" format="ixt:num-dot-decimal" name="foxo:InterestPercentage" scale="3" unitRef="usd">1.15</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_5" id="_DebtDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has agreed to not obtain additional
equity or debt financing, without the consent of a majority of the holders of the Senior PIK Notes, other than if a financing pays amounts
owed on the Senior PIK Notes. The Company shall not incur other indebtedness, except for certain exempt indebtedness, until such time
the Senior PIK Notes are repaid in full, however the Senior PIK Notes are unsecured.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_6" id="_DebtDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has recorded $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermDebtCurrent" scale="3" unitRef="usd">1,409</ix:nonFraction> as current liabilities
based on the monthly installments with the remainder shown as long-term liabilities. As of December 31, 2022 the Company recognized $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestAndDebtExpense" scale="3" unitRef="usd">130</ix:nonFraction>
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_8" id="_DebtDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the first quarter of 2021, the Company
entered into separate Securities Purchase Agreements with accredited investors (the &#8220;2021 Bridge Investors&#8221;), pursuant to
which the Company issued its <ix:nonFraction contextRef="c73" decimals="3" format="ixt:num-dot-decimal" name="foxo:OriginalIssueDiscount" scale="-2" unitRef="pure">12.5</ix:nonFraction>% Original Issue Discount (&#8220;OID&#8221;) Convertible Debentures for $<ix:nonFraction contextRef="c74" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipal" scale="3" unitRef="usd">11,812</ix:nonFraction> in aggregate principal
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an OID of <ix:nonFraction contextRef="c75" decimals="3" format="ixt:num-dot-decimal" name="foxo:OriginalIssueDiscount" scale="-2" unitRef="pure">12.5</ix:nonFraction>% and deducting fees and expenses of $<ix:nonFraction contextRef="c74" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ExchangeFees" scale="3" unitRef="usd">888</ix:nonFraction>. The 2021 Bridge Debentures were executed in three tranches, with $<ix:nonFraction contextRef="c76" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipalIssueds" scale="3" unitRef="usd">7,883</ix:nonFraction> in aggregate
principal issued on January 25, 2021, $<ix:nonFraction contextRef="c77" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipalIssueds" scale="3" unitRef="usd">3,367</ix:nonFraction> in aggregate principal issued on February 23, 2021, and $<ix:nonFraction contextRef="c78" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipalIssueds" scale="3" unitRef="usd">562</ix:nonFraction> in aggregate principal issued
on March 4, 2021. Convertible debentures for $<ix:nonFraction contextRef="c79" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipalIssueds" scale="3" unitRef="usd">3,656</ix:nonFraction> in aggregate principal that were issued on January 25, 2021 to the Company&#8217;s
former Chief Executive Officer, former Chief Operating Officer, and to an individual who provides consulting services to the Company were
presented as related party debt.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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detachable warrants for the right to purchase up to a total of <ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="foxo:WarrantsRightOfPurchase" scale="0" unitRef="shares">1,905,853</ix:nonFraction> shares, after giving effect to the conversion of FOXO Class A
Common Stock to the Company&#8217;s Class A Common Stock. Additional detachable warrants were issued to the underwriter of the issuance
of the 2021 Bridge Debentures. The Company concluded the detachable warrants represent freestanding equity-linked financial instruments
to be recorded at their fair value on each respective issuance date. The fair value of the detachable warrants was determined using a
Black-Scholes valuation model. The additional underwriter warrants were subsequently assigned and surrendered to the Company in exchange
for cash payments of approximately $<ix:nonFraction contextRef="c81" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="3" unitRef="usd">507</ix:nonFraction> during the second quarter of 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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a rate of <ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" scale="-2" unitRef="pure">12</ix:nonFraction>% per annum and require interest only payments on a quarterly basis. The 2021 Bridge Debentures initially had a term of twelve
months, but the Company retained the right to extend the maturity date for each issuance for an additional three-month period, a right
which was exercised for each issuance during the first quarter of 2022. At that time, the Company entered into an amendment with the 2021
Bridge Investors (the &#8220;2021 Bridge Amendment&#8221;). <ix:nonNumeric contextRef="c72" name="foxo:BusinessCoimbationReasonForBusinessCoimbation">The 2021 Bridge Amendment was executed to provide the Company additional time
to finalize the Business Combination. The 2021 Bridge Amendment amended the terms of the 2021 Bridge Debentures to, among other things:
(i) permit the Company to undertake another offering of convertible debentures, (ii) allow the Company to extend the maturity dates of
the 2021 Bridge Debentures an additional five months following the end of the initial three-month extension period, discussed above, and
(iii) implement additional amounts owed on the outstanding balance of the 2021 Bridge Debentures under certain circumstances, the first
of which related to the signing of the Merger Agreement and resulted in an increase in the outstanding balance of approximately 135%,
which was followed by an additional increase of approximately 145% of the outstanding balance when the 2021 Bridge Debentures remained
outstanding at the end of the initial three-month extension period.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_11" id="_DebtDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>2022 Bridge Debentures</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

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the Company entered into separate Securities Purchase Agreements with accredited investors (the &#8220;2022 Bridge Investors&#8221;),
pursuant to which the Company issued its <ix:nonFraction contextRef="c83" decimals="-3" format="ixt:num-dot-decimal" name="foxo:InterestPercentage" scale="3" unitRef="usd">10</ix:nonFraction>% OID Convertible Debentures for $<ix:nonFraction contextRef="c83" decimals="-3" format="ixt:num-dot-decimal" name="foxo:AggregatePrincipal" scale="3" unitRef="usd">30,800</ix:nonFraction> in aggregate principal (&#8220;2022 Bridge Debentures&#8221;).
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were issued in three tranches, with $16,500 in aggregate principal issued on March 1, 2022, $8,250 in aggregate principal issued on March
3, 2022 and the remaining $6,050 in aggregate principal issued on April 27, 2022.</ix:nonNumeric></ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_13" id="_DebtDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2022 Bridge Debentures had a term of twelve
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retained the right to extend the maturity date for each issuance for an additional three-month period and incur an extension amount rate
of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" scale="-2" unitRef="pure">130</ix:nonFraction>% of the outstanding balance. The Company also had the option to prepay the 2022 Bridge Debentures at an amount equal to <ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" scale="-2" unitRef="pure">120</ix:nonFraction>% of
the sum of the outstanding principal and unpaid interest thereon if done within 365 days of the original issue date and <ix:nonFraction contextRef="c86" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeVariableInterestRate" scale="-2" unitRef="pure">130</ix:nonFraction>% if during
the extension period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_14" id="_DebtDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the 2022 Bridge
Debentures, FOXO entered into a letter agreement between FOXO and an in institutional investor (the &#8220;Bridge Investor Side Letter&#8221;)
pursuant to which FOXO agreed to issue such investor in connection with the Closing, such number of shares of FOXO Class A Common Stock,
to be issued immediately prior to the Closing, that would be exchangeable into <ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">350,000</ix:nonFraction> shares of Class A Common Stock. Pursuant to the
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</div><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2022, the Company
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for nonrelated party holders. The contractual interest expense on the 2022 Bridge Debentures was included in the fair value of the debt
since the amount was known at the time of each issuance. The contractual interest on the 2022 Bridge Debentures as well as for the accrued
and unpaid interest on the 2021 Bridge Debentures converted to shares of FOXO Class A Common Stock and subsequently exchanged for the
Company&#8217;s Class A Common Stock as part of the Business Combination.</p></ix:continuation><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
6 RELATED PARTY TRANSACTIONS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Office Space</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company subleased its office space from the
holder of the FOXO Preferred Stock through May of 2022. The holder of the FOXO Preferred Stock paid all lease costs, including common
area maintenance and other property management fees, on the Company&#8217;s behalf. These payments were treated as additional capital contributions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bridge Debentures</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Prior
to the conversion of the Bridge Debentures to shares of FOXO Technologies Operating Company Class A and subsequent exchange for Class
A Common Stock of the Company at Closing of the Business Combination, there were related party borrowings which are described in more
detail in Note </span>5<span style="font-family: Times New Roman, Times, Serif">. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Promissory Note</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 6, 2022, the Company executed a promissory
note, pursuant to which it loaned Delwinds an aggregate principal amount of $<ix:nonFraction contextRef="c89" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="3" unitRef="usd">1,160</ix:nonFraction>, which represented $<ix:nonFraction contextRef="c90" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPayableAmountPerShare" scale="0" unitRef="usdPershares">0.035</ix:nonFraction> per share of Delwinds Class
A common stock that was not redeemed in connection with the extension of the SPAC&#8217;s termination date from June 15, 2022 to September
15, 2022. <ix:nonNumeric contextRef="c0" name="foxo:CompanyLoanDescription">The Company loaned Delwinds $387 per month in June 2022, July 2022, and August 2022 prior to the Closing of the Business Combination.</ix:nonNumeric>
The outstanding balance on the promissory note eliminated upon consolidation with the Closing of the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sponsor Loan</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor loaned Delwinds funds for working capital. As of December 31,
2022, $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionDueFromToRelatedParty" scale="3" unitRef="usd">500</ix:nonFraction> was remaining due to the Sponsor and is shown as a related party payable in the consolidated balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Consulting Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_11" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2022, the Company executed a consulting
agreement with an individual (the &#8220;Consultant&#8221;) considered to be a related party of the Company as a result of his investment
in the 2021 Bridge Debentures. The agreement has a term of <ix:nonNumeric contextRef="c91" format="ixt-sec:durwordsen" name="foxo:AgreementTermPeriod">twelve months</ix:nonNumeric>, over which the Consultant is to provide services that include,
but are not limited to, advisory services relating to the implementation and completion of the Business Combination. Following the execution
of the agreement, as compensation for such services to be rendered as well as related expenses over the term of the contract, the Consultant
was paid a cash fee of $<ix:nonFraction contextRef="c91" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ExchangeFees1" scale="3" unitRef="usd">1,425</ix:nonFraction>. The consulting agreement also calls for the payment of an equity fee as compensation for such services.
The Company issued <ix:nonFraction contextRef="c92" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LimitedLiabilityCompanyLLCPreferredUnitIssued" scale="0" unitRef="shares">1,500,000</ix:nonFraction> shares of legacy FOXO Class A Common Stock to the Consultant during the second quarter of 2022 to satisfy
the equity fee that converted into <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesConverted1" scale="0" unitRef="shares">871,256</ix:nonFraction> shares of Class A Common Stock. The Company has determined that all compensation costs related
to the consulting agreement, including both cash fees and the equity fee, represent remuneration for services to be rendered evenly over
the contract term. Thus, all such costs were initially recorded at fair value as prepaid consulting fees in the consolidated balance sheet
and are being recognized as selling, general and administrative expenses in the consolidated statement of operations on a straight-line
basis over the term of the contract. For the year ended December 31, 2022, $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="usd">5,649</ix:nonFraction> in expenses were recognized related to the consulting
agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_12" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contractor Agreement </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, FOXO entered into a Contractor
Agreement with Dr. Murdoc Khaleghi, one of its directors, under which Dr. Khaleghi serves as FOXO&#8217;s Chief Medical Officer. The Company
paid Dr. Khaleghi $<ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="3" unitRef="usd">99</ix:nonFraction> and $<ix:nonFraction contextRef="c94" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="3" unitRef="usd">18</ix:nonFraction> for the years ended December 31, 2022 and 2021, respectively. Additionally, Dr. Khaleghi received <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" unitRef="shares">80,000</ix:nonFraction>
shares under the Management Contingent Share Plan related to his service under the Contractor Agreement with the Company recognizing $<ix:nonFraction contextRef="c95" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="usd">29</ix:nonFraction>
of expense during the year ended December 31, 2022. During the fourth quarter of 2022, Dr. Khaleghi and the Company paused services and
payments under this arrangement.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -45.35pt"><span style="text-decoration:underline">Note 7 STOCKHOLDERS&#8217;
EQUITY</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated statements of stockholders&#8217;
equity (deficit) reflects the Reverse Recapitalization. In connection with the Business Combination, the Company adopted the second amended
and restated certificate of incorporation (the &#8220;Amended and Restated Company Charter&#8221;) to, among other things, increase the
total number of authorized shares of all capital stock, par value $<ix:nonFraction contextRef="c1" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, to <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">510,000,000</ix:nonFraction> shares, consisting of (i) <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockOtherSharesOutstanding" scale="0" unitRef="shares">500,000,000</ix:nonFraction>
shares of Class A Common Stock and (ii) <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockDividendsShares" scale="0" unitRef="shares">10,000,000</ix:nonFraction> shares of preferred stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also in connection with the Business Combination,
<ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="foxo:ExcessStockSharesIssued1" scale="0" unitRef="shares">632,500</ix:nonFraction> shares of Class B Common Stock were converted, on a one-to-one basis, into shares of Class A Common Stock, and as of the closing
of the Business Combination there were <span style="-sec-ix-hidden: hidden-fact-226"><span style="-sec-ix-hidden: hidden-fact-227">no</span></span> shares of Class B Common Stock issued or outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ELOC Agreement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Under
the ELOC Agreement, the Company had the right to sell to the Cantor Investor up to $<ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesHeldInEmployeeTrustShares" scale="0" unitRef="shares">40,000</ix:nonFraction> in shares of Class A Common Stock for a period
until the first day of the month next following the 36-month anniversary of when the SEC has declared effective a registration statement
covering the resale of such share of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier.
The ELOC Agreement provided for a commitment fee (the &#8220;Cantor Commitment Fee&#8221;) payable to the Cantor Investor at Closing for
its irrevocable commitment to purchase shares of Class A Common Stock upon the terms and conditions of the ELOC Agreement. The Cantor
Commitment Fee was paid by the issuance of <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">190,476</ix:nonFraction> shares of Class A Common Stock and is recorded </span>in selling, general and administrative
expenses in the consolidated statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 8, 2022, the Company and Cantor Investor
mutually terminated the ELOC Agreement. The termination was due to the low market capitalization of our Class A Common Stock as well as
the downward performance of our Class A Common Stock since the consummation of the Business Combination, which the Company believed would
limit the benefits of the agreement. Upon the termination of the ELOC Agreement, the related Registration Rights Agreement, dated as of
February 24, 2022 (the &#8220;Registration Rights Agreement&#8221;), by and between the Company and the Cantor Investor was automatically
terminated in accordance with its terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Preferred Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Amended and Restated Company Charter authorizes
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from time to time by the Company&#8217;s board of directors. As of December 31, 2022, there were no shares of preferred stock issued or
outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrants</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Public Warrants and Private Placement Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company issued <ix:nonFraction contextRef="c99" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">10,062,500</ix:nonFraction> common stock warrants
in connection with Delwinds&#8217; initial public offering (the &#8220;IPO&#8221;) (the &#8220;Public Warrants&#8221;). Simultaneously
with the closing of the IPO, Delwinds consummated the private placement of <ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockDividendsShares" scale="0" unitRef="shares">316,250</ix:nonFraction> common stock warrants (the &#8220;Private Placement
Warrants&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public Warrants may only be exercised for a whole
number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Each Public Warrant
entitles the holder to purchase <ix:nonFraction contextRef="c96" decimals="0" format="ixt-sec:numwordsen" name="foxo:ExcessStockSharesIssued1" scale="0" unitRef="shares">one</ix:nonFraction> share of Class A Common Stock at a price of $<ix:nonFraction contextRef="c96" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share, subject to adjustment. The Public Warrants
become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire <ix:nonNumeric contextRef="c1" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric> after the completion
of a Business Combination or earlier upon redemption or liquidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="foxo_WarrantsDescription-c0_cont_1" name="foxo:WarrantsDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the w<span style="font-family: Times New Roman, Times, Serif">arrants
become exercisable, the Company may redeem the Public Warrants:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13"><ix:continuation continuedAt="foxo_WarrantsDescription-c0_cont_2" id="foxo_WarrantsDescription-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            whole and not in part;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                   </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14"><ix:continuation continuedAt="foxo_WarrantsDescription-c0_cont_3" id="foxo_WarrantsDescription-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            a price of $0.01 per warrant;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                          </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15"><ix:continuation continuedAt="foxo_WarrantsDescription-c0_cont_4" id="foxo_WarrantsDescription-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                            not less than 30 days&#8217; prior written notice of redemption given after the warrants
                                            become exercisable; and</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16"><ix:continuation id="foxo_WarrantsDescription-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            and only if, the reported last sale price of the Company&#8217;s Class A Common Stock equals
                                            or exceeds $18.00 per share for any 20 trading days within a 30-trading day period commencing
                                            once the warrants become exercisable and ending three business days before the Company sends
                                            the notice of redemption to the warrant holders.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
and when the warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shar</span>es
of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or
the Company is unable to effect such registration or qualification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company calls the Public Warrants for redemption,
management will have the option to require all holders that wish to exercise the Public Warrants to do so on a &#8220;cashless basis&#8221;.
The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances
including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not
be adjusted for issuance of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required
to net cash settle the warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement Warrants are identical to
the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class
A Common Stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days
after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are
exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees.
If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Assumed Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At Closing, the Company assumed common stock warrants to purchase FOXO
Class A Common Stock and exchanged such common stock warrants for common stock warrants to purchase <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" unitRef="shares">1,905,853</ix:nonFraction> shares of the Company&#8217;s
Class A Common Stock. Each Assumed Warrant entitles the holder to purchase <ix:nonFraction contextRef="c101" decimals="0" format="ixt-sec:numwordsen" name="foxo:ExcessStockSharesIssued1" scale="0" unitRef="shares">one</ix:nonFraction> share of Class A Common Stock at a price of $<ix:nonFraction contextRef="c102" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockConvertibleConversionPriceDecrease" scale="0" unitRef="usdPershares">6.21</ix:nonFraction> per share,
subject to adjustment. The Assumed Warrants are exercisable over a three-year period from the date of issuance. The Assumed Warrants include
a down round provision that should the Company issues common stock for a consideration of less than $6.21 per share then the exercise
price shall be lowered to the new consideration amount on a per share basis with a simultaneous and corresponding increase to the number
of warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_23" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Vendor Shares</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into a termination agreement
with a vendor associated with the Business Combination. The Company provided <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesTreasuryStockReissued" scale="0" unitRef="shares">300,000</ix:nonFraction> shares in connection with the agreement.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -45.35pt"><span style="text-decoration:underline">Note 8 EQUITY-BASED COMPENSATION</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_2" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Contingent Share Plan</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 14, 2022, the stockholders of
the Company approved the FOXO Technologies Inc. Management Contingent Share Plan (the &#8220;Management Contingent Share
Plan&#8221;). The purposes of the Management Contingent Share Plan are to (a) secure and retain the services of certain key
employees and service providers and (b) incentivize such key employees and service providers to exert maximum efforts for the
success of the Company and its affiliates. The number of shares of Class A Common Stock that may be issued under the Management
Contingent Share Plan is <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="foxo:SharesSubjectToEquitableAdjustment" scale="0" unitRef="shares">9,200,000</ix:nonFraction> shares, subject to equitable adjustment for shares splits, share dividends, combinations,
recapitalizations and the like after the Closing, including to account for any equity securities into which such shares are
exchanged or converted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_4" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Management Contingent Share Plan provides
for the grant of restricted share awards of Class A Common Stock. All of the shares of Class A Common Stock issued to a FOXO employee
at the Closing were issued pursuant to a &#8220;Restricted Share Award,&#8221; the terms of which shall apply to all shares issued to
such recipient. For the purposes of the Management Contingent Share Plan, shares of restricted Class A Common Stock issued in accordance
with such plan will be considered &#8220;vested&#8221; when they are no longer subject to forfeiture in accordance with the terms of such
plan. Each restricted share award issued under the Management Contingent Share Plan will be subject to both a time-based vesting component
and a performance-based vesting component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_5" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Time-Based Vesting</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_6" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="foxo_TimebasedVestingDescription-c0_cont_1" name="foxo:TimebasedVestingDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each restricted share award shall be subject to
three service-based vesting conditions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_7" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_6"><ix:continuation continuedAt="foxo_TimebasedVestingDescription-c0_cont_2" id="foxo_TimebasedVestingDescription-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Sixty percent (60%) of a participant&#8217;s restricted share award will
become vested on the third anniversary of the Closing if the participant is still employed by the company on such date (and has been continuously
employed by the company from the date of grant through such vesting date).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_8" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_7"><ix:continuation continuedAt="foxo_TimebasedVestingDescription-c0_cont_3" id="foxo_TimebasedVestingDescription-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">b)</span></td><td style="text-align: justify"><span style="font-size: 10pt">An additional twenty percent (20%) of a participant&#8217;s restricted share
award will become vested on the fourth anniversary of the Closing if the participant is still employed by the company on such date (and
has been continuously employed by the company from the date of grant through such vesting date).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_9" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_8"><ix:continuation id="foxo_TimebasedVestingDescription-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">c)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The final twenty percent (20%) of a participant&#8217;s restricted share
award will become vested on the fifth anniversary of the Closing if the participant is still employed by the company on such date (and
has been continuously employed by the company from the date of grant through such vesting date).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_10" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Performance-Based Vesting</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_11" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to time-based vesting, one-third
of each restricted share award may only become vested upon satisfaction of each of the following three performance-based conditions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_12" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">1.</td><td style="text-align: justify">The operational launch of digital online insurance products by FOXO LIFE Insurance Company (or its functional
equivalent under a managing general agency relationship with a life insurance company), with at least 100 policies sold, within one year
following the Closing;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_13" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">2.</td><td style="text-align: justify">The signing of a commercial research collaboration agreement with an insurance company or reinsurance
company for saliva-based epigenetic biomarkers in life insurance underwriting within two years following the Closing; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                   </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_14" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">3.</td><td style="text-align: justify">The implementation of saliva-based epigenetic biomarkers in life insurance underwriting by the Company,
with at least 250 policies sold using such underwriting, within two years following the Closing.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_15" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 6, 2022, the Company executed a Memorandum
of Understanding and Pilot Research Agreement (the &#8220;Agreement&#8221;) with both a life insurance carrier and a reinsurer. The purpose
of the Agreement is to conduct a parallel run study, using a minimum of 2,500 participants, comparing traditional medical underwriting
results to those obtained through use of the Company&#8217;s saliva-based epigenetic biomarker technology. The Agreement is intended to
assess the value of the Company&#8217;s technology for a saliva-based next-generation underwriting protocol and will help determine whether
the parties will later enter into a commercial agreement. The Agreement commenced in the third quarter of 2022 and will continue until
the sooner of project completion, project termination, or the Company and the life insurance carrier entering into a commercial agreement
for the scaled rollout of FOXO&#8217;s technology in the life insurance carrier&#8217;s underwriting processes. Accordingly, the Company
has met the commercial research collaboration agreement performance condition and has begun recognizing expense upon completion of the
Business Combination. For the year ended December 31, 2022 the Company has recognized $<ix:nonFraction contextRef="c103" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation" scale="3" unitRef="usd">10,091</ix:nonFraction> of expense related to the vesting of the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Service Based-Conditions</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
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conditions that no longer applied to the former CEO and is subject to forfeiture pending conclusion of the Board of Director&#8217;s (the
&#8220;Board&#8221;) review. </span>See Note 15 for additional information on the former CEO.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Forfeiture of Restricted Share Awards</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a performance-based condition is not achieved
within the specified timeframe, then the one-third portion of each restricted share award that is associated to that performance-based
condition will be permanently forfeited. The Committee shall be solely responsible for monitoring and determining whether or not any performance-based
condition is achieved, and any such determination shall be final and conclusive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_20" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any restricted stock awards that fail to vest
due to a time-based vesting condition not being satisfied will be forfeited by the participant and the shares associated with that award
will be permanently forfeited and cancelled. The Company accounts for forfeitures as they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_21" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the Management
Contingent Share Plan activity for the year ended December 31, 2022:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_22" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_21"><ix:nonNumeric contextRef="c0" escape="true" name="foxo:ScheduleOfManagementContingentSharePlanTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-size: 10pt; font-weight: bold">Beginning of year </td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-size: 10pt; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-229; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span><b><span style="font-family: Times New Roman, Times, Serif">&#160;</span></b></td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt">Granted </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c104" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" scale="0" unitRef="shares">9,200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c104" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" scale="0" unitRef="usdPershares">7.81</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; font-size: 10pt">Forfeited </td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c104" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" scale="0" unitRef="shares">3,683,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; font-size: 10pt; font-weight: bold">End of year </td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt">Vested </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c104" decimals="INF" format="ixt:num-dot-decimal" name="foxo:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue" scale="0" unitRef="shares">1,169,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c104" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" scale="0" unitRef="usdPershares">7.81</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_23" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vested shares within the table above reflect
the potential forfeiture of the former CEO&#8217;s Management Contingent Share Plan related to performance obligations that have been
met as the Company is still reviewing its obligations. See Note 15 for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_24" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2022 Equity Incentive Plan</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_25" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
September 14, 2022, the stockholders of the Company approved the FOXO Technologies Inc. 2022 Equity Incentive Plan (the &#8220;2022 Plan&#8221;).
The 2022 Plan permits the grant of equity-based awards to employees, directors and consultants. The number of shares of Class A Common
Stock that may be issued under the 2022 Plan is </span><ix:nonFraction contextRef="c105" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">3,286,235</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_26" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, no awards were granted
under the 2022 Plan.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_27" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2020 Stock Incentive Plan</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_28" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Technologies Operating Company adopted the
2020 Stock Incentive Plan (the &#8220;2020 Plan&#8221;) to attract, retain, incentivize and reward qualified employees, nonemployee directors
and consultants. Immediately prior to Closing, vested and unvested stock options were outstanding to purchase <ix:nonFraction contextRef="c106" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" scale="0" unitRef="shares">5,105,648</ix:nonFraction> shares of FOXO
Class A Common Stock. At Closing, the Combined Company assumed the stock options granted pursuant to the 2020 Plan to purchase FOXO Class
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that follow are shown on a post-Business Combination basis. All future equity-based compensation will be through the 2022 Plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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31, 2021 were issued (i) as a replacement for outstanding phantom share rights and previously cancelled profits interests, (ii) as a bonus
for periods prior to the issuance of stock options, (iii) as part of the Company&#8217;s regular review cycle that occurs twice annually,
and (iv) as other incentives. Stock options issued in the year ended December 31, 2021 were primarily granted in April and August of 2021.
In the first quarter of 2022, <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="foxo:ShareBasedCompensationArrangementAdditionalStockOptions" scale="0" unitRef="shares">204,181</ix:nonFraction> additional stock options were issued primarily as part of the Company&#8217;s regular review cycle
as well as to form the Company&#8217;s Scientific Advisory Board. Upon execution of the April 2021 stock option agreements, the Company
no longer had outstanding phantom share rights. The deferred compensation liability of $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationLiabilityCurrent" scale="3" unitRef="usd">54</ix:nonFraction> associated with the phantom share rights was
reclassified to additional paid-in capital in the consolidated balance sheets as the options are equity classified in accordance with
accounting standards codification guidance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_30" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The stock options granted vest monthly over a
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of options related to prior periods, the vesting period is considered to have started when the Company and option holder had a mutual
understanding that an award was to be issued; however, the grant date and fair value are based on (i) when there is a mutual understanding
of key terms, (ii) the Company is contingently obligated to issue the options, and (iii) the option holder begins to benefit or be adversely
impacted by changes in the Company&#8217;s stock price. Accordingly, the Company has determined the date the stock option agreements were
executed to be the grant date for these options and the date on which to measure the awards at fair value. The attribution of expense
for the stock options is recognized from the grant date over the remaining service period while considering the portion of stock compensation
expense that is legally vested. The Company accounts for forfeitures as they occur. At the first vesting period, the Company recognized
stock compensation expense so that stock compensation expense equaled the vested portion of stock options. The remaining expense is recognized
over the service period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_31" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes stock option activity
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_32" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_31"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_33" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of each stock option is estimated
using a Black-Scholes valuation model while considering the respective rights of each type of stockholder. The table below illustrates
the weighted-average valuation assumptions used for stock options granted during the year ended December 31, 2022 and 2021:</p></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_34" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_33"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_35" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><i>Expected Term:</i> The expected
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to develop an estimate and exercise data from comparable companies is not readily available. The stock options granted in April of 2021
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_36" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><i>Expected Volatility:</i> The Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_37" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><i>Risk-Free Interest Rate:</i> The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_38" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><i>Dividend Yield:</i> The Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_39" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity-based compensation expense, excluding the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_40" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_41" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_40"><ix:continuation id="_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 9pt">1)</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-size: 9pt">Had the Company recorded the Management Contingent Share Plan within research
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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liability associated with the phantom equity and remeasured these units on a quarterly basis. The equity-based compensation expense recorded
within research and development includes remeasurements related to the phantom equity, and unfavorable remeasurements resulted in a cumulative
reduction in expense during the year ended December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, there was $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedUnrecognizedUnrealizedDepreciation" scale="3" unitRef="usd">1,105</ix:nonFraction> of total
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years and $<ix:nonFraction contextRef="c112" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedUnrecognizedUnrealizedDepreciation" scale="3" unitRef="usd">51,257</ix:nonFraction> of total unrecognized compensation cost related to the Management Contingent Share Plan. Of the total unrecognized compensation
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to be recognized over a weighted-average period of <ix:nonNumeric contextRef="c109" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">1.7</ix:nonNumeric> years. The remaining unrecognized compensation for the Management Contingent Share
Plan relates to performance obligations that are not yet probable of being met. As such, the weighted-average period depends on the timing
of when performance obligations are probably of being met.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AssetAcquisitionTextBlock-c0_cont_1" escape="true" name="us-gaap:AssetAcquisitionTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -45.35pt"><span style="text-decoration:underline">Note 9 FORWARD PURCHASE
AGREEMENT</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_AssetAcquisitionTextBlock-c0_cont_2" id="_AssetAcquisitionTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into a Forward Share Purchase
Agreement with Meteora Capital Partners and its affiliates (collectively, &#8220;Meteora&#8221;) for a forward purchase transaction. Prior
to the Closing, Meteora agreed not to redeem <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="foxo:SharesIssued1" scale="0" unitRef="shares">2,873,728</ix:nonFraction> shares of Class A Common Stock (the &#8220;Meteora Shares&#8221;) in connection
with the Business Combination. Meteora <span style="background-color: white">has the right to sell the Meteora Shares in the open market
and on the fifteen (15) month anniversary of the Closing of the Business Combination (the&#8221; Put Date&#8221;) may obligate the Company
to purchase the shares, as described below, from Meteora should any not have been sold in the open market.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AssetAcquisitionTextBlock-c0_cont_3" id="_AssetAcquisitionTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Forward Share Purchase
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Shares and the corresponding redemption price from the Business Combination, was deposited into escrow by the Company (the &#8220;Prepayment
Amount&#8221;). <span style="font-family: Times New Roman, Times, Serif">There are a few scenarios in which the Forward Purchase Agreement
can be settled either before or on the </span>Put <span style="font-family: Times New Roman, Times, Serif">Date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AssetAcquisitionTextBlock-c0_cont_4" id="_AssetAcquisitionTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">i.</span></td><td style="text-align: justify"><span style="font-size: 10pt">At any time prior to the Put Date, Meteora may sell the Meteora Shares to
any third party following the Business Combination but before the Put Date in the open market. If Meteora sells any shares prior to the
Put Date, an amount equal to the product of the number of Meteora Shares sold multiplied by <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="foxo:ResetPricePercentage" scale="-2" unitRef="pure">92.5</ix:nonFraction>% of a reset price (the &#8220;Reset Price&#8221;)
will be released from the Escrow Account and paid to the Company (the &#8220;Open Market Sale Payment&#8221;), and an amount equal to
the product of (a) the portion of the Meteora Shares that Meteora sells in the open market and (b) the difference between the (i) the
per share escrow amount and (ii) the Open Market Sale Payment, will be released from the Escrow Account to Meteora. The Reset Price shall
initially be $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> and, thereafter, shall be subject to weekly adjustments during the term of the Forward Purchase Agreement based on
the then current Reset Price and volume weighted average trading prices (&#8220;VWAP&#8221;) of the Company&#8217;s Class A Common Stock
for the immediately preceding week.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AssetAcquisitionTextBlock-c0_cont_5" id="_AssetAcquisitionTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 12pt/107% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">ii.</span></td><td style="text-align: justify"><span style="font-size: 10pt">On the Put Date, if any of the Meteora Shares subject to the Forward Purchase
Agreement remain unsold, Meteora is entitled to a) the product of the unsold Meteora Shares multiplied by the Redemption Price which will
be released from the Escrow Account, and b) the Company will be required to transfer to Meteora maturity consideration equal to the product
of $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.05</ix:nonFraction> per Meteora Share sold to the Company and the number of days between the closing of the Business Combination and the Put Date
divided by 30 days.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-size: 10pt">iii.</span></td><td style="text-align: justify"><span style="font-size: 10pt">The Put Date may be accelerated and occur prior to the fifteen month anniversary
of the Closing of the Business Combination upon the occurrence of certain events and circumstances set forth in the Forward Share Purchase
Agreement, including a) if the VWAP of the Company&#8217;s Class A Common Stock falls below $<ix:nonFraction contextRef="c96" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">2.50</ix:nonFraction> per share during any 20 of 30 consecutive
trading days, b) if the Forward Purchase Agreement is early terminated, or c) if the Company&#8217;s Class A Common Stock is delisted
from a national exchange. If the Put Date is accelerated, the Company would follow the maturity consideration described above. </span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

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was collateral and recorded it on its balance sheet as an asset while the agreement was outstanding. In accordance with ASC 480, Distinguishing
Liabilities from Equity, the Company determined that Meteora&#8217;s ability to require the Company to repurchase shares in certain situations
was a freestanding derivative. The derivative, referred to as the forward purchase put derivative was recorded as a liability on the Company&#8217;s
balance sheet. Additionally, the Company recorded a derivative based on the amount of collateral that may be provided to Meteora and recorded
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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the value of the maturity consideration formula described above. The Forward Share Purchase Agreement was subsequently cancelled on November
10, 2022. The cancellation of the Forward Share Purchase Agreement resulted in (i) the removal of the forward purchase put derivative
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shares purchased from Meteora became treasury stock with a corresponding reduction to additional paid-in capital based on the fair market
value of the shares at cancellation. The Company recorded expenses related to the Forward Share Purchase Agreement are recorded within
Forward purchase agreement expense in the consolidated statements of operations and consists of the maturity consideration that settled
the forward purchase put derivative, the amounts released from escrow to Meteora as a result of open market sales, and the settlement
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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for the year ended December 31, 2022 as their inclusion would have been anti-dilutive because the Company was in a loss position for such
periods. The Assumed Options, the Assumed Warrants, and the 2021 Bridge Debentures were excluded from the year ended December 31, 2022
as their inclusion would have been anti-dilutive. For the year ended December 31, 2022, the 2021 Bridge Debentures and 2022 Bridge Debentures
were included in basic and diluted net loss per share from the date of closing as the Bridge Debentures were converted into FOXO Class
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareTextBlock-c0_cont_6" id="_EarningsPerShareTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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per common stock (shares in actuals):</p></ix:continuation><div>

</div><ix:continuation id="_EarningsPerShareTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_5" id="_FairValueDisclosuresTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrant Liability</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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sheet. The warrant liability is measured at fair value on the date of the Closing and on a recurring basis, with any changes in the fair
value presented as change in fair value of warrant liability in the Company&#8217;s statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_7" id="_FairValueDisclosuresTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Measurement at Closing and Subsequent Measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

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of the Public Warrants is classified as Level 1 due to the use of an observable market quote in an active market under ticker FOXO-WT.
As the transfer of the Private Placement Warrants to anyone outside of a small group of individuals who are permitted transferees would
result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined the fair value
of each Private Placement Warrant is equivalent to that of each Public Warrant, with an insignificant adjustment for short-term marketability
restrictions. As such, the Private Placement Warrants are classified as Level 2.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_9" id="_FairValueDisclosuresTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Bridge Debentures</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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are measured at fair value on a recurring basis given the Company&#8217;s election of the fair value option for measuring such liabilities.
The fair value of the Bridge Debentures is determined based on significant unobservable inputs including the likelihood of voluntary or
mandatory conversion, and the estimated date at which conversion will take place, which causes them to be classified as a Level 3 measurement
within the fair value hierarchy. The recorded fair value of the Bridge Debentures and the non-cash change in fair value recorded in the
consolidated statements of operations could change materially if differing inputs and assumptions were to be utilized. However, the valuations
used assumptions and estimates the Company believes would be made by a market participant in making the same valuations as of the issuance
date and each subsequent reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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depict the ultimate liability associated with the Bridge Debentures, including all features and embedded derivatives in the Securities
Purchase Agreements. The Bridge Debentures accounted for under the fair value option election represented debt host financial instruments
containing certain embedded features that would otherwise be required to be bifurcated from the debt host and recognized as separate derivative
liabilities subject to initial and subsequent periodic fair value measurement in accordance with U.S. GAAP. When the fair value option
election is applied to financial liabilities, bifurcation of embedded derivatives is not required, and the financial liability in totality
is recorded at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis as of
each balance sheet date thereafter. Upon remeasurement, the portion of a change in estimated fair value attributable to a change in instrument-specific
credit risk is recognized as a component of other comprehensive income (loss) and the remaining amount of a change in estimated fair value
is to be recognized in the consolidated statements of operations. As a result of electing the fair value option, direct costs and fees
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</div><div>

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December 31, 2021, the estimated fair value of the 2021 Bridge Debentures was calculated using a Monte Carlo simulation, which incorporated
significant unobservable inputs such as the likelihood of term extension and voluntary or mandatory conversion. Additionally, for December
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</div><div>

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fair value of the Bridge Debentures was calculated using a probability-weighted expected return model. This change in valuation methodology
was driven by the execution of the Merger Agreement on February 24, 2022, which made the ultimate value to holders of the Bridge Debentures
upon voluntary or mandatory conversion clearer. Prior to conversion, the Bridge Debentures were recorded at their ultimate fair value
based on purchase consideration attributed to the outstanding principal and using a probability-weighted expected return model. At conversion,
the Company was able to determine the fair value of both the 2021 Bridge Debentures and 2022 Bridge Debentures based on the completion
of the Business Combination. Immediately prior to the Closing of the Business Combination, the 2021 Bridge Debentures and 2022 Bridge
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equity of the Combined Company, and the Business Combination, refer to Notes 1, 3, 5, and 7. None of the change in estimated fair value
of the Bridge Debentures from December 31, 2021 to conversion was deemed to be attributable to instrument-specific credit risk and thus
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_3" id="_IncomeTaxDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_4" id="_IncomeTaxDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation of income taxes at the statutory
federal income tax rate to the effective income tax rate for the years ended December 31, 2022 and 2021 is as follows:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_5" id="_IncomeTaxDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FederalIncomeTaxNoteTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="foxo:EffectiveIncomeTaxRateFairValueAdjustmentsOnConvertibleDebentures" scale="-2" sign="-" unitRef="pure">7.1</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" sign="-" unitRef="pure">14.5</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for income tax purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_7" id="_IncomeTaxDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The components of the net deferred tax asset were as follows:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_8" id="_IncomeTaxDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>Deferred tax assets:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Accrued compensation</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" scale="3" unitRef="usd">3,817</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="3" unitRef="usd">17,193</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="3" unitRef="usd">7,885</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Capitalized software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CapitalizedComputerSoftwareNet" scale="3" unitRef="usd">1,270</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment" scale="3" unitRef="usd">7</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment" scale="3" unitRef="usd">130</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Issuance fees on convertible debentures</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="3" unitRef="usd">22,287</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="3" unitRef="usd">21,837</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 9pt">Total deferred tax assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="3" unitRef="usd">450</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred tax liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Prepaid expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilitiesPrepaidExpenses" scale="3" unitRef="usd">450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilitiesPrepaidExpenses" scale="3" unitRef="usd">51</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilities" scale="3" unitRef="usd">51</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net deferred tax asset</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_9" id="_IncomeTaxDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, the Company
recorded a full valuation allowance to offset net deferred tax assets as the Company believes it is not more likely than not that the
net deferred tax assets will be fully realizable. In assessing the realizability of deferred tax assets, management considers whether
it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred
tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.
Due to the uncertainty of the Company&#8217;s ability to realize the benefit of the deferred tax assets, the net deferred tax assets are
fully offset by a valuation allowance as of December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Company had accumulated
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$<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLossCarryforwards" scale="3" unitRef="usd">1,642</ix:nonFraction> in losses will begin to expire in 2036 and $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwards" scale="3" unitRef="usd">58,046</ix:nonFraction> in losses can be carried forward indefinitely. As of December 31, 2022, the
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limited by Internal Revenue Code Section 382 limits. An analysis of the potential limitation has not been completed at this time.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
13 FOXO LIFE INSURANCE COMPANY</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_2" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Acquisition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the Company completed its
acquisition of Memorial Insurance Company of America (&#8220;MICOA&#8221;) and renamed it FOXO Life Insurance Company. The acquisition
was accounted for as an asset acquisition as MICOA did not have inputs (employees) to create outputs. Purchase consideration for the acquisition
of MICOA totaled $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationPriceOfAcquisitionExpected" scale="3" unitRef="usd">1,155</ix:nonFraction>, which included an indefinite-lived insurance license intangible asset recorded at a fair value of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetsFairValueAdjustment" scale="3" unitRef="usd">63</ix:nonFraction> and cash
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The existing statutory capital and surplus of
$<ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired" scale="3" unitRef="usd">1,092</ix:nonFraction> remains with MICOA post-acquisition. As part of the transaction, the former owners of MICOA continue to administer and <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="foxo:ReinsurePolicies" scale="-2" unitRef="pure">100</ix:nonFraction>% reinsure
all policies outstanding as of the acquisition date. The Company has not issued any new insurance policies since the acquisition and all
premiums, reinsurance recoverables, and policy reserves relate to the <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="foxo:ReinsuredBusinessPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% reinsured business. For ceded reinsurance transactions, the
Company remains liable in the event the reinsuring company is unable to meet its obligations under the reinsurance agreement. Further,
the reinsurer is required to maintain accreditation from all applicable state insurance regulators so the Company may obtain full credit
for the reinsurance agreement. If the reinsurer is unable to meet this obligation, they are required to compensate the Company so that
the Company can take full credit for the reinsurance. As of December 31, 2021, the Company has determined there is a remote probability
the reinsurer would fail to meet its obligations and any allowance would be immaterial. The policy reserves of $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="foxo:PolicyReserves" scale="3" unitRef="usd">18,573</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="foxo:PolicyReserves" scale="3" unitRef="usd">19,463</ix:nonFraction> for
the years ended December 31, 2022 and 2021, respectively on the consolidated balance sheets represent the benefits and claims reserves
ceded as part of the acquisition. Additionally, the consolidated statements of operations includes both $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssumedPremiumsEarned" scale="3" unitRef="usd">362</ix:nonFraction> of earned and ceded premiums
as well as $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CededPremiumsEarned" scale="3" unitRef="usd">1,349</ix:nonFraction> of claims incurred and ceded for the year ended December 31, 2022 and $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssumedPremiumsEarned" scale="3" unitRef="usd">108</ix:nonFraction> of earned and ceded premiums as well as $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CededPremiumsEarned" scale="3" unitRef="usd">523</ix:nonFraction>
of claims incurred and ceded for the year ended December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Statutory Capital and Surplus</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approval granted by the Arkansas Insurance
Department to the Company to acquire MICOA requires the Company to maintain statutory capital and surplus of no less than $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" scale="3" unitRef="usd">5,000</ix:nonFraction> and a
risk-based capital ratio of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="foxo:RiskbasedCapitalPercentage" scale="-2" unitRef="pure">301</ix:nonFraction>% or greater. As of December 31, 2022 and 2021, FOXO Life Insurance Company had statutory capital and surplus
of at least $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusRequired" scale="3" unitRef="usd">5,000</ix:nonFraction>, which included $<ix:nonFraction contextRef="c141" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="3" unitRef="usd">100</ix:nonFraction> of cash maintained in a trust account at First Horizon Advisors, as required by the State of Arkansas,
with the remaining amount of additional statutory capital and surplus held in cash and cash equivalents. The statutory capital and surplus
for FOXO Life Insurance Company exceeded the minimum risk-based capital requirements for the year ended December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Letter of Intent</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_8" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company entered into a letter of intent to sell FOXO Life Insurance
Company. The letter of intent was designed to allow the Company to gain access to cash that was held as statutory capital and surplus
at FOXO Life Insurance Company. See Note 17 for additional information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Statutory Net Loss</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Life Insurance Company is required to prepare
statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Arkansas Insurance Department.
Statutory accounting practices primarily differ from U.S. GAAP in that policy acquisition costs are to be expensed as incurred, future
policy benefit liabilities are to be established using different actuarial assumptions, and the accounting for investments in certain
assets and deferred taxes are stated on a different basis. FOXO Life Insurance Company did not issue any policies after the acquisition.
Additionally, MICOA did not issue any policies in 2021 before the acquisition and its policies were separately <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% reinsured by the seller,
Security National Life Insurance Company. The operations of FOXO Life Insurance Company are included in the Company&#8217;s consolidated
financial statements from the acquisition date in accordance with U.S. GAAP. FOXO Life Insurance Company had a statutory net loss of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:StatutoryNetLoss" scale="3" unitRef="usd">105</ix:nonFraction>
and $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:StatutoryNetLoss" scale="3" unitRef="usd">29</ix:nonFraction> for the year ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company had an authorized control
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Insurance Liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_12" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Included
in the consolidated balance sheets, policy reserves are liabilities for traditional life insurance reserves and annuities.&#160;Traditional
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_13" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides information about deferred annuity contracts
from the date of the acquisition through December 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 76%; text-align: left">Beginning / acquired balance</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsLiabilities" scale="3" unitRef="usd">4,816</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:DepositsReceived" scale="3" unitRef="usd">7</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:DepositsReceived" scale="3" unitRef="usd">3</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest credited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Withdrawals</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="foxo:Withdrawals" scale="3" sign="-" unitRef="usd">536</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Balance at end of period</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsLiabilities" scale="3" unitRef="usd">4,327</ix:nonFraction></td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsLiabilities" scale="3" unitRef="usd">4,717</ix:nonFraction></td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
14 BUSINESS SEGMENT</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_2" id="_SegmentReportingDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company manages and classifies its business into two reportable business segments:</span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_3" id="_SegmentReportingDisclosureTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOXO
                                            Labs is commercializing proprietary epigenetic biomarker technology to be used for underwriting
                                            risk classification in the global life insurance industry. The Company&#8217;s innovative
                                            biomarker technology enables the adoption of new saliva-based health and wellness biomarker
                                            solutions for underwriting and risk assessment. The Company&#8217;s research demonstrates
                                            that epigenetic biomarkers, collected from saliva, provide measures of individual health
                                            and wellness for the factors used in life insurance underwriting traditionally obtained through
                                            blood and urine specimens.</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                       </table></ix:continuation><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_4" id="_SegmentReportingDisclosureTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOXO
                                            Life is redefining the relationship between consumers and insurer by combining life insurance
                                            with a dynamic molecular health and wellness platform. FOXO Life seeks to transform the value
                                            proposition of the life insurance carr</span><span style="font-size: 10pt">ier from a provider
                                            of mortality risk protection products to a partner supporting its customers&#8217; healthy
                                            longevity. FOXO Life&#8217;s multi-omic health and wellness platform will provide life insurance
                                            consumers with valuable information and insights about their individual health and wellness
                                            to support longevity. </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_5" id="_SegmentReportingDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Labs generates revenue through performing
epigenetic biomarker services and by collecting epigenetic services royalties. FOXO Life generates revenue from the sale of life insurance
products. Asset information is not used by the Chief Operating Decision Maker (&#8220;CODM&#8221;) or included in the information provided
to the CODM to make decisions and allocate resources.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_6" id="_SegmentReportingDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary income measure used for assessing
segment performance and making operating decisions is earnings before interest, income taxes, depreciation, amortization, and equity-based
compensation (&#8220;Segment Earnings&#8221;). The segment measure of profitability also excludes corporate and other costs, including
management, IT, overhead costs and certain other non-cash charges or benefits, such as any non-cash changes in fair value as well as technology
or investment impairments.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_7" id="_SegmentReportingDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summarized below is information about the Company&#8217;s operations
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_8" id="_SegmentReportingDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfSegmentReportingInformationBySegmentTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c0_cont_8"><ix:continuation id="_ScheduleOfSegmentReportingInformationBySegmentTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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expenses for the year ended December 31, 2022. Additionally, the year ended December 31, 2022 included. For the year ended December 31,
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impairment of $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherDepreciationAndAmortization" scale="3" unitRef="usd">131</ix:nonFraction>, $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="foxo:ChangeInFairValueOfConvertibleDebentures" scale="3" unitRef="usd">98</ix:nonFraction>, $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment" scale="3" unitRef="usd">21,703</ix:nonFraction>, and $<ix:nonFraction contextRef="c11" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="3" unitRef="usd">400</ix:nonFraction> respectively. See Notes 5, 6, 7, 9 and 11 for additional information.</ix:footnote> </span></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>License Agreements</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April&#160;2017, the Company entered into a
license agreement with The Regents of University of California (the &#8220;Regents&#8221;) to develop and commercialize the DNA Methylation
Based Predictor of Mortality. The agreement remains in effect through the life of the Regents&#8217; patents related to this license agreement.
The Company is required to pay license maintenance fees on each anniversary date of agreement execution. The Company is liable to the
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February&#160;2021, the Company entered into
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Regents&#8217; patents related to this license agreement. In consideration of the license and rights granted under the license agreement,
the Company made a one-time cash payment and will make maintenance payments on each anniversary of the Agreement. The Company will pay
the Regents for each assay internally used and a royalty on external net sales. Additionally, the contract includes development milestones
and fees related to achieving commercial sales and a comparative longitudinal study of health outcomes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Supplier Commitments</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company made a <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="foxo:PurchaseUnits" scale="0" unitRef="shares">10,000</ix:nonFraction> unit purchase commitment
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the coming year related to these commitments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 18, 2022, Smithline Family Trust II
(&#8220;Smithline&#8221;) filed a complaint against the Company and Jon Sabes, the Company&#8217;s former Chief Executive Officer and
a current member of the Company&#8217;s board of directors, in the Supreme Court of the State of New York, County of New York, Index 0654430/2022.
The complaint asserts claims for breach of contract, unjust enrichment and fraud, alleging that (i) the Company breached its obligations
to Smithline pursuant to that certain Securities Purchase Agreement, dated January 25, 2021, between FOXO Technologies Operating Company
and Smithline, an accompanying <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="foxo:OutstandingBalancePercentage" scale="-2" unitRef="pure">12.5</ix:nonFraction>% Original Issue Discount Convertible Debenture, due February 23, 2022, and Warrant to purchase shares
of FOXO common stock until February 23, 2024 (collectively, including any amendment or other document entered into in connection therewith,
the &#8220;Financing Documents&#8221;), (ii) the Company and Mr. Sabes were unjustly enriched as a result of their alleged actions and
omissions in connection with the Financing Documents, and (iii) the Company and Mr. Sabes made materially false statements or omitted
material information in connection with the Financing Documents. The complaint claims damages in excess of a minimum of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesPaidValue" scale="3" unitRef="usd">6,207</ix:nonFraction> on each
of the three causes of action, plus attorneys&#8217; fees and costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 23, 2022, FOXO removed this action
from the Supreme Court of the State of New York, County of New York to the United States District Court for the Southern District of New
York, Case 1:22-cv-10858-VEC. The action was assigned to Judge Valerie E. Caproni, and the Initial Pretrial Conference will be held on
February 24, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 1, 2023, defendant Jon Sabes moved
to dismiss the complaint pursuant to Fed. R. Civ. P. 12(b)(2) and 12(b)(6), which was denied on February 27, 2023</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_12" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 22, 2023, Smithline filed an Amended
Complaint. The Company filed its Answer to the Amended Complaint on March 8, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>
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process and the Company is unable to determine the outcome. The Company intends to contest this case vigorously.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_14" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accrues for costs associated with
certain contingencies, including, but not limited to, settlement of legal proceedings, regulatory compliance matters and self insurance
exposures when such costs are probable and reasonably estimable. In addition, the Company accrues for legal fees incurred in defense of
asserted litigation and regulatory matters as such legal fees are incurred. To the extent it is probable under our existing insurance
coverage that we are able to recover losses and legal fees related to contingencies, we record such recoveries concurrently with the accrual
of the related loss or legal fees. Significant management judgment is required to estimate the amounts of such contingent liabilities
and the related insurance recoveries. In our determination of the probability and ability to estimate contingent liabilities and related
insurance recoveries we consider the following: litigation exposure based on currently available information, consultations with external
legal counsel, adequacy and applicability of existing insurance coverage and other pertinent facts and circumstances regarding the contingency.
Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies
are resolved; and such changes are recorded in the consolidated statements of operations during the period of the change and appropriately
reflected in the consolidated balance sheets. As of December 31, 2021 and 2022 the Company does not have any accruals related to the settlement
of legal proceedings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_15" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is also party to various other legal
proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business, and
we may in the future be subject to additional legal proceedings and disputes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_16" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Former CEO Severance</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_17" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Board has yet to
complete its review whether the former CEO was terminated with or without cause. Accordingly, the Company has yet to make a determination
on its obligations under the former CEO&#8217;s employment agreement. The Company has accrued for his severance and has recognized expenses
related to his equity-based compensation per the terms of his contract while the matter remains under review.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_18" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the review conclude that the former CEO
was terminated without cause then the former CEO will receive thirty-six months of severance based on his base salary, his options granted
immediately vest, and his Management Contingent Share Plan related to performance-based conditions that have been met become fully vested.
$<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsSeverancePayments" scale="3" unitRef="usd">576</ix:nonFraction> of severance and related expense is recorded within accrued severance and the remaining $<ix:nonFraction contextRef="c1" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesForCommissionsExpenseAndTaxes" scale="3" unitRef="usd">999</ix:nonFraction> recorded within other liabilities on
the consolidated balance sheets. The corresponding expense is recognized within selling, general and administrative expense on the consolidated
statements of operations. The Company recognized $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ManagementFeeExpense" scale="3" unitRef="usd">8,695</ix:nonFraction> of expense related to the Management Contingent Share Plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_19" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the review conclude the former CEO was
terminated with cause then no severance or continued benefits are due and the Company will account for the forfeiture of his Management
Contingent Share Plan and reverse the accrual and corresponding expense related to his severance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_20" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Company cancelled the Management
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_21" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Severance</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
the fourth quarter of 2022, two employees with severance agreements were terminated. The Company intends to pay the severance over the
course of the severance period. Accordingly, amounts are</span> presented within accrued severance and other liabilities on the Company&#8217;s
consolidated balance sheet. Additionally, the accrued severance includes an accrual to replace the <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction> shares issued as part of the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><span style="text-decoration:underline">Note
16 SPONSORED RESEARCH</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_2" id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Harvard University&#8217;s Brigham and Women&#8217;s
Hospital</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_3" id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the second quarter of 2022, the Company
entered into an agreement and license option with The Brigham and Women&#8217;s Hospital, Inc. (the &#8220;Hospital&#8221;) to conduct
epigenetic profiling of associations between epigenetic aging and numerous behavioral, lifestyle, dietary and clinical risk factors, as
well as major morbidity and mortality outcomes. The Company refers to this study as VECTOR. Specific aims of this research include: (i)&#160;to
examine epigenetic association with lifestyle and dietary factors, including smoking history, physical activity, body mass index, alcohol
intake, dietary patterns, dietary supplement use, and aspirin used; (ii)&#160;to examine epigenetic association with major morbidity including
cardiovascular disease, cancer, type 2 diabetes, hypertension, liver disease, renal disease, and respiratory disease, (iii)&#160;to conduct
an National Death Index Plus search to update and extend mortality follow up on Harvard University&#8217;s Physicians&#8217; Health Study
(&#8220;PHS&#8217;), and (iv)&#160;utilizing the newly expanded PHS mortality follow-up data, to examine epigenetic association with lifespan,
longevity, and mortality. In addition, the epigenetic resources contained in the PHS studies have the potential to contribute and extend
to large meta-analyses and validation studies of epigenetic association and understanding of these factors and their impact on human aging
acceleration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_4" id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">The Company is responsible for payments up to
$849 related to the agreement, half of which was paid upon contract execution during the second quarter of 2022. Remaining payments are
due as follows: (i) 20% upon the enrollment of the first patient, (ii) 20% upon the enrollment of the final patient and (iii) 10% upon
lab receipt of shipments for all initially planned assays. In addition to the $424 payment upon execution, the Company incurred $272 of
other costs related to VECTOR. Costs associated with the clinical trial agreement are being recorded as research and development expenses
in the consolidated statements of operations.</ix:nonNumeric> The research study associated with this arrangement is on hold and the Company will not
be required to make payments until it resumes and milestones are met. See Note 4 for additional information related to the health study
tool.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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cooperative research and development agreement (&#8220;CRADA) with the U.S.&#160;Department of Health and Human Services (&#8220;HHS&#8221;)
and agencies of U.S.&#160;Public Health Services within the HHS, as well as the National Institute on Deafness and other Communication
Disorders (&#8220;NIDCD&#8221;), to enhance understanding of epigenetic gene regulation in Recurrent Respiratory Papillomatosis (&#8220;RRP&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_7" id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the CRADA agreement, the Company is granted
an exclusive option to elect an exclusive or nonexclusive commercialization license, with terms of the license that reflect the nature
of the invention, the relative contributions of the respective parties, a plan for the development and marketing, and the costs of subsequent
research and development needed to bring the invention to market. The Company is responsible for payment of all fees related to CRADA
patents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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related to this agreement during the&#160;year ended December 31, 2022 and 2021, respectively. These amounts are recorded within research
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</div><div>

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</div><div>

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a sponsored research agreement with The Children&#8217;s Hospital of Philadelphia (&#8220;CHOP&#8221;) to develop new methods and software
implementations for the processing and analysis of Illumina Infinium DNA methylation technology, including the Infinium EPIC+ Human Array
and the infinium mouse methylation array. The intent of the research agreement is to create open-source software that will be able to
import data from any Infinium DNA methylation array and conduct state-of-the-art processing and quality control of the data in an automated
fashion.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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the Company shall have a first and exclusive option to negotiate for a revenue-bearing exclusive license to any patent rights or other
intellectual property rights for CHOP intellectual property or CHOP&#8217;s interests in any joint intellectual property. Additionally,
the Company agrees to reimburse CHOP for fees relating to maintaining the patents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_13" id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Parallel Run Study</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the third quarter of 2022, the Company
executed a Memorandum of Understanding and Pilot Research Agreement (the &#8220;Agreement&#8221;) with both a life insurance carrier and
a reinsurer. The purpose of the Agreement is to conduct a parallel run study, using a minimum of 2,500 participants, comparing traditional
medical underwriting results to those obtained through use of the Company&#8217;s saliva-based epigenetic biomarker technology. The Agreement
is intended to assess the value of the Company&#8217;s technology for a saliva-based next-generation underwriting protocol and will help
determine whether the parties will later enter into a commercial agreement. The Agreement commenced in the third quarter of 2022 and will
continue until the sooner of project completion, project termination, or the Company and the life insurance carrier entering into a commercial
agreement for the scaled rollout of FOXO&#8217;s technology in the life insurance carrier&#8217;s underwriting processes. The Company
has determined that costs associated with the agreement will be recorded as research and development expenses in the consolidated statements
of operations in accordance with accounting standards codification guidance. The agreement stipulates that the life insurance carrier
and reinsurer will share in costs equally with the Company up to $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ReinsuranceRetentionExcessRetentionAmountReinsuredPerLife" scale="3" unitRef="usd">200</ix:nonFraction> each. Cost sharing reimbursements received from the life insurance
carrier and reinsurer have been recorded within parallel run advance in the consolidated balance sheet as of December 31, 2022 and are
being recognized as contra expenses in the consolidated statement of operations as the Company incurs costs related to the agreement.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b>Foxo
technologies inc. and subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Dollars in thousands, except per share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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after the balance sheet date up to March 30, 2023, the date that the consolidated financial statements were issued. Other than as described
below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying financial
statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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the Company consummated the previously announced sale of FOXO Life Insurance Company to Security National Life Insurance Company (the
&#8220;Buyer&#8221;). At the closing, all of the FOXO Life Insurance Company&#8217;s shares were cancelled and retired and ceased to exist
in exchange for the assignment to the Company of FOXO Life Insurance Company&#8217;s statutory capital and surplus amount of $<ix:nonFraction contextRef="c150" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StatutoryAccountingPracticesStatutoryAmountAvailableForDividendPayments" scale="3" unitRef="usd">5,002</ix:nonFraction>, as
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>INFORMATION NOT REQUIRED
IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 13. Other Expenses of Issuance and Distribution.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is an estimate
of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">SEC registration fee</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,486.73</td><td style="width: 1%; text-align: left">(1)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 1pt">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">50,000.00</td><td style="text-align: left">(2)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 1pt">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">15,000.00</td><td style="text-align: left">(2)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 1pt">Miscellaneous</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,000.00</td><td style="padding-bottom: 1.5pt; text-align: left">(2)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 1pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,486.73</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify"><span style="background-color: white">Includes the total amount of
$15.070.08 of fees previously paid under the </span>previous registration statement (File No. 333-268980).</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Previously paid in connection with the previous registration
statement (File No. 333-268980).</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 14. Indemnification of Directors and Officers.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Indemnification of
Directors and Officers.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section&#160;145
of the DGCL authorizes a court to award, or a corporation&#8217;s board of directors to grant, indemnity to directors and officers in
terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement for expenses
incurred, arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company&#8217;s amended and restated certificate of incorporation provides for indemnification of its directors, officers, employees and
other agents to the maximum extent permitted by the DGCL, and Delwinds&#8217; bylaws provide for indemnification of its directors, officers,
employees and other agents to the maximum extent permitted by the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, effective upon the consummation of the Business Combination, as defined in Part&#160;I of this registration statement, we have
entered or will enter into indemnification agreements with directors, officers, and some employees containing provisions which are in
some respects broader than the specific indemnification provisions contained in the Delaware General Corporation Law. The indemnification
agreements will require the Company, among other things, to indemnify its directors against certain liabilities that may arise by reason
of their status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which
they could be indemnified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 15. Recent Sales of Unregistered Securities.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
represents securities sold by the Company within the past three years which were not registered under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Private Placement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December&#160;15, 2020,
simultaneously with the consummation of the IPO, the Company completed the private placement of an aggregate of 632,500 private placement
units to the Sponsor, at a purchase price of $10.00 per private placement unit, generating gross proceeds to us of $6,325,000. Each private
placement units consisted of one Class A Common Stock and one-half of one redeemable warrant (also referred to herein as the Private Warrants).
Each whole Private Warrant is exercisable to purchase one share of Class A Common Stock at a price of $11.50 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>2022 Bridge Debentures</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the first and second
quarters of 2022, the Company entered into separate Securities Purchase Agreements with the &#8220;2022 Bridge Investors. The 2022 Bridge
Debentures were issued in three tranches, with $16,500 in aggregate principal issued on March&#160;1, 2022, $8,250 in aggregate principal
issued on March&#160;3, 2022 and the remaining $6,050 in aggregate principal issued on April&#160;27, 2022.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Committed Equity Facility</i></p><div>

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issued 190,476 shares of Class A Common Stock of the Company to Cantor pursuant to the ELOC Agreement. This agreement was subsequently
terminated on November 8, 2022.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Termination Agreement</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 10, 2022, 300,000
shares of Class A Common Stock of the Company was issued to J.V.B. Financial Group, LLC, acting through its Cohen &amp; Company Capital
Markets division In connection with the transactions contemplated by that certain Amendment and Termination Agreement, dated as of September
15, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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schedules.</b></span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
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2022</span></td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
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2023</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1812360/000121390022057723/ea166084ex3-2_foxotech.htm">Bylaws of FOXO Technologies Inc.</a></span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center"></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"></td>
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  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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2020</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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2020</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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2020</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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<tr style="background-color: rgb(204,238,255)">
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2022</span></td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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2022</span></td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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</table><div>

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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 21,<br/>
2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1812360/000121390022057723/ea166084ex10-16_foxotech.htm">Insider Letter Amendment.</a></span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 21,<br/>
2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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2022</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.18+</b></span></td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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</table><div>

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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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<tr style="background-color: White">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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<tr style="background-color: rgb(204,238,255)">
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2022</span></td></tr>
  <tr style="background-color: White">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1812360/000121390023024912/f10k2022ex21-1_foxotech.htm">List of Subsidiaries.</a></span></td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: justify"><a href="ea177415ex23-1_foxotech.htm">Consent of KPMG LLP, independent registered public accounting firm of FOXO Technologies Inc. (now known as FOXO Technologies Operating Company).</a></td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top"></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Reference</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>101.CAL</b></span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>101.DEF</b></span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Label Linkbase Document.</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed Herewith</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule
and/or exhibit will be furnished to the SEC upon request.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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management contract or compensatory plan or arrangement.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 17. Undertakings.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The undersigned Registrant hereby undertakes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a) To file, during any period
in which offers or sales are being made, a post-effective amendment to this Registration Statement:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) To include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) To reflect in the prospectus
any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective
registration statement; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) To include any material
information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to
such information in this Registration Statement; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b) That, for the purpose
of determining any liability under the Securities Act of 1933, each such post- effective amendment that contains a form of prospectus
will be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time will be deemed to be the initial bona fide offering thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d) That, for the purpose
of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a
registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed
in reliance on Rule 430A, will be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">e) That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by them is against
public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. That prior to any public
reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person
or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering prospectus will
contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters,
in addition to the information called for by the other items of the applicable form.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. The registrant undertakes
that every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii) that purports to meet the requirements
of Section 10(a)(3) of the Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of
an amendment to the registration statement and will not be used until such amendment is effective, and that, for purposes of determining
any liability under the Securities Act of 1933, each such post-effective amendment will be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time will be deemed to be the initial bona fide offering
thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. To supply by means of
a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the
subject of and included in the Registration Statement when it became effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form S-1 to be signed on its
behalf by the undersigned, thereunto duly authorized, in City of Minneapolis, State of Minnesota, on April 27, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>POWER OF ATTORNEY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Tyler Danielson as the undersigned&#8217;s
true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for the undersigned and in the undersigned&#8217;s
name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on
behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations
filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and
agents, or his substitute, may lawfully do or cause to be done by virtue hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities
indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr>
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{"company-data": {"conformed-name": "FOXO TECHNOLOGIES INC.", "cik": "0001812360", "assigned-sic": "6311", "irs-number": "851050265", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-271475", "film-number": "23858249"}, "business-address": {"street1": "729 WASHINGTON AVE. N", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55401", "phone": "(612) 562-9447"}, "mail-address": {"street1": "729 WASHINGTON AVE. N", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55401"}, "former-company": {"former-conformed-name": "Delwinds Insurance Acquisition Corp.", "date-changed": "20200518"}}
As filed with the Securities and Exchange Commission
on April 27, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FOXO Technologies Inc.
(Exact Name of Registrant as Specified in Its
Charter)
Delaware
6311
85-1050265
(State or Other Jurisdiction of
Incorporation or Organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
729 N. Washington Ave., Suite 600
Minneapolis, MN 55401
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Offices)
Tyler Danielson
Interim Chief Executive Officer
729 N. Washington Ave., Suite 600
Minneapolis, MN 55401
(612) 562-9447
Copies to:
Nimish
Patel, Esq.
Blake Baron, Esq.
Mitchell Silberberg & Knupp LLP
2049 Century Park East, 18
th
Floor
Los Angeles, California 90064
(310) 312-2000
Approximate date of commencement of proposed sale
to the public
:
From time to time after this Registration Statement becomes effective.
If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.
☒
If this form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "
large accelerated filer
", "
accelerated filer
", "
smaller reporting
company
" and "
emerging growth company
" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
This registration statement,
which is a new registration statement, also constitutes Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 of FOXO
Technologies Inc. (the "
Company,
" "
we
," "
our
" or "
us
") (File
No. 333-268980) (as amended, the "
Existing Registration Statement
").
Accordingly, this registration statement contains a combined prospectus
(the "
Combined Prospectus
") pursuant to Rule 429 under the Securities Act of 1933, as amended (the "
Securities
Act
"), relating to (1) the issuance by us of shares of our Class A common stock, $0.0001 par value per share (the "Class
A Common Stock"), previously registered under the Existing Registration Statement, in an amount up to (i) 10,062,500 shares of our
Class A Common Stock issuable upon the exercise of 10,062,500 publicly-traded warrants with an exercise price of $11.50 per share (the
"
Public Warrants
"), which were originally issued by Delwinds (as defined below) as part of its initial public offering
of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, (ii) 316,250 shares of our Class A Common Stock issuable upon the exercise of 316,250 private warrants (the "
Private
Warrants
") with an exercise price of $11.50 per share, which were originally issued to DIAC Sponsor LLC (the "
Sponsor
")
(and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the Sponsor's
dissolution and distribution of all of its assets, including these securities) in a private placement of units at a purchase price of
$10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, and (iii) 1,905,853
shares of Class A Common Stock issuable upon the exercise of 1,905,853 warrants at an exercise price of $6.21 per share, which were originally
issued to accredited investors by Legacy FOXO (as defined below) in a private placement of convertible debentures and warrants and assumed
by us pursuant to the Business Combination (the "
Assumed Warrants
" and together with the Public Warrants and the Private
Warrants, the "
Warrants
"), (2) the potential offer and resale from time to time of certain shares of our Class A common
stock, par value $0.0001 per share (the "
Class A Common Stock
"), previously registered under the Existing Registration
Statement, most of which remain unsold, by the selling securityholders named in this prospectus or their permitted transferees (the "
Selling
Securityholders
") of (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares of Class A Common
Stock, which were originally issued to the Sponsor in the form of Founder Shares (as defined below) (and such securities were subsequently
distributed for no additional consideration to the members of the Sponsor, upon the Sponsor's dissolution and distribution of all
of its assets, including these securities) at an initial purchase price of approximately $0.004 per share, (ii) 632,500 shares of Class
A Common Stock, which were originally issued to the Sponsor (and subsequently distributed to the permitted transferees of the Sponsor)
in a private placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half
of one redeemable warrant, and (iii) up to 316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants
held by the members of the Sponsor at an exercise price of $11.50 per share; and (b) up to 316,250 Private Warrants held by the members
of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at an exercise price of $11.50 per share and (3) the potential
offer and resale from time to time of 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC ("JVB"),
acting through its Cohen & Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB's shares of Class A Common Stock for resale. We
will not receive any proceeds from the sale of shares of Class A Common Stock or Warrants by the Selling Securityholders pursuant to this
prospectus.
Pursuant to Rule 429(b) under the Securities Act, upon effectiveness,
this registration statement shall constitute Post-Effective Amendment No. 1 to the Existing Registration Statement with respect to the
offering of the unsold securities thereunder, which offering is not currently being terminated by the Company. In addition, this Post-Effective
Amendment No. 1 is being filed to update the Existing Registration Statement to include (i) information contained in the Company's
Annual Report on Form 10-K, filed with the SEC on March 31, 2023, (ii) updated information regarding the Selling Securityholders, including
a reduction in the number of shares of Class A Common Stock being offered by the Selling Securityholders previously included in the Existing
Registration Statement to 4,672,114 shares of Class A Common Stock and (iii) certain other information in such Existing Registration Statement.
No other changes shall be deemed to be made to the Existing Registration Statement. Post-Effective Amendment No. 1 will become effective
concurrently with the effectiveness of this registration statement in accordance with Section 8(a) of the Securities Act.
The information in
this preliminary prospectus is not complete and may be changed. Neither we nor the selling securityholders may sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an
offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is
not permitted.
PRELIMINARY
    PROSPECTUS
Subject
    to Completion, dated April 27, 2023
FOXO Technologies Inc.
Up to 10,062,500 Shares of
Class A Common Stock Issuable Upon
Exercise of Public Warrants
Up to 316,250 Shares of
Class A Common Stock Issuable Upon
Exercise of Private Warrants
Up to 1,905,853 Shares of
Class A Common Stock Issuable Upon
Exercise of Assumed Warrants
Up to 5,288,364 Shares of Class A Common Stock
Up to 316,250 Private Warrants to
Purchase Shares of Class A Common Stock
This prospectus relates to
the issuance by us of up to (i) 10,062,500 shares of our Class A common stock, $0.0001 par value per share (the "
Class A Common
Stock
"), issuable upon the exercise of 10,062,500 publicly-traded warrants with an exercise price of $11.50 per share (the "
Public
Warrants
"), which were originally issued by Delwinds (as defined below) as part of its initial public offering (the "
IPO
")
of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, (ii) 316,250 shares of our Class A Common Stock issuable upon the exercise of 316,250 private warrants (the "
Private
Warrants
") with an exercise price of $11.50 per share, which were originally issued to DIAC Sponsor LLC (the "
Sponsor
")
(and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the Sponsor's
dissolution and distribution of all of its assets, including these securities) in a private placement of units at a purchase price of
$10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, and (iii) 1,905,853
shares of Class A Common Stock issuable upon the exercise of 1,905,853 warrants at an exercise price of $6.21 per share, which were originally
issued to accredited investors by Legacy FOXO (as defined below) in a private placement of convertible debentures and warrants and assumed
by us pursuant to the Business Combination (the "
Assumed Warrants
" and together with the Public Warrants and the Private
Warrants, the "
Warrants
").
This prospectus also relates to the potential offer and resale from
time to time by the selling securityholders named in this prospectus or their permitted transferees (the "
Selling Securityholders
")
of (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares of Class A Common Stock, which were originally
issued to the Sponsor in the form of Founder Shares (as defined below) (and such securities were subsequently distributed for no additional
consideration to the members of the Sponsor, upon the Sponsor's dissolution and distribution of all of its assets, including these
securities) at an initial purchase price of approximately $0.004 per share, (ii) 632,500 shares of Class A Common Stock, which were originally
issued to the Sponsor (and subsequently distributed to the permitted transferees of the Sponsor) in a private placement of units at a
price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii)
up to 316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor
at an exercise price of $11.50 per share, and (iv) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC ("JVB"),
acting through its Cohen & Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release, effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB's shares of Class A Common Stock for resale; and
(b) up to 316,250 Private Warrants held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at
an exercise price of $11.50 per share. We will not receive any proceeds from the sale of shares of Class A Common Stock or Warrants by
the Selling Securityholders pursuant to this prospectus.
The Sponsor paid $25,000,
or approximately $0.004 per share, to cover certain of offering and formation costs of the Company in exchange for 5,750,000 Founder Shares.
In November 2020, the Sponsor returned to the Company, at no cost, an aggregate of 718,750 Founder Shares, which the Company cancelled,
resulting in an aggregate of 5,031,250 Founder Shares outstanding and held by the Sponsor. As of the closing of the Business Combination,
the Sponsor forfeited 600,000 Founder Shares This resulted in an effective price of approximately $0.0056 per share for the Founder Shares
received by the Sponsor, which have been distributed for no additional consideration to the members of the Sponsor, upon the Sponsor's
dissolution and distribution of all of its assets, including these securities, and being registered for resale by such members pursuant
to this registration statement.
The Selling Securityholders
may offer, sell or distribute all or a portion of the securities hereby registered publicly or through private transactions at prevailing
market prices or at negotiated prices. We will not receive any of the proceeds from such sales of the shares of Class A Common Stock or
Warrants, except with respect to amounts received by us upon the cash exercise of the Warrants. We will receive up to $131.2 million from
the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash, but not from the sale of the shares of Class
A Common Stock issuable upon such exercise. Each Public and Private Warrant entitles the holder thereof to purchase one share of Class
A Common Stock at a price of $11.50 per share, and each Assumed Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $6.21 per share. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per
share, we believe warrant holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. In
addition, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant
Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise price without the consent
of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive upon the exercise in full
of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock equivalents that trigger the
full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent
exercises would decrease the amount of proceeds the Company receives for each share of Class A Common Stock (see "
Description
of Securities of the Company - Warrants
").
The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See "
Risk Factors
-
Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall."
We will bear all costs, expenses
and fees in connection with the registration of these securities, including with regard to compliance with state securities or "blue
sky" laws. The timing and amount of any sale are within the sole discretion of the Selling Securityholder. The Selling Securityholders
will bear all commissions and discounts, if any, attributable to their sale of shares of Class A Common Stock or warrants.
Sales of a substantial number
of our shares of Class A Common Stock and/or Warrants in the public market by the Selling Securityholders and/or by our other existing
securityholders, or the perception that those sales might occur, could depress the market price of our shares of our Class A Common Stock
and Warrants and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict
the effect that such sales may have on the prevailing market price of our shares of Class A Common Stock and Warrants.
Our registration of the securities
covered by this prospectus does not mean that either we or the Selling Securityholders will issue, offer or sell, as applicable, any of
the securities. The Selling Securityholder may offer and sell the securities covered by this prospectus in a number of different ways,
at varying prices and for varying gains and losses. We provide more information about how the Selling Securityholders may sell the shares
in the section entitled "
Plan of Distribution
."
Our Class A Common Stock and Public Warrants are listed on the NYSE
American LLC ("
NYSE American
") under the symbols "FOXO" and "FOXO WS," respectively. On April
26, 2023, the last reported sales price of our Class A Common Stock was $0.43 per share and the last reported sales price of our Public
Warrants was $0.02 per Public Warrant.
We are an "emerging
growth company" as the term is used in the Jumpstart Our Business Startups Act of 2012 (the "
JOBS Act
") and will
be subject to reduced public company reporting standards. As such, we have elected to comply with certain reduced public company reporting
requirements for this and future filings.
You should read this prospectus
and any prospectus supplement, together with additional information described under the heading "
Where You Can Find More Information
,"
carefully before you invest in any of our securities.
Investing in our securities involves a high
degree of risks. You should review carefully the risks and uncertainties described in the section titled "Risk Factors" beginning
on page 14 of this prospectus, and under similar headings in any amendments or supplements to this prospectus.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is               ,
2023
FREQUENTLY USED TERMS
Unless otherwise stated in
this prospectus or the context otherwise requires, references to:
"
2021 Bridge Agreements
"
means, collectively, the stock purchase agreement, 2021 Bridge Debentures, 2021 Bridge Warrants, lock-up agreements and other agreements
between Legacy FOXO and the 2021 Bridge Investors, as amended by the 2021 Bridge Amendment, as such agreements may be amended, modified
or supplemented.
"
2021 Bridge Amendment
"
means the contingent amendment agreement, effective as of February 22, 2022, amending the 2021 Bridge Agreements.
"
2021 Bridge Debentures
"
means the 12.5% Original Issue Discount Convertible Debentures, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO between January 2021 and March 2021.
"
2021 Bridge Investors
"
means all of the purchasers of the 2021 Bridge Debentures.
"
2021 Bridge Warrants
"
means the warrants to purchase Legacy FOXO Class A Common Stock, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO to the 2021 Bridge Investors and the placement agent, or its designees, in connection with such
offering.
"
2022 Bridge Debentures
"
means the 10% Original Issue Discount Convertible Debentures, as may be amended, modified or supplemented from time to time in accordance
with their terms, issued by Legacy FOXO between February 2022 and (i) the termination of the offering of the 2022 Bridge Debentures
as determined by Legacy FOXO and (ii) the Outside Date.
"
2022 Bridge Investors
"
means all of the purchasers of the 2022 Bridge Debentures.
"
Assumed Warrants
"
means the warrants to purchase shares of Class A Common Stock that, as of the Closing, were issued by the Company to holders of Legacy
FOXO warrants outstanding and unexercised immediately prior to the Merger.
"
Board
"
refers to the board of directors of the Company.
"
Business Combination
"
or "
Merger
"
means the business combination of Delwinds and Legacy FOXO pursuant
to the terms of the Merger Agreement and the other transactions contemplated by the Merger Agreement.
"
Charter
"
means the Company's amended and restated certificate of incorporation that became effective upon consummation of the Business Combination.
"
Closing
"
means the closing of the Business Combination.
"
Company
"
means FOXO Technologies Inc., a Delaware corporation, formerly Delwinds Insurance Acquisition Corp.
and
which includes Legacy FOXO and any other direct or indirect subsidiaries of Legacy FOXO, to the extent applicable.
"
Company Bylaws
"
means the amended and restated bylaws of the Company adopted on closing of the Business Combination.
"
Delwinds
"
means Delwinds Insurance Acquisition Corp., a Delaware corporation, which was renamed "FOXO Technologies Inc." following consummation
of the Closing.
"
DGCL
"
means the Delaware General Corporation Law.
"
Founder Shares
"
means Delwinds Class B common stock initially purchased by the Sponsor in the Private Placement prior to the IPO, and the shares
of Delwinds Class A Common Stock issued upon the conversion thereof.
"
FOXO
,"
"
we
," "
our
" or "
us
" means the Company and its consolidated subsidiaries.
"
IPO
"
means Delwinds' initial public offering that was consummated by Delwinds on December 11, 2020.
"
Legacy
FOXO
" means FOXO Technologies Inc., now known as FOXO Technologies Operating Company, prior to the Business Combination.
"
Merger Agreement
"
means the Agreement and Plan of Merger, dated February 24, 2022, as amended on April 26,
2022, July 6, 2022 and August 12, 2022, by and among Delwinds, DWIN Merger Sub Inc., Sponsor, as purchaser representative, and Legacy
FOXO.
"
Private
Warrants
" means one (1) whole warrant that was
issued by Delwinds in a private placement to the Sponsor at the time
of the consummation of the IPO
entitling the holder thereof to purchase one (1) share of Class
A Common Stock at a purchase price of $11.50 per share.
"
Public
Warrant
" means one (1) whole redeemable warrant that was
issued in the IPO
entitling
the holder thereof to purchase one (1) share of Class A Common Stock at a purchase price of $11.50 per share.
"
Sponsor
"
means DIAC Sponsor LLC, a Delaware limited liability company.
"
Subscription
Investors
" means Andrew J. Poole and The Gray Insurance Company, each party to the Support Subscription Agreements executed
as of the date of the Merger Agreement.
"
U.S. GAAP
"
means generally accepted accounting principles in the United States.
"
Warrants
"
means Assumed Warrants, Private Warrants and Public Warrants, collectively.
TABLE OF CONTENTS
Page
ABOUT THIS PROSPECTUS
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
iii
PROSPECTUS SUMMARY
1
THE OFFERING
8
RISK FACTORS
14
USE OF PROCEEDS
41
DETERMINATION OF OFFERING PRICE
41
MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY
42
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
43
BUSINESS
64
MANAGEMENT
75
EXECUTIVE COMPENSATION
81
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
97
BENEFICIAL OWNERSHIP OF SECURITIES
100
SELLING SECURITYHOLDERS
102
DESCRIPTION OF SECURITIES
105
SECURITIES ACT RESTRICTIONS ON RESALE OF COMMON STOCK
113
PLAN OF DISTRIBUTION
114
LEGAL MATTERS
116
EXPERTS
116
WHERE YOU CAN FIND MORE INFORMATION
116
INDEX TO FINANCIAL STATEMENTS
F-1
You should rely only on the information provided
in this prospectus, as well as the information incorporated by reference into this prospectus and any applicable prospectus supplement.
Neither we nor the selling securityholders have authorized anyone to provide you with different information. Neither we nor the selling
securityholders are making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that
the information in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date of the applicable
document. Since the date of this prospectus and the documents incorporated by reference into this prospectus, our business, financial
condition, results of operations and prospects may have changed.
i
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement on Form S-1 that
is being filed with the Securities and Exchange Commission (the "
SEC
") using the "shelf" registration process.
By using a shelf registration statement, the Selling Securityholders may sell (a) up to 5,288,364 shares of Class A Common Stock, which
consists of (i) 4,039,614 shares of Class A Common Stock, which were originally issued to the Sponsor in the form of Founder Shares (as
defined below) at an effective purchase price of approximately $0.0056 per share, after taking into account the prior return by the Sponsor
to the Company an aggregate of 1,318,750 Founder Shares, (ii) 632,500 shares of Class A Common Stock, which were originally issued to
the Sponsor (and such securities were subsequently distributed for no additional consideration to the members of the Sponsor, upon the
Sponsor's dissolution and distribution of all of its assets, including these securities) in a private placement of units at a price
of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii) up to
316,250 shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an
exercise price of $11.50 per share, and (iv) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC ("JVB"),
acting through its Cohen & Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release, effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB's shares of Class A Common Stock for resale; and
(b) up to 316,250 Private Warrants held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at
an exercise price of $11.50 per share. We will not receive any proceeds from the sale by such Selling Securityholders of the securities
offered by them described in this prospectus.
This prospectus also relates
to the issuance by us of the shares of Class A Common Stock issuable upon exercise of the Warrants. We will receive proceeds from an exercise
of the Warrants for cash. We may use the shelf registration statement to issue up to (i) 10,062,500 shares of our Class A Common Stock
issuable upon the exercise of 10,062,500 Public Warrants, which were originally issued by Delwinds as part of its IPO of units at a price
of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (ii) 316,250
shares of our Class A Common Stock issuable upon the exercise of 316,250 Private Warrants, with an exercise price of $11.50 per share,
which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration to the
members of the Sponsor, upon the Sponsor's dissolution and distribution of all of its assets, including these securities) in a private
placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable
warrant, and (iii) 1,905,853 shares of Class A Common Stock issuable upon the exercise of 1,905,853 Assumed Warrants at an exercise price
of $6.21 per share, which were originally issued to accredited investors by Legacy FOXO in a private placement of convertible debentures
and warrants and assumed by us pursuant to the Business Combination. We will not receive any proceeds from the sale of shares of Class
A Common Stock issuable upon exercise of the Warrants pursuant to this prospectus, except with respect to amounts received by us upon
exercise of the Warrants for cash.
The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See "
Risk Factors
-
Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall."
A prospectus supplement may
also add, update or change information included in this prospectus. Any statement contained in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement modifies or supersedes
such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement
so superseded will be deemed not to constitute a part of this prospectus. You should rely only on the information contained in this prospectus,
any applicable prospectus supplement or any related free writing prospectus. See "
Where You Can Find More Information
."
Neither we nor the Selling
Securityholders have authorized anyone to provide any information or to make any representations other than those contained in this prospectus,
any accompanying prospectus supplement or any free writing prospectus we have prepared. We and the Selling Securityholders take no responsibility
for, and can provide no assurance as to the reliability of any other information that others may give you. This prospectus is an offer
to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. No dealer,
salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus, any applicable
prospectus supplement or any related free writing prospectus. This prospectus is not an offer to sell securities, and it is not soliciting
an offer to buy securities, in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing
in this prospectus or any prospectus supplement is accurate only as of the date on the front of those documents only, regardless of the
time of delivery of this prospectus or any applicable prospectus supplement, or any sale of a security. Our business, financial condition,
results of operations and prospects may have changed since those dates.
This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this
prospectus is a part, and you may obtain copies of those documents as described below under "
Where You Can Find More Information
."
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained
in this registration statement may constitute "forward-looking statements" within the meaning of the "safe harbor"
provisions of the United States Private Securities Litigation Reform Act of 1995. These statements constitute projections,
forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that
they do not relate strictly to historical or current facts. When used in this registration statement, forward-looking statements
may be identified by the use of words such as "estimate," "continue," "could," "may,"
"might," "possible," "predict," "should," "would," "plan," "project,"
"forecast," "intend," "will," "expect," "anticipate," "believe,"
"seek," "target," "designed to" or other similar expressions that predict or indicate future events
or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The Company cautions readers
of this registration statement that these forward-looking statements are subject to risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, which could cause the actual results to differ materially from the expected results.
These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance
metrics, projections of market opportunity and market share, potential benefits and the commercial attractiveness to its customers of
our products and services, the potential success of our marketing and expansion strategies, realization of the potential benefits of the
Business Combination (including with respect to stockholder value), among others. These statements are based on various assumptions, whether
or not identified in this registration statement, and on the current expectations of our management and are not predictions of actual
performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must
not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking statements
are subject to a number of risks and uncertainties, including:
●
we have a history of losses and it may not achieve or maintain profitability in the future;
●
our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern, which could limit our ability to raise additional capital;
●
we will require additional capital to commercialize our product and service offerings and grow our business, which may not be available on terms acceptable to us or at all;
●
the loss of the services of our current executives or other key employees, or failure to attract additional key employees;
●
the strength of our brands and our ability to develop, maintain and enhance our brands and our ability to develop and expand our customer base;
●
access to the substantial resources to continue the development of new products and services;
●
our ability to integrate molecular biotechnology into the life insurance industry;
●
our ability to commercialize our technology enabled products and services with a high level of service at a competitive price, achieve sufficient sales volumes to realize economies of scale and create innovative new products and services to offer to our customers;
●
our ability to effectively and in a cost-feasible manner acquire, maintain and engage with our targeted customers;
●
the impact on our business of security incidents or real or perceived errors, failures or bugs in our systems and/or websites;
●
the impact of changes in the general economic conditions;
●
our plans to expand operations abroad, through planned partnerships with international life insurance carriers;
●
our success and ability to establish and grow our epigenetic testing service and the development of epigenetic biomarkers for use in life insurance underwriting;
iii
●
our ability to apply the relatively new field of epigenetics to life insurance underwriting;
●
our ability to validate and improve the results of our 2019 Pilot Study;
●
the impact of competition in the personal health and wellness testing market;
●
our ability to procure materials and services from third-party suppliers for our epigenetic testing services;
●
our ability to maintain compliance now or in the future to laws and regulations relating to laboratory testing, our underwriting technology and consumer engagement services and our use of saliva-based epigenetic biomarkers;
●
our ability to maintain focus on our main business line initiatives, while providing ancillary product and service offerings that support our baseline technology;
●
our ability to satisfy the regulatory conditions that our life insurance business operates in;
●
the ability to contract or maintain MGA (as defined below) relationships from selling life insurance products underwritten and issued by third-party carriers;
●
our success and ability to establish and grow our MGA Model (as described below);
●
the impact of an overall decline in life insurance product sales;
●
competition in the life insurance industry;
●
our ability to underwrite risks accurately and charge competitive yet profitable premium rates;
●
the dependence on search engines, social media platforms, content-based online advertising and other online sources to attract customers to our website;
●
our ability to comply with customer privacy and data privacy and security laws and regulations;
●
our ability to prevent or address the misappropriation of our data;
●
our ability to comply with current and changes to the extensive insurance industry regulations in each state that we operate;
●
the impact of new legislation or legal requirements affecting how we communicate with our customers;
●
our ability to retain our license for patent pending methods of identifying epigenetic biomarkers and identifying saliva-based epigenetic biomarkers or intellectual property in general;
●
our ability to obtain sufficiently broad protection of our intellectual property throughout the world;
●
the impact of changes in trademark or patent law in the United States and other jurisdictions;
●
the impact of claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secret of their former employees;
●
our ability to successfully register and enforce our trademarks;
●
the impact of claims challenging the inventorship of our patents and other intellectual property;
●
the adequacy of our patent terms to protect our competitive position; and
●
the risks to our proprietary software and source code from our use of open source software.
iv
PROSPECTUS SUMMARY
This summary highlights
information contained elsewhere in this prospectus. This summary does not contain all of the information that may be important to you.
You should read this entire prospectus carefully, including the matters discussed under the sections entitled "Risk Factors,"
"Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and
the consolidated financial statements and related notes included elsewhere in this prospectus before making an investment decision.
Our Business
FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.
The convergence of two cutting-edge
technologies, DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as "epigenetic signatures," and will provide valuable insights to insurers that will inform
their underwriting and product development.
By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers' health and lifestyle choices will help insurers tailor their offerings to meet their clients' needs and provide
insurers with data to plan for their clients' future financial needs.
We have two core product offerings:
the "Underwriting Report" and the "Longevity Report™." The Underwriting Report allows us to leverage a single
assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately assess
clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing companion
product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health. It can also
be sold separately. We believe the combination of these two reports provides a valuable win for our insurance carrier partners as well
as their customers.
The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to change the sales and underwriting process to the betterment
of consumers and carriers alike.
FOXO Labs – Underwriting Report
FOXO Labs is commercializing
a first of its kind proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global
life insurance industry (the "
Underwriting Report
"). The Underwriting Report provides underwriters with an alternative
source of biological mortality risk factors derived from an applicant's saliva sample. The information provided in the FOXO Underwriting
Report will allow underwriters to assess mortality risk without the need for more invasive and time-consuming underwriting processes such
as a paramedical exam or the procurement of medical records.
1
The Underwriting Report will
allow insurance companies to leverage cutting-edge biotechnology that streamlines the insurance sales and underwriting process compared
to the costlier and lengthier process of medical underwriting. We can administer our test using saliva allowing for a quick point-of-sale
sample collection. Our non-invasive test can help insurers conduct a multi-panel risk assessment of a proposed insured and make a policy
offer without the need for a paramedical exam or medical records. We believe this will (1) make policy sales more efficient and less invasive,
and (2) expand the market for accelerated underwriting to higher face amount policies. By collecting a sample at the point of sale (or
by mail), we will also streamline and simplify the application and underwriting process. Our multi-panel test can screen for multiple
impairments using a single, non-invasive biospecimen that can be used to assess individual health risks. Additionally, as we collect more
data and create more refined models we can improve our previous measures without the requirement of a new biospecimen. Thus, a saliva-based
sample can be self-administered or collected by the agent without the need for a trained paramedical examiner, and the data can be updated
in perpetuity as technology advances.
The Underwriting Report consists
of two sections. The first one is the Biological Age Assessment, which provides an individual's aggregate biological mortality risk.
This can be used by an underwriter to quickly triage good mortality risks, which can be issued a policy immediately, from bad mortality
risks, which require further underwriting to properly assess.
The core of the Biological
Age Assessment is the "Biological DeltaAge," which is the difference between biological age and chronological age. A Biological
DeltaAge above zero indicates an increased mortality risk, and below zero indicates a decreased mortality risk.
The Underwriting Report's
second section outlines specific risk factors that are intended to provide underwriters with more detailed information about an individual's
health with respect to specific impairments. Life and disability insurance underwriters can use this information to eliminate additional
underwriting requirements so the insurer can focus on areas of elevated risk.
The risk factors include
traditional underwriting considerations such as tobacco use, cardiovascular risk, diabetes risk, kidney disease risk, and liver disease
risk as well as new information related to mortality risks such as fitness and nutrition. This information represents a significant overlap
with a traditional paramedical exam; however, it is obtained through a non-invasive saliva sample instead of a blood draw and urine collection.
The saliva sample can be collected by mail or by the agent at the point of sale, which eliminates the need for scheduling an appointment
for a paramedical exam. These exams require fasting and a blood draw, which are additional barriers to the sale. They also need to be
scheduled days or weeks in advance, delaying the underwriting process.
The Underwriting Report can
be provided electronically via an application programming interface ("
API
") so an insurer can integrate results into
automated underwriting processes and an underwriting workbench. This allows the report to be securely transmitted and used in the way
that works best for an insurer's underwriting teams.
FOXO Life – Longevity Report
The Longevity Report provides
consumers with novel information about their epigenetic makeup, along with specific insights that can help them change their behavior
to live longer. The centerpiece of the Longevity Report is "FOXO Age," which is a holistic measure of how fast an individual
is aging. It is displayed on the report in comparison to the consumer's chronological age.
The Longevity Report also
includes four epigenetic health scores: (i) Metabolic, (ii) Cardiovascular, (iii) Inflammation, and (iv) Indulgence scores, which show
how their environment, lifestyle, and behavior affect their health at an epigenetic level. These four epigenetic health scores enable
the consumer to make important decisions about how to improve their lifestyle. Users can take tests more than once, and within each score
we compare each consumer to the FOXO universe of results. This allows the consumer to review their scores in comparison to others who
have received the Longevity Report. With each score, we provide personalized nutritional, lifestyle, and exercise recommendations to help
consumers make lifestyle adjustments to extend their longevity. The Longevity Report is accessible through s an online dashboard that
allows users to view their report as well as sample processing status, from being sent to the lab to final digital report delivery. In
the future, we plan to provide consumers with a more comprehensive dashboard that identifies how they are progressing over time with their
lifestyle adjustments in response to the recommendations provided with their Longevity Report scores.
2
FOXO is also operationalizing
a sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report
("
FOXO Life
"). FOXO Life currently markets and sells life insurance products underwritten and issued by third-party carriers
through distribution relationships.  This distribution model (the "
MGA Model
") allows FOXO to appoint sales agents
and producers to sell insurance products for specific carriers and earn commissions on subsequent policy sales. Depending on the terms
of the agreement between FOXO and the carrier, the Longevity Report may be included at the time of the policy purchase at no charge or
may be available at an additional cost to the consumer. We believe the Longevity Report will make longevity science a core aspect to the
relationship between life insurance and consumers.
We
began selling insurance products through distribution relationships with third-party carriers in the first quarter of 2023. Through
our MGA Model, we earn commission revenues, marketing allowances, and service fee revenues from selling life insurance products supported
by our science, technology, and brand marketing. Initially, we do not expect to use epigenetic underwriting technology in the life insurance
products we sell through the MGA Model. However, we expect the research and development studies underway will support the introduction
and commercialization of our saliva-based underwriting technology through our Underwriting Report in the future.
Business Trends
●
Life Insurance Demand.
According to the 2021 Insurance Barometer Study, there are significant increases in consumer interest and demand for life insurance, with nearly one-third (31%) of consumers surveyed reporting COVID-19 has made them more likely to purchase life insurance in the next 12 months. In addition, the study reported the first sales gains in life insurance since 1983 and described that 22% of Americans (29 million consumers) owning life insurance believe they need more coverage and 59% of Americans (73 million consumers) without life insurance say they would like to acquire coverage. That means 102 million Americans say they either need life insurance coverage or want more of it. The study identified Millennials (ages 22-40) as the demographic most influenced by the pandemic, with 48% surveyed saying they plan to purchase coverage in the next year. Thus, despite the record-low household ownership of life insurance, the 2021 Insurance Barometer Study indicated Americans' intent to purchase life insurance is at an all-time high.
●
Product Innovation.
As life insurance carriers and distributors look to engage consumers' renewed interest in life insurance coverage, industry analysts suggest that life insurance can succeed by adopting technology to (i) personalize every aspect of the consumer experience, transition from a traditional "assess and service" model toward a customer-centric "prescribe and prevent" model of health management; and (ii) develop innovative product solutions that place emphasis on product flexibility and innovation, including value-added services and nonmonetary benefits to attract consumers. Other analysts point to the need to reduce sales friction for both consumers and agents that stems from long underwriting timelines as a result of invasive blood and urine specimen collection.
Segments
We manage and classify our
business into two reportable business segments:
(i)
FOXO Labs
FOXO Labs is commercializing
proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global life insurance industry.
Our innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting
and risk assessment. Our research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health
and wellness factors used in life insurance underwriting traditionally obtained through blood and urine specimens. FOXO Labs anticipates
recognizing revenue related to sales of the Underwriting Report and Longevity Report.
FOXO Labs currently recognizes
revenue from providing epigenetic testing services and collecting a royalty from Illumina, Inc. related to the sales of the Infinium Mouse
Methylation Array. The Company's saliva-based health and wellness testing solutions for underwriting and risk classification are
expected to be its largest source of revenue. FOXO Labs conducts research and development and such costs are recorded within research
and development expenses on the consolidated statements of operations.
3
(ii)
FOXO Life
FOXO Life is redefining the
relationship between consumers and insurer by combining life insurance with healthy longevity. FOXO Life seeks to transform the value
proposition of the life insurance carrier from a provider of mortality risk protection products to a promoter of its customers'
health and wellness. The distribution of insurance products with FOXO's Longevity Report strives to provide life insurance consumers
with valuable information and insights about their individual health and wellness.
FOXO Life currently has residual
commission revenues from its legacy insurance agency business. FOXO Life has begun receiving insurance commission from the distribution
and sale of life insurance policies based on the size and type of policies sold to customers. FOXO Life costs are recorded within selling,
general and administrative expenses on the consolidated statements of operations.
Corporate Information
Legacy FOXO was formed as
a limited liability company on November 11, 2019 to become a separate and independently managed and controlled entity from GWG Holdings,
Inc. Legacy FOXO was previously named InsurTech Holdings, LLC and FOXO BioScience LLC. On November 13, 2020, FOXO Bioscience
LLC converted into a C-Corporation to become FOXO Technologies Inc.
Effective September 15, 2022,
we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger Sub Inc. merged with
and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of the Company. Upon consummation of our Business Combination,
our name changed from Delwinds Insurance Acquisition Corp. to FOXO Technologies Inc.
As a result of and upon the
Closing, among other things, (1) all outstanding shares of Legacy FOXO Class A Common Stock (after giving effect to the required conversion
of all outstanding shares of Legacy FOXO preferred stock into shares of Legacy FOXO Class A Common Stock immediately prior to, and contingent
upon, the Closing) and Legacy FOXO Class B Common Stock were converted into 24,718,705 shares of the Company's Class A Common Stock,
(3) all FOXO options and FOXO warrants outstanding immediately prior to the effective time of the Merger were assumed and converted, subject
to adjustment pursuant to the terms of the Merger Agreement, into Assumed Options and Assumed Warrants, respectively, of the Company,
exercisable for shares of Class A Common Stock and (4) other than in connection with the Assumed Options and Assumed Warrants, all other
convertible securities and other rights to purchase capital stock of FOXO were retired and terminated, if they were not converted, exchanged
or exercised for FOXO common stock immediately prior to the effective time of the Merger.
We maintain two wholly-owned operating
subsidiaries, FOXO Labs Inc., formerly named Life Epigenetics Inc., and FOXO Life, LLC, formerly named youSurance General Agency, LLC.
FOXO Labs Inc. (or FOXO Labs)
is the operating entity for our insurance services platform designed to provide saliva-based underwriting technology and molecular
health and wellness engagement services to insurance carrier customers. FOXO Labs maintains a wholly-owned subsidiary, Scientific
Testing Partners, LLC, to conduct its research.
FOXO Life, LLC is the operating
entity for our insurance products platform designed to market and sell life insurance that is bundled with longevity science.
We will receive, from this
offering, proceeds of up to $131.2 million, assuming the exercise in full of all of the Warrants for cash. Each Public and Private Warrant
entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles
the holder thereof to purchase one share of Class A Common Stock at a price of $6.21 per share. However, we may lower the exercise price
of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise
such warrants. The Company may effect such reduction in exercise price without the consent of such warrant holders and such reduction
would decrease the maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in
the event the Company issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in
the Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount
of proceeds the Company receives for each share of Class A Common Stock (see "
Description of Securities of the Company –
Warrants)
.
4
Recent Developments
FOXO Life Insurance Company
In
connection with the Business Combination, we submitted various filings with the Arkansas Insurance Department (the "
Department
")
to ensure compliance with Arkansas insurance laws. After review and analysis of the relevant documentation and meetings with us, on September
9, 2022, the Department advised us that it concluded that the Business Combination did not require approval from the Department given
that there was no change in the ultimate controlling party. Due to market conditions, our capitalization following the Business Combination
did not materialize in the way the Company anticipated, and we do not currently possess the funding that we believe would be required
to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO Life Insurance Company. As such,
we decided to not move forward with the launch of FOXO Life Insurance Company. The outstanding policies issued by FOXO Life Insurance
will continue to be administered and reinsured by the former owners of MICOA (as defined below). We intend to focus on selling products
issued by third-party carriers through our MGA Model (see "
Business Overview — MGA Insurance Products
").
On
January 10, 2023, we entered into a merger agreement (the "
Security National Merger Agreement
") with Security National
Life Insurance Company, a Utah corporation ("
Security National
"), FOXO Life, LLC, a Delaware limited liability company
and wholly-owned subsidiary of the Company ("
FOXO Life
"), and FOXO Life Insurance Company (fka Memorial Insurance Company
of America ("
MICOA
")), an Arkansas corporation and wholly-owned subsidiary of the Seller, pursuant to which, subject
to the terms and conditions of the Security National Merger Agreement, the Company agreed to sell FOXO Life Insurance Company to Security
National.
On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement, whereby FOXO Life Insurance Company merged with and into Security National, with Security National continuing as the surviving
corporation. As a result of the merger, the Company is no longer required to hold cash and cash equivalents required to be held as statutory
capital and surplus, as required under the Arkansas Insurance Code (the "
Arkansas Code
").
After
the Merger Consideration and Security National's third party expenses, the transaction resulted in the Company gaining access to
$4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code.
The
Company maintains both the FOXO Life and FOXO Labs segments after the sale of FOXO Life Insurance. The Company previously indicated in
its quarterly report on Form10-Q for the quarterly period ended September 30, 2022, that due to market conditions, our capitalization
following the Business Combination did not materialize in the way the Company anticipated, and we did not currently possess the funding
that we believe would be required to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO
Life Insurance Company. As such, we did not move forward with the launch of FOXO Life Insurance Company and sold the entity to enhance
stockholder value. The outstanding policies issued by FOXO Life Insurance Company were previously administered and reinsured by the former
owners who once again own the entity and will continue to administer the policies. We intend to focus on selling products issued by third-party
carriers through our MGA Model and FOXO Life segment. Accordingly, the sale formalizes that we will not issue any policies through FOXO
Life Insurance Company. Our FOXO Labs segment continues to work on commercializing our epigenetic biomarker technology for underwriting
risk classification.
Exchange Offer and PIK Note Offer to Amend
On April 27, 2023,
the Company commenced an exchange offer (the "
Exchange Offer
"), pursuant to a Schedule TO filed with the SEC on such
date, whereby holders of the Assumed Warrants will be able to exchange such Assumed Warrants for shares of Class A Common Stock at a rate
of 4.83 shares for each Assumed Warrant during the Offer Period (as defined below), pursuant to the terms and conditions of (i) an Offer
to Exchange Warrants to Acquire Shares of Class A Common Stock and Consent Solicitation and (ii) a Letter of Transmittal and Consent.
In order to participate in the Exchange Offer, holders of Assumed Warrants must agree to a general release (the "
Exchange
Offer General Release Agreement
").
5
The "
Offer Period
"
is the period commencing on April 27, 2023 and ending at 11:59 p.m., Eastern Time, on May 26, 2023, or such later date to which
the Company may extend the Exchange Offer or PIK Note Offer to Amend (as defined below), as applicable (the "
Exchange Offer Expiration
Date
" or "
PIK Note Offer to Amend Expiration Date
," as applicable).
As part of the Exchange Offer,
the Company is also soliciting consents (the "
Consent Solicitation
") to amend and restate, in accordance with its terms,
the Securities Purchase Agreement, dated as of January 25, 2021, by and between Legacy FOXO, and assumed by the Company in connection
with the Business Combination, and each purchaser of securities identified on the signature pages thereto (as amended, the "
Original
Securities Purchase Agreement
"), which governs all the Assumed Warrants, pursuant to the Amendment and Restatement (the "
Warrant
Amendment
") to provide that the issuance of shares of Class A Common Stock and certain issuances of Common Stock Equivalents
(as defined in the Original Securities Purchase Agreement) in connection with the Exchange Offer, the PIK Note Amendment, the 2022 Debenture
Release, a Private Placement and a Public Financing (each as defined below), and as Private Placement Additional Consideration (as defined
below), as well as any previous issuance of Class A Common Stock or Common Stock Equivalents (as defined in the Original Securities Purchase
Agreement), do not trigger, and cannot be deemed to have triggered, any anti-dilution adjustments in the securities issued pursuant to
the Original Securities Purchase Agreement, including the Assumed Warrants.
Any holder of Assumed Warrants
who elects to participate in the Exchange Offer by executing and delivering a Letter of Transmittal and Consent, together with any other
required documents in accordance with the terms of the Exchange Offer, will be deemed to have authorized, approved, consented to and executed
the Warrant Amendment and the Exchange Offer General Release Agreement.
The consummation of the Exchange
Offer is conditioned upon, among other things, stockholder approval in accordance with NYSE American Company Guide Section 713, which
may not be waived by the Company, and Assumed Warrants being exchanged in the Exchange Offer the holders of which own at least 50.01%
in interest of the convertible debentures issued pursuant to the Original Securities Purchase Agreement, based on the initial subscription
amounts thereof (which is the minimum amount required to amend the Original Securities Purchase Agreement), which may be waived by the
Company in its sole discretion. The Company may cancel the Exchange Offer if any of the conditions of the Exchange Offer are not satisfied
prior to the Exchange Offer Expiration Date.
If all outstanding Assumed
Warrants are tendered in the Exchange Offer, the Company's obligation to issue 1,905,853 shares of Class A Common Stock under the
Assumed Warrants would be eliminated and approximately 9,205,270 shares of Class A Common Stock, subject to stockholder approval, would
be issued to the Assumed Warrant holders in exchange for the Assumed Warrants.
Concurrently with the Exchange
Offer, the Company is soliciting approval from the holders of the Company's 15% Senior Promissory Notes (the "
PIK Notes
"),
pursuant to a separate Schedule TO filed with the SEC on April 27, 2023, of certain amendments to the PIK Notes during the Offer Period,
in exchange for shares of Class A Common Stock (the "
PIK Note Offer to Amend
"), pursuant to the terms and conditions
of (i) an Offer to Amend 15% Senior Promissory Notes and Consent Solicitation and (ii) an Election to Consent. Specifically, the Company
is soliciting amendments to the Senior Promissory Note Purchase Agreement, dated September 20, 2022, between the Company and each purchaser
thereof (the "
PIK Note Purchase Agreement
"), which governs all of the PIK Notes, to permit the following issuances
by the Company of Class A Common Stock and Common Stock Equivalents (as defined in the PIK Note Purchase Agreement), without prepaying
the PIK Notes as required by the terms of the PIK Note Purchase Agreement: (i) the issuance of shares of Class A Common Stock in the Exchange
Offer, (ii) the issuance of shares of Class A Common Stock in the PIK Note Offer to Amend, (iii) the issuance of shares of Class A Common
Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in connection with the 2022 Debenture Release, (iv)
the issuance of shares of Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in (a) a private placement
of the Company's equity, equity-linked or debt securities resulting in gross proceeds to the Company no greater than $5 million
(a "
Private Placement
") and/or (b) a registered offering of the Company's equity, equity-linked or debt securities
resulting in gross proceeds to the Company no greater than $20 million (a "
Public Financing
"); provided that (A) the
proceeds of a Private Placement resulting in gross proceeds to the Company of at least $2 million are used by the Company to prepay not
less than 25% of the Outstanding Principal Balance (as defined in the PIK Notes) as of the date of prepayment on a pro rata basis upon
the closing of such Private Placement, and (B) the proceeds of a Public Financing resulting in gross proceeds to the Company of at least
$10 million are used by the Company to prepay all of the Outstanding Principal Balance as of the date of prepayment upon the closing of
such Public Financing, and (v) the issuance of shares of Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note
Purchase Agreement) as Private Placement Additional Consideration (as defined below) (collectively, the "
PIK Note Amendment
").
Pursuant to the PIK Note Offer to Amend, and assuming stockholder approval of the issuance of the shares in connection therewith in accordance
with NYSE American Company Guide Section 713 (which condition may not be waived by the Company), consenting holders of the PIK Notes will
receive, assuming receipt of the consent to approve the PIK Note Amendment from holders that purchased at least 50.01% in interest of
the aggregate principal balance of the PIK Notes (which condition may be waived by the Company in its sole discretion), 1.25 shares of
Class A Common Stock for every $1.00 of the original principal amount of their PIK Notes, on the terms and subject to the conditions of
the PIK Note Offer to Amend. In order to participate in the PIK Note Offer to Amend, holders of PIK Notes must agree to a general release
(the "
PIK Note Offer to Amend General Release Agreement
"). The Company may cancel the PIK Note Offer to Amend if any
of the conditions of such offer are not satisfied prior to the PIK Note Offer to Amend Expiration Date.
6
Any holder of PIK Notes who
elects to participate in the PIK Offer to Amend by executing and delivering an Election to Consent, together with any other required documents
in accordance with the terms of the PIK Note Offer to Amend, will be deemed to have authorized, approved, consented to and executed the
PIK Note Amendment and the PIK Note Offer to Amend General Release Agreement.
Assuming the Company receives
consents from all PIK Note holders and stockholder approval is obtained, the Company will issue on a pro rata basis to the holders of
the PIK Notes approximately 4,321,875 shares of Class A Common Stock in consideration for the PIK Note Amendment, on the terms and subject
to the conditions of the PIK Note Offer to Amend.
The shares of Class A Common
Stock issuable in the Exchange Offer and the PIK Note Offer to Amend are "restricted securities" and may not be sold by the
holder absent a registration statement covering their resale or an exemption from the registration requirements of federal and applicable
state securities laws. The Company will undertake at its sole expense to file appropriate resale registration statements (respectively,
the "
Exchange Offer Registration Statement
" and the "
PIK Note Offer to Amend Registration Statement
,"
and collectively, the "
Registration Statements
") with the SEC covering all of the shares of Class A Common Stock to
be issued pursuant to the Exchange Offer and the PIK Note Offer to Amend promptly following the issuance of such shares of Class A Common
Stock to holders of the Assumed Warrants and the PIK Note holders who participate in the Exchange Offer and the PIK Note Offer to Amend,
each as applicable, but no later than 30 days thereafter (the "
Filing Deadline
"); provided that the Company (a) will
use its commercially reasonable efforts to have the Registration Statements declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 60th day after the applicable Filing Deadline (or the 90th day if the SEC notifies the
Company that it will review the applicable Registration Statement) and (ii) the fifth business day after the date that the Company is
notified by the SEC that the applicable Registration Statement will not be reviewed or will not be subject to further review (the "
Target
Effectiveness Date
"), (b) will issue to each holder of Assumed Warrants and PIK Notes participating in the Exchange Offer or
PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in the Exchange Offer
or the PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Filing Deadline until the
Company files the applicable initial Registration Statement, pro-rated for each day beyond the Filing Deadline, up to a total of 20% of
the shares of Class A Common Stock originally issued in the Exchange Offer or the PIK Note Offer to Amend, as applicable, to such participating
holder (the "
Additional Shares
"), (c) will issue to each holder of Assumed Warrants or PIK Notes participating in the
Exchange Offer or PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in
the Exchange Offer or PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Target Effectiveness
Date until the applicable initial Registration Statement is declared effective, pro-rated for each day beyond the Target Effectiveness
Date, up to, together with the Additional Shares, a total of 20% of the shares of Class A Common Stock originally issued in the Exchange
Offer or PIK Note Offer to Amend, as applicable, to such participating holder, and (d) may not effect a reverse split of the outstanding
shares of Class A Common Stock sooner than 15 calendar days after the PIK Note Offer to Amend Registration Statement is declared effective
by the SEC without prepaying the PIK Notes in full.
There will be no contractual
lock-up with regard to the shares of Class A Common Stock issued pursuant to the Exchange Offer or the PIK Note Offer to Amend, although
any resale of such shares will be subject to the provisions of applicable securities laws.
If the Company conducts a Private
Placement because the PIK Note Amendment has been approved, each investor who participates in the Private Placement who was a holder of
Assumed Warrants or PIK Notes as of the commencement of the Exchange Offer or the PIK Note Offer to Amend, as applicable, and each former
holder of 2022 Debentures, may receive additional shares of Class A Common Stock or Common Stock Equivalents (as defined in the Original
Securities Purchase Agreement or the PIK Note Purchase Agreement, as applicable) as further consideration for participating in the Private
Placement, in addition to the equity purchase price and other terms of such Private Placement offered to all investors, whether or not
such holder of Assumed Warrants tendered Assumed Warrants or consented to the Amendment and Restatement in the Exchange Offer and whether
or not such holder of PIK Notes consented to the PIK Note Amendment in the PIK Note Offer to Amend (the "
Private Placement Additional
Consideration
").
The Board has also authorized
the Company to offer Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement or the Original Securities
Purchase Agreement, as applicable) in exchange for a general release by the former holders of 2022 Bridge Debentures, which 2022 Bridge
Debentures were automatically converted into Class A common stock of Legacy FOXO and exchanged by the Company for Class A Common Stock
in connection with the Business Combination, subject to stockholder approval and other conditions to be determined by the Company, at
a future date to be determined by the Company (the "
2022 Debenture Release
"). As currently contemplated, each former
holder of the 2022 Bridge Debentures that executes such general release would receive approximately 0.67 shares of Class A Common Stock
for every $1.00 of original principal amount of its 2022 Bridge Debentures, and if all former holders of 2022 Bridge Debentures execute
such general release, up to 18,760,000 shares of Class A Common Stock would be issued by the Company to such former holders of the 2022
Bridge Debentures.
7
THE OFFERING
Issuer
FOXO Technologies Inc.
Issuance of Class A Common Stock
Shares of Class A Common Stock Offered by Us
10,062,500 shares of Class A Common Stock issuable upon the exercise of Public Warrants at an exercise price per share equal to $11.50, subject to adjustment as described herein.
316,250 shares of Class A Common Stock issuable upon the exercise of Private Warrants, at an exercise price per share equal to $11.50, subject to adjustment as described herein.
1,905,853 shares of Class A Common Stock issuable upon the exercise of Assumed Warrants, at an exercise price per share equal to $6.21, subject to adjustment as described herein.
Shares of Class A Common Stock Outstanding Following the Exercise of Warrants
39,813,672 shares, assuming all Warrants are exercised for cash.
Use of Proceeds
We will receive proceeds of up to $131.2 million, assuming the exercise
in full of all of the Warrants for cash. Each Public and Private Warrant entitles the holder thereof to purchase one share of Class A
Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $6.21 per share. However, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance
with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise
price without the consent of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive
upon the exercise in full of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock
equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants
may be reduced and any subsequent exercises would decrease the amount of proceeds the Company receives for each share of Class A Common
Stock (see "
Description of Securities of the Company – Warrants)
. On April 26, 2023, the closing price for our
Class A Common Stock was $0.43. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per share,
we believe warrant holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. We expect
to use the net proceeds from the exercise of any of the Warrants for general corporate purposes, including working capital, operating
expenses and capital expenditures. See "
Use of Proceeds
."
8
Resale of Class A Common Stock
Class A Common Stock Offered by the Selling Securityholders
Up to 5,288,364 shares.
The Sponsor paid $25,000, or approximately $0.004 per share, to cover
certain of offering and formation costs of the Company in exchange for 5,750,000 Founder Shares. In November 2020, the Sponsor returned
to the Company, at no cost, an aggregate of 718,750 Founder Shares, which the Company cancelled, resulting in an aggregate of 5,031,250
Founder Shares outstanding and held by the Sponsor. As of the closing of the Business Combination, the Sponsor forfeited 600,000 Founder
Shares, which left the Sponsor with 4,039,614 Founder Shares. These adjustments resulted in an effective purchase price of approximately
$0.0056 per share for the Founder Shares received by the Sponsor, which shares have been distributed for no additional consideration to
the members of the Sponsor, upon the Sponsor's dissolution and distribution of all of its assets, including these securities, and
these shares are being registered for resale by such members pursuant to this registration statement.
J.V.B.
    Financial Group, LLC ("JVB"), acting through its Cohen & Company Capital Markets division, was issued 300,00 shares of
    Class A Common Stock in connection with the transactions contemplated by that certain Amendment and Termination Agreement, dated as of
    September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between the Company and JVB,
    providing for a general release, effective upon effectiveness of this registration statement, of any and all claims by CCM against the
    Company in exchange for the registration of JVB's shares of Class A Common Stock for resale
The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share. See "
Risk Factors
-
Sales of a substantial number of
our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price of our
shares of Class A Common Stock and Warrants to fall
."
Use of Proceeds
We will not receive any of the proceeds from the sale of the shares of Class A Common Stock by the Selling Securityholders.
9
Resale of Warrants
Warrants Offered by the Selling Warrant holders
Up to 316,250 Private Warrants.
Use of Proceeds
We will not receive any of the proceeds from the sale of the Private Warrants.
Market for Our Shares of Class A Common Stock and Warrants
Restrictions to Sell
Our Class A Common Stock and Public Warrants are
    listed on the NYSE American under the symbol "FOXO" and "FOXO WS," respectively.
Certain of our securityholders are subject to
    certain restrictions on transfer until the termination of applicable lockup periods. See the section entitled "
Plan of Distribution
    – Restrictions to Sell"
Risk Factors
Any investment in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information set forth under "
Risk Factors
" and elsewhere in this prospectus.
The
number of shares of our Class A Common Stock outstanding as of April 21, 2023, was 27,418,069, and excludes, as of such date:
●
3,286,235 available shares for future issuance under our 2022 Equity Incentive Plan (the "
2022 Plan
");
●
2,765,099 shares of Class A Common Stock
issuable upon exercise of outstanding stock options issued pursuant to the Legacy FOXO 2020 Equity Incentive Plan with a weighted-average exercise
price of $7.02 per share; and
●
2,140,761 shares of Class A Common Stock held as treasury stock.
10
Risk Factor Summary
Our business is subject
to numerous risks and uncertainties that represent challenges, including those highlighted in the section entitled "
Risk Factors
,"
that represent challenges that we face in connection with the successful implementation of our strategy and growth of our business. Below
we summarize what we believe are the principal risk factors, but these risks are not the only ones we face, and you should carefully
review and consider the full discussion of our risk factors in the section titled Risk Factors, together with the other information in
this prospectus. The occurrence of one or more of the events or circumstances described in the section entitled "Risk Factors,"
alone or in combination with other events or circumstances, and may have an adverse effect on our business, cash flows, financial condition
and results of operations. Such risks include, but are not limited to:
Risks Related to
this Offering by the Selling Securityholders
●
The sales of a substantial number of our securities in the public
market by the Selling Securityholders and/or by our existing securityholders could cause the price of our shares of Class A Common Stock
and Warrants to fall.
Risks Related to Our Business and Industry
●
We have a history of losses and we may not achieve or maintain profitability in the future.
●
Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this registration statement, which could limit our ability to raise additional capital and thereby materially adversely impact our business.
●
We will require additional capital to commercialize our product and service offerings, including the Longevity Report and Underwriting Report, and grow our business, which may not be available on terms acceptable to us or at all.
●
Our future success depends in large part on the continued participation in the business of Tyler Danielson, our Interim Chief Executive Officer, which cannot be ensured or guaranteed.
●
The loss of the services of our other current executives or other key employees, or the failure to attract additional key individuals, could materially adversely impact our business, results of operations and financial condition.
●
Our business significantly depends upon the strength of our brands, and if we are not able to develop, maintain and enhance our brands, our ability to develop and expand our customer base may be adversely impacted and our business and operating results may be harmed.
●
Development of new products and services will require substantial resources, and we cannot guarantee that we will have the resources or ability to continue such development.
●
Our success depends, in large part, on our ability to commercialize our technology enabled products and services with a high level of service at a competitive price, achieve sufficient sales volume to realize economies of scale, and create innovative new products and services to offer to our customers. Our failure to achieve any of these outcomes would adversely impact our business.
●
Our success and the growth of our business will depend on our ability to effectively and in a cost-feasible manner acquire, maintain, and engage with our targeted customers. If we fail to acquire, maintain, and engage customers, our business, revenue, operating results, and financial condition will be adversely impacted.
●
Changes in general economic conditions could have a material adverse impact on our business.
11
Risks Related to Our Epigenetic Testing
Services
●
Our success and ability to establish and grow our epigenetic testing services will depend on developing epigenetic biomarkers for use in life insurance underwriting. If we fail to develop epigenetic biomarkers that attract and retain life insurance carriers as customers, our operating results and financial condition will be adversely affected.
●
We intend to provide consumer engagement through our health and wellness platform; however, competition in the personal health and wellness testing market continues to increase and presents a threat to the success of our business.
●
We rely on a limited number of critical third-party suppliers for our epigenetic testing services and in the event we are unable to procure their materials or services, we may not be able to find suitable replacements or immediately transition to alternative suppliers, which will have an adverse impact on our business.
●
Our underwriting technology services face substantial competition, which may result in others discovering, developing or commercializing products and services that are similar to ours, before or more successfully than we can.
●
We or our partners (or both) may now or in the future be subject to laws and regulations relating to laboratory testing, which could materially adversely impact our ability to offer its products or services.
Risks Related to Our Life Insurance
Operations
●
We rely on the selling of life insurance products underwritten and issued by third-party carriers through distribution relationships, and if we are unable to contract or maintain such distribution relationships it could materially adversely impact our business and results of operations.
●
While recent sales gains have occurred in the life insurance industry, overall the industry has experienced a decline in product sales which, if this trend continues, could materially adversely impact our business and the results of operations.
●
Competition in the insurance technology market presents an ongoing challenge to the success of our business and if we are unable to compete, our business could be materially adversely
impacted
.
●
We may not be successful in establishing the relationships necessary to execute our business plans, which could have a material adverse impact on our ability to generate revenue and our financial condition.
●
We, as part of our insurance business, will collect, process, store, share, disclose and use customer information and other data, and our actual or perceived failure to protect such information and data, respect customer privacy or comply with data privacy and security laws and regulations could damage our reputation and brand and harm our business and operating results.
●
We may be unable to prevent or address the misappropriation of our data or data of our customers, which could damage our reputation and materially adversely impact its business.
●
We may expand operations abroad, through relationships with international life insurance carriers, where we have limited operating experience and where we may be subject to increased regulatory risks and local competition. If we are unsuccessful in our efforts to expand internationally, our business may be harmed.
12
Risks Related to Our Intellectual Property
●
If we are unable to protect our patent pending methods of identifying saliva-based epigenetic biomarkers or intellectual property in general, the value of our brand and other intangible assets may be diminished, and our business may be adversely impacted.
●
We may be unable to obtain sufficiently broad intellectual property protection, or we may lose our intellectual property protection.
●
We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
●
We may not be successful in registering and enforcing our trademarks.
●
We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
●
If we become involved in trademark or patent litigation or other proceedings related to a determination of rights, we could incur substantial costs and expenses, substantial liability for damages or be required to stop our development and commercialization efforts of our products and services.
Risks Related to Owning Our Securities
●
The public market for our securities is volatile. This may affect not only the ability of our investors to sell their securities, but the price at which they can sell their securities.
●
We are subject to the continued listing standards of the NYSE American and our failure to satisfy these criteria may result in delisting of our Class A Common Stock.
13
RISK FACTORS
In addition to the other
information contained in this prospectus, including the matters addressed under the heading "Cautionary Note Regarding Forward-Looking
Statements," you should carefully consider the risks and uncertainties described in this prospectus as they identify and address
other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-
looking statements.
The following risk factors
apply to the business and operations of the Company. These risk factors are not exhaustive, and investors are encouraged to perform their
own investigation with respect to the business, financial condition and prospects of the Company. We may face additional risks and uncertainties
that are not presently known to us, or that we currently deem immaterial, which may also impair our business or financial condition. The
following discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial
statements included herein.
Risks Related to this
Offering by the Selling Securityholders
Sales of a substantial
number of our securities in the public market by the Selling Securityholders and/or by our existing securityholders could cause the price
of our shares of Class A Common Stock and Warrants to fall.
The Selling
Securityholders can sell, under this prospectus, (a) up to 5,288,364   shares of Class A Common Stock (representing 20.7%
of our current shares outstanding), which consists of (i) 4,039,614 shares of Class A Common Stock (representing 14.7% of our
current shares outstanding), which were originally issued to the Sponsor in the form of Founder Shares at a purchase price of
approximately $0.0056 per share, (ii) 632,500 shares of Class A Common Stock (representing 2.3% of our current shares outstanding),
which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration to
the members of the Sponsor, upon the Sponsor's dissolution and distribution of all of its assets, including these securities)
in a private placement of units at a price of $10.00 per unit, with each unit consisting of one share of Class A Common Stock and
one-half of one redeemable warrant, (iii) up to 316,250 shares of our Class A Common Stock (representing 1.2% of our current shares
outstanding) issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an exercise price of $11.50
per share, and (iv) 300,000 shares of  Class A Common Stock issued to J.V.B. Financial Group, LLC ("JVB"), acting
through its Cohen & Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement
entered into between the Company and JVB providing for a general release of any and all claims by JVB against the Company in
exchange for the registration of JVB's shares of Class A Common Stock for resale, effective as of April 25, 2023; and (b) up to 316,250 Private Warrants
held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock (representing 1.2 % of our current
shares outstanding) at an exercise price of $11.50 per share. Depending on the price, the public securityholders may have paid
significantly more than the Selling Securityholders for any shares or Warrants they may have purchased in the open market based on
variable market price.
Sales of a substantial number
of our shares of Class A Common Stock and/or Warrants in the public market by the Selling Securityholders and/or by our other existing
securityholders, or the perception that those sales might occur, could depress the market price of our shares of our Class A Common Stock
and Warrants and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict
the effect that such sales may have on the prevailing market price of our shares of Class A Common Stock and Warrants.
The sale of all the securities being offered in this prospectus could
result in a significant decline in the public trading price of our securities. As of April 24, 2023, the closing price of our Class A
Common Stock was $0.47 per share and the Selling Securityholders have purchased certain shares at prices per share lower than such closing
price. As a result, the Selling Securityholders may earn a positive rate of return by selling certain of such shares, even if such sale
of all the securities being offered in this prospectus results in a significant decline in the public trading price of our Class A Common
Stock and such Selling Securityholder shares are sold at a lower public trading price. For example, based on the closing price of our
Class A Common Stock of $0.47 as of April 24, 2023, the holders of the Founder Shares, which shares are being registered for resale hereunder,
would experience a potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate based on the
effective purchase price of approximately $0.0056 per share paid for each Founder Share. For more information regarding the differences
in the purchase prices paid by the selling securityholders and public securityholders please see the disclosures on the cover page, pages
ii, 9 and 14 of this prospectus.
14
Risks Related to Our
Business and Industry
We have a history
of losses and it may not achieve or maintain profitability in the future.
We are a development stage
company and have not been profitable since our inception in 2019, accumulating deficits of $147,231,000 and $51,976,000 as of December 31,
2022 and December 31, 2021, respectively. We incurred net losses of $95,255,000 and $38,488,000 in the years ended December 31,
2022 and December 31, 2021, respectively. We expect we will require significant capital in connection with our efforts, and we will
be required to continue to make significant investments to further develop and expand our business. In particular, we expect to continue
to expend substantial financial and other resources on sales, marketing and advertising as part of our strategy to develop and increase
our network of independent insurance agents, as well as on research and development activities regarding our epigenetic biomarker technology.
The sales, marketing and advertising expenses that we will incur will typically be expensed immediately. In addition, to the extent our
business ramps up as we expect, we will need to increase our headcount significantly in the coming years. As a public company, we incur
significant legal, accounting and other expenses that we did not incur as a private company. We expect that our net loss will increase
in the near term as we continue to make such investments to grow our business. Despite these investments, we may not succeed in increasing
our revenue on the timeline that we expect or in an amount sufficient to lower our net loss and ultimately become profitable. Moreover,
if our revenue does not increase, we may not be able to reduce costs in a timely manner because many of our costs are fixed, at least
in the short term. In addition, if we reduce variable costs to respond to losses, this may limit our ability to enter into agreements
with new customers and grow our revenues. Accordingly, we may not achieve or maintain profitability and it may continue to incur significant
losses in the future.
Our independent
registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its
report on our audited financial statements, which could limit our ability to raise additional capital and thereby materially adversely
impact its business.
Our audited financial statements for the years ended December 31,
2022 and 2021 were prepared assuming that we will continue as a going concern. Primarily as a result of our losses, limited working capital,
debt obligations and significant operating costs expected to be incurred in the next twelve months, the report of our independent
registered public accounting firm included elsewhere in this prospectus contain an explanatory paragraph on our financial statements stating
there is substantial doubt about our ability to continue as a going concern. Such an opinion could materially limit our ability to raise
additional funds through the issuance of new debt or equity securities or otherwise. There is no assurance that sufficient financing will
be available when needed to allow us to continue as a going concern. The perception that we may not be able to continue as a going concern
may also make it more difficult to operate our business due to concerns about our ability to meet our contractual obligations.
If
we are unable to secure additional capital, we may be required to curtail our business initiatives and take additional measures to reduce
costs in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. These measures could cause a
significant reduction in the scope of our planned development, which could harm its business, financial condition and operating results.
It is not possible for us to predict at this time the potential success of our business. The revenue and income potential of our business
and operations are currently unknown. The accompanying financial statements do not include any adjustments that may be necessary should
we be unable to continue as a going concern.
We will require
additional capital to commercialize our product and service offerings and grow our business, which may not be available on terms acceptable
to us or at all.
Our
present capital is insufficient to meet operating requirements or to cover losses, and therefore we need to raise additional funds through
financings to carry out our business plans. Many factors will affect our capital needs as well as their amount and timing, including our
growth and profitability as well as market disruptions and other developments.
15
Historically,
we have funded our operations, marketing expenditures and capital expenditures primarily through equity issuances and debt instruments.
We evaluate financing opportunities from time-to-time, and our ability to obtain financing will depend, among other things, on our development
efforts, business plans and operating performance, and the condition of the capital markets at the time we seek financing. We cannot be
certain that additional financing will be available to us on favorable terms, or at all.
If
we raise additional funds through the issuance of equity, equity-linked or debt securities, our existing stockholders may experience
dilution. Any debt financing secured by us in the future could require that a substantial portion of our operating cash flow be devoted
to the payment of interest and principal on such indebtedness, which may decrease available funds for other business activities, and could
involve restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make
it more difficult for us to obtain additional capital and to pursue business opportunities.
If
we are unable to obtain adequate financing or financing on terms satisfactory to us, our ability to continue to support our business growth,
maintain minimum amounts of risk-based capital and to respond to business challenges could be significantly limited, and our business,
results of operations and financial condition could be adversely impacted.
Recent and future
management changes could disrupt our operations and impair our ability to attract and retain key personnel.
We
have experienced a number of recent changes to our senior management team. Our board of directors appointed Tyler Danielson, our Chief
Technology Officer, to serve as our Interim Chief Executive Officer and principal executive officer, effective as of November 14,
2022. Changes in our senior management and uncertainty regarding any future changes may disrupt our operations, impact partner relationships,
and impair our ability to recruit and retain other needed personnel. Any such disruption or impairment could have an adverse effect on
our business.
Our future success
depends in large part on the continued participation in the business of Tyler Danielson, our Interim Chief Executive Officer, which cannot
be ensured or guaranteed.
Tyler
Danielson is our Interim Chief Executive Officer. Mr. Danielson will be instrumental in shaping our vision, strategic direction and
execution priorities. There can be no assurance that Mr. Danielson will continue to work for us. Mr. Danielson's departure
from service with the Company could materially adversely impact our business.
The loss of the
services of our other current executives or other key employees, or the failure to attract additional key individuals, could materially
adversely impact its business, results of operations and financial condition.
Our
financial success is dependent to a significant degree upon the efforts of our current executive officers and other key employees. At
present, we do not maintain key-man life insurance policies for any of these individuals. In addition, our success and viability
will depend to a significant extent upon our ability to attract and retain qualified personnel in all areas of our business, especially
the sales, science, and financial management teams. If we were to lose the key members of our respective teams, we would need to replace
them with qualified individuals in a timely manner or our business, results of operations, and financial condition could be adversely
impacted.
Our business significantly
depends upon the strength of our brands, and if we are not able to develop, maintain and enhance our brands, our ability to develop and
expand our customer base may be adversely impacted and our business and operating results may be harmed.
We
believe that the brand identity we are developing (encompassing multiple brands) will significantly contribute to the success of our business.
Developing, maintaining, and enhancing our brands may require us to make substantial investments and these investments may not be successful.
If we fail to develop, maintain or enhance our brands, or if we incur excessive expenses in this effort, our business, operating results
and financial condition may be materially adversely impacted. Many of our competitors have brands that are well recognized. As a relatively
new entrant into the markets in which we operate, we will likely spend considerable money and other resources to create brand awareness
and build our reputation. We anticipate that, as our market becomes increasingly competitive, maintaining and enhancing our brands may
become increasingly difficult and expensive.
16
We
may not be able to build brand awareness, and our efforts at building, maintaining and enhancing our reputation could fail. Complaints
or negative publicity about our business practices, our marketing and advertising campaigns, our compliance with applicable laws and regulations,
the integrity of the data that we provide to consumers or business partners, data privacy and security issues, and other aspects of our
business, whether valid or not, could diminish confidence in our brands, which could adversely impact our reputation and business. Our
management team could be subject to negative publicity that could interfere with our ability to successfully establish its brand or impact
our ability to compete for business or attract and retain customers.
We
were formed to become a separate and independently managed and controlled entity from GWG Holdings, Inc. ("
GWG
"). GWG,
which remains a significant stockholder in FOXO, on April 20, 2022, has filed for chapter 11 bankruptcy protection in the Federal
Bankruptcy Court for the Southern District of Texas. Our former Chief Executive Officer, who is a former member of our board of directors,
was an officer and director of GWG prior to our initial formation in November 11, 2019. We are not a party to this bankruptcy and
our former board member has not been an officer or director of GWG since April 2019, but the bankruptcy proceedings could negatively impact
our brand.
As
we commercialize and expand our product offerings and enter new markets, we need to establish our reputation with customers, and to the
extent that we are not successful in creating positive impressions, our business could be adversely impacted. There can be no assurance
that we will be able to develop, maintain or enhance our reputation, and failure to do so could materially adversely impact our business,
results of operations and financial condition. If we are unable to develop, maintain or enhance consumer awareness of our brands in a
cost-effective manner, our business, results of operations and financial condition could be materially adversely impacted.
Members of our
management team may, from time to time, be associated with negative media coverage or become involved in legal or regulatory proceedings
or investigations unrelated to our business.
Members
of our management team have been involved in a wide variety of businesses, including transactions, such as sales and purchases of businesses,
and ongoing operations. As a result of such involvement, members of our management team may from time to time be associated with negative
media coverage or become involved in legal or regulatory proceedings or investigations unrelated to our business. Any negative media coverage,
regulatory proceedings or investigations related to our management team, may be detrimental to the management team's reputation
or result in other negative consequences or damages, which could cause a material adverse impact on our business and the stock price of
our Company.
Development of
new products and services will require substantial resources, and we cannot guarantee that we will have the resources or ability to continue
such development.
Developing
new products and services requires substantial technical, financial and human resources, whether or not any products or services are ultimately
commercialized. We may pursue what we believe is a promising opportunity only to discover that certain of its risk or resource allocation
decisions were incorrect or insufficient, or that individual products, services or its science in general has technology limitations or
risks that were previously unknown or underappreciated. In the event material decisions in any of these areas turn out to be incorrect or sub-optimal,
we may experience a material adverse impact on our business and ability to fund our operations.
Our success is
based on our ability to integrate molecular biotechnology into the life insurance industry, and our inability to do so may adversely affect
our operating results, business prospects and our ability to repay our obligations.
The
success of our business is based in large part upon our ability to create new products and services by integrating molecular biotechnology
into the life insurance industry. We expect that current and future developments in molecular biotechnology will enhance the life insurance
industry; however, the industry's acceptance of molecular biotechnology will primarily be impacted by a variety of factors such
as the acceptance of new products and services by consumers, insurance carriers, and agents; as well as the interpretation of existing
laws and regulations (including laws relating to privacy), the passage of new legislation and regulations, actuarial understandings and
methodologies, and future innovations in molecular biotechnology. Importantly, the factors that we believe will most significantly affect
the development and success of our products and services in the life insurance industry are beyond our control. Any material or adverse
development in the life insurance market could adversely affect our operating results, our access to capital, and our business prospects
and viability. Because of this, an investment in the Class A Common Stock of our Company generally involves greater risk as compared to
investments offered by companies with more diversified business operations in more established markets.
17
Our success depends,
in large part, on our ability to commercialize our technology enabled products and services with a high level of service at a competitive
price, achieve sufficient sales volume to realize economies of scale, and create innovative new products and services to offer to our
customers. Our failure to achieve any of these outcomes would adversely impact our business.
Our
success depends, in large part, on our ability to extend our technology enabled products and services to the life insurance market with
a high level of service at a competitive price, achieve sufficient sales volume to realize economies of scale, and create innovative new
products and services to offer to our customers. The growth and expansion of our business and service offerings, once such offerings are
commercialized, is expected to place a continuous significant strain on our management, operational and financial resources. To effectively
manage our growth following development and commercialization of our products and services, we must continue to implement and improve
our operational, financial and management information systems and to expand, train and manage our employee base. While we plan to partner
with third-party commercialization partners, as well as one or more domestic and/or international insurance carriers, we must continue
to work to scale our own operations to meet increases in demand for our products and services. In the event of further growth of our operations
or in the number of our third-party relationships, our supply, systems, procedures or internal controls may not be adequate to support
our operations and our management may not be able to manage any such growth effectively.
Even
if we are able to successfully scale our infrastructure and operations, we cannot ensure that demand for our products and services will
increase at levels consistent with the growth of our infrastructure. If we fail to generate demand commensurate with this growth or if
we fail to scale our infrastructure sufficiently in advance to meet such demand, our business, financial condition and results of operations
could be materially adversely impacted.
We have limited
experience commercializing our products or technology, which makes it difficult to evaluate our prospects and predict our products'
future performance.
Our
operations to date have been focused on developing and commercializing our technologies and products, including developing and commercializing
the Underwriting Report and Longevity Report. The performance of our market tests may not be indicative of the performance our customers
experience following commercial launch, and we may need to make modifications to improve our products. Further, the Underwriting Report
is being shown to potential insurance customers to gather feedback to achieve a product-market fit and successfully commercialize our
products, and we may make modifications to improve the reliability, quality and/or functionality of the Underwriting Report as we receive
feedback. There can be no assurance that we will be able to timely achieve market acceptance for either the Longevity Report or Underwriting
Report, in the future. We have limited experience developing our products and technology for commercial use, conducting sales and marketing
activities at scale and managing customer support at the commercial level. Further, while we are continuing to develop the Underwriting
and Longevity Reports, we have no experience commercializing such reports. Consequently, predictions about our future success or viability
are highly uncertain and hard to predict as a result of our limited operating history, the development stage of our products and our limited
history commercializing our technologies or products. Our prospects must be considered in light of the uncertainties, risks, expenses,
and difficulties frequently encountered by companies in their early stages of operations.
Further,
we are transitioning from a company with a focus on research and development to a company capable of supporting both research and development
and commercial activities, and we may not be successful in this transition. We have encountered in the past, and will encounter in the
future, risks and uncertainties, delays and scientific setbacks frequently experienced by development stage companies with limited operating
histories in competitive and rapidly changing industries, such as the genomics industry. If our assumptions regarding these risks and
uncertainties, which we use to plan and operate our business, commercialization activities, are incorrect or change, or if we do not address
these risks, delays or uncertainties successfully, our results of operations could differ materially from our expectations, and our business,
financial condition and results of operations could be adversely affected. To the extent we are successful in developing our products
or technology, but demand for our products and/or our generated revenues are not enough to cover our ongoing expenses, we may need to
raise additional capital to continue our operations and commercialization of our products and services.
18
We expect our revenue
and results of operations to fluctuate on a quarterly and annual basis.
Our
revenue and results of operations could vary significantly from period-to-period and may fail to match expectations as a result of
a variety of factors, some of which are outside of our control. Among other factors, our revenue and results may vary as a result of fluctuations
in the number of customers purchasing insurance products, research and development expenditures, and/or the timing and amount of our expenses.
Fluctuations and variability across the industry may affect our revenue and results of operations. As a result of the potential variations
in our revenue and results of operations, period-to-period comparisons may not be meaningful and the results of any one period should
not be relied on as an indication of future performance. In addition, our results of operations may not meet the expectations of investors
or public market analysts who follow our Company, which may adversely impact our stock price.
Covenants in our
indebtedness could limit our flexibility and adversely affect our financial condition.
Our
outstanding indebtedness contains several restrictive covenants, including that we cannot, without the prior written consent of 50.01%
of the holders of our senior promissory notes (the "
Notes
"), create or incur any other indebtedness. If any of our
covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of our indebtedness and penalties.
Limitations on our ability to incur new indebtedness under the terms of our debt securities may limit the amount of new investments we
make.
The Notes mature on April 1, 2024 (the "
Maturity Date
"),
and accrue interest at an annual interest rate of 15%, commencing on the issuance date, compounded quarterly on each December 20, March
20, June 20 and September 20 until the Maturity Date and on the Maturity Date itself (each, an "
Interest Payment Due Date
").
Interest is payable by increasing the principal amount of the Note (with such increased amount accruing interest as well) on each Interest
Payment Due Date ("
PIK Interest
"). Monthly payments on the outstanding principal amount of the Note, as such amount
may be increased as the result of the payment of PIK Interest (the "
Outstanding Principal Balance
"), will commence
on November 1, 2023, until the Outstanding Principal Balance has been paid in full on the Maturity Date, or, if earlier, upon acceleration,
or prepayment of the Note in accordance with the Notes terms. A default by us on the Notes would have a material adverse effect on our
business, liquidity and the market price of our Class A Common Stock.
The warrants issued
by FOXO under its January 2021 bridge financings and assumed by the Company as part of the Business Combination have anti-dilution rights
that could be triggered as part of future financings.
If
FOXO raises additional funds through the issuance of equity, equity-linked or debt securities with an exercise price lower than $6.21 per
share at such time as the Assumed Warrants issued under the January 2021 bridge financing are outstanding, the anti-dilution protection
provisions in the Assumed Warrants will be triggered. Specifically, the exercise price and number of warrant shares of the Assumed Warrants
will be adjusted to reflect such lower issuance price as the new equity is sold and the number of shares issuable under the Assumed Warrant
will be increased such that the aggregate exercise price after the lower price adjustment shall be equal to the aggregate exercise price
prior to adjustment.  This anti-dilution adjustment will have a dilutive effect on the Company's equity and may hamper its
ability to complete future financings.
There is no guarantee
that the exercise price of our Warrants will ever be less than the trading price of our Class A Common Stock on NYSE American, and they
may expire worthless. In addition, we may reduce the exercise price of the Private and Public Warrants in accordance with the provisions
of the Warrant Agreement, and a reduction in exercise price of the Private and Public Warrants would decrease the maximum amount of cash
proceeds we could receive upon the exercise in full of the Private and Public Warrants for cash.
As of the date of this registration statement, the exercise price for
our Public and Private Warrants is $11.50 per share of Class A Common Stock, and the exercise price for our Assumed Warrants is $6.21
per share of Class A Common Stock. On April 24, 2023, the closing price of our Class A Common Stock was $0.47. If the price of our shares
of Class A Common Stock remains below the respective exercise prices of our Warrants, we believe our warrant holders will be unlikely
to cash exercise their Warrants, resulting in little or no cash proceeds to us. There is no guarantee that our Warrants will be in the
money prior to their expiration and, as such, our Warrants may expire worthless. In addition, at the current exercise price of $11.50
per share for the Public and Private Warrants, and $6.21 per share for the Assumed Warrants, we will receive up to $131.2 million from
the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. However, we may lower the exercise price
of the Public Warrants and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise
such warrants. The Company may effect such reduction in exercise price without the consent of warrant holders and such reduction would
decrease the maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in the
event the Company issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in the
Assumed Warrants, then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount
of proceeds the Company receives for each share of Class A Common Stock.
19
Our
success and the growth of our business will depend on our ability to effectively and in a cost-feasible manner acquire, maintain, and
engage with our targeted customers. If we fail to acquire, maintain, and engage customers, our business, revenue, operating results, and
financial condition will be adversely impacted.
As
a new company, we anticipate that sales and marketing expenses will continue to represent a sizeable part of our overall operating costs
for the foreseeable future. We cannot guarantee, however, that our investments in sales and marketing will effectively reach potential
customers, potential customers will decide to buy our products or services, or that customer spend for our products and services will
yield the intended return on investment.
In
addition, many factors, some of which are beyond our control, may reduce our ability to acquire, maintain and engage with customers, including
the following:
●
potential customers fail to accept or adopt epigenetic biomarker technology for use in underwriting risk classification;
●
our competitors mimic our digital platform, causing current and potential customers to purchase their insurance products instead of our products;
●
changes in advertising platforms' pricing, which could result in higher advertising costs, and changes in digital advertising platforms' policies, that may delay or prevent us from advertising through these channels;
●
changes in search algorithms by search engines;
●
ineffectiveness of our marketing efforts and other spend to acquire new customers;
●
decline in popularity of, or governmental restrictions on, social media platforms where we plan to advertise;
●
the development of new search engines or social media sites that reduce traffic on existing search engines and social media sites;
●
suffering reputational harm to our brand resulting from negative publicity, whether accurate or inaccurate;
●
failing to expand geographically;
●
failing to obtain or maintain insurance licensure in jurisdictions where we sell our products ;
●
failing to offer new and competitive products;
●
failing to develop effective distribution systems;
●
technical or other problems frustrate the customer experience;
●
we are unable to address customer concerns regarding the content, privacy and security; or
●
consumer behavior changes as a result of the COVID-19 pandemic.
Our
inability to overcome these challenges could adversely impact our ability to attract and add new customers, as well as retain existing
customers, once obtained, and could have an adverse effect on our business, revenue, operating results and financial condition. Further,
if our customer base does not grow, we may be required to incur significantly higher marketing expenses than we currently anticipate in
order to attract new customers. A significant decline in our customer base could have a materially adverse impact on our business, financial
condition and results of operations.
20
Security incidents
or real or perceived errors, failures, or bugs in our systems or websites could adversely impact our operations, result in loss of personal
customer information, damage our reputation and brand, and harm our business and operating results.
Our
success will be dependent on our systems, applications, and software operating and meeting the changing needs of our customers and users.
We will rely on our technology and vendors to successfully implement changes to and maintain our systems and services in an efficient
and secure manner. Like all information systems and technology, our websites may contain material errors, failures, vulnerabilities or
bugs, particularly when new features or capabilities are released, and may be subject to computer viruses or malicious code, break-ins,
phishing impersonation attacks, attempts to overload our servers with denial-of-service or other attacks, ransomware and similar
incidents or disruptions from unauthorized use of our computer systems, as well as unintentional incidents causing data leakage, any of
which could lead to interruptions, delays or website or online app shutdowns, or could cause loss of critical data, or the unauthorized
disclosure, access, acquisition, alteration or use of personal or other confidential information.
If
we experience compromises to our security that result in technology performance, integrity, or availability problems, the complete shutdown
of our websites or the loss or unauthorized disclosure, access, acquisition, alteration or use of confidential information, customers
or potential customers may lose trust and confidence in us, and may decrease the use of our systems or websites, or stop using our systems
or websites entirely. Further, outside parties may attempt to fraudulently induce employees or customers to disclose sensitive information
in order to gain access to our information, including customer information. Because the techniques used to obtain unauthorized access,
disable or degrade service, or sabotage systems change frequently, they are often not recognized until launched against a target, and
may originate from less regulated and remote areas around the world, we may be unable to proactively address these techniques or to implement
adequate preventative measures. Even if we take steps that we believe are adequate to protect us from cyber threats, hacking against our
competitors or other companies could create the perception among our customers or potential customers that our systems or websites are
not safe to use.
A
significant impact on the performance, reliability, security, and availability of our systems, software, or services may harm our reputation,
impair our ability to operate, retain customers or attract new customers for the FOXO brands, and expose us to legal claims and government
action, each of which could have a material adverse impact on our business, results of operations, and financial condition.
Changes in general
economic conditions could have a material adverse impact on our business.
Changes
in general economic conditions, including, for example, interest rates, investor sentiment, changes specifically affecting the insurance
industry, biotechnology industry, competition, technological developments, political and diplomatic events, tax laws, and other factors
not known to us today, could substantially and materially adversely impact our business. For example, changes in interest rates may increase
our cost of capital and ability to raise capital and have a corresponding adverse impact on our operating results. While we may engage
in certain hedging activities to mitigate the impact of these changes, none of these conditions are or will be within our control. Changes
in general economic conditions may also negatively impact demand for life insurance and our other products and services.
21
If we are unable to maintain effective internal
control over financial reporting and disclosure controls and procedures, the accuracy and timing of our financial reporting may be adversely
affected.
We are required to comply
with Section 404 of the Sarbanes-Oxley Act, which requires management assessments of the effectiveness of internal control over financial
reporting and disclosure controls and procedures. Prior to our Business Combination, although we had effective internal controls and procedures,
we were a private company with limited accounting and finance personnel, review processes and other resources with which to address our
internal controls and procedures.
Based on the evaluation of
our internal controls over financial reporting and disclosure controls and procedures, we concluded that both were effective as of December
31, 2022. However, due to the current size of our Company and our limited personnel, we may not be able to maintain effective internal
control over financial reporting and disclosure controls and procedures in the future.
We can give no assurance that
we will be able to maintain effective internal control over financial reporting and disclosure controls and procedures, or that no "material
weaknesses" in our internal control over financial reporting will be identified in the future. If we encounter "material weaknesses"
in our internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual
or interim financial statements will not be prevented or detected on a timely basis, it could lead to errors in our financial statements
that could result in a restatement of our financial statements and cause us to fail to meet our reporting obligations. Further, If we
are unable to maintain effective internal control over financial reporting or disclosure controls and procedures, our ability to record,
process and report financial information accurately and to prepare financial statements within required time periods could be adversely
affected, which could subject us to litigation or investigations requiring management resources and payment of legal and other expenses,
negatively affect investor confidence in our financial statements, restrict access to capital markets and adversely impact our stock price.
Our business may
be adversely impacted by the continuation of the COVID-19 pandemic.
In
2020, the global COVID-19 pandemic spread to every country and every state in the United States. The World Health Organization designated
COVID-19 as a pandemic, and numerous countries, including the United States, declared national emergencies with respect to the COVID-19 pandemic.
While vaccines have been approved and are slowly being deployed, the global impact of the outbreak continues to adversely affect many
industries, and different geographies continue to reflect the effects of public health restrictions in various ways. The timing and likelihood
of achieving widespread global vaccination remain uncertain, and these vaccines may be less effective against new variants, potentially
leading people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period
of time.
The
economic recovery following the impact of the COVID-19 pandemic is only partially underway and has been gradual, uneven and characterized
by meaningful dispersion across sectors and regions with uncertainty regarding its ultimate length and trajectory. Further, although many
jurisdictions had relaxed or lifted restrictions in an effort to generate more economic activity, the risk of continued COVID-19 outbreaks
remains, and some jurisdictions may re-impose restrictions in an effort to mitigate risks to public health, especially as more infectious
variants of the virus emerge. Increasing infection rates and hospitalizations in certain geographies and a potential resulting market
downturn may have a negative impact on our planned products and services as well as the business of third parties on which it may rely,
and as a result could materially adversely impact our business, results of operations and financial condition. It is also possible that
the global recovery from the COVID-19 pandemic may reduce demand for personal life insurance and our other products and services.
These
and other potential impacts make it more challenging for management to estimate the future performance of our business. While we cannot
predict the specific impacts to our business, financial condition and results of operations, the impacts could be materially negative.
These impacts will depend on future developments, which are highly uncertain and out of our control, including, among others, the duration
and intensity of the COVID-19 pandemic, as well as the subsequent resumption of business operations and recovery of discretionary
consumer spending across the globe. Additional impacts may arise that we are not aware of currently. The potential of such additional
impacts intensifies the business and operating risks that we face, and should be considered when reading the additional risk factors below.
22
We may expand operations
abroad, through relationships with international life insurance carriers, where we have limited operating experience and where we may
be subject to increased regulatory risks and local competition. If we are unsuccessful in efforts to expand internationally, our business
may be harmed.
Regulations
exist or are under consideration in countries outside the United States, which limit or prevent the sale of direct-to-consumer genetic
tests. Some countries, including Australia, require premarket review by their regulatory body similar to that required in the United States
by the FDA. Some countries, including Australia, Germany, France and Switzerland, require a physician prescription for genetic tests providing
health information, thus limiting our offering in those countries to an ancestry-only test. Other countries require mandatory genetic
counseling prior to genetic testing. If similar prohibitions were enacted with respect to epigenetic testing, or the scope of the aforementioned
regulations were expanded to include epigenetics, it could limit the available market for our products and services and increase the costs
associated with marketing the products and services where we are able to offer our products.
We
may expand our life insurance business internationally, which will subject us to additional laws and regulatory standards with respect
to the insurance business and insurance distribution. We have no previous experience in operating our life insurance business internationally,
may incur significant operating expenses in connection thereto, and may not be successful in our compliance with such international laws
and regulations.
Legal
developments in the European Union have created a range of new compliance obligations regarding transfers of personal data from the European
Union to the United States, including the GDPR and UK GDPR, which may apply to certain of our activities related to services or products
that we offer or may offer to individuals located in the European Union. Significant effort and expense will be required to ensure compliance
with the GDPR and UK GDPR, and could cause us to change our business practices. Moreover, requirements under the GDPR and UK GDPR may
change periodically or may be modified by the European Union or the UK and/or the laws of one or more countries. The GDPR and UK GDPR
impose stringent compliance obligations regarding the handling of personal data and have resulted in the issuance of significant financial
penalties for noncompliance, including possible fines of up to 4% of global annual turnover for the preceding financial year or €20 million/£17.5 million
(whichever is higher) for the most serious violations.
We
may also need to achieve and maintain International Standards Organization (or ISO) certification of our future Quality Management Systems.
If we are not able to achieve or maintain regulatory compliance, we may not be permitted to market our insurance products and/or may be
subject to enforcement by EU Competent Authorities, bodies with authority to act on behalf of the government of the applicable EU Member
State, or other nations which adopt similar standards, to ensure that the requirements of the directive or regulation are met.
If
we fail to comply with any applicable laws and regulations, we may not be able to expand internationally or could become subject to enforcement
actions or the imposition of significant monetary fines, other penalties, or claims, which could harm our ability to conduct our business
and could have a material adverse impact on our business, financial condition and results of operations.
We are exposed
to risks related to litigation and other legal proceedings.
We
operate in a highly regulated and litigious environment. We have and may become involved in legal proceedings, including litigation, arbitration
and other claims, and investigations, inspections, audits, claims, inquiries and similar actions by insurance, tax and other governmental
authorities.
Legal
proceedings, in general, and securities, derivative action and class action and multi-district litigation, in particular, can be expensive
and disruptive. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate
amounts, including punitive or exemplary damages, and may remain unresolved for several years.
23
We
are subject to extensive regulation by national, state and local government agencies in the United States, as well as in other countries
in which we may operate. There continues to be a heightened level of review and/or audit by regulatory authorities of, and increased litigation
regarding, our related industry's business, compliance and reporting practices. As a result, we are and may be the subject of government
actions of the types described above.
We
cannot predict with certainty the outcomes of any legal proceedings and other contingencies, and the costs incurred in litigation can
be substantial, regardless of the outcome. Substantial unanticipated verdicts, fines and rulings do sometimes occur. As a result, we could
from time to time incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such
developments could harm our reputation and have a material adverse effect on our results of operations in the period in which the amounts
are accrued and/or our cash flows in the period in which the amounts are paid. In addition, as a result of governmental investigations
or proceedings, we may be subject to damages, civil or criminal fines or penalties, or other sanctions. The outcome of some of these legal
proceedings and other contingencies could require us to take, or refrain from taking, actions which could negatively affect our operations.
Additionally, defending against these lawsuits and proceedings may involve significant expense and diversion of management's attention
and resources.
Risks Related to Our
Epigenetic Testing Services
Our success and
ability to establish and grow our epigenetic testing services will depend on developing epigenetic biomarkers for use in life insurance
underwriting. If we fail to develop epigenetic biomarkers that attract and retain life insurance carriers as customers, our operating
results and financial condition will be adversely affected.
We
are still in the process of developing our saliva-based epigenetic biomarkers for use in life insurance underwriting. If our efforts
to develop saliva-based epigenetic biomarkers for health and wellness conditions used in life insurance underwriting fail, our ability
to attract customers for our underwriting technology services will be adversely impacted.
Our
ability to attract and add new insurance or reinsurance carriers as customers, as well as retain existing customers, once obtained, depends,
in large part, on the ability of our epigenetic biomarkers to provide accurate, cost-effective information for life insurance underwriting.
If life insurance carriers or reinsurance carriers do not perceive our underwriting technology services to be reliable and of high quality,
if we fail to introduce new and improved products and services, or if we introduce new products or services that are not favorably received
by the market, we may not be able to attract or retain customers. In order for our epigenetic biomarkers technology to provide actuarial
value, we may be required to incur significantly higher research and development expenses, costs related to improving our services, and
lower margins in order to attract new customers and retain existing customers.
While
we will strive to demonstrate the actuarial value of epigenetic biomarker technology we are developing for insurance companies, reinsurers,
underwriters, and insurance agents, these counterparts may not embrace our underwriting technology services. Moreover, if we fail to be
competitive on pricing and actuarial accuracy, our ability to grow our business and generate revenue by attracting and retaining customers
may be adversely impacted.
Many
factors, some of which are beyond our control, may reduce our ability to sell our underwriting technology services, including those described
in this "Risk Factors" section and the following:
●
our potential carrier customers or regulators not understanding or appreciating our science or results (including lack of understanding of the difference between genetics and epigenetics);
●
our competitors offering alternative underwriting solutions;
●
suffering reputational harm to our brand resulting from negative publicity, whether accurate or inaccurate;
●
failing to offer price competitive products and services;
●
experiencing technical or other problems that inhibit our ability to service carrier customers in a fast and reliable manner;
24
●
being unable to address regulatory concerns regarding the application of epigenetic biomarkers for use in life insurance underwriting;
●
experiencing regulatory changes that make epigenetics unavailable for use in life insurance underwriting;
●
being unable to address customer concerns regarding content, privacy and security; or
●
being impacted by consumer behavior changes as a result of the COVID-19 pandemic.
Our
inability to overcome these challenges could adversely impact our ability to execute our underwriting technology services business and
could have an adverse effect on our business, revenue, operating results and financial condition. The inability to commercialize our underwriting
technology services business would have a materially adverse impact on our business, financial condition and results of operations.
We are applying
the relatively new field of epigenetics science to life insurance underwriting, which we cannot guarantee will produce the results we
seek or need for our business model.
While
the scientific field of epigenetics and its importance in gene expression is well understood, the scientific field is still developing
and the concept of obtaining individually predictive biomarkers of health and wellness from saliva is novel. Most epigenetic research
to date has been conducted from blood specimens and has produced extensive peer reviewed publications on the association between DNA methylation
and health and wellness factors associated with life insurance underwriting (e.g., tobacco use, cardiovascular health, metabolic health,
alcohol use). These association studies, while informative, differ from the individually predictive epigenetic biomarkers we develop and
require for use in life insurance underwriting. In addition, these peer reviewed association studies have not published extensive research
on DNA methylation derived from saliva. Accordingly, while we believe that individually predictive biomarkers are available in saliva
at accuracy levels that are actuarially significant for use in life insurance underwriting, we cannot guarantee the accuracy of such epigenetic
biomarkers, and any errors in the accuracy or results provided by such biomarkers could hinder our ability to gain market share in a very
competitive industry. If we are unable to obtain individually predictive epigenetic biomarkers in saliva at accuracy levels efficacious
for life insurance underwriting, or if the epigenetic biomarkers do not perform as expected, it could significantly affect our ability
to generate revenue from such products, which could then result in a complete loss of your investment.
Our 2019 pilot
study demonstrated that epigenetic biomarkers are available in both blood and saliva for traditional life insurance underwriting risk
factors, but further research may not validate or improve the results discovered in the Pilot Study.
In
2019, we completed a pilot study that sought to measure a wide range of health and wellness factors used in traditional life insurance
underwriting with DNA methylation data derived from blood and saliva (the "
Pilot Study
"). While the Pilot Study was
able to identify patterns of DNA methylation (i.e., epigenetic biomarkers) of individuals that corresponded to clinical health and wellness
measurements used in standard life insurance underwriting, we cannot guarantee that the results of the Pilot Study are completely accurate,
or that the results of the Pilot Study will be further validated or improved upon in follow-on research which could negatively impact
our ability to pursue our business plans and generate revenue.
We currently have
research projects planned and underway designed to further discover, improve and validate the use of our epigenetic biomarkers for our
commercial purposes, but we cannot guarantee the results of such research and any negative results may negatively impact our ability to
pursue our business plans.
Our
current and planned research projects are designed to further discover, improve and validate the use of epigenetic biomarkers for commercial
use in life insurance underwriting. The main research projects we have underway are the Physicians' Health Study and the Parallel
Run Study.
25
While
we believe these research projects will lead to the discovery, improvement, and commercial validation for the use of its proprietary epigenetic
biomarker technology, we cannot guarantee the results of these studies, nor can we guarantee that insurance carriers, agents, underwriters,
and consumers will use our products and services based on the results of such studies. Our results may be misleading or inaccurate, which
could adversely impact the acceptance of our products and services, and our overall ability to continue pursuing our business plans. If
the results from its research studies differ from what we expect, or if such results are not accepted by insurance carriers, agents, underwriters,
and consumers, it will adversely impact our ability to pursue our business plans and generate revenue, which could result in a complete
loss of your investment.
We intend to provide
consumer engagement through our health and wellness platform; however, competition in the personal health and wellness testing market
continues to increase and presents a threat to the success of our business.
The
number of companies entering the personal health and wellness testing market with offerings similar to those that we provide through our
health and wellness testing platform continues to increase. We believe that our ability to offer consumer engagement services that add
value to life insurance depends upon many factors both within and beyond our control, including the following:
●
the timing and market acceptance of health and wellness products and services, including the developments and enhancements to those products and services offered by us or our competitors;
●
the customer service and support efforts required to provide personal health and wellness testing services on our platform;
●
the selling and marketing efforts required to support consumers and agents using our consumer engagement services;
●
the ease of use, performance, price and reliability of solutions developed either by us or our competitors; and
●
our brand strength relative to our competitors.
We
anticipate we will also face competition from other companies attempting to capitalize on the same, or similar, opportunities as we are,
including from existing diagnostic, laboratory services and other companies entering the personal health and wellness testing market with
new offerings such as direct access and/or consumer self-pay tests and interpretation services. Some of our current and potential
competitors have longer operating histories and greater financial, technical, marketing and other resources than we do. These factors
may allow our competitors to respond more quickly or efficiently than we can to new or emerging technologies. These competitors may engage
in more extensive research and development efforts, undertake more far-reaching marketing campaigns and adopt more aggressive pricing
policies, which may allow them to build larger customer bases than we have. Our competitors may develop products or services that are
similar to our products and services or that achieve greater market acceptance than our products and services. This could attract customers
away from our services and reduce our market share.
We rely on a limited
number of critical third-party suppliers for our epigenetic testing services and in the event we are unable to procure our materials or
services, we may not be able to find suitable replacements or immediately transition to alternative suppliers, which will have an adverse
impact on our business.
We
rely on a limited number of critical third-party suppliers for our epigenetic testing, including: (1) the maker of our DNA Kit,
which is required for the collection of our customers' saliva; (2) a provider of microarrays; and (3) a provider of array
processing and wet-lab services to deliver the raw epigenetics data to us. Our suppliers could cease supplying these materials, equipment
and/or services at any time, or fail to provide us with sufficient quantities of materials/services or materials/services that meet our
specifications, or significantly increase the costs of providing the materials or services to us. Our operations could be interrupted
if we encounter delays or difficulties in securing these materials or services, or if we cannot locate an acceptable substitute. Any such
interruption could significantly impact our business, financial condition, results of operations and reputation.
26
Our underwriting
technology services face substantial competition, which may result in others discovering, developing or commercializing products and services
that are similar to ours, before or more successfully than we can.
While
we believe we are the first company to seek to directly apply saliva-based epigenetic biomarker technology to life insurance underwriting,
we have not yet fully developed and commercialized, and may never successfully develop or commercialize, our saliva-based underwriting
technology for the insurance market. Moreover, our business faces substantial competition from larger, more established companies with
products and services that have been accepted by insurance and underwriting markets and may impair our ability to compete to commercialize
our products and services in the life insurance industry.
We
recognize that other companies, including larger insurance, insurance technology and biotechnology companies, may be developing or have
plans to develop products and services that may compete with ours. Many of our competitors have substantially greater financial, technical,
and human resources than we have. In addition, many of our competitors have significantly greater experience than we have in developing
various underwriting protocols and marketing and commercializing products and services similar to ours. Our competitors may discover,
develop or commercialize products and services that are more effective, safer or less costly than any products or services that we are
developing. Our competitors may also obtain regulatory approval for their products and services more rapidly than we may obtain approval
for our planned insurance products, underwriting protocol and testing services.
We
anticipate that competition with our insurance products and underwriting testing services will be based on a number of factors, including
product efficacy, accuracy, availability and price. Our competitive position will also depend upon our ability to attract and retain qualified
personnel, to obtain patent protection or otherwise develop and maintain proprietary products or processes, protect our intellectual property
including our trade secrets, and to secure sufficient capital resources to support the development and commercialization of our products
and services.
We or our partners
(or both) may now or in the future be subject to laws and regulations relating to laboratory testing, which could materially adversely
impact our ability to offer our products or services.
The
clinical laboratory testing sector is highly regulated in the United States. Both us and our partners may now, or in the future,
be subject to regulation under the Clinical Laboratory Improvement Amendments ("
CLIA
"), or similar state laboratory
licensure laws. CLIA is a federal law (administered by the Centers for Medicare & Medicaid Services, or CMS) that, in partnership
with the states, regulates clinical laboratories that perform testing on specimens derived from humans for the purpose of providing information
for the diagnosis, prevention or treatment of disease or impairment of, or assessment of the health of, human beings. CLIA regulations
require clinical laboratories to obtain a certificate commensurate with the type of testing being performed and mandate specific standards
in areas including personnel qualifications, administration, participation in proficiency testing, patient test management and quality
assurance. CLIA certificates must be renewed every two years, and renewal requires undergoing survey and inspection. CLIA and/or
state inspectors may conduct random inspections or conduct inspections as a result of a complaint or reported incident.
DNA
methylation profiling of consumer saliva specimens will be performed by our wet-laboratory partners. The failure of our laboratory
partners to hold CLIA certification or accreditation appropriate to the type of testing they perform, or to comply with CLIA regulations
or applicable state licensure requirements could result in adverse regulatory action that, if not timely corrected, could result in us
being unable to continue using their services, which could adversely affect our business. Similarly, if our laboratory partners do not
hold state permits or licenses in those states that require them, it may limit our ability to offer our products and services on a national
basis.
Because
we do not directly analyze human specimens in our facilities, but instead perform only data analysis or "dry lab" services,
our bioinformatics analysis activities are not subject to CLIA. It is possible that, in the future, CLIA may apply to our activities,
which could result in us being unable to offer our services or could require additional expenditures to obtain certification, both of
which could materially adversely impact our business. We could face similar adverse impacts if a state regulator were to conclude that
our bioinformatics activities were subject to state laboratory licensure. Similar adverse consequences could result if CLIA or state regulators
disagree with our laboratory partners' interpretation of CLIA or our applicability to their testing services.
27
Our underwriting
technology and molecular health and wellness engagement services may now or in the future be subject to laws and regulations relating
to laboratory developed tests and software, which could materially adversely impact our business.
The
Federal Food, Drug, and Cosmetic Act (the "
FDC Act
") gives the United States Food and Drug Administration, or FDA,
the authority to regulate manufacturers of medical devices, which are defined to include
,
among other requirements, in vitro
diagnostic ("
IVD
") products (e.g., laboratory instruments, reagents, and collection devices) and software that are
intended for use in the diagnosis, treatment, cure, mitigation or prevention of diseases or conditions, including, without limitation,
the presence of biomarkers. Medical devices are subject to a variety of regulatory requirements based on their level of risk, including
in some cases premarket review and authorization. The FDA enforces its requirements by market surveillance and periodic inspections. The
FDA may take a variety of actions in response to violations of the FDC Act and implementing regulations, including, but not limited to,
cease and desist orders, injunctions, civil monetary penalties, operating restrictions, or shutdown of production facilities.
The
FDA has historically taken the position that laboratory tests developed in-house by a clinical laboratory, sometimes referred to
as laboratory developed tests ("
LDTs
"), are subject to regulation as in vitro diagnostic devices. However, the FDA
has generally exercised enforcement discretion (i.e., has exercised discretion not to enforce its requirements) with respect to LDTs.
Certain types of LDTs have historically not been subject to enforcement discretion, including LDTs for the COVID-19 pandemic and
LDTs offered directly to consumers without a health care provider's order. Legislative proposals introduced in Congress in 2021
seek to codify or, alternatively, eliminate, FDA authority to regulate LDTs.
The
FDA also takes the position that stand-alone software that meets the definition of a medical device, known as SaMD, is subject to
FDA regulation. Certain categories of medical software, including certain health and wellness software, have been exempted from FDA regulation
under the FDC Act. Similarly, the FDA has exercised enforcement discretion with respect to certain types of low risk software products,
including those intended to help patients manage chronic conditions.
Our
products and services include epigenetic analysis of laboratory-generated DNA methylation data using our proprietary bioinformatics
technology, which it uses to inform both its saliva-based underwriting and molecular health and wellness engagement services. We
believe that our products and services are not subject to FDA regulation. First, to the extent our products and services are intended
to inform underwriting decisions, they do not meet the definition of a medical device. Second, to the extent our products and services
incorporate software that is intended solely for health and wellness purposes, we believe such software meets the definition of exempt
medical software under the FDC Act, as amended by the 21
st
Century Cures Act, enacted in 2016. Furthermore, even if elements
of our products and services could be construed to be subject to FDA oversight, we believe that such elements would be subject to FDA
enforcement discretion to the extent that we use such elements to provide general health and wellness and non-disease-specific information
to customers that includes disclaimers and caveats that the information is not intended for medical purposes and poses low risk to consumers.
There
can be no guarantee that the FDA will now, or in the future, agree with our position. Should the FDA determine that our products and services
are subject to FDA regulation, our operations could be adversely affected. If FDA premarket review or approval were required, we could
be forced to stop selling our testing services or be required to modify claims or make other changes while we work to obtain FDA clearance,
approval or de novo classification. Our business, results of operations and financial condition would be negatively affected until such
reviews were completed and clearance, approval or de novo classification to market were obtained or the costs of continuing to operate
our business could increase materially.
Our use of saliva-based
epigenetic biomarkers may in the future be subject to laws and regulations at the state and federal levels relating to the use of such
testing or information in life insurance underwriting, which could materially adversely impact our business.
Underwriting
life insurance is subject to state insurance regulation. We believe the use of epigenetic biomarkers in life insurance underwriting is
permissible due to the fact that we are seeking to identify underwriting impairments already used by other insurance carriers in medical
underwriting today. Moreover, the use of epigenetic testing or information in life insurance underwriting is not prohibited at either
the federal or state level. Florida and Louisiana are the only states that have explicitly sought to prohibit the use of genetic information,
which is distinguishable from epigenetic information, for use in life insurance underwriting.
28
Any
adverse change in current laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan
to operate (or an aggregation of states in which we conduct a significant amount of business) could result in our curtailment or termination
of operations in such states, or cause us to not start or modify our operations in a manner that adversely affects our ultimate profitability.
Any such action could have a corresponding adverse impact on our results of operations and financial condition, primarily through a material
decrease in revenues, and could have a material adverse impact on our business.
We provide ancillary
product and service offerings that support our baseline technology, but we cannot guarantee that such products and services will result
in material, if any, revenue, and such products and services may be a distraction to our main business line initiatives.
We
have built a number of technologies to support researchers and epigenetic science and analysis. For example, in 2019 we released "MethylSuite,"
a high throughput bioinformatic software package that supports calculating, reporting and interpreting epigenetic data derived from microarray
technology. Also in 2019, we partnered with the Van Andel Institute and Illumina, Inc. in the commercialization of the Infinium Mouse
Methylation Array, a new microarray designed to advance epigenetic research in model organisms. We receive a royalty on all Infinium Mouse
Methylation Array sales by Illumina, and also provide laboratory and data processing services to researchers using the Infinium Mouse
Methylation Array. However, we do not expect such business lines to result in material, if any, revenues. Furthermore, we cannot guarantee
the accuracy or results of the array/data processing or MethylSuite, and any errors in the results provided by such array or bioinformatic
software could result in costly litigation, and be a distraction to our main business line initiatives.
Risks Related to Our
Life Insurance Operations
The life insurance
industry has experienced an overall decline in product sales which, if this trend continues, could materially adversely impact our business
and results of operations.
Ownership
of life insurance has been in decline in the United States for decades. While our products and services are designed to address the
overall decline in consumer interest in purchasing life insurance products, there can be no assurance that we will be successful in doing
so. The reasons for a decline in household ownership of life insurance are complex and multi-faceted. There can, therefore, be no assurance
that we will successfully address these multifaceted reasons or that we will generate revenues or become profitable. We may be forced
to make significant changes to our anticipated pricing, sales and revenue models to compete with our competitors' offerings, and
even if such changes are implemented, there is no guarantee that such steps will be successful. If the overall market trend of declining
demand for personal life insurance continues or worsens, or we are unable to adjust our approach to meet market demands, our business,
financial condition and results of operations could be materially adversely impacted.
Competition in
the insurance technology market presents an ongoing challenge to the success of our business and if we are unable to compete, our business
could be materially adversely impacted.
The
number of technology-based companies entering the insurance market with offerings in life insurance continues to increase. While
we believe there are very few, if any, companies commercializing saliva-based epigenetic biomarkers or bundling life insurance with
a health and wellness engagement platform, we believe that our ability to compete depends upon many factors both within and beyond our
control, including the following:
●
the speed and size of our customer base as it develops;
●
the timing and market acceptance of products and services we offer, including the developments and enhancements to those products and services, offered by us or our competitors;
●
the customer service and support efforts we provide with our products and services;
29
●
the selling and marketing efforts we employ against our products and services;
●
the acceptance of our products by underwriters, insurance companies, agents and consumers;
●
the ease of use, performance, price and reliability of solutions we develop; and
●
the brand strength we create relative to our competitors.
We
will likely face competition from other companies attempting to capitalize on the same, or similar, opportunities as us, including from
companies focused on molecular health and wellness, epigenetic biomarkers, and from the overall insurance technology markets inclusive
of new offerings such as direct access and/or consumer self-pay tests and genetic interpretation services. Many of
our current and potential competitors have longer operating histories and greater financial, technical, marketing and other resources
than us. These factors may allow our competitors to respond more quickly or efficiently than we can to new or emerging technologies. These
competitors may engage in more extensive research and development efforts, undertake more far-reaching marketing campaigns,
and adopt more aggressive pricing, which may allow them to build customer bases larger or faster than us. Our competitors may develop
products or services that are similar to our products and services or that achieve greater market acceptance than our products and services.
This could attract customers away from our services and reduce our market share or prevent us from increasing.
We may not be successful
in establishing or maintaining the relationships necessary to execute on our business plans, which could have a material adverse impact
on its ability to generate revenue and financial condition.
Our
sales and distribution efforts focus on independent agent distribution channels. Independent agent distribution channels include independent
marketing organizations, broker general agencies and smaller general agencies. In order to serve the broadest range of customers and agents,
we established a managing general agency relationship with multiple domestic carrier partners, in order for us to expand the use of our
products and services in connection with a full suite of life insurance products (term life insurance, universal life insurance, variable
universal life insurance, indexed universal life insurance, whole life insurance, etc.), which we call the "
MGA Model
"
(see "
Business
" section above for more details). We believe the MGA Model appeals to domestic carrier partners who
are seeking to expand the distribution of their products through independent agent distribution channels and who are seeking a differentiated
product offering by combining their own policies with our health and wellness offering as well as replacing blood and urine specimen for
life insurance products that are subject to medical underwriting protocols with our saliva-based underwriting protocol.
If
we are unable to develop or maintain these relationships, or if the MGA Model proves unworkable, our business, financial condition and
results of operations may be adversely impacted. Moreover, while we will strive to demonstrate the value of our products and services
to consumers, insurance agents, and carriers, these potential customers may not embrace our products and services, thereby hindering our
ability to execute on our business plans and generate revenue.
We may experience
difficulty in marketing and distributing life insurance through third parties, and the use of third parties may result in additional
liabilities.
Although
we intend to distribute life insurance products through a wide variety of distribution channels, we may maintain relationships with a
number of key distributors, which could result in certain distributor concentration. Distributors may elect to renegotiate the terms of
any existing relationships such that those terms may not be attractive or acceptable to us, limit the products they sell, or otherwise
reduce or terminate their distribution relationships with us with or without cause. This could be due to various reasons, such as uncertainty
related to product offerings, industry consolidation of distributors or other industry changes that increase the competition for access
to distributors, developments in laws or regulations that affect our business or industry, including the marketing and sale of our products
and services, adverse developments in our business, the distribution of products with features that do not meet minimum thresholds set
by the distributor, strategic decisions that impact our business, adverse rating agency actions or concerns about market-related risks.
30
Key
distribution partners could merge, consolidate, change their business models in ways that affect how our products can be sold, or new
distribution channels could emerge and adversely impact the effectiveness of our distribution efforts.
Also,
if we are unsuccessful in attracting and retaining distribution partners, or are unable to maintain our distribution relationships, we
may be unable to effectively sell our products, which could have a material adverse effect on our business, results of operations, financial
condition and liquidity.
In
addition, we could, in certain circumstances, be held responsible for the actions of third-party distributors, including broker-dealers,
registered representatives, insurance agents and agencies and marketing organizations, and their respective employees, agents and representatives,
in connection with the marketing and sale of our products by such parties in a manner that is deemed not compliant with applicable laws
and regulations. This is particularly acute with respect to unaffiliated distributors where we may not be able to directly monitor or
control the manner in which products are sold through third-party firms. If our products are distributed to customers for whom they are
unsuitable or distributed in a manner deemed inappropriate, we could suffer reputational and/or other financial harm to our business.
As part of our
insurance business, we may collect, process, store, share, disclose and use customer information and other data, and our actual or perceived
failure to protect such information and data, respect customer privacy or comply with data privacy and security laws and regulations could
damage our reputation and brand and harm our business and operating results.
We
may receive and store a large volume of personally identifiable information, epigenetic information, and other data relating to our customers,
as well as other personally identifiable information and other data relating to individuals such as our employees. Security breaches,
employee malfeasance, or human or technological error could lead to potential unauthorized disclosure of our customers' personal
information. Even the perception that the privacy of personal information is not satisfactorily protected or does not meet regulatory
requirements could inhibit sales of our solutions and any failure to comply with such laws and regulations could lead to significant fines,
penalties or other liabilities.
A
security compromise of our information systems or of those of businesses with whom we interact that results in confidential information
being accessed by unauthorized or improper persons could harm our reputation and expose us to regulatory actions, customer attrition,
remediation expenses, disruption of our business, and claims brought by our customers or others for breaching contractual confidentiality
and security provisions or data protection laws.
Monetary
damages imposed on us could be significant and not covered by our liability insurance. Techniques used by bad actors to obtain unauthorized
access, disable or degrade service, or sabotage systems evolve frequently and may not immediately produce signs of intrusion, and we may
be unable to anticipate these techniques or to implement adequate preventative measures. In addition, a security breach could require
us to expend substantial additional resources related to the security of our information systems and provide required breach notifications
and remediation, diverting resources from other projects and disrupting our businesses. If we experience a data security breach, our reputation
could be damaged and we could be subject to additional litigation, regulatory risks and business losses.
Numerous
local, municipal, state, federal, and international laws and regulations address privacy and the collection, storing, sharing, use, disclosure,
and protection of certain types of data, including the Personal Information Protection and Electronic Documents Act, the Telephone Consumer
Protection Act of 1991, or the TCPA, Section 5 of the Federal Trade Commission Act, and effective as of January 1,
2020, the California Consumer Privacy Act (or the CCPA). These laws, rules, and regulations evolve frequently and their scope may continually
change, through new legislation, amendments to existing legislation, and changes in enforcement, and may be inconsistent from one jurisdiction
to another. For example, the CCPA, which went into effect on January 1, 2020, requires, among other things, new disclosures to California
consumers and affords such consumers new abilities to opt out of certain sales of personal information. The CCPA provides for
fines of up to $7,500 per violation. Aspects of the CCPA and its interpretation and enforcement remain uncertain. The effects of this
legislation are potentially far-reaching and may require FOXO to modify its data processing practices and policies and
incur substantial compliance-related costs and expenses. The CCPA has been amended on multiple occasions. For example, the California
Privacy Rights Act (or CPRA) recently was approved by California voters and significantly modifies the CCPA, potentially resulting in
further uncertainty and requiring FOXO to incur additional costs and expenses in an effort to comply. The CPRA became operative on January 1,
2023 (and applies only to consumer data collected on or after January 1, 2022, with enforcement beginning July 1, 2023). While
the CCPA will remain operative and enforceable from now until July 1, 2023, we will continue to monitor developments related to the
CPRA. The effects of this legislation are potentially far-reaching and may require us to modify our data processing practices
and policies and incur substantial compliance-related costs and expenses. Additionally, many laws and regulations relating to privacy
and the collection, storing, sharing, use, disclosure, and protection of certain types of data are subject to varying degrees of enforcement
and new and changing interpretations by courts. The CCPA and other changes in laws or regulations relating to privacy, data protection,
breach notifications, and information security, particularly any new or modified laws or regulations, or changes to the interpretation
or enforcement of such laws or regulations, which require enhanced protection of certain types of data or new obligations with regard
to data retention, transfer, or disclosure, could greatly increase the cost of providing our products and services, require significant
changes to our operations, or even prevent us from providing our products and services in jurisdictions in which we currently operate
and in which we may operate in the future.
31
We
may also be required to comply with increasingly complex and changing data security and privacy regulations in the UK, the European Union
(the "
EU
") and in other jurisdictions in which we plan to conduct business that regulate the collection, use and transfer
of personal data, including the transfer of personal data between or among countries. For example, the EU's General Data Protection
Regulation (the "
GDPR
"), now also enacted in the UK as the UK GDPR, has imposed stringent compliance obligations regarding
the handling of personal data and has resulted in the issuance of significant financial penalties for noncompliance. Further, in July 2020,
the Court of Justice of the European Union released a decision in the
Schrems II
case (
Data Protection Commission
v. Facebook Ireland, Schrems
), declaring the EU-US Privacy Shield invalid and calling into question data transfers carried
out under the European Commission's Standard Contractual Clauses. As a result of the decision, we may face additional scrutiny from
EU regulators in relation to the transfer of personal data from the EU to the United States. Noncompliance with the GDPR can trigger
fines of up to the greater of €20 million or 4% of global annual revenues. In the United States, there have been proposals
for federal privacy legislation and many new state privacy laws have been enacted or proposed. Other countries have enacted or are considering
enacting data localization laws that require certain data to stay within their borders. We may also face audits or investigations by one
or more domestic or foreign government agencies or our customers pursuant to our contractual obligations relating to our compliance with
these regulations. Complying with changing regulatory requirements requires us to incur substantial costs, exposes us to potential regulatory
action or litigation, and may require changes to our business practices in certain jurisdictions, any of which could materially adversely
impact our business, financial condition and results of operations.
Despite
our efforts to comply with applicable laws, regulations, and other obligations relating to privacy, data protection, and information security,
it is possible that our interpretations of the law or best practices could be inconsistent with, or fail, or be alleged to fail to meet
all requirements of, such laws, regulations, or obligations. Our failure, or the failure by its third-party providers on its platform,
to comply with applicable laws or regulations or any other obligations relating to privacy, data protection, or information security,
or any compromise of security that results in unauthorized access to, or use or release of personally identifiable information or other
data relating to our customers, or other individuals, or the perception that any of the foregoing types of failure or compromise have
occurred, could damage our reputation, discourage new and existing customers from using our products or services, or result in fines,
investigations, or proceedings by governmental agencies and private claims and litigation, any of which could adversely affect our business,
financial condition, and results of operations. Even if not subject to legal challenge, the perception of privacy concerns, whether or
not valid, may harm our reputation and brand and materially adversely impact our business, financial condition, and results of operations.
We
will be subject to the terms of our privacy policies and privacy-related obligations. Any failure or perceived failure by us to comply
with our privacy policies, our privacy-related obligations to customers or others, or our privacy-related legal obligations,
or any compromise of security that results in the unauthorized release or transfer of sensitive information, which could include personally
identifiable information or other user data, may result in governmental or regulatory investigations, enforcement actions, regulatory
fines, compliance orders, litigation or public statements against us by consumer advocacy groups or others, and could cause customers
to lose trust in us, all of which could be costly and have an adverse impact on our business. In addition, new and changed rules and regulations
regarding privacy, data protection (in particular those that impact the use of artificial intelligence) and cross-border transfers
of customer information could cause us to delay planned uses and disclosures of data to comply with applicable privacy and data protection
requirements. Moreover, if any third-party that we work with violates applicable laws or its policies, such violations also may put
personal information at risk, which may result in increased regulatory scrutiny and have a material adverse effect on our reputation,
business, financial condition and results of operations.
32
We may be unable
to prevent or address the misappropriation of our data, which could damage our reputation and materially adversely impact our business.
Third
parties may misappropriate our data through website scraping, bots or other means and aggregate this data on their websites with data
from other companies. In addition, copycat websites or online apps may misappropriate data and attempt to imitate our brand or the functionality
of our planned website. If we become aware of such websites or online apps, we intend to employ technological or legal measures in an
attempt to halt their operations. However, we may be unable to detect all such websites or online apps in a timely manner and, even if
we could, technological and legal measures may be insufficient to halt their operations immediately or completely. In some cases, particularly
in the case of websites or online apps operating outside of the United States, our available remedies may not be adequate to protect
us against the effect of the operation of such websites or online apps. Regardless of whether we can successfully enforce our rights against
the operators of these websites or online apps, any measures that we may take could require us to expend significant financial or other
resources, which could harm our business, results of operations or financial condition. In addition, to the extent that such activity
creates confusion among consumers or advertisers, our brand and business could be harmed.
Changes in state
laws and regulations governing our business, or changes in the interpretation of such laws and regulations, could negatively impact our
business.
State
statutes typically provide state regulatory agencies with significant powers to interpret, administer and enforce the laws relating to
the purchase of life insurance policies. Under statutory authority, state regulators have broad discretionary power and may impose new
licensing requirements, interpret or enforce existing regulatory requirements in different ways or issue new administrative rules, even
if not contained in state statutes. State regulators may also impose rules that may restrict and negatively impact our industry. Because
of the history of certain abuses in the industry, we believe it is likely that state insurance regulation will increase and grow more
complex during the foreseeable future. We cannot, however, predict what any new regulation would specifically involve.
The
emergence of new biotechnologies has led to frequent legislation governing the use of genetic information in insurance. The federal regulation,
Genetic Information Nondiscrimination Act ("
GINA
"), prohibits the use of genetic information by health insurers, but
it does not apply to life insurance or epigenetics at this time. To date, a small minority of states have adopted a GINA-like framework,
essentially prohibiting the use of genetic information for life insurance underwriting and risk classification. Other states have laws
regulating, though not prohibiting, the use of genetic information in life insurance. While epigenetics' distinguishable features
exempt it from the text of, and rationale behind, current laws regulating the use of genetic information in life insurance, any adverse
change in present laws or regulations, or their interpretation in one or more states in which we may operate (or an aggregation of states
in which we may conduct a significant amount of business) could result in our curtailment or termination of operations in such jurisdictions,
or cause us to modify our operations in a way that adversely affects our profitability. Any such action could have a corresponding material
and negative impact on our results of operations and financial condition, primarily through a material decrease in revenues, and could
also have a material adverse effect on our business, financial condition and results of operations.
New legislation
or legal requirements may affect how we communicate with our customers, which could have a material adverse impact on our business model,
financial condition, and results of operations.
State
and federal lawmakers and insurance regulators are focusing upon the use of customer communications, including concerns about transparency,
deception, and fairness, in particular. Changes in laws or regulations, or changes in the interpretation of laws or regulations by a regulatory
authority may decrease our revenues and earnings and may require us to change the manner in which we conduct some aspects of our business.
In addition, our business and operations are subject to various U.S. federal, state, and local consumer protection laws, including laws
which place restrictions on the use of automated tools and technologies to communicate with wireless telephone subscribers or consumers
generally. For example, a California law, effective as of July 2019, makes it unlawful for any person to use a bot to communicate with
a person in California online with the intent to mislead the other person about its artificial identity for the purpose of knowingly deceiving
the person about the content of the communication in order to incentivize a purchase of goods or services in a commercial transaction.
Although we take steps to comply with this and other laws restricting the use of electronic communication tools, no assurance can be given
that we will not be exposed to civil litigation or regulatory enforcement. Further, to the extent that any changes in law or regulation
further restrict the ways in which we communicate with prospective or current customers, these restrictions could result in a material
reduction in our customer acquisition and retention, reducing the growth prospects of our business, and materially adversely impact our
business, financial condition and results of operations.
33
Risks Related to Our
Intellectual Property
If we are unable
to protect our patent pending methods of identifying saliva-based epigenetic biomarkers or intellectual property in general, the value
of our brand and other intangible assets may be diminished, and our business may be adversely impacted.
We
depend on our proprietary technology, intellectual property and services for our business plans, success and ability to compete. We rely
and expect to continue to rely on a combination of confidentiality and other agreements with our employees, consultants and third parties
with whom we have relationships or with whom we plan to have relationships, and who may have access to confidential or patentable aspects
of our research and development output, as well as the trademark, copyright, patent and trade secret protection and common law rights
and laws, to protect our proprietary rights. For example, we rely on trade secret protection for building and validating an extensive
number of machine learning models that use epigenetic data derived from different types of tissues to predict a wide variety of targets,
such as direct mappings to life insurance classification, smoking use and/or extent, alcohol use and/or extent, etc. Although we enter
into confidentiality and other agreements to protect these and other proprietary technologies, any of these parties may breach the agreements
and disclose information before a patent application is filed, and jeopardize our ability to seek patent protection, if we were not able
to use the courts to enjoin the disclosure in advance. In addition, our ability to obtain and maintain valid and enforceable patents or
patent licenses depends on whether the differences between our inventions and the prior art allow our inventions to be patentable over
the prior art. Since publications in the scientific literature often lag behind the actual discoveries, and patent applications do not
publish until 18 months after filing, we are never certain we are the first to make the inventions claimed in any of our patents
or that we are the first to file for patent protection of such patents. In other words, priority is never known until an application is
prosecuted. Additionally, third parties may knowingly or unknowingly infringe our proprietary rights, and third parties may challenge
our proprietary rights held, pending and future patent, copyright, trademark and other applications, which, if successful, may not be
approved and which may affect our ability to prevent infringement without incurring substantial expense. In addition, the laws of some
foreign countries do not protect proprietary rights to the same extent as do the laws of the United States.
If
the protection of our proprietary rights are inadequate to prevent use or appropriation by third parties, the value of our brand and other
intangible assets may be diminished and competitors may be able to more effectively mimic our service and methods of operations. Despite
our efforts to protect our proprietary rights, attempts may be made to copy or reverse engineer aspects of our products or services, or
to obtain and use information that we regard as proprietary and which a judge may not enjoin. Accordingly, we may be unable to protect
our proprietary rights against unauthorized third-party copying or use. Furthermore, as a practical matter, policing the unauthorized
use of our intellectual property would be difficult for us, because of the private nature of our competitors and because our competitors
may offer competing products as software-as-a-service, which may limit the ability to discover a competitor's use of our proprietary
technology. Litigation may be necessary in the future to enforce our intellectual property rights, to protect our trade secrets, or to
determine the validity and scope of the proprietary rights of others. Litigation and/or any of the events above could result in substantial
costs and diversion of resources, and could have a material adverse impact on our business, financial condition and results of operations.
We may be unable
to obtain sufficiently broad protection, or we may lose intellectual property protection.
As
patent and trademark prosecution of biotechnology inventions is highly uncertain, involves complex legal and factual questions, and has
been the subject of litigation in recent years, the issuance, scope, validity, enforceability and commercial value of our intellectual
property rights are highly uncertain. Our pending and future trademark or patent applications may not result in issued trademarks and
patents that protect our products and services, which would render us unable to prevent others from commercializing the same or similar
products and services that we offer. The coverage of trademark and patent claims may be significantly reduced before such intellectual
property approval is granted and the scope and validity of issued trademarks and patents can also be challenged after grant, which, if
successful, may not provide us meaningful protection, may not allow us to exclude competitors or may not provide us with any competitive
advantage.
34
Despite
our efforts, we may not be able to maintain confidentiality for our trade secrets and proprietary know-how. In addition, our trade secrets
and proprietary know-how may otherwise become known or be independently discovered by others. No guarantee can be given that others
will not independently develop substantially equivalent proprietary information or techniques, or otherwise gain access to our proprietary
technology. We rely on a combination of patent, trademark, and trade secret protection to establish and protect the ideas, concepts, and
know-how for the products, services and technology we develop. Our failure to establish patent, trademark and trade secret protection
for our technology and intellectual property rights could enable our competitors to more effectively compete and have an adverse impact
on our business, financial condition and results of operations.
We may not be able
to protect our intellectual property rights throughout the world.
Filing,
prosecuting and defending trademarks or future patents on our products and services in all countries throughout the world would be prohibitively
expensive. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as the laws
of the United States, and we may encounter difficulties in protecting and defending such rights in foreign jurisdictions. Our owned and
licensed patent applications are pending in the U.S. only and thus these present patent applications, even if granted, cannot cover any
foreign countries in the future. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries
outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions.
Competitors may use our technologies (even copying from the patent disclosures) in jurisdictions where we have not obtained patent protection
to develop their own products and may also export infringing products to territories where we have patent protection. These products may
compete with our products and our patents or other intellectual property rights may not be effective or sufficient to prevent them from
competing.
Many
companies have encountered significant problems in protecting and defending intellectual property rights in various foreign jurisdictions.
The legal systems of many other countries do not favor the enforcement of patents and other intellectual property protection, particularly
those relating to biotechnology, which could make it difficult for us to stop the infringement of our patents in such countries. Proceedings
to enforce our current trademark and potential future patent rights in foreign jurisdictions could result in substantial cost and divert
our efforts and attention from other aspects of our business, could put our intellectual property at risk of not issuing, being invalidated,
or interpreted narrowly, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate
and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual
property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we
develop or license.
Changes in trademark
or patent law in the United States and other jurisdictions could diminish the value of our potential future trademarks and patents in
general, thereby adversely impacting our ability to protect our products and services.
Changes
in either the trademark or patent laws or in interpretations of trademark or patent laws in the United States or other countries or regions
may diminish the value of our intellectual property. We cannot predict the breadth of claims that may be allowed or enforced in our potential
future trademarks and patents or in third-party intellectual property. In the United States, prior to March 16, 2013, assuming
that other requirements for patentability were satisfied, the first to invent the claimed invention was entitled to the patent, while
outside the United States, the first to file a patent application was entitled to the patent. On or after March 16, 2013, under the
Leahy-Smith America Invents Act (or the America Invents Act), enacted on September 16, 2011, the United States transitioned
to a first inventor to file system in which, assuming that other requirements for patentability are satisfied, the first inventor to file
a patent application will be entitled to the patent on an invention regardless of whether a third party was the first to invent the claimed
invention. As such, a third party that files a patent application in the United States Patent and Trademark Office (the "
USPTO
")
before us could be awarded a patent covering an invention of ours even if we had made the invention before it was made by such third party.
This will require us to be cognizant of the time from invention to filing of a patent application. Since patent applications in the United
States and most other countries are confidential for a period of time after filing or until issuance, we cannot be certain that we or
our licensors were the first to either file any patent application related to our products or services, or invent any of the inventions
claimed in our or its licensor's patents or patent applications.
35
The
America Invents Act also includes a number of significant changes that affect the way patent applications will be prosecuted and also
may affect patent litigation. These include allowing third-party submission of prior art to the USPTO during patent prosecution and
additional procedures to attack the validity of a patent by USPTO-administered post-grant proceedings, including post-grant review,
inter
partes
review, and derivation proceedings. Because of a lower evidentiary standard in USPTO proceedings compared to the evidentiary
standard in U.S. federal courts necessary to invalidate a patent claim, a third party could potentially provide evidence in a USPTO proceeding
sufficient for the USPTO to hold a claim invalid even though the same evidence would be insufficient to invalidate the claim if first
presented in a district court action. Accordingly, a third party may attempt to use the USPTO procedures to invalidate our patent claims
that would not have been invalidated if first challenged by the third party as a defendant in a district court action. Therefore, the
America Invents Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our owned or in-licensed patent applications
and the enforcement or defense of our owned or in-licensed issued patents, all of which could have a material adverse
impact on our business.
Recent
U.S. Supreme Court rulings have also narrowed the scope of patent protection available in specific circumstances (e.g., regarding domestic
processes) and weakened the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability
to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained.
Depending on decisions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change
in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might
obtain in the future.
We may be subject
to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third
parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
We
have employed and expect to employ or contract with individuals who were previously employed by or were independent contractors for universities
or other companies, including our competitors or potential competitors. Although we try to ensure that our employees, consultants and
independent contractors do not use the proprietary information or know-how of others in their work for us, we may
be subject to claims that our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed trade
secrets or other proprietary information of their former employers or other third parties, or to claims that we have improperly used or
obtained such trade secrets. Litigation may be necessary to defend against these claims. If we fail in defending such claims, in addition
to paying monetary damages, we may lose valuable intellectual property rights or personnel, or lose the ability to use certain technologies,
all of which could adversely impact our business. A loss of use of certain technologies or key research personnel work product could hamper
or prevent our ability to commercialize potential products and services, which could harm our business. Even if we are successful in defending
against these claims, litigation could result in substantial costs and be a distraction to management and other employees.
We may not be successful
in registering and enforcing our trademarks.
As
we apply to register our unregistered trademarks in the United States and other countries, our applications may not be allowed for registration
in a timely fashion or at all, and our registered trademarks may not be maintained or enforced. Trademark enforcement is always uncertain,
since proving infringement requires a showing of consumer confusion in addition to use by the defendant of a similar or identical trademark.
In addition, opposition or cancellation proceedings may be filed against our trademark applications and registrations, and our trademarks
may not survive such proceedings. In certain countries outside of the United States, trademark registration is required to enforce trademark
rights. If we do not secure registrations for our trademarks, we may encounter more difficulty in enforcing them against third parties
than we otherwise would.
36
We may be subject
to claims challenging the inventorship or ownership of our patents and other intellectual property.
We
may be subject to claims that former employees, collaborators or other third parties have an interest in our future owned or in-licensed patents,
trade secrets or other intellectual property as an inventor or co-inventor. Ownership disputes may arise, for example, from conflicting
obligations of employees, consultants or others who are involved in developing our future products and services.
Litigation
may be necessary to defend against these and other claims by a third party challenging inventorship of our or our licensors' ownership
of our future owned or in-licensed patents, trade secrets or other intellectual property. If we or our licensors fail in defending
any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership
of, or a right to use, intellectual property or technology that is important to our product or services. Alternatively, we may need to
obtain one or more additional licenses from certain third parties, which could be time-consuming and expensive and could result in
substantial costs and diversion of resources and could have a material adverse effect on our business. Even if we are successful in defending
against such claims, litigation could result in substantial costs and be a distraction to management and other employees. Any of the foregoing
could have a material adverse impact on our business, financial condition, and results of operations.
If we become involved
in trademark or patent litigation or other proceedings related to a determination of rights, we could incur substantial costs and expenses,
substantial liability for damages or be required to stop our development and commercialization efforts of our products and services.
There
is a substantial amount of litigation, both within and outside the United States, involving trademark, patent and other intellectual property
rights in the insurance technology industry, including patent and trademark infringement lawsuits, declaratory judgment litigation and
adversarial proceedings before the USPTO, including trademark oppositions and cancellations, patent interferences, derivation proceedings,
ex
parte
reexaminations, post-grant review and
inter partes
review, as well as corresponding proceedings in
foreign courts and foreign patent offices.
We
may, in the future, become involved with litigation or actions at the USPTO or foreign patent offices with various third parties. We expect
that the number of such claims may increase as our industry expands, more trademarks and patents are issued, the number of products or
services increases and the level of competition in our industry increases. Any infringement claim, regardless of its validity, could harm
our business by, among other things, resulting in time-consuming and costly litigation, diverting management's time and attention
from the development of our business, requiring the payment of monetary damages (including possible treble damages, attorney's fees,
costs and expenses) or royalty payments.
It
may be necessary for us to pursue litigation or adversarial proceedings before the trademark or patent office in order to enforce our
patent and proprietary rights or to determine the scope, coverage and validity of the proprietary rights of others. The outcome of any
such litigation might not be favorable to us, and even if we were to prevail, such litigation could result in substantial costs and diversion
of resources and could have a material adverse impact on our business, financial condition and results of operations.
As
we move into new markets and expands our products or services offerings, incumbent participants in such markets may assert their patents
and other proprietary rights against us as a means of slowing our entry into such markets or as a means to extract substantial license
and royalty payments from us. In addition, future litigation may involve patent holding companies or other adverse patent owners who have
no relevant product or service revenue and against whom our own patents may provide little or no deterrence or protection.
37
Because
patent applications can take many years to issue, there may be currently pending patent applications that may later result in issued patents
that our current or future products, technologies and services may infringe. We cannot be certain that we have identified or addressed
all potentially significant third-party patents in advance of an infringement claim being made against us. In addition, similar to
what other companies in our industry have experienced, we expect our competitors and others may have trademarks or patents or may in the
future obtain trademarks or patents, and assert that making, having made, using, selling, offering to sell or importing its products or
services infringes these trademarks or patents. Defense of infringement and other claims, regardless of their merit, would involve substantial
litigation expense and would be a substantial diversion of management and employee resources from our business. Parties making claims
against us may be able to sustain the costs of complex trademark or patent litigation more effectively than we can because they have substantially
greater resources. Parties making claims against us may be able to obtain injunctive or other relief, which could block our ability to
develop, commercialize and sell products or services and could result in the award of substantial damages against us, including possible
treble damages, attorney's fees, costs and expenses if we are found to have willfully infringed. In the event of a successful claim
of infringement against us, we may be required to pay damages and ongoing royalties and obtain one or more licenses from third parties,
or be prohibited from selling certain products or services. We may not be able to obtain these licenses on acceptable or commercially
reasonable terms, if at all, or these licenses may be non-exclusive, which could result our competitors gaining access
to the same intellectual property. In addition, we could encounter delays in product or service introductions while we attempt to develop
alternative products or services to avoid infringing third-party patents or proprietary rights. Defense of any lawsuit or failure
to obtain any of these licenses could prevent us from commercializing products or services, and the prohibition of sale of any of our
products or services could materially impact our business and our ability to gain market acceptance for our products or services.
We
maintain multiple forms of proprietary information, the value of which is derived from the proprietary nature of such information. Employees
of ours or third parties that are or become privy to our proprietary information may, despite our efforts, misappropriate such information.
Such misappropriation may result in publication or other public release of such information. In such an event, although we may have a
cause of action against any such parties, such legal action is costly and may not result in sufficient compensation to ameliorate the
loss of competitive advantages enjoyed by our confidential possession of such proprietary information. Additionally, such proprietary
information, once published or otherwise released to the public, may not be returned to a secret state, and may be copied or otherwise
imitated or used by competitors of ours without legal recourse or means of compensation by us. Such loss could materially adversely impact
our business, financial condition and results of operations.
Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation, although courts are empowered to protect
confidential information using protective orders. In addition, during the course of this kind of litigation, there could be public announcements
of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results
to be negative, it could have a substantial adverse effect on the price of our Class A Common Stock.
In
addition, our agreements with some of our customers, suppliers or other entities with whom we do business require us to defend or indemnify
these parties to the extent they become involved in infringement claims, including the types of claims described above. We could also
voluntarily agree to defend or indemnify third parties in instances where we are not obligated to do so if we determine it would be important
to our business relationships. If we are required or agree to defend or indemnify third parties in connection with any infringement claims,
we could incur significant costs and expenses that could materially adversely impact our business, financial condition and results of
operations.
38
Patent terms may
be inadequate to protect our competitive position with respect to our products and services for an adequate amount of time.
Patents
have a limited lifespan. In the United States, if all maintenance fees are timely paid, the natural expiration of a patent is generally
20 years from its earliest U.S. non-provisional filing date. Various extensions may be available, but the life of
a patent, and the protection it affords, is limited. Even if patents covering our products and services are obtained, once the patent
life has expired, we may be open to competition from competitive products — and the patent document itself is a disclosure
enabling such competitors. Given the amount of time required for the development, testing and regulatory review of new products and services,
patents protecting such products and services might expire before or shortly after such products and services are commercialized. As
a result, our future owned and currently licensed patent portfolio may not provide it with sufficient rights to exclude others from commercializing
products similar or identical to ours.
We utilize open-source
software, which may pose particular risks to our proprietary software and source code.
We
use open-source software in our proprietary software and will use open-source software in the future. Companies that incorporate
open-source software into their proprietary software and products have, from time-to-time, faced claims challenging the use of open-source software
and compliance with open-source license terms. Some licenses governing the use of open-source software contain requirements
that we make available source code for modifications or derivative works we create based upon the open-source software, and that
we license such modifications or derivative works under the terms of a particular open-source license or other license granting third
parties certain rights of further use. By the terms of certain open-source licenses, we could be required to release the source code
of certain aspects of our proprietary software, and to make our proprietary software available under open-source licenses to third
parties at no cost if we combine certain aspects of proprietary software with open-source software in certain manners. Although we
monitor our use of open-source software and have a policy of full compliance with all open-source software license terms, we
cannot assure that all open-source software is reviewed prior to use in our software, that our developers have not incorporated open-source software
into our proprietary software, or that they will not do so in the future.
Additionally,
the terms of many open-source licenses to which we are subject have not been interpreted by U.S. or foreign courts. There is a risk
that open-source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability
to market or provide certain aspects of its proprietary software. Companies that incorporate open-source software into their products
have, in the past, faced claims seeking enforcement of open-source license provisions and claims asserting ownership of open-source software
incorporated into their proprietary software, and claims for damages for failure to fully comply with those applicable licenses. If an
author or other third party that distributes such open-source software were to allege that we have not complied with the conditions
of an open-source license, we could incur significant legal costs defending ourselves against such allegations. In the event such
claims were successful, we could be subject to significant damages or be enjoined from the distribution of our proprietary software. In
addition, the terms of open-source software licenses may require us to provide certain aspects of our software that we develop using
such open-source software to others on unfavorable license terms. As a result of our current or future use of open-source software,
we may face claims or litigation, be required to release certain aspects of our proprietary source code, pay damages for breach of contract, re-engineer its proprietary
software, discontinue making our proprietary software available in the event that re-engineering cannot be accomplished
on a timely basis, discontinue certain aspects or functionality of our products and testing services, or take other remedial action. Any such re-engineering or other
remedial efforts could require significant additional research and development resources, and we may not be able to successfully complete
any such re-engineering or other remedial efforts. Further, in addition to risks related to license requirements,
use of certain open-source software can lead to greater risks than use of third-party commercial software, as open-source licensors
generally do not provide warranties or controls on the origin of the software. Any of these risks could be difficult to eliminate or manage,
and, if not addressed, could have a material adverse impact on our business, financial condition and results of operations.
39
Risks Related to Owning
Our Securities
The public market
for our securities is volatile. This may affect not only the ability of our investors to sell their securities, but the price at which
they can sell their securities.
Since
the consummation of our Business Combination, our Class A Common Stock (NYSE American: FOXO) has traded as low as $0.23
per
share based upon daily closing prices, and day-to-day trading has been volatile at times. This volatility may continue or increase in
the future. The market price for the securities may be significantly affected by factors such as progress in the development of our technology,
commercialization of our technology, variations in quarterly and yearly operating results, general trends in the life insurance industry,
and other uncertainties further described in this section. Furthermore, recently the stock market has experienced extreme price and volume
fluctuations that are unrelated or disproportionate to the operating performance of the affected companies, such as the market reactions
to internet marketed 'short squeezes', the coronavirus outbreak and recent macroeconomic factors such as inflationary pressures
and higher interest rates. Such broad market fluctuations may adversely affect the market price of our securities.
We are subject
to the continued listing standards of the NYSE American and our failure to satisfy these criteria may result in delisting of our Class
A Common Stock
.
Our
Class A Common Stock is listed on the NYSE American. In order to maintain this listing, we must maintain a certain share price, financial
and share distribution targets, including maintaining a minimum amount of stockholders' equity and a minimum number of public stockholders.
In addition to these objective standards, the NYSE American may delist the securities of any issuer (i) if, in its opinion, the issuer's
financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent of public distribution or the
aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; (iii) if
the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer fails to comply with
the NYSE American's listing requirements; (v) if an issuer's securities sell at what the NYSE American considers a "low
selling price" which the exchange generally considers $0.20 per share and the issuer fails to correct this via a reverse split
of shares after notification by the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing
on the NYSE American, in its opinion, inadvisable. There are no assurances how the market price of our Class A Common Stock will be impacted
in future periods as a result of the general uncertainties in the capital markets and any specific impact on our Company as a result
of the recent volatility in the capital markets. If the NYSE American delists our Class A Common Stock, investors may face material adverse
consequences, including, but not limited to, a lack of trading market for our Class A Common Stock, reduced liquidity, decreased analyst
coverage of our Class A Common Stock, and an inability for us to obtain any additional financing to fund our operations that we may need.
40
USE OF PROCEEDS
We will receive up to $131.2
million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash, but not from the sale of the
shares of Class A Common Stock issuable upon such exercise. Each Public and Private Warrant entitles the holder thereof to purchase one
share of Common Stock at a price of $11.50 per share. Each Assumed Warrant entitles the holder thereof to purchase one share of Common
Stock at a price of $6.21 per share. However, we may lower the exercise price of the Public Warrants and the Private Warrants in accordance
with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The Company may effect such reduction in exercise
price without the consent of such warrant holders and such reduction would decrease the maximum amount of cash proceeds we would receive
upon the exercise in full of the Warrants for cash. In addition, in the event the Company issues Class A Common Stock or common stock
equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants, then the exercise price of the Assumed Warrants
may be reduced and any subsequent exercises would decrease the amount of proceeds the Company receives for each share of Class A Common
Stock (see "
Description of Securities of the Company – Warrants)
.
On April 26, 2023, the closing price for our Class A Common Stock was
$0.43. If the price of our Class A Common Stock remains below the respective Warrant exercise prices per share, we believe our warrant
holders will be unlikely to cash exercise their Warrants, resulting in little or no cash proceeds to us. We expect to use the net proceeds
from the exercise of the Warrants for general corporate purposes, including working capital, operating expenses and capital expenditures.
We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance that the holders of the
Warrants will elect to exercise any or all of such Warrants. To the extent that the Warrants are exercised on a "cashless basis,"
the amount of cash we would receive from the exercise of the Warrants will decrease.
All of the Class A Common
Stock and the Private Warrants offered by the Selling Securityholders pursuant to this prospectus will be sold by the Selling Securityholders
for their respective accounts. We will not receive any of the proceeds from these sales.
DETERMINATION OF OFFERING PRICE
The offering price of the
shares of Class A Common Stock underlying the Public Warrants, the Private Warrants and the Assumed Warrants offered hereby is determined
by reference to the exercise price per share of the Public Warrants, Private Warrants and Assumed Warrants of $11.50, $11.50 and $6.21,
respectively, subject to adjustment as described herein. The Public Warrants are listed on NYSE American under the symbol "FOXO
WS".
We cannot currently determine
the price or prices at which shares of our Class A Common Stock or Warrants may be sold by the selling securityholders under this prospectus.
41
MARKET INFORMATION FOR SECURITIES AND DIVIDEND
POLICY
Market Price and Ticker Symbols
Our shares of Class A Common
Stock and Public Warrants are currently listed on NYSE American under the symbols "FOXO" and "FOXO.WS," respectively.
The closing price of our shares of Class A Common Stock on April 26,
2023 was $0.43.
The closing price of our Public
Warrants on April 26, 2023 was $0.02.
Holders
As of December 31, 2022,
there were 75 holders of record of our Class A Common Stock, 12 holders of record of our Public Warrants, 11 holders of record of the
Private Warrants and 72 holders of record of the Assumed Warrants. We believe a substantially greater number of beneficial owners hold
shares of Class A Common Stock or Public Warrants through brokers, banks or other nominees.
Dividend Policy
We have never declared or
paid any cash dividend on our capital stock. We do not anticipate paying any cash dividends in the foreseeable future and we intend to
retain all of our earnings, if any, to finance our growth and operations and to fund the expansion of our business. Payment of any dividends
will be made in the discretion of our board of directors. Our board of directors may take into account general and economic conditions,
our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual,
legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders or by our subsidiaries to
us and such other factors as our board of directors may deem relevant. In addition, our ability to pay dividends is limited by our credit
facilities and may be limited by covenants of other indebtedness we or our subsidiaries incur in the future.
42
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion
and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and
related notes that appear elsewhere in this registration statement. In addition to historical information, this discussion and analysis
contains forward-looking statements that involve risks, uncertainties, assumptions and other factors that could cause actual results
to differ materially from those made, projected or implied in the forward-looking statements. Factors that could cause or contribute
to these differences include, but are not limited to, those discussed below and elsewhere particularly in the "Risk Factors"
and "Cautionary Note Regarding Forward-Looking Statements" sections of this registration statement. Unless otherwise
indicated or the context otherwise requires, references in this section to "we," "our," "us" and other
similar terms refer to FOXO and its consolidated subsidiaries after the Business Combination. Dollar amounts are in thousands, unless
otherwise noted.
Formation
We were formed as a limited
liability company on November 11, 2019, following our separation (the "
Separation
") from GWG Holdings, Inc. (the
"
Member
"). We were previously named InsurTech Holdings, LLC and FOXO BioScience LLC. On November 13, 2020,
FOXO Bioscience LLC completed a conversion to a C Corporation ("
Corporate Conversion
") and became FOXO.
Effective September 15, 2022,
we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger Sub Inc. merged with
and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of the Company. Upon consummation of our Business Combination,
our name changed from Delwinds Insurance Acquisition Corp. to FOXO Technologies Inc.
Overview
FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.
The convergence of two cutting-edge
technologies: DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as epigenetic signatures and will provide valuable insights to insurers that will inform their underwriting
and product development.
By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers' health and lifestyle choices will help insurers tailor their offerings to meet their clients' needs and provide
insurers with data to plan for their client's future financial needs.
We have two core product offerings:
the "Underwriting Report," and the "Longevity Report™." The Underwriting Report allows us to leverage a
single assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately
assess clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing
companion product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health
and wellness. It can also be sold separately. We believe the combination of these two reports provides a valuable win for our insurance
carrier partners as well as their customers.
43
FOXO is operationalizing a
sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report.
FOXO currently markets and sells life insurance products underwritten and issued by third-party carriers through distribution relationships.
 This distribution model (the "MGA Model") allows FOXO to appoint sales agents and producers to sell insurance products
for specific carriers and earn commissions on subsequent policy sales. Depending on the terms of the agreement between FOXO and the carrier
FOXO MGA, the Longevity Report may be included at the time of the policy purchase at no charge or may be available at an additional cost
to the consumer. We believe the Longevity Report will make longevity science a core aspect to the relationship between life insurance
and consumers.
The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to revolutionize the life insurance sales and underwriting
experience to the betterment of consumers and carriers alike.
Business Trends
●
Life Insurance Demand.
According to the 2021 Insurance Barometer Study, there are significant increases in consumer interest and demand for life insurance, with nearly one-third (31%) of consumers surveyed reporting COVID-19 has made them more likely to purchase life insurance in the next 12 months. In addition, the study reported the first sales gains in life insurance since 1983 and described that 22% of Americans (29 million consumers) owning life insurance believe they need more coverage and 59% of Americans (73 million consumers) without life insurance say they would like to acquire coverage. That means 102 million Americans say they either need life insurance coverage or want more of it. The study identified Millennials (ages 22-40) as the demographic most influenced by the pandemic, with 48% surveyed saying they plan to purchase coverage in the next year. Thus, despite the record-low household ownership of life insurance, the 2021 Insurance Barometer Study indicated Americans' intent to purchase life insurance is at an all-time high.
●
Product Innovation.
As life insurance carriers and distributors look to engage consumers' renewed interest in life insurance coverage, industry analysts suggest that life insurance can succeed by adopting technology to (i) personalize every aspect of the consumer experience, transition from a traditional "assess and service" model toward a customer-centric "prescribe and prevent" model of health management; and (ii) develop innovative product solutions that place emphasis on product flexibility and innovation, including value-added services and nonmonetary benefits to attract consumers. Other analysts point to the need to reduce sales friction for both consumers and agents that stems from long underwriting timelines as a result of invasive blood and urine specimen collection.
Segments
We manage and classify our
business into two reportable business segments:
(i)
FOXO Labs
FOXO Labs is commercializing
proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global life insurance industry.
Our innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting
and risk assessment. Our research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health
and wellness factors used in life insurance underwriting traditionally obtained through blood and urine specimens. FOXO Labs anticipates
recognizing revenue related to sales of the Underwriting Report and Longevity Report.
FOXO Labs currently recognizes
revenue from providing epigenetic testing services and collecting a royalty from Illumina, Inc. related to the sales of the Infinium Mouse
Methylation Array. The Company's saliva-based health and wellness testing solutions for underwriting and risk classification are
expected to be its largest source of revenue. FOXO Labs conducts research and development and such costs are recorded within research
and development expenses on the consolidated statements of operations.
44
(ii)
FOXO Life
FOXO Life is redefining the
relationship between consumers and insurer by combining life insurance with healthy longevity. FOXO Life seeks to transform the value
proposition of the life insurance carrier from a provider of mortality risk protection products to a promoter of its customers'
health and wellness. The distribution of insurance products with FOXO's Longevity Report strives to provide life insurance consumers
with valuable information and insights about their individual health and wellness.
FOXO Life currently has residual
commission revenues from its legacy insurance agency business. FOXO Life has begun receiving insurance commission from the distribution
and sale of life insurance policies based on the size and type of policies sold to customers. FOXO Life costs are recorded within selling,
general and administrative expenses on the consolidated statements of operations.
Acquisition of Insurance Entity
We completed our acquisition
of Memorial Insurance Company of America ("
MICOA
") on August 20, 2021. Purchase consideration for the acquisition
of MICOA totaled $1,155, which included an indefinite-lived insurance license intangible asset recorded at a fair value of $63 and cash
of $1,092. We fair valued reinsurance recoverables and policy reserves as part of the acquisition. The existing statutory capital and
surplus remains with us post-acquisition. The approval by the Arkansas Insurance Department requires us to maintain statutory capital
and surplus of no less than $5,000 and a risk-based capital ratio of 301% or greater in the regulated insurance entity. MICOA has been
renamed FOXO Life Insurance Company.
As part of the transaction
and while our subsidiary, the former owners of MICOA administer and 100% reinsure all policies outstanding as of the acquisition date.
FOXO Life Insurance Company has not issued any new insurance policies since the acquisition and all premiums, reinsurance recoverables,
and policy reserves relate to the 100% reinsured business. Additionally, as part of the transaction and while our subsidiary FOXO Life
Insurance Company remains liable only in the event the reinsuring company is unable to meet its obligations under the reinsurance agreement.
FOXO Life Insurance Company
is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the
Arkansas Insurance Department. The activity of FOXO Life Insurance Company post-acquisition is included in the consolidated financial
statements in accordance with generally accepted accounting principles.
On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement. After the Merger Consideration and Security National's third party expenses, the transaction resulted in the Company
gaining access to $4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code.
For additional
information concerning FOXO Life Insurance Company operations, see "
Recent Developments – FOXO Life Insurance Company
"
below.
Comparability of Financial Results
On September 15, 2022, we
consummated the transactions contemplated by the Merger Agreement. Immediately upon the Closing, the name of the combined company was
changed to FOXO Technologies Inc.
Legacy FOXO was determined
to be the accounting acquirer in the Business Combination. Accordingly, the acquisition of Legacy FOXO by the Company was accounted for
as a reverse recapitalization. Under this method of accounting, the Company was treated as the acquiree for financial reporting purposes.
The net assets of the Company were stated at their historical cost, with no goodwill or other separately identifiable intangible assets
recorded. The balance sheet, results of operations and cash flows prior to the Business Combination are those of Legacy FOXO.
45
Simultaneously with the execution
of the Merger Agreement, Delwinds entered into a Common Stock Purchase Agreement (the "
ELOC Agreement
") with CF Principal
Investments LLC (the "
Cantor Investor
"), pursuant to which, assuming satisfaction of certain conditions and subject
to limitations set forth in the ELOC Agreement, the Company would have the right, from time to time to sell the Cantor Investor up to
$40,000 in shares of the Company's Class A common stock (the "
Class A Common Stock
") until the first day of the
next month following the 36-month anniversary of when the SEC has declared effective a registration statement covering the resale of such
shares of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier. On November 8, 2022, the Company
and Cantor mutually terminated the ELOC Agreement. Upon the termination of the ELOC Agreement, the related Registration Rights Agreement,
dated as of February 24, 2022 (the "
Registration Rights Agreement
"), by and between the Company and Cantor was automatically
terminated in accordance with its terms.
In accordance with the terms
of the Merger Agreement, at Closing, the Company (i) acquired 100% of the issued and outstanding Legacy FOXO Class A common stock (the
"
FOXO Class A Common Stock
") in exchange for equity consideration in the form of the Company's Class A Common
Stock, (ii) acquired 100% of the issued and outstanding shares of Legacy FOXO Class B common stock (the "
FOXO Class B Common
Stock
") in exchange for equity consideration in the form of the Company's Class A Common Stock.
Immediately prior to the Closing,
the following transactions occurred:
●
8,000,000 shares of Legacy FOXO Series A preferred stock (the "
FOXO Preferred Stock
") were exchanged for 8,000,000 shares of FOXO Class A Common Stock.
●
The 2021 Bridge Debentures in the principal amount, together with accrued and unpaid interest, of $24,402 were converted into 6,759,642 shares of FOXO Class A Common Stock.
●
The holders of the 2022 Bridge Debentures in the principal amount, together with accrued and unpaid interest, of $34,496 were converted into 7,810,509 shares of FOXO Class A Common Stock.
As a result of and upon the
Closing, among other things, (1) all outstanding shares of FOXO Class A Common Stock (after giving effect to the conversion of the FOXO
Preferred Stock into shares of FOXO Class A Common Stock) and FOXO Class B Common Stock were converted into 15,518,705 shares of the Company's
Class A Common Stock, (2) all FOXO options and FOXO warrants outstanding immediately before the Closing ("
Assumed Options
"
and "
Assumed Warrants
", as applicable) were assumed and converted, subject to adjustment pursuant to the terms of the
Merger Agreement, into options and warrants, respectively, of the Company, exercisable for share of the Company's Class A Common
Stock and (3) other than the Assumed Options and Assumed Warrants, all other convertible securities and other rights to purchase capital
stock Legacy FOXO were retired and terminated, if they were not converted, exchanged or exercised for Legacy FOXO stock immediately prior
the Closing.
Recent Developments
FOXO Life Insurance Company
In
connection with the Business Combination, we submitted various filings with the Arkansas Insurance Department (the "
Department
")
to ensure compliance with Arkansas insurance laws. After review and analysis of the relevant documentation and meetings with us, on September
9, 2022, the Department advised us that it concluded that the Business Combination did not require approval from the Department given
that there was no change in the ultimate controlling party. Due to market conditions, our capitalization following the Business Combination
did not materialize in the way the Company anticipated, and we do not currently possess the funding that we believe would be required
to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO Life Insurance Company. As such,
we decided to not move forward with the launch of FOXO Life Insurance Company. The outstanding policies issued by FOXO Life Insurance
will continue to be administered and reinsured by the former owners of MICOA (as defined below). We intend to focus on selling products
issued by third-party carriers through our MGA Model (see "
Business Overview — MGA Insurance Products
").
On
January 10, 2023, we entered into a merger agreement (the "
Security National Merger Agreement
") with Security National
Life Insurance Company, a Utah corporation ("
Security National
"), FOXO Life, LLC, a Delaware limited liability company
and wholly-owned subsidiary of the Company ("
FOXO Life
"), and FOXO Life Insurance Company (fka Memorial Insurance Company
of America ("
MICOA
")), an Arkansas corporation and wholly-owned subsidiary of the Seller, pursuant to which, subject
to the terms and conditions of the Security National Merger Agreement, the Company agreed to sell FOXO Life Insurance Company to Security
National.
46
On
February 3, 2023, we consummated the sale of FOXO Life Insurance Company to Security National pursuant to the Security National Merger
Agreement, whereby FOXO Life Insurance Company merged with and into Security National, with Security National continuing as the surviving
corporation. As a result of the merger, the Company is no longer required to hold cash and cash equivalents required to be held as statutory
capital and surplus, as required under the Arkansas Insurance Code (the "
Arkansas Code
").
After
the Merger Consideration and Security National's third party expenses, the transaction resulted in the Company gaining access to
$4,751 that was previously held as statutory capital and surplus pursuant to the Arkansas Code.
The
Company maintains both the FOXO Life and FOXO Labs segments after the sale of FOXO Life Insurance. The Company previously indicated in
its quarterly report on Form10-Q for the quarterly period ended September 30, 2022, that due to market conditions, our capitalization
following the Business Combination did not materialize in the way the Company anticipated, and we did not currently possess the funding
that we believe would be required to satisfy state regulations and regulatory bodies to issue new life insurance policies through FOXO
Life Insurance Company. As such, we did not move forward with the launch of FOXO Life Insurance Company and sold the entity to enhance
stockholder value. The outstanding policies issued by FOXO Life Insurance Company were previously administered and reinsured by the former
owners who once again own the entity and will continue to administer the policies. We intend to focus on selling products issued by third-party
carriers through our MGA Model and FOXO Life segment. Accordingly, the sale formalizes that we will not issue any policies through FOXO
Life Insurance Company. Our FOXO Labs segment continues to work on commercializing our epigenetic biomarker technology for underwriting
risk classification.
Exchange Offer and PIK Note Offer to Amend
On April 27, 2023,
the Company commenced an exchange offer (the "
Exchange Offer
"), pursuant to a Schedule TO filed with the SEC on such
date, whereby holders of the Assumed Warrants will be able to exchange such Assumed Warrants for shares of Class A Common Stock at a rate
of 4.83 shares for each Assumed Warrant during the Offer Period (as defined below), pursuant to the terms and conditions of (i) an Offer
to Exchange Warrants to Acquire Shares of Class A Common Stock and Consent Solicitation and (ii) a Letter of Transmittal and Consent.
In order to participate in the Exchange Offer, holders of Assumed Warrants must agree to a general release (the "
Exchange
Offer General Release Agreement
").
The "
Offer Period
"
is the period commencing on April 27, 2023 and ending at 11:59 p.m., Eastern Time, on May 26, 2023, or such later date to which
the Company may extend the Exchange Offer or PIK Note Offer to Amend (as defined below), as applicable (the "
Exchange Offer Expiration
Date
" or "
PIK Note Offer to Amend Expiration Date
," as applicable).
As part of the Exchange Offer,
the Company is also soliciting consents (the "
Consent Solicitation
") to amend and restate, in accordance with its terms,
the Securities Purchase Agreement, dated as of January 25, 2021, by and between Legacy FOXO, and assumed by the Company in connection
with the Business Combination, and each purchaser of securities identified on the signature pages thereto (as amended, the "
Original
Securities Purchase Agreement
"), which governs all the Assumed Warrants, pursuant to the Amendment and Restatement (the "
Warrant
Amendment
") to provide that the issuance of shares of Class A Common Stock and certain issuances of Common Stock Equivalents
(as defined in the Original Securities Purchase Agreement) in connection with the Exchange Offer, the PIK Note Amendment, the 2022 Debenture
Release, a Private Placement and a Public Financing (each as defined below), and as Private Placement Additional Consideration (as defined
below), as well as any previous issuance of Class A Common Stock or Common Stock Equivalents (as defined in the Original Securities Purchase
Agreement), do not trigger, and cannot be deemed to have triggered, any anti-dilution adjustments in the securities issued pursuant to
the Original Securities Purchase Agreement, including the Assumed Warrants.
Any holder of Assumed Warrants
who elects to participate in the Exchange Offer by executing and delivering a Letter of Transmittal and Consent, together with any other
required documents in accordance with the terms of the Exchange Offer, will be deemed to have authorized, approved, consented to and executed
the Warrant Amendment and the Exchange Offer General Release Agreement.
47
The consummation of the Exchange
Offer is conditioned upon, among other things, stockholder approval in accordance with NYSE American Company Guide Section 713, which
may not be waived by the Company, and Assumed Warrants being exchanged in the Exchange Offer the holders of which own at least 50.01%
in interest of the convertible debentures issued pursuant to the Original Securities Purchase Agreement, based on the initial subscription
amounts thereof (which is the minimum amount required to amend the Original Securities Purchase Agreement), which may be waived by the
Company in its sole discretion. The Company may cancel the Exchange Offer if any of the conditions of the Exchange Offer are not satisfied
prior to the Exchange Offer Expiration Date.
If all outstanding Assumed
Warrants are tendered in the Exchange Offer, the Company's obligation to issue 1,905,853 shares of Class A Common Stock under the
Assumed Warrants would be eliminated and approximately 9,205,270 shares of Class A Common Stock, subject to stockholder approval, would
be issued to the Assumed Warrant holders in exchange for the Assumed Warrants.
Concurrently with the Exchange
Offer, the Company is soliciting approval from the holders of the Company's 15% Senior Promissory Notes (the "
PIK Notes
"),
pursuant to a separate Schedule TO filed with the SEC on April 27, 2023, of certain amendments to the PIK Notes during the Offer Period,
in exchange for shares of Class A Common Stock (the "
PIK Note Offer to Amend
"), pursuant to the terms and conditions
of (i) an Offer to Amend 15% Senior Promissory Notes and Consent Solicitation and (ii) an Election to Consent. Specifically, the Company
is soliciting amendments to the Senior Promissory Note Purchase Agreement, dated September 20, 2022, between the Company and each purchaser
thereof (the "
PIK Note Purchase Agreement
"), which governs all of the PIK Notes, to permit the following issuances
by the Company of Class A Common Stock and Common Stock Equivalents (as defined in the PIK Note Purchase Agreement), without prepaying
the PIK Notes as required by the terms of the PIK Note Purchase Agreement: (i) the issuance of shares of Class A Common Stock in the Exchange
Offer, (ii) the issuance of shares of Class A Common Stock in the PIK Note Offer to Amend, (iii) the issuance of shares of Class A Common
Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in connection with the 2022 Debenture Release, (iv)
the issuance of shares of Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement) in (a) a private placement
of the Company's equity, equity-linked or debt securities resulting in gross proceeds to the Company no greater than $5 million
(a "
Private Placement
") and/or (b) a registered offering of the Company's equity, equity-linked or debt securities
resulting in gross proceeds to the Company no greater than $20 million (a "
Public Financing
"); provided that (A) the
proceeds of a Private Placement resulting in gross proceeds to the Company of at least $2 million are used by the Company to prepay not
less than 25% of the Outstanding Principal Balance (as defined in the PIK Notes) as of the date of prepayment on a pro rata basis upon
the closing of such Private Placement, and (B) the proceeds of a Public Financing resulting in gross proceeds to the Company of at least
$10 million are used by the Company to prepay all of the Outstanding Principal Balance as of the date of prepayment upon the closing of
such Public Financing, and (v) the issuance of shares of Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note
Purchase Agreement) as Private Placement Additional Consideration (as defined below) (collectively, the "
PIK Note Amendment
").
Pursuant to the PIK Note Offer to Amend, and assuming stockholder approval of the issuance of the shares in connection therewith in accordance
with NYSE American Company Guide Section 713 (which condition may not be waived by the Company), consenting holders of the PIK Notes will
receive, assuming receipt of the consent to approve the PIK Note Amendment from holders that purchased at least 50.01% in interest of
the aggregate principal balance of the PIK Notes (which condition may be waived by the Company in its sole discretion), 1.25 shares of
Class A Common Stock for every $1.00 of the original principal amount of their PIK Notes, on the terms and subject to the conditions of
the PIK Note Offer to Amend. In order to participate in the PIK Note Offer to Amend, holders of PIK Notes must agree to a general release
(the "
PIK Note Offer to Amend General Release Agreement
"). The Company may cancel the PIK Note Offer to Amend if any
of the conditions of such offer are not satisfied prior to the PIK Note Offer to Amend Expiration Date.
Any holder of PIK Notes who
elects to participate in the PIK Offer to Amend by executing and delivering an Election to Consent, together with any other required documents
in accordance with the terms of the PIK Note Offer to Amend, will be deemed to have authorized, approved, consented to and executed the
PIK Note Amendment and the PIK Note Offer to Amend General Release Agreement.
48
Assuming the Company receives
consents from all PIK Note holders and stockholder approval is obtained, the Company will issue on a pro rata basis to the holders of
the PIK Notes approximately 4,321,875 shares of Class A Common Stock in consideration for the PIK Note Amendment, on the terms and subject
to the conditions of the PIK Note Offer to Amend.
The shares of Class A Common
Stock issuable in the Exchange Offer and the PIK Note Offer to Amend are "restricted securities" and may not be sold by the
holder absent a registration statement covering their resale or an exemption from the registration requirements of federal and applicable
state securities laws. The Company will undertake at its sole expense to file appropriate resale registration statements (respectively,
the "
Exchange Offer Registration Statement
" and the "
PIK Note Offer to Amend Registration Statement
,"
and collectively, the "
Registration Statements
") with the SEC covering all of the shares of Class A Common Stock to
be issued pursuant to the Exchange Offer and the PIK Note Offer to Amend promptly following the issuance of such shares of Class A Common
Stock to holders of the Assumed Warrants and the PIK Note holders who participate in the Exchange Offer and the PIK Note Offer to Amend,
each as applicable, but no later than 30 days thereafter (the "
Filing Deadline
"); provided that the Company (a) will
use its commercially reasonable efforts to have the Registration Statements declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 60th day after the applicable Filing Deadline (or the 90th day if the SEC notifies the
Company that it will review the applicable Registration Statement) and (ii) the fifth business day after the date that the Company is
notified by the SEC that the applicable Registration Statement will not be reviewed or will not be subject to further review (the "
Target
Effectiveness Date
"), (b) will issue to each holder of Assumed Warrants and PIK Notes participating in the Exchange Offer or
PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in the Exchange Offer
or the PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Filing Deadline until the
Company files the applicable initial Registration Statement, pro-rated for each day beyond the Filing Deadline, up to a total of 20% of
the shares of Class A Common Stock originally issued in the Exchange Offer or the PIK Note Offer to Amend, as applicable, to such participating
holder (the "
Additional Shares
"), (c) will issue to each holder of Assumed Warrants or PIK Notes participating in the
Exchange Offer or PIK Note Offer to Amend, as applicable, an additional 5% of the shares of Class A Common Stock originally issued in
the Exchange Offer or PIK Note Offer to Amend, as applicable, to such participating holder for each 30-day period from the Target Effectiveness
Date until the applicable initial Registration Statement is declared effective, pro-rated for each day beyond the Target Effectiveness
Date, up to, together with the Additional Shares, a total of 20% of the shares of Class A Common Stock originally issued in the Exchange
Offer or PIK Note Offer to Amend, as applicable, to such participating holder, and (d) may not effect a reverse split of the outstanding
shares of Class A Common Stock sooner than 15 calendar days after the PIK Note Offer to Amend Registration Statement is declared effective
by the SEC without prepaying the PIK Notes in full.
There will be no contractual
lock-up with regard to the shares of Class A Common Stock issued pursuant to the Exchange Offer or the PIK Note Offer to Amend, although
any resale of such shares will be subject to the provisions of applicable securities laws.
If the Company conducts a Private
Placement because the PIK Note Amendment has been approved, each investor who participates in the Private Placement who was a holder of
Assumed Warrants or PIK Notes as of the commencement of the Exchange Offer or the PIK Note Offer to Amend, as applicable, and each former
holder of 2022 Debentures, may receive additional shares of Class A Common Stock or Common Stock Equivalents (as defined in the Original
Securities Purchase Agreement or the PIK Note Purchase Agreement, as applicable) as further consideration for participating in the Private
Placement, in addition to the equity purchase price and other terms of such Private Placement offered to all investors, whether or not
such holder of Assumed Warrants tendered Assumed Warrants or consented to the Amendment and Restatement in the Exchange Offer and whether
or not such holder of PIK Notes consented to the PIK Note Amendment in the PIK Note Offer to Amend (the "
Private Placement Additional
Consideration
").
The Board has also authorized
the Company to offer Class A Common Stock or Common Stock Equivalents (as defined in the PIK Note Purchase Agreement or the Original Securities
Purchase Agreement, as applicable) in exchange for a general release by the former holders of 2022 Bridge Debentures, which 2022 Bridge
Debentures were automatically converted into Class A common stock of Legacy FOXO and exchanged by the Company for Class A Common Stock
in connection with the Business Combination, subject to stockholder approval and other conditions to be determined by the Company, at
a future date to be determined by the Company (the "
2022 Debenture Release
"). As currently contemplated, each former
holder of the 2022 Bridge Debentures that executes such general release would receive approximately 0.67 shares of Class A Common Stock
for every $1.00 of original principal amount of its 2022 Bridge Debentures, and if all former holders of 2022 Bridge Debentures execute
such general release, up to 18,760,000 shares of Class A Common Stock would be issued by the Company to such former holders of the 2022
Bridge Debentures.
49
Non-GAAP Financial Measures
To supplement our financial
information presented in accordance with U.S. GAAP, management periodically uses certain "non-GAAP financial measures,"
as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future.
Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash
flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented
in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures,
gains, losses and impairments, or items outside of management's control. Management believes that the following non-GAAP financial
measure provides investors and analysts useful insight into our financial position and operating performance. Any non-GAAP measure provided
should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP.
Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented
by other companies and therefore may not be comparable among companies.
Adjusted EBITDA provides additional
insight into our underlying, ongoing operating performance and facilitates period-to-period comparisons by excluding the earnings impact
of interest, tax, depreciation and amortization, investment impairment, non-cash change in fair value of convertible debentures, and equity-based
compensation. Management believes that presenting Adjusted EBITDA is more representative of our operational performance and may be more
useful for investors. Adjusted EBITDA along with a reconciliation to net loss is shown in Other Operating Data within the Results of Operations
below.
Results of Operations
Upon closing of the Business
Combination, we changed our name to FOXO Technologies Inc. Results of operations included within this registration statement pertaining
to periods ending prior to the Closing of the Business Combination on September 15, 2022 are those of Legacy FOXO.
Years Ended December 31, 2022 and 2021
(Dollars in thousands)
2022
2021
Change in
$
Change in
%
Total revenue
$
511
$
120
$
391
326
%
Cost of sales
344
-
344
N/A
%
Gross profit
167
120
47
39
%
Operating expenses:
Research and development
3,047
4,879
(1,832
)
(38
)%
Management contingent share plan
10,091
-
10,091
N/A
%
Selling, general and administrative
27,196
10,272
16,924
165
%
Total operating expenses
40,334
15,151
25,183
166
%
Loss from operations
(40,167
)
(15,031
)
(25,136
)
167
%
Non-cash change in fair value of convertible debentures
(28,180
)
(21,703
)
(6,477
)
30
%
Change in fair value of warrant liability
2,076
-
2,076
N/A
%
Forward purchase agreement expense
(27,337
)
-
(27,337
)
N/A
%
Other non-operating expenses
(1,647
)
(1,754
)
107
(6
)%
Total non-operating expense
(55,088
)
(23,457
)
(31,631
)
135
%
Net loss
$
(95,255
)
$
(38,488
)
$
(56,767
)
147
%
Revenues.
Total
revenues were $511 for the year ended December 31, 2022, compared to $120 for the year ended December 31, 2021. During the year ended
December 31, 2022, the Company recognized $400 of revenue related to epigenetic biomarker services that did occur in the year ended December
31, 2021. This increase was offset by a combined $9 decrease in life insurance commissions earned and epigenetic biomarker royalties because
we ceased placing policies from our legacy agency business and had a reduction of the royalty rate on Illumina, Inc.'s license to
manufacture and sell Infinium Mouse Methylation Arrays using our epigenetic research.
50
Research and Development.
Research
and development expenses were $3,047 for the year ended December 31, 2022, compared to $4,879 for the year ended December 31, 2021. The
decrease of $1,832, or 38%, was driven by $3,310 of expenses incurred during the year ended December 31, 2021, related to Harvard University's
Brigham and Women's Hospital Physicians' Health Study ("
PHS
") that were insignificant in the comparable
period. This included three milestone payments totaling $926 thousand, required at commencement, upon transfer of clinical data, and upon
the receipt of human materials used in the study, respectively. There are no additional milestone payments due for PHS. The remaining
expenses related to supplies and data processing to obtain epigenetic data. PHS is currently in a data organizing and analysis phase.
As such, the Company does not expect to incur additional material expenses related to PHS after December 31, 2022. This decrease was partially
offset by $696 of incremental research and development costs associated with a clinical trial agreement with The Brigham and Women's
Hospital, Inc. ("
VECTOR
"), the majority of which related to a payment at contract inception. The research study associated
with this arrangement is on hold. Additional employee-related expenses incurred during the year ended December 31, 2022, also partially
offset the decrease in research and development expenses over the comparison period.
Management Contingent
Share Plan.
Management contingent share plan expenses were $10,091 for the year ended December 31, 2022, as a result of
issuing awards as part of the Business Combination. We began recognizing expense related to the performance condition for entering into
a commercial research collaboration agreement. $8,695 of the expense recognized on the Management Contingent Share Plan relates to the
service-based conditions that no longer applied to the former CEO and is subject to forfeiture pending conclusion of the Board of Director's
review. As of December 31, 2022, the Board of Directors was in process of reviewing whether our former Chief Executive Officer, Jon Sabes,
was terminated with or without cause. Accordingly, we have yet to make a determination on our obligations to the former Chief Executive
Officer. We have recognized expenses related to his management contingent share plan per the terms of that arrangement while the matter
remains under review.
Selling, General and
Administrative.
Selling, general and administrative expenses were $27,196 for the year ended December 31, 2022 compared to
$10,272 for the year ended December 31, 2021. The increase of $16,924, or 165%, was primarily due to (i) $6,654 of equity-based compensation
costs associated with the Consulting Agreement, Cantor Commitment Fee, and vendor shares in the year ended December 31, 2022, (ii) $1,283
of amortization expense that began when assets were placed in service in the year ended December 31, 2022, and (iii) $1,370 of impairment
charges in the year ended December 31, 2022, related to the health study tool and insurance license. The remaining increase of $7,617
was incurred to support business growth and the implementation of our business plan, primarily related to employee-related expenses, insurance
expenses, as well as incremental professional services incurred in connection with the Business Combinations.
Non-Cash Change in Fair
Value of Convertible Debentures.
The non-cash change in fair value of convertible debentures was $28,180 for the year ended December
31, 2022, compared to $21,703 for the year ended December 31, 2021. We elected the fair value option to account for the 2021 Bridge Debentures
and 2022 Bridge Debentures. The increase in fair value for the year ended December 31, 2021, was the result of the increased likelihood
of voluntary or mandatory conversion at OIP, which represents a favorable result to holders of the debentures. The change for the year
ended December 31, 2022, also reflected the increase in fair value associated with incurring additional debt.
Change in Fair Value
of Warrant Liabilities.
The change in fair value of warrant liabilities was $2,076 during the year ended December 31, 2022 as
a result of a reduction in the fair value of derivative warrant liabilities assumed as part of the Business Combination.
Forward Purchase Agreement
Expense.
The forward purchase agreement expense was $27,337 during the year ended December 31, 2022 due to the forward purchase
agreement entered into as part of the Business Combination and the decline in our stock price. The expense primarily relates to the cancellation
of the agreement, amounts released from escrow to the counterparty as a result of open market sales, and settling the collateral liability.
51
Other Expense.
We
recognized other expense of $1,647 for the year ended December 31, 2022 compared to $1,754 for the year ended December 31, 2021. This
decrease was the result of a $400 investment impairment in the year ended December 31, 2021 that was partially offset by incremental contractual
interest expense incurred in the year ended December 31, 2022 in connection with the 2021 Bridge Amendment.
Net Loss.
Net
loss was $95,255 for the year ended December 31, 2022, which reflects an increase of $56,767 or 147% over the $38,488 net loss in the
prior year comparable period. This increase was primarily due to increases in non-cash change in fair value of convertible debentures,
increases in selling, general and administrative expenses, and incurring forward purchase agreement expenses.
Analysis of Segment Results:
The following is an analysis
of our results by reportable segment for the year ended December 31, 2022 compared to the year ended December 31, 2021. The primary income
measure used for assessing reportable segment performance is earnings before interest, income taxes, depreciation, amortization, and equity-based
compensation. Segment Earnings by reportable segment also excludes corporate and other costs, including management, IT, and overhead costs.
For further information regarding our reportable business segments, please refer to our consolidated financial statements and related
notes included elsewhere in this prospectus.
FOXO Labs
(Dollars in thousands)
2022
2021
Change in
$
Change in
%
Total revenue
$
483
$
85
$
398
468
%
Research and development expenses
3,252
4,875
(1,623
)
(33
)%
Segment Earnings
$
(2,769
)
$
(4,790
)
$
2,021
(42
)%
Revenues.
Total
revenues were $483 and $85 for the year ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the Company
recognized $400 of revenue related to epigenetic biomarker services with the remaining revenue in both periods from earned royalties on
Illumina, Inc.'s license to manufacture and sell Infinium Mouse Methylation Arrays using our epigenetic research.
Segment Earnings.
Segment
Earnings increased from ($4,790) for the year ended December 31, 2021 to ($2,769) for the year ended December 31, 2022. The increase of
$2,021 was driven by $3,310 of expenses incurred during the year ended December 31, 2021 related to PHS that were insignificant in the
2022 comparable period. This decrease was partially offset by $696 of incremental research and development costs associated with VECTOR,
the majority of which related to a payment at contract inception. The research study associated with this arrangement is on hold. Additional
employee-related expenses incurred during the year ended December 31, 2022 also partially offset the decrease in research and development
expenses over the comparison period.
FOXO Life
(Dollars in thousands)
2022
2021
Change in
$
Change in
%
Total revenue
$
28
$
35
$
(7
)
(20
)%
Selling, general and administrative expenses
3,763
2,416
1,347
56
%
Segment Earnings
$
(3,735
)
$
(2,381
)
$
(1,354
)
57
%
Revenues.
Total
revenues were $28 for the year ended December 31, 2022 compared to $35 for the year ended December 31, 2021. The decrease was due to reduced
life insurance commissions earned as we ceased placing policies from our legacy agency business.
Segment Earnings.
Segment
Earnings decreased from ($2,381) for the year ended December 31, 2021 to ($3,735) for the year ended December 31, 2022. The decrease of
($1,354) was primarily due to incremental employee-related expenses and costs for professional services.
52
Other Operating Data:
We use Adjusted EBITDA to
evaluate our operating performance. Adjusted EBITDA does not represent and should not be considered an alternative to net income as determined
by U.S. GAAP, and our calculations thereof may not be comparable to those reported by other companies. We believe Adjusted EBITDA is an
important measure of operating performance and provides useful information to investors because it highlights trends in our business that
may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our
operating performance. Adjusted EBITDA, as presented herein, is a supplemental measure of our performance that is not required by, or
presented in accordance with, U.S. GAAP. We use non-GAAP financial measures as supplements to our U.S. GAAP results in order to provide
a more complete understanding of the factors and trends affecting our business. Adjusted EBITDA is a measure of operating performance
that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S.
GAAP.
We reconcile our non-GAAP
financial measure to our net loss, which is its most directly comparable financial measure calculated and presented in accordance with
U.S. GAAP. Our management uses Adjusted EBITDA as a financial measure to evaluate the profitability and efficiency of our business model.
Adjusted EBITDA is not presented in accordance with U.S. GAAP. Adjusted EBITDA includes adjustments for provision for income taxes, as
applicable, interest income and expense, depreciation and amortization, equity-based compensation, and certain other infrequent and/or
unpredictable non-cash charges or benefits, such as impairment, changes in fair value of convertible debentures, changes in fair value
of warrant liabilities, and expenses related to the forward purchase agreement.
For the year ended
December 31,
(Dollars in thousands)
2022
2021
Net loss
$
(95,255
)
$
(38,488
)
Add: Depreciation and amortization
1,487
98
Add: Interest expense
1,440
1,118
Add: Equity-based compensation
(1)
17,689
131
Add: Non-cash change in fair value of convertible debentures
28,180
21,703
Add: Change in fair value of warrant liability
(2,076
)
-
Add: Impairment charges
(2)
1,370
400
Add: Forward purchase agreement expense
27,337
-
Adjusted EBITDA
$
(19,828
)
$
(15,038
)
(1)
Includes
expense recognized related to the shares issued to the Consultant, vendor shares, and for the Cantor Commitment Fee. See Notes 6 and
7 of the consolidated financial statements.
(2)
Includes
impairment for the health study tool, insurance license and investment impairment. See Notes 3 and 4 of the consolidated financial statements.
Liquidity and Capital Resources
Sources of Liquidity and Capital
We had cash and cash equivalents
of $5,515 and $6,856 as of December 31, 2022 and December 31, 2021, respectively. We have incurred net losses since our inception. For
the year ended December 31, 2022 and 2021, we incurred net losses of $95,255 and $38,488, respectively. We had an accumulated deficit
of $147,231 and $51,976, respectively, as of December 31, 2022, and December 31, 2021. We have generated limited revenue to date and expect
to incur additional losses in future periods.
As part of the Business Combination,
we entered into a Forward Purchase Agreement and ELOC Agreement to fund our business; however, these agreements have since been terminated
as a result of the performance of our stock. The Business Combination ultimately resulted in a significant number of redemptions limiting
our proceeds. Additionally, we are unlikely to receive proceeds from the exercise of outstanding Warrants as a result of the difference
between our current trading price of our Class A Common Stock and the exercise price of the various Warrants, as further discussed below.
Our current revenue is not adequate to fund our operations in the next twelve months, as further described under "Liquidity Update"
below, and requires us to fund our business through other avenues until the time we achieve adequate scale. Securing additional capital
is necessary to execute on our business strategy.
53
FOXO Life Insurance Company Sale
As discussed above under "
Recent
Developments – FOXO Life Insurance Company
,"
we consummated the sale of FOXO Life
Insurance Company to Security National pursuant to the Security National Merger Agreement. After the Merger Consideration and Security
National's third party expenses, the transaction resulted in the Company gaining access to $4,751 that was previously held as statutory
capital and surplus pursuant to the Arkansas Code.
Impact of this Offering on Liquidity
Sales of a substantial number of our shares of Class A Common Stock
and/or Public Warrants in the public market by the Selling Securityholders and/or by our other existing securityholders, or the perception
that those sales might occur, could depress the market price of our shares of Class A Common Stock and Public Warrants and could impair
our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may
have on the prevailing market price of our shares of Class A Common Stock and Public Warrants. The total amount of shares being registered
for resale represent a substantial percentage of our total outstanding Class A Common Stock as of the date of this prospectus. The shares
being offered for resale in this prospectus represent 19.5% of our current total outstanding Class A Common Stock, assuming the exercise
of all Warrants. Further, certain Selling Securityholders beneficially own a significant percentage of our outstanding Class A Common
Stock. For instance, the members of the Sponsor beneficially own in the aggregate
4,039,614 shares, or 14.7% of our Class
A Common Stock, and Jon Sabes, our previous Chief Executive Officer and Chairman and former member of the Board, beneficially owns 3,741,062
shares, or 13.1% of our Class A Common Stock. These shares may be resold for so long as the registration statement, of which this prospectus
forms a part, is available for use. The sale of all securities being offered in this prospectus could result in a significant decline
in the public trading price of our Class A Common Stock.
In the event of the exercise of any Warrants for cash, we will receive
the proceeds from such exercise. Assuming the exercise in full of all of the Warrants for cash, we would receive an aggregate of approximately
$131.2 million, but would not receive any proceeds from the sale of the shares of Class A Common Stock issuable upon such exercise. To
the extent any of the Warrants are exercised on a "cashless basis" in accordance with their terms, we will not receive any
proceeds upon such exercise. We expect to use any proceeds we receive from Warrant exercises for general corporate and working capital
purposes, which would increase our liquidity. We believe the likelihood that warrant holders will exercise their Warrants, and therefore
the amount of cash proceeds we would receive, is dependent upon the trading price of our Class A Common Stock, the last reported sales
price for which was $0.43 per share on April 26, 2023. If the trading price of our Class A Common Stock is less than the respective Warrant
exercise prices, we expect that warrant holders will not exercise their Warrants. There is no guarantee the Warrants will be in the money
while exercisable and prior to their expiration, and as such, the Warrants may expire worthless and we may receive no proceeds from the
exercise of Warrants. As a result, we do not expect to rely on the cash exercise of Warrants to fund our operations and cannot depend
on such proceeds to support working capital and capital expenditure requirements for the next twelve months. We will continue to evaluate
the probability of Warrant exercises and the merit of including potential cash proceeds from the exercise of the Warrants in its future
liquidity projections. We currently expect to rely on the sources of funding described in this prospectus, and any future financings,
if available on reasonable terms or at all.
54
In addition, the current
exercise price is $11.50 per share for the Public and Private Warrants. However, we may lower the exercise price of the Public Warrants
and the Private Warrants in accordance with Section 9.8 of the Warrant Agreement to induce the holders to exercise such warrants. The
Company may effect such reduction in exercise price without the consent of such warrant holders and such reduction would decrease the
maximum amount of cash proceeds we would receive upon the exercise in full of the Warrants for cash. In addition, in the event the Company
issues Class A Common Stock or common stock equivalents that trigger the full ratchet anti-dilution provision in the Assumed Warrants,
then the exercise price of the Assumed Warrants may be reduced and any subsequent exercises would decrease the amount of proceeds the
Company receives for each share of Class A Common Stock.
Prior
Financings
Prior to the closing of the
Business Combination, we financed our business through a combination of equity and debt, consisting of proceeds from a subscription receivable
and proceeds from convertible debenture offerings. The subscription receivable initially totaled $20,000, with the last installment being
received during the third quarter of 2021.
During the first quarter of
2021, we entered into separate securities purchase agreements with the 2021 Bridge Investors, pursuant to which we issued convertible
debentures for $11,812 in aggregate principal. After an original issue discount of 12.5% we received cash proceeds of $10,500 for this
issuance. Additionally, we incurred an incremental $888 of fees and expenses related to the offering. The 2021 Bridge Debentures were
issued in three tranches, on January 25, 2021, February 23, 2021, and March 4, 2021.
Additionally, during the first
quarter of 2022, we entered into separate securities purchase agreements with the 2022 Bridge Investors, pursuant to which we issued the
2022 Bridge Debentures for $24,750 in aggregate principal. After an original issue discount of 10.0% we received cash proceeds of $22,500
for this issuance. In the second quarter of 2022, we issued additional 2022 Bridge Debentures pursuant to which we raised an additional
$5,500 in cash proceeds or $6,050 in aggregate principal amount under the same terms as the issuance of the 2022 Bridge Debentures in
the first quarter of 2022, resulting in total cash proceeds of $28,000 from the issuance of the 2022 Bridge Debentures.
Immediately prior to the Closing,
the 2021 Bridge Debentures and 2022 Bridge Debentures were converted into 6,759,642 and 7,810,509, respectively, shares of FOXO Class
A Common Stock and were subsequently exchanged for shares of the Company's Class A Common Stock at the Closing of the Business Combination.
During the third quarter of
2022, we entered into separate securities purchase agreements pursuant to which we issued our Senior PIK Notes in the aggregate principal
of $3,458. We received net proceeds of $2,918, after deducting fees and expenses of $540.
Going Concern
Our primary uses of cash are
to fund our operations as we continue to grow our business. We expect to continue to incur operating losses in the near term to support
the growth of our business. Capital expenditures have historically not been material to our consolidated operations, and we do not anticipate
making material capital expenditures in 2022 or beyond. We expect that our liquidity requirements will continue to consist of working
capital and general corporate expenses associated with the growth of our business. Based on our current planned operations, we expect
to address our liquidity needs through the pursuit of additional funding through a combination of equity or debt financings to enable
us to fund our operations for at least 12 months from the date hereof.
We expect proceeds from the
FOXO Life Insurance Company sale to contribute in funding our operations until June 2023. In the event we are unable to secure financing
by that time, we may be forced to sell the company, suspend our operations, and possibly even liquidate our assets and wind-up and dissolve
our Company. As such, until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there is
substantial doubt about the Company's ability to continue as a going concern.
55
We have based our estimates
as to how long we expect we will be able to fund our operations on assumptions that may prove to be wrong, and we could use our available
capital resources sooner than we currently expect, in which case we would be required to obtain additional financing sooner than currently
projected, which may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have
a negative impact on our financial condition and our ability to pursue our business strategy. We may raise additional capital through
equity offerings, debt financings or other capital sources. If we do raise additional capital through public or private equity offerings,
or convertible debt offerings, the ownership interest of our existing stockholders will be diluted, and the terms of these securities
may include liquidation or other preferences that adversely impact our existing stockholders' rights. If we raise additional capital
through debt financing, we may be subject to covenants limiting or restricting our ability to take certain actions. As discussed above
under "Recent Developments – Memorandum Regarding Assumed Warrants and PIK Note" the Company is pursuing amendments
to existing agreements to help it raise additional capital.
Liquidity Update
In connection with the evaluation
of the Business Combination, our management prepared and provided to our Board of Directors and Delwinds' financial advisor unaudited
prospective financial information, which included projected revenues for fiscal year 2022 of $2,000. The prospective financial information
was prepared using a number of assumptions, including assumptions with respect to general business, economic, market, regulatory and financial
conditions and various other factors, all of which are difficult to predict and many of which are beyond FOXO's control. Based on
the $511 of revenue recognized during the year ended December 31, 2022, we had substantially less revenue than previously anticipated.
The significant reduction in revenue is due to several factors including but not limited to (i) the Business Combination taking longer
than expected to consummate, which was not considered when the forecast was originally prepared, (ii) the updates to the business strategy
to focus on the MGA Model as opposed to starting to sell policies through FOXO Life Insurance Company requiring us to adjust our operations
and resulting in zero revenue from the sale of policies through FOXO Life Insurance Company, (iii) the royalties earned from our mouse
methylation biomarker royalties being lower than forecast as a result of lower sales than expected and as a result of a reduced royalty
rate in exchange for releasing us from a purchase commitment and (iv) the Company's continued focus on capital raising initiatives.
As previously discussed, the sale of FOXO Life Insurance Company improved our liquidity by giving us access to $4,751 that was previously
subject to statutory capital and surplus requirements
.
Cash Flows
Years Ended December 31, 2022 and 2021
The following table summarizes
our cash flow data for the years ended December 31, 2022 and 2021 (dollars in thousands):
Cash Provided by /
(Used in)
Years Ended December 31,
2022
2021
Operating Activities
$
(23,760
)
$
(15,055
)
Investing Activities
$
(1,870
)
$
(355
)
Financing Activities
$
24,289
$
14,143
Operating Activities
Net cash used for operating
activities in the year ended December 31, 2022 was $23,760 compared to $15,055 in the year ended December 31, 2021. Operating cash flow
decreased $8,705, or 58%, from the year ended December 31, 2021 to the year ended December 31, 2022. The decrease was the result
of an increased net loss, primarily driven by non-cash items, as well as increased working capital.
56
Investing Activities
Net cash used for investing
activities in the year ended December 31, 2022 was $1,870 compared to $355 in the year ended December 31, 2021. This investing cash flow
decrease of $1,515 was due to incremental costs incurred to develop internal use software, partially offset by a decrease in investments
made.
Financing Activities
Net cash provided by financing
activities in the year ended December 31, 2022 was $24,289 compared to $14,143 in the year ended December 31, 2021. This financing cash
flow increase was the result of higher debt proceeds of $28,000 from the 2022 Bridge Debentures and $2,918 net proceeds from the Senior
PIK Notes compared to $10,500 from the 2021 Bridge Debentures. This was partially offset by reduced proceeds received on our Subscription
Receivable during the year ended December 31, 2021, warrant repurchases and the series of transactions associated with the Business Combination.
Off-Balance Sheet Financing Arrangements
We have no obligations, assets
or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions that create relationships
with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established
for the purpose of facilitating off-balance sheet arrangements.
We have not entered into any
off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,
or entered into any non-financial assets.
Contractual Obligations
Our contractual obligations
as of December 31, 2022 include:
Amounts Due by Period
(Dollars in thousands)
Less than
1 Year (d)
1 - 3 years
3 - 5 years
More than
5 years
Total (e)
License agreements (a)
$
25
80
80
-
$
185
Research agreements (b)
13
-
-
-
13
Senior PIK Notes (c)
-
3,588
-
-
3,588
Vendor commitments (d)
146
-
-
-
146
Total
$
184
3,668
80
-
$
3,932
(a)
License
agreements remain in place until the licensor's patents expire or are abandoned. Amounts do not include development milestones
that have not been reached as of December 31, 2022.
(b)
Amounts
relate to completing CHOP in the upcoming year. See Note 16 of the consolidated financial statements.
(c)
Represents
the principal balance as of December 31, 2022. The Senior PIK Notes are subject to prepayment penalties and interest is paid through
the issuance of additional Senior PIK Notes. The ultimate amount required to settle the Senior PIK Note will vary depending on when it
is settled. See Note 5 of the consolidated financial statements.
(d)
The
Company has two vendor commitments comprising the balance shown. See Note 15 of the consolidated financial statements.
(e)
Does
not include $425 of potential milestone payments related to the VECTOR study. The milestone payments are within the control of the Company
and as of December 31, 2022 the milestones have not been met. See Note 16 of the consolidated financial statements.
57
Critical Accounting Policies
The preparation of the consolidated
financial statements and related notes included under "Item 8. Financial Statements" and related disclosures in conformity
with GAAP. The preparation of these consolidated financial statements requires the selection of the appropriate accounting principles
to be applied and the judgments and assumptions on which to base accounting estimates, which affect the reported amounts of assets and
liabilities as of the date of the balance sheets, the reported amounts of revenue and expenses during the reporting periods, and related
disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the
circumstances at the time such estimates are made. Actual results and outcomes may differ materially from our estimates, judgments, and
assumptions. We periodically review our estimates in light of changes in circumstances, facts, and experience. The effects of material
revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate.
We define our critical accounting
policies and estimates as those that require us to make subjective judgments about matters that are uncertain and are likely to have a
material impact on our financial condition and results of operations as well as the specific manner in which we apply those principles.
We believe the critical accounting policies used in the preparation of our financial statements which require significant estimates and
judgments are as follows:
Equity-Based Compensation
Historically, prior to the
Business Combination, we offered equity-based compensation to employees and nonemployees in the form of stock options and restricted stock.
We measure and recognize all equity-based payments to employees, service providers and board members at fair value. The cost of services
received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statements of
operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized
on a straight-line basis over the requisite service period. We recognize forfeitures as incurred. We utilize a Black-Scholes valuation
model to estimate the fair value of stock options and this model requires the input of assumptions, including the exercise price, volatility,
expected term, discount rate, and the fair value of the underlying membership or stock on the date of grant. These inputs are provided
at the grant date for an equity classified award and each measurement date for a liability classified award. Equity-based compensation
awards are considered granted (i) when there is a mutual understanding of key terms, (ii) we are contingently obligated to issue
the options, and (iii) the option holder begins to benefit or be adversely impacted by changes in our stock price. This primarily
occurs at the time the stock option agreements are executed.
Our option pricing model requires
the input of highly subjective assumptions, including the fair value of the underlying units or stock, the expected term of the equity-based
award, the expected volatility of the price of our common units or stock, risk-free interest rates, and the expected dividend yield of
our common units or stock. The assumptions used in our option pricing model represent management's best estimates. These estimates
involve inherent uncertainties and the application of management's judgment. If factors change and different assumptions are used,
our equity-based compensation expense could be materially different in the future.
These assumptions were estimated
as follows:
●
Fair Value of Our Common Stock: As Legacy FOXO's common stock was not publicly traded, we estimated the fair value of our common stock, as discussed in the section "Common Stock Valuations" below.
●
Risk-Free Interest Rate: We based the risk-free interest rate used in the Black-Scholes option pricing model on the implied yield to maturity available on a U.S. Treasury constant maturity security with a term commensurate with the expected term of the stock options.
●
Expected Term: We estimated the expected term using the simplified method due to the lack of historical exercise activity for our common stock. The simplified method calculates the expected term as the mid-point between the vesting term and the contractual term of the award.
58
●
Volatility: As Legacy FOXO was a privately held company with no trading history prior, we estimated the stock price volatility factor by referencing historical volatilities of comparable peer companies. To determine a set of comparable peer companies, we considered similar public companies and selected those that are most similar to us in size, stage of life cycle, and financial leverage. We intend to continue to apply this process using the same or similar public companies until sufficient historical information regarding the volatility of our own common stock share price becomes available, or unless circumstances change such that the identified companies are no longer comparable to our business, in which case, more suitable companies whose share prices are publicly available would be utilized in the calculation.
●
Dividend yield: We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. Consequently, we used an expected dividend yield of zero.
Common Stock Valuations
Prior to our initial public
offering FOXO Technologies Operating Company's common stock was not publicly traded, the fair value of our equity, which is the
basis upon which all of our equity-based compensation awards was measured and recognized, was determined by our board of directors, with
input from management and third-party valuation specialists. The third-party valuation specialists apply valuation techniques and methods
that conform to generally accepted valuation practices and standards established by the American Society of Appraisers in accordance with
Uniform Standards of Professional Appraisal Practice. The valuation methodologies and techniques utilized are also consistent with guidance
issued by the American Institute of Certified Public Accountants in its
Accounting and Valuation Guide, Valuation of Privately-Held-Company
Equity Securities Issued as Compensation, 2013
. The specialists used a variety of both objective and subjective factors, including:
●
the nature of our business and its history since inception;
●
the prices, rights, preferences, and privileges of our preferred units relative to those of our common units;
●
our stage of development;
●
our operating and financial performance and forecast;
●
the present value of estimated future cash flows;
●
the likelihood of achieving a liquidity event for the shares of common units underlying the options to purchase common stock, such as an initial public offering or sale of our company, given prevailing market conditions and the nature and history of our business;
●
any adjustment necessary to recognize a lack of marketability for our common stock;
●
the market performance of comparable publicly traded companies; and
●
conditions in the U.S. and global capital markets.
An initial valuation was performed
by an independent third-party valuation specialist in November 2019, concurrent with the formation of Legacy FOXO as a limited liability
company. In this valuation, the Cost Approach was used to determine enterprise value based on the fair market value of our assets. This
approach was utilized given our lack of earnings history and the start-up nature of our business and operations, both of which brought
into question our ability to continue as a going concern. At the time of this valuation, the estimated enterprise value was primarily
based on the subscription receivable. Another valuation was performed by an independent third-party valuation specialist in November 2020
following the corporate conversion of Legacy FOXO and in anticipation of issuing stock options. The valuation was performed using the
same methodology, but also considered a liquidation preference for preferred stock calculated using a Black-Scholes valuation model. At
the time of this valuation, the majority of the subscription receivable had already been collected, causing a reduction in the estimated
enterprise value. The liquidation preference for preferred stock and a discount for lack of marketability also had an adverse impact on
valuation, which was determined to be $0.21 per share of common stock.
59
We have historically refreshed
enterprise valuations to determine the fair value of our equity-based compensation at grant date for stock options based on the methodologies
as described.
We conduct performance reviews
twice annually following the end of the second and fourth quarter. Our first stock option grant occurred following our biannual review
after the fourth quarter of 2020, with the formal grant occurring when the stock option agreements were executed in April 2021. At
that time, the fair value of our common stock was $0.09 per share. While the preferred stock is outstanding, holders have protection from
share issuance at a price below the original issue price ("
OIP
"). Accordingly, for stock options granted in April 2021,
the exercise price per option was set at an amount slightly above the anticipated OIP. Stock options granted in April 2021 comprise
the majority of stock options outstanding as of December 31, 2022.
We completed our biannual
review following the second quarter of 2021 as we entered into negotiations with Delwinds. At this time, stock options were issued with
the same exercise price as the April 2021 grant. This was determined to be a good faith estimate as a result of the uncertainty of
the transaction, prior values of common stock, and the historical investment of our preferred stockholder. As a result of a letter of
intent (the "Letter of Intent") to merge with Delwinds, we considered it prudent to have another valuation performed to record
equity-based compensation expense in the consolidated financial statements reflective of the updated circumstances surrounding our company.
This valuation report was received subsequent to the grant of the stock options but is reflected in the consolidated financial statements
for this grant.
This valuation report reflected
a change in methodology due to the letter of intent related to the Business Combination and development of our Company as a result of
the in-process August order to acquire MICOA. This valuation report used a probability weighting of the Market Approach and Income Approach.
The Market Approach reflected the offer from Delwinds based on the pre-money valuation of FOXO plus a Monte Carlo simulation to capture
the value from earn-out shares based on exceeding specified per share price targets after closing. The Income Approach utilized a discounted
cash flow analysis to provide an estimate of enterprise value based on the present value of anticipated future cash flows. As with prior
valuations, a Black-Scholes valuation model was used to value each equity class by creating a series of call options on our equity value,
with exercise prices based on the liquidation preferences and participation rights. The non-marketability discount in this valuation report
was 20%.
Stock options were granted
in January and February of 2022 after the completion of our biannual review following the fourth quarter of 2021 based on the valuation
discussed above as the circumstances surrounding our common stock remained relatively stable during the timeframe from the valuation report
to the option grant.
Application of these approaches
and methodologies involves the use of estimates, judgment and assumptions that are highly complex and subjective, such as those regarding
our expected operations, the selection of comparable public companies, and the probability of and timing associated with possible future
events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations
as of each valuation date and may have a material impact on the valuation of our common stock.
Fair Value of Convertible Debentures
We elected the fair value
option to account for the 2021 Bridge Debentures and 2022 Bridge Debentures. The fair value option provides an election that allows a
company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at
initial recognition. We elected the fair value option to better depict the ultimate liability associated with the debentures, including
all features and embedded derivatives. The debentures accounted for under the fair value option election represent debt host financial
instruments containing certain embedded features that would otherwise be required to be bifurcated from the debt host and recognized as
separate derivative liabilities subject to initial and subsequent periodic fair value measurement in accordance with U.S. GAAP. When the
fair value option election is applied to financial liabilities, bifurcation of embedded derivatives is not required, and the financial
liability in totality is recorded at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a
recurring basis as of each balance sheet date thereafter. Upon remeasurement, the portion of a change in estimated fair value attributable
to a change in instrument-specific credit risk is recognized as a component of other comprehensive income (loss) and the remaining amount
of a change in estimated fair value is to be recognized in the consolidated statements of operations.
60
During 2021, the fair value
of the 2021 Bridge Debentures was determined using a Monte Carlo simulation, which is commonly used to value convertible debt instruments,
and is intended to provide an estimated fair value that approximates the equity value that would be received upon conversion. The significant
assumptions used in those models were as follows:
●
Likelihood of term extension: The Securities Purchase Agreements gave us the right to extend the maturity date for each issuance of convertible debentures for an additional three-month period and incur an extension amount rate of 110% of the outstanding balance. Increases in the likelihood of term extension as of a given reporting date increase the potential principal amount and thus the estimated fair value of the convertible debentures derived from the Monte Carlo simulation. Conversely, in the event that term extension is less likely as of a given reporting date, the principal is less likely to be increased, meaning the estimated fair value is likely to stay nearer to the issuance-date fair value.
●
Likelihood of conversion: The convertible debentures allowed for both: (i) voluntary conversion of aggregate principal and accrued and unpaid interest to shares of Class A common stock at the option of the holder at a price per share equal to nine and (ii) mandatory conversion of aggregate principal and accrued and unpaid interest upon FOXO consummating an offering of common stock, including a special purpose acquisition company transaction, for an aggregate price of at least $5,000 at a price per share equal to the lower of (a) 70% of the offering price per share or (b) nine. Given the terms of the convertible debt, and depending upon the fair value of our equity as of a given reporting date, voluntary and mandatory conversion features are often beneficial to holders and thus have the potential to materially increase the estimated fair value of the convertible debentures. For mandatory conversion, increases in the fair value of our equity as of a given reporting date make conversion at nine more likely, which is a favorable result to holders of the convertible debentures as compared to conversion at a price per share equal to 70% of a qualified offering price and thus increases the estimated fair value. Conversely, and while still beneficial to holders, conversion at a price per share equal to 70% of a qualified offering price increases the estimated fair value of the convertible debentures to a lesser degree than conversion at nine. Voluntary conversion is considered in the Monte Carlo simulation and affects the estimated fair value in scenarios in which a qualified offering event that would affect mandatory conversion does not take place.
Other notable, but not significant,
assumptions utilized in the Monte Carlo simulations included, but were not limited to, implied borrowing and annualized volatility rates.
As a result of the execution
of the Merger Agreement on February 24, 2022, the ultimate value to holders of the 2021 Bridge Debentures and 2022 Bridge Debentures upon
voluntary or mandatory conversion became clearer, and thus management determined that a Monte Carlo simulation was no longer appropriate
for purposes of estimating fair value. Thus, for the first and second quarters of 2022, the estimated fair value of the 2021 Bridge Debentures
and 2022 Bridge Debentures was calculated using a probability-weighted expected return model. The significant assumptions used in the
models were as follows:
●
Timing of conversion: The probability-weighted expected return model required management to estimate, based on known facts and circumstances at the time of valuation, the date on which conversion of the debentures will take place. That estimate drives the discount factor utilized in the model, which impacts the derived fair value. If the conversion date is set further in the future, a greater discount rate would be applied, driving down the fair value of the debt in a conversion scenario.
●
Likelihood of conversion: The 2021 Bridge Debentures contain voluntary and mandatory conversion provisions, which are discussed at length above. As the fair value of our equity increases, both conversion mechanisms represent an increasingly favorable result to holders and thus as the likelihood of conversion increases, so too does the estimated fair value of our liability related to the 2021 Bridge Debentures. The 2022 Bridge Debentures allow for both: (i) voluntary conversion of aggregate principal and unpaid interest thereon to shares of Class A common stock at any time after two hundred seventy days following the original issue dates, at a conversion price equal to $5.00 per share, except that if there has been no mandatory conversion within three hundred sixty days following the original issue date, the conversion price following such three hundred sixty-day period would be equal to $4.00 per share; and (ii) mandatory conversion of aggregate principal and unpaid interest thereon upon consummation of an offering of common stock, including a special purpose acquisition company transaction, for an aggregate price of at least $5,000, at a conversion price equal to 75% of the offering price per share. In the conversion scenario, the probability-weighted expected return model determines which conversion mechanism is most favorable to holders and assumes holders will choose the most favorable option in estimating fair value. Depending upon the fair value of our equity as of a given reporting date, these conversion features are often beneficial to holders and thus, increases in the likelihood of conversion increase the estimated fair value of our liability related to the 2022 Bridge Debentures.
61
Other notable, but not significant,
assumptions used in the probability-weighted expected return model included, but were not limited to, implied borrowing rates. Upon close
of the business combination, the 2021 Bridge Debenture and 2022 Bridge Debentures were remeasured at fair value based on the actual conversion.
Going Concern
On a quarterly basis, we assess
going concern uncertainty for our consolidated financial statements to determine if we have sufficient cash and cash equivalents on hand
and working capital to operate for a period of at least one year from the date our consolidated financial statements are issued or are
available to be issued (the "look-forward period"). Based on conditions that are known and reasonably knowable to us, we consider
various scenarios, forecasts, projections, and estimates, and we make certain key assumptions, including the timing and nature of projected
cash expenditures or programs, among other factors, and our ability to delay or curtail those expenditures or programs within the look-forward
period, if necessary. Until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there is
substantial doubt about the Company's ability to continue as a going concern.
Recent Accounting Pronouncements
In December 2019, the Financial
Accounting Standards Board ("
FASB
") issued Accounting Standards Update ("
ASU
") No. 2019-12, Income
Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removed certain exceptions to
the general principles in ASC 740 and clarified and amended existing guidance to improve consistent application. This amended guidance
was effective for public entities for interim and annual periods beginning after December 15, 2021. The Company adopted ASU 2019-12 effective
January 1, 2022 and it did not have a material impact on the Company's consolidated financial statements.
In August 2020, the FASB issued
ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in
Entity's Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("
ASU
2020-06
"), which simplifies the accounting for convertible instruments by reducing the number of accounting models available
for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. This amended guidance is effective for public and private companies for fiscal
years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption
is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The Company adopted the amended guidance prospectively effective January 1, 2021. The impact is not material to the Company's results
of operations or financial position as the Company had no debt prior to the issuance of convertible debentures in 2021.
Factors That May Adversely
Affect our Results of Operations
Our
results of operations may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial
markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets
or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer
confidence and spending, the ongoing effects of the COVID-19 pandemic, including resurgences and the emergence of new variants, and geopolitical
instability, such as the military conflict in the Ukraine. We cannot at this time fully predict the likelihood of one or more of the above
events, their duration or magnitude or the extent to which they may negatively impact our business.
Quantitative and Qualitative
Information about Market Risk
We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.
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Emerging Growth Company
Status
The
Company is an "emerging growth company" as defined in the Jobs Act and may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage
of these exemptions until it is no longer an emerging growth company under Section 107 of the JOBS Act, which provides that an emerging
growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised
accounting standards. The Company avails itself of the extended transition period and, therefore, while the Company is an emerging growth
company, it will not be subject to new or revised accounting standards the same time that they become applicable to other public companies
that are not emerging growth companies, unless it chooses to early adopt a new or revised accounting standard.
Smaller Reporting
Company Status
The Company is also a "smaller
reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
The Company will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of the
Company's shares of Class A Common Stock held by non-affiliates exceeds $250 million as of the prior September 30,
or (ii) its annual revenue exceeded $100 million during such completed fiscal year and the market value of its ordinary shares
held by non-affiliates exceeds $700 million as of the prior September 30.
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BUSINESS
Our Business
FOXO seeks to modernize the
life insurance industry through the application of longevity and epigenetic science. With our insurance partners, we will endeavor to
improve and optimize human health span and lifespan through unique and dynamic product offerings tailored to insurance underwriters and
consumers.
The convergence of two cutting-edge
technologies, DNA sequencing and automated machine learning, has created what we believe is an unprecedented opportunity to reinvent the
life insurance industry through modern molecular biotechnology. DNA sequencing advances now allow for the cost-effective collection of
genomic and epigenomic data, while automated machine learning can identify sophisticated patterns within this data, as well as phenotypic
data. These patterns are known as "epigenetic signatures," and will provide valuable insights to insurers that will inform
their underwriting and product development.
By harnessing the power of
epigenetic science, we believe we can revolutionize how life insurance companies sell and underwrite their products. Our insights into
consumers' health and lifestyle choices will help insurers tailor their offerings to meet their clients' needs and provide
insurers with data to plan for their clients' future financial needs.
We have two core product offerings:
the "Underwriting Report" and the "Longevity Report™." The Underwriting Report allows us to leverage a single
assay testing process to generate a panel of impairment scores that can be applied by life insurance underwriters to more accurately assess
clients during the underwriting process and provide a more personalized risk assessment. The Longevity Report is a consumer-facing companion
product that provides actionable insights to consumers based on their biological age and other epigenetic measures of health. It can also
be sold separately. We believe the combination of these two reports provides a valuable win for our insurance carrier partners as well
as their customers.
The life insurance industry
is ripe for disruption by a new underwriting protocol. Historically, when a single carrier has adopted even a single new underwriting
test, others tend to follow quickly. Some examples include prescription data, smoking tests, and specimen samples. If other insurance
companies do not follow quickly, they may suffer from adverse selection, and get a disproportionate number of mispriced risks. FOXO intends
to leverage the combination of the Underwriting Report and the Longevity Report to change the sales and underwriting process to the betterment
of consumers and carriers alike.
FOXO Labs – Underwriting Report
FOXO Labs is commercializing
a first of its kind proprietary epigenetic biomarker technology to be used for mortality underwriting risk classification in the global
life insurance industry (the "
Underwriting Report
"). The Underwriting Report provides underwriters with an alternative
source of biological mortality risk factors derived from an applicant's saliva sample. The information provided in the FOXO Underwriting
Report will allow underwriters to assess mortality risk without the need for more invasive and time-consuming underwriting processes such
as a paramedical exam or the procurement of medical records.
The Underwriting Report will
allow insurance companies to leverage cutting-edge biotechnology that streamlines the insurance sales and underwriting process compared
to the costlier and lengthier process of medical underwriting. We can administer our test using saliva allowing for a quick point-of-sale
sample collection. Our non-invasive test can help insurers conduct a multi-panel risk assessment of a proposed insured and make a policy
offer without the need for a paramedical exam or medical records. We believe this will (1) make policy sales more efficient and less invasive,
and (2) expand the market for accelerated underwriting to higher face amount policies. By collecting a sample at the point of sale (or
by mail), we will also streamline and simplify the application and underwriting process. Our multi-panel test can screen for multiple
impairments using a single, non-invasive biospecimen that can be used to assess individual health risks. Additionally, as we collect more
data and create more refined models we can improve our previous measures without the requirement of a new biospecimen. Thus, a saliva-based
sample can be self-administered or collected by the agent without the need for a trained paramedical examiner, and the data can be updated
in perpetuity as technology advances.
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The Underwriting Report consists
of two sections. The first one is the Biological Age Assessment, which provides an individual's aggregate biological mortality risk.
This can be used by an underwriter to quickly triage good mortality risks, which can be issued a policy immediately, from bad mortality
risks, which require further underwriting to properly assess.
The core of the Biological
Age Assessment is the "Biological DeltaAge," which is the difference between biological age and chronological age. A Biological
DeltaAge above zero indicates an increased mortality risk, and below zero indicates a decreased mortality risk.
The Underwriting Report's
second section outlines specific risk factors that are intended to provide underwriters with more detailed information about an individual's
health with respect to specific impairments. Life and disability insurance underwriters can use this information to eliminate additional
underwriting requirements so the insurer can focus on areas of elevated risk.
The risk factors include traditional
underwriting considerations such as tobacco use, cardiovascular risk, diabetes risk, kidney disease risk, and liver disease risk as well
as new information related to mortality risks such as fitness and nutrition. This information represents a significant overlap with a
traditional paramedical exam; however, it is obtained through a non-invasive saliva sample instead of a blood draw and urine collection.
The saliva sample can be collected by mail or by the agent at the point of sale, which eliminates the need for scheduling an appointment
for a paramedical exam. These exams require fasting and a blood draw, which are additional barriers to the sale. They also need to be
scheduled days or weeks in advance, delaying the underwriting process.
The Underwriting Report can
be provided electronically via an application programming interface ("
API
") so an insurer can integrate results into
automated underwriting processes and an underwriting workbench. This allows the report to be securely transmitted and used in the way
that works best for an insurer's underwriting teams.
FOXO Life – Longevity Report
The Longevity Report provides
consumers with novel information about their epigenetic makeup, along with specific insights that can help them change their behavior
to live longer. The centerpiece of the Longevity Report is "FOXO Age," which is a holistic measure of how fast an individual
is aging. It is displayed on the report in comparison to the consumer's chronological age.
The Longevity Report also
includes four epigenetic health scores: (i) Metabolic, (ii) Cardiovascular, (iii) Inflammation, and (iv) Indulgence scores, which show
how their environment, lifestyle, and behavior affect their health at an epigenetic level. These four epigenetic health scores enable
the consumer to make important decisions about how to improve their lifestyle. Users can take tests more than once, and within each score
we compare each consumer to the FOXO universe of results. This allows the consumer to review their scores in comparison to others who
have received the Longevity Report. With each score, we provide personalized nutritional, lifestyle, and exercise recommendations to help
consumers make lifestyle adjustments to extend their longevity. The Longevity Report is accessible through s an online dashboard that
allows users to view their report as well as sample processing status, from being sent to the lab to final digital report delivery. In
the future, we plan to provide consumers with a more comprehensive dashboard that identifies how they are progressing over time with their
lifestyle adjustments in response to the recommendations provided with their Longevity Report scores.
FOXO is also operationalizing
a sales and distribution platform focused on recruiting independent life insurance agents to sell life insurance with our Longevity Report
("
FOXO Life
"). FOXO Life currently markets and sells life insurance products underwritten and issued by third-party carriers
through distribution relationships.  This distribution model (the "
MGA Model
") allows FOXO to appoint sales agents
and producers to sell insurance products for specific carriers and earn commissions on subsequent policy sales. Depending on the terms
of the agreement between FOXO and the carrier, the Longevity Report may be included at the time of the policy purchase at no charge or
may be available at an additional cost to the consumer. We believe the Longevity Report will make longevity science a core aspect to the
relationship between life insurance and consumers.
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We
began selling insurance products through distribution relationships with third-party carriers in the first quarter of 2023. Through
our MGA Model, we earn commission revenues, marketing allowances, and service fee revenues from selling life insurance products supported
by our science, technology, and brand marketing. Initially, we do not expect to use epigenetic underwriting technology in the life insurance
products we sell through the MGA Model. However, we expect the research and development studies underway will support the introduction
and commercialization of our saliva-based underwriting technology through our Underwriting Report in the future.
Competitive Strengths
Our
Chief Science Officer, Dr. Brian Chen, is a leading expert in the field of epigenetic science. Dr. Chen manages our research and development
and has played an instrumental role in demonstrating that machine learning paired with epigenetic data can provide valuable insights into
human health. Our product and technical teams, led by
Tyler Danielson
(Interim CEO) are experienced in bringing consumer facing experiences to market in the insurance industry. Lastly, our underwriting and
actuarial team is positioned to leverage our science to change the way insurance is underwritten. It is very rare to put together this
combination of experts at this level all working towards a common goal. Core members of our team have been working together for over five
years.
We leverage the native cloud
software from Amazon Web Services ("
AWS
"), working with artificial intelligence ("
AI
") companies
like DataRobot to develop our models and deploy them securely in the best-in-class systems. Our systems and processes will be difficult
for competitors to replicate as most of our systems are automated, from shipping kits to processing data from our labs and producing results
for use in our reports. Our systems, through the usage of AI, is also built to continuously and autonomously develop, which makes it even
more difficult to be replicated. This autonomous development includes having the AI test hundreds of models to build each predictor. We
have leaders with extensive experience applying AI technologies to biological data.
Key Value Drivers
We are modernizing the life
insurance industry through a new digital technology stack designed to help us execute on our business and support our ambitious growth
plans. To support our business, we have developed a technology stack that provides us with scalable operational infrastructure that offers
a high degree of flexibility and adaptability in its operational software architecture. To that end, we have built a digital life insurance
product services platform that will operationalize our MGA sales operations. The goal of our technology operations is to be able to service
life insurance carriers worldwide, at scale. In addition, we are building operational technology that supports researchers and epigenetic
analyses.
We
expect that the operational software platform technology that we have developed with advanced architecture will enable us to meet our
business requirements efficiently and effectively. Our operational software goal is to build a basic, modern, core operating infrastructure
that enables us to service our sales, marketing, and operations across our entire platform. The platform's operating system is substantially
complete with the majority of the attentive costs associated with the build already incurred. It is built to support our saliva-based underwriting
technology and consumer engagement platform, complete with saliva kit distribution and specimen tracking systems, Longevity Report production,
consumer dashboard interface, and mobile application access. We expect that our operating platform will support our ability to efficiently
grow at scale as we market and sell life insurance products and technology services.
We
believe our product and service offerings described below allow for significant scaling at a time when we observe (i) burgeoning consumer
interest in health and longevity; (ii) increased interest in life insurance due the COVID-19 pandemic; and (iii) a significant opportunity
to disrupt a large, old, and slow life insurance industry with innovative applications of fast-moving modern technology. We believe
our products and services can help reverse a general decline in household ownership of life insurance in the United States by providing
a simplified pathway to purchase life insurance with longevity-focused products that re-establish their relevance with consumers
and restore life insurance as a tool for greater social good.
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Together,
we believe our operating systems comprise a technology innovation stack that makes FOXO capable of scaling to support the demand it expects
to receive from the products and services it intends to sell worldwide. Whether running 1,000 saliva-tests or 10,000,000, we believe
the design of our operating platform and underlying systems will allow them to be highly scalable — and as a result we
expect to be able to address accelerating demand in large and growing markets. In addition, as demand and volume of our saliva-based underwriting
technology services scale, we expect to be able to realize significant cost savings across our platforms on the raw material inputs involved
in providing our services. Our technology stack is supported by what we believe are best-in-class no-code software and cloud
computing platforms.
We
have also built a number of technologies that support researchers and epigenetic science and analysis. Extending our technology to researchers
in longevity science is a key initiative of our business. We are supporting longevity science in a number of ways including the development
of our MethylSuite, which is a high throughput bioinformatics software package that supports calculating, reporting and interpreting epigenetic
data derived from microarray technology; and the Infinium Mouse Methylation Array, a new microarray designed to advance epigenetic research
in model organisms.
Privacy and Security
FOXO Technologies is entrusted
with highly personal data and is committed to protecting the privacy and security of its customers and organization. Protection and access
to company data is the keystone of the cybersecurity strategy and is considered the utmost of business requirements.
FOXO uses the General Data
Protection Regulation ("
GDPR
") as its guidepost for data protection practices and continues to monitor emerging U.S.
laws.
FOXO's security program
is built on the following key success factors: tightly controlled access management based on least-privilege authorization, layered defenses,
continuous monitoring, vulnerability testing, rapid response, internal and supply chain risk management, strong executive support, and
regular development of a security culture. Integration of our compliance command center tool enables continuous monitoring of policy and
practices covering service organization control 2 ("
SOC 2
") compliance.
Protecting data privacy and
security is an organizational-wide responsibility. We protect customer data with a variety of processes and monitoring tools, such as:
●
Access control is tightly managed with single sign-on, multi-factor authentication, and sensitive data access limited by least-privilege authorization appropriate for job duties and reviewed quarterly.
●
Internal Risk Assessments are performed quarterly to identify areas of risk to mitigate or eliminate to improve security.
●
Supply chain risk is being evaluated in an ongoing manner with our comprehensive Third-Party Risk Management program. We use a variety of tools to monitor key Software as a Service ("
SaaS
") provider's security positions as well as regular Risk Assessment questionnaires and evaluations.
●
Our internal security team is augmented with a 24/7 Security Operations Center with analysts available to respond to alerts and protect data based on continuous monitoring for indicators of compromise including elevation of privilege, suspicious access, and data exfiltration.
●
Recognizing employees are heavily targeted for compromise, security prioritizes social engineering and phishing awareness with weekly organization-wide updates, quarterly and annual training. Additionally, we manage client systems with end-point protection tools and monitoring agents to prevent malware and ransomware attacks. Samples are uniquely identified with a code number only, and de-identified to minimize potential exposure during processing.
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●
All data is encrypted at rest and in transit with industry standards.
●
Regular network and application penetration testing is performed to identify potential vulnerabilities.
Security is an ongoing focus
with continuous improvement to strengthen our security posture, strengthen data protection, eliminate gaps, and expand our security-as-a-culture.
We are completing our control compliance development in preparation for our initial SOC 2 Type II audit. Having a SOC 2 Report will improve
our ability to sell to large organizations and attest to our use of best practices for protecting sensitive data. SOC 2 compliant policies,
procedures, and controls will make it easier to achieve other security certifications, further increasing customer confidence in FOXO
security.
Intellectual Property
Our
approach to intellectual property is guided by the following strategic guidelines: create proprietary intellectual property that adds
value, credibility, and competitive advantage; file patents, if possible; and protect our intellectual property as trade-secrets where
meaningful patent protection cannot be achieved.
Proprietary Intellectual
Property
We
currently maintain and will continue to create significant trade-secret intellectual property regarding epigenetic biomarker technology.
We work with patent attorneys with particular expertise in the intersection of artificial intelligence, machine learning, and biotechnology
to file patent applications for our inventions where it furthers the protection of our intellectual property. The Pilot Study, as defined
below, serves as the basis of our current proprietary intellectual property assets (trade-secrets and patent claims). Our patent applications
are based on the use of machine learning for epigenetic biomarker identification, the application of epigenetics for underwriting risk
classification, and synthetic DNA methylation prediction. The following patent applications were filed in the United States only with
a non-publication request to prolong confidentiality and allow for an option to abandon one or more in favor of trade secret protection:
●
Patent Application USAN 16/579,777: "A Machine Learning Model Trained to Classify Risk Using DNA Epigenetic Data" (filed September 23, 2019).
●
Patent Application USAN 16/579,818: "A Machine Learning Model Trained to Determine Biochemical State and/or Medical Condition Using DNA Epigenetic Data" (filed September 23, 2019).
●
Patent Application USAN 16/591,296: "Synthetic Probe" (filed October 2, 2019).
A
further patent application will be published in due course: Patent Application USAN 17/482,405: "Machine Learned Quality Control
for Epigenetic Data" (filed September 22, 2021).
Licensed Intellectual
Property
We
have licensed "epigenetic clock" patent applications from UCLA for use in the life insurance industry. These licenses require
us to achieve certain milestones and pay royalties for the commercial use of the technologies. We intend to continue to pursue licensed
technology where we believe such technology adds value to our products or services. Our licensed technology includes:
●
Patent Application USAN 16/323,490 entitled "DNA Methylation Based Predictor of Mortality" (aka "DNAm Age", "EEAA", "Horvath Clock") (filed February 5, 2019).
●
Patent Application USAN 17/282,318 entitled "DNA Methylation Biomarker of Aging for Human Ex Vivo and In Vivo Studies" (aka "GrimAge") (filed April 1, 2021).
●
Patent Application USAN 16/963,065 entitled "Phenotypic Age and DNA Methylation Based Biomarkers for Life Expectancy and Morbidity" (aka "PhenoAge") (filed July 17, 2020).
68
Market Opportunity
In
2019, we completed a pilot study that sought to measure a wide range of health and wellness factors used in traditional life insurance
underwriting with DNA methylation data derived from blood and saliva (the "
Pilot Study
"). The Pilot Study began after
we concluded market research to inform the product-market fit of combining longevity science with life insurance. Starting in 2018, we
initiated market research to begin working with creative marketing assets to engage agents and consumers. Our market research included
renting a retail storefront in the downtown Minneapolis skyway where we constructed and operated a consumer "learning laboratory."
We used this learning laboratory to recruit participants for our Pilot Study, host events, post social media content, a podcast, and hold
learning seminars. This market research allowed us to develop our consumer value proposition, which includes a full range of benefits
to support healthy longevity. The learning laboratory taught us that our value proposition appealed most to consumers who were tech-savvy,
forward-thinking, open-minded, and in the market for life insurance. In addition, we found that consumers were much more interested in
life insurance when we included their longevity as part of the product purchasing experience. Key learnings from our marketing research
included:
●
75% of visitors reported they would buy life insurance that included molecular health and wellness insights;
●
47% reported they would purchase our life insurance offering even if it were more expensive;
●
44% of visitors reported that they had purchased life insurance;
●
38% of visitors reported that they purchased life insurance when they first got married;
●
younger consumers, aged 40 and younger, were the most engaged demographic participating in events, social media, site traffic, and consumer surveys; and
●
older consumers, aged 45 and older, had the most questions about their data and privacy.
In
2019, we engaged an insurance industry-leading consultancy to conduct additional market research beyond our Pilot Study to further confirm
our product-market fit hypothesis with agents and consumers. In 2020, the overwhelming conclusion from the market research study was
that the proposition of bundling molecular health and wellness with life insurance and a saliva-based underwriting protocol was "incredibly
strong."
The
market research itself consisted of surveying 500 consumers and 125 agents with a 20-minute online survey designed to gather feedback
on our value propositions. The objectives of the consumer survey were to measure and rank interest in, and general propensity to pay for
(or otherwise perceive distinct or differentiated value in), a life insurance product offering that provides direct consumer benefits
around individualized health and wellness information and aging. Key results from the research include:
●
agents surveyed highlighted the pain point of medical underwriting — and believed that the carrier who supports and embraces saliva-based underwriting technology stands to "win all the business;";
69
●
68% of consumers surveyed indicated they were either excited, motivated, or interested in their individualized health and wellness information;
●
there was a high level of perceived value in receiving health and wellness information, particularly with agents;
●
the impact of bundling the health and wellness value proposition had the immediate effect of moving almost 10% of consumers from non-purchasers of life insurance to prospective purchasers; and
●
58% of consumers who indicated they had an interest in purchasing life insurance in the next two years preferred the FOXO Life concept over life insurance that did not include health and wellness information.
Overall,
we believe our market research further confirms our product-market-fit hypothesis that longevity science bundled with life insurance will
have an immediate and strong appeal to consumers and agents alike. In addition, our market research indicates that a saliva-based underwriting
protocol that replaces the need for blood and urine specimen collection will be a highly desired offering. The results from our market
research have informed our go-to-market and business development strategy.
Competition
We will encounter significant
competition in the life insurance and molecular health and wellness testing business. Many of these competitors have greater financial
and other resources than we do and may have significantly greater access to capital markets. Moreover, some of these competitors have
significant cash reserves and can better fund shortfalls in collections that might have a more pronounced impact on companies such as
FOXO. They also likely have a greater market share. In addition, we compete against other companies seeking to commercialize epigenetic
biomarker underwriting technology, both within the insurance industry, as well as in other applications in other markets. In the event
that the life insurance companies make a significant effort to compete against our business, we would experience significant challenges
to our business model.
Competition can take many
forms, including the pricing of the financing, transaction structuring, timeliness, and responsiveness in processing a seller's
application and customer service. Some of the competitors may outperform us in these areas. Some competitors target the same type of life
insurance clients as we do and generally have operated in the markets for a longer period of time than us. Increased competition may result
in increased costs of issuing policies through our MGAs, or it may affect the availability and quality of policies that are available
for issuance through our MGAs. These factors could adversely affect our profitability by reducing our return on investment or increasing
our risk.
Research & Development
Consumer interest in health
and wellness is at an all-time high. This excitement is partly spurred by recent advances in fields such as artificial intelligence, biotechnology,
and longevity science. We want tools that arm our users with valuable insights about their own health and wellness. We have developed
and innovated on a number of biomarkers to help us achieve this for our consumers.
Predictive Biomarkers
Many clinical biomarkers represent
indicators of chronic disease conditions. Oftentimes, by the time the chronic disease sets in, the opportunity for prevention has long
passed. Providing early indicators of health trajectories at a molecular scale may provide novel personalized insights into health before
the onset of chronic disease. By, first, bringing awareness to a potential health issue before it arises, we believe small lifestyle interventions
early on can prevent or slow the development of chronic conditions. Molecular biomarkers through the use of epigenetics may serve as a
means to identify more subtle changes in health at a molecular level.
70
In order to identify subtle
changes in epigenetic patterning at the early stages of the development of chronic diseases, one must leverage long-standing longitudinal
datasets that have obtained biospecimens from a large number of individuals, then followed those individuals for decades to observe who
developed chronic diseases. Then one may examine the epigenetic patterns of those who never developed chronic diseases and compare their
epigenetic patterns to those who developed specific chronic diseases. Such a study cannot be easily conducted in modern biobanks because
of the lack of longitudinal health data on individuals, especially over decades of time – most biobanks are fairly new.
We have completed the acquisition of
epigenetic data through Harvard University's Brigham and Women's Hospital Physicians' Health Study ("PHS")
in a longitudinal cohort of over 10,000 individuals. Based on our knowledge of published reports and industry knowledge, we believe this
represents one of the largest epigenetic datasets in the world, particularly one with longitudinal health data spanning decades. 
We plan to initiate research collaborations with external scientists at major research institutions to accelerate the discovery of predictive
epigenetic biomarkers. Due to bandwidth limitations, we believe the advantage of this approach is that it accelerates the time to discover
and bring new products to market by making the data more widely available to a larger number of world-class researchers. Furthermore,
limited-to-no additional capital will be needed in the next quarter for this effort as we have completed the milestone payments related
to this research study.
Biomarkers with Proven Responses
The key to biotech products
that work in real-world scenarios is rigorous science in both the development and validation of each technology. Because consumers are
demanding tools that provide real-time feedback on the effectiveness of lifestyle interventions, ultimately, large randomized trials are
needed to validate the technology.
In collaboration with a large
academic research institution, we completed generating epigenetic data in randomized controlled trials that tested the effects of vitamin
D3, omega-3 fatty acid (eicosapentaenoic acid ("EPA") + docosahexaenoic acid ("DHA")), multivitamin, vitamin E,
and vitamin C. The rich longitudinal health data with the epigenetic data that we generated are ripe for the use of artificial intelligence
("AI") to identify subtle molecular indicators of salutary changes. The value of a more "sensitive" indicator
of health changes is that you may not have to wait weeks or months before knowing if a certain intervention is effective for you. Such
epigenetic biomarkers may allow rapid "n-of-1" (i.e., personalized health) testing of a number of interventions providing
more personalized health regimens to people.
Strategically, we also plan
to accelerate discovery by leveraging research collaborations with world-class scientists at major research institutions. And, since the
data has already been generated, no further capital is needed for the initial phase of analysis.
Government Regulation
The life insurance and direct-to-consumer
testing business is highly regulated at both the federal and state levels. We are subject to federal and state regulation and supervision
in the life insurance business. As described below, there are significant regulations in many states that require us to obtain specific
licenses or approvals to be able to sell life insurance in those states. We continually research and monitor the regulatory environment
and regulatory changes that may apply to our business and intend to apply for the appropriate licenses in the required states, if such
licenses are necessary, both federally and at the state level. We plan to provide our products and services under a distributed testing
mode with separated "dry" and "wet" labs, with FOXO Labs analyzing epigenetic biomarkers based on data from outsourced
testing performed by its partner "wet" lab. Risks related to regulation are detailed in the section entitled "Risk Factors
— Risks Related to Our Life Insurance Operations."
71
Insurance Regulation — Insurance Products
The operations of FOXO Life
activities, including working with licensed insurance agents, are subject to a complex, state-by-state regulatory framework that includes
company and producer licensing requirements, life insurance product regulation, financial regulation, and/or market conduct regulation.
Many of these regulations are based upon the NAIC Model Rules, a set of laws, regulations, and guidelines promulgated by the National
Association of Insurance Commissioners as proposed statements of insurance law to be adopted by the 50 states. The inclusion of our planned
Longevity Report with the sale of life insurance is consistent with other life insurance consumer health and engagement models that are
well established in the marketplace. FOXO Life does not expect significant regulatory hurdles for bundling or marketing molecular health
and wellness with life insurance.
Insurance Regulation — Epigenetic
Biomarkers
Underwriting life insurance
is subject to state insurance regulation. We believe the use of epigenetic biomarkers in life insurance underwriting is permissible due
to the fact that we are seeking to identify similar underwriting impairments already used by other insurance carriers in medical underwriting
today. Moreover, the use of epigenetic testing or information in life insurance underwriting is not prohibited at either the federal or
state level. Florida and Louisiana are the only states that have explicitly sought to prohibit the use of genetic information, which is
distinguishable from epigenetic information, for use in life insurance underwriting.
Any adverse change in current
laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan to operate (or an aggregation
of states in which we conduct a significant amount of business) could result in our curtailment or termination of operations in such states,
or cause us to not start or modify our operations in a manner that adversely affects our ultimate profitability. Any such action could
have a corresponding material adverse impact on our results of operations and financial condition, primarily through a material decrease
in revenues, and could have a material adverse impact on our business.
Human Testing Services — Consumer
Engagement and Underwriting
Conducting human testing is
subject to state and federal regulation. Clinical Laboratory Improvement Amendments, or CLIA, is the federal law (administered by the
Centers for Medicare & Medicaid Services, or "
CMS
") that, in partnership with the states, regulates clinical laboratories
that perform testing on human specimens. The Federal Food, Drug, and Cosmetic Act (the "
FDC Act
") gives the United
States Food and Drug Administration, or FDA, the authority to regulate manufacturers of medical devices. We do not believe that our "dry
lab" data analysis services require certification under CLIA, or that FDA jurisdiction or enforcement would be exercised over insurance
underwriting or our use of data analysis for general health and wellness and non-diagnostic or medical treatment purposes (see section
titled "Risk Factors — Risks Related to Our Epigenetic Testing Services").
Any adverse change in present
laws or regulations, or their interpretation, federally or in one or more states in which we operate or plan to operate (or an aggregation
of states in which we conduct a significant amount of business) could result in our curtailment or termination of operations in such jurisdictions,
or cause us to not start or modify its operations in a way that adversely affects our ultimate profitability. Further, the failure of
our wet-laboratory partners to hold a CLIA certification appropriate to the type of testing they provide could result in adverse regulatory
action (see section titled "Risk Factors — Risks Related to Our Epigenetic Testing Services"). Any such action could
have a corresponding material adverse impact on our results of operations and financial condition, primarily through a material decrease
in revenues, and could have a material adverse impact on our business.
Suppliers and Lab Processing
Our supplies and lab processing
primarily includes vendors that provide our saliva kits, arrays, and process samples at laboratories. We utilize third-parties for these
supplies and services. While we consider many of these third-parties single suppliers, we have qualified second sources for our saliva
kits and lab processing. Our arrays are specialized, and we would not be able to quickly change suppliers should the need arise.
Supply interruptions, tariffs
on components used on our saliva kits, arrays and others, or price increases may slow production, delay shipments to our customers or
increase production costs in the future, any of which could adversely affect our financial results. Although we have not experienced any
significant delays or interruptions, we expect that delays, interruptions or non-optimal scheduling of production related to interruptions
in components we use to provide our services would result in an increase to our costs. We can give no assurance that global supply-chain
constraints, geopolitical conflicts or limited ability for third-parties to be able to provide the materials and components we need will
not adversely affect our ability to procure materials and components necessary to develop our products.
72
Facilities
We
do not own any real property but lease an office space.
Our principal executive offices are located at 729 N. Washington Ave.,
Suite 600, Minneapolis, MN 55401.
Employees
As of April 25, 2023, we have
five executive officers and approximately 21 other employees and consultants supporting our business. We have sought to bring together
a diverse and multidisciplinary group of professionals who share in our passion for modernizing the life insurance industry with longevity
science.
Legal Proceedings
Smithline
Family Trust II vs. FOXO Technologies Inc. and Jon Sabes
On
November 18, 2022, Smithline Family Trust II ("
Smithline
") filed a complaint against the Company and Jon Sabes, the
Company's former Chief Executive Officer and a former member of the Company's board of directors, in the Supreme Court of
the State of New York, County of New York, Index 0654430/2022. The complaint asserts claims for breach of contract, unjust enrichment
and fraud, alleging that (i) the Company breached its obligations to Smithline pursuant to that certain Securities Purchase Agreement,
dated January 25, 2021, between Legacy FOXO and Smithline, an accompanying 12.5% Original Issue Discount Convertible Debenture, due February
23, 2022, and Warrant to purchase shares of FOXO common stock until February 23, 2024 (collectively, including any amendment or other
document entered into in connection therewith, the "
Financing Documents
"), (ii) the Company and Mr. Sabes were unjustly
enriched as a result of their alleged actions and omissions in connection with the Financing Documents, and (iii) the Company and Mr.
Sabes made materially false statements or omitted material information in connection with the Financing Documents. The complaint claims
damages in excess of a minimum of $6,206,768 on each of the three causes of action, plus attorneys' fees and costs.
On
December 23, 2022, FOXO removed this action from the Supreme Court of the State of New York, County of New York to the United States District
Court for the Southern District of New York, Case 1:22-cv-10858-VEC. The action was assigned to Judge Valerie E. Caproni, and the Initial
Pretrial Conference will be held on February 24, 2023.
On
February 1, 2023, defendant Jon Sabes moved to dismiss the complaint pursuant to Fed. R. Civ. P. 12(b)(2) and 12(b)(6), which was denied
on February 27, 2023.
On
February 22, 2023, Smithline filed an Amended Complaint. The Company filed its Answer to the Amended Complaint on March 8, 2023
This
action is at an early stage in the litigation process and the Company is unable to determine the outcome. The Company intends to contest
this case vigorously.
S
EC Investigation
On
March 3, 2023, the Company received a document request from the SEC indicating that the SEC was conducting an investigation regarding
the Company and sought documents concerning (1) Jon Sabes' termination as CEO, (2) Jon Sabes' resignation from the Company's
board of directors, and (3) Steven Sabes' termination as COO, and is voluntarily responding to the SEC's request. According
to the SEC's request, its investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has
a negative opinion of the Company or any person, event, or security. At this point, the Company cannot predict the eventual scope, duration
or outcome of this matter.
73
Delaware 205 Petition
On
March 30, 2023, the Company filed a petition in the Delaware Court of Chancery pursuant to Section 205 of the Delaware General Corporation
Law seeking validation of the Charter, which included a 464,000,000 share increase in the number of authorized shares of Class A Common
Stock (the "2022 Class A Increase Amendment"), and all shares of Class A Common Stock issued at or after the filing of the
Charter, to resolve any uncertainty with respect to those matters (captioned
In re FOXO Technologies Inc.,
C.A. No. 2023-0379-LWW
(Del. Ch.), the "Section 205 Action").
On
April 13, 2023, the Court of Chancery held a hearing in the Section 205 Action and issued an order in the Section 205 Action granting
the Company's petition validating the 2022 Class A Increase Amendment and the Charter, and all shares of capital stock of the Company
issued in reliance on the effectiveness of the 2022 Class A Increase Amendment and the Charter.
Corporate Information
Legacy
FOXO was formed as a limited liability company on November 11, 2019 to become a separate and independently managed and controlled
entity from GWG Holdings, Inc. Legacy FOXO was previously named InsurTech Holdings, LLC and FOXO BioScience LLC. On November 13,
2020, FOXO Bioscience LLC converted into a C-Corporation to become FOXO Technologies Inc.
Effective
September 15, 2022 we consummated our previously announced Business Combination pursuant to the Merger Agreement, whereby DWIN Merger
Sub Inc. merged with and into Legacy FOXO, with Legacy FOXO surviving as a wholly-owned subsidiary of Delwinds. Upon consummation of our
Business Combination, our name changed from Delwinds Insurance Acquisition Corp. to FOXO Technologies Inc.
As
a result of and upon the Closing, among other things, (1) all outstanding shares of Legacy FOXO Class A Common Stock (after giving effect
to the required conversion of all outstanding shares of Legacy FOXO preferred stock into shares of Legacy FOXO Class A Common Stock immediately
prior to, and contingent upon, the Closing) and Legacy FOXO Class B Common Stock were converted into 24,718,705 shares of the Company's
Class A Common Stock, (3) all FOXO options and FOXO warrants outstanding immediately prior to the effective time of the Merger were assumed
and converted, subject to adjustment pursuant to the terms of the Merger Agreement, into options and warrants, respectively, of the Company,
exercisable for shares of Class A Common Stock and (4) other than Assumed Options and Assumed Warrants, all other convertible securities
and other rights to purchase capital stock of FOXO were retired and terminated, if they were not converted, exchanged or exercised for
FOXO common stock immediately prior to the effective time of the Merger.
We
maintain two wholly-owned operating subsidiaries, FOXO Labs Inc., formerly named Life Epigenetics Inc., and FOXO Life, LLC, formerly
named youSurance General Agency, LLC.
FOXO
Labs Inc. ("
FOXO Labs
") is the operating entity for our insurance services platform designed to provide saliva-based underwriting
technology and molecular health and wellness engagement services to insurance carrier customers. FOXO Labs maintains a wholly-owned subsidiary,
Scientific Testing Partners, LLC, to conduct its research.
FOXO
Life, LLC is the operating entity for our insurance products platform designed to market and sell life insurance that is bundled with
longevity science. FOXO Life is licensed as a general insurance agency and previously maintained a wholly-owned subsidiary, FOXO
Life Insurance Company.
74
MANAGEMENT
Executive Officers
and Directors
The
business and affairs of the Company are managed by or under the direction of the Board.
The
following table sets forth the name, age and position of each of the current directors and executive officers of the Company:
Name
Age
Position
Executive Officers
Tyler Danielson
37
Interim Chief Executive Officer and Chief Technology Officer
Robert Potashnick
43
Chief Financial Officer
Brian Chen, PhD
44
Chief Science Officer
Michael Will
42
General Counsel
Taylor Fay (4)
39
Chief Operating Officer
Non-Employee Directors
Andrew J. Poole(1)(2)(3)
42
Class III Director
Bret Barnes(1)(2)(3)
41
Chairman and Class I Director
Murdoc Khaleghi
42
Class II Director
(1)
Member
of nominating and corporate governance committee.
(2)
Member
of compensation committee.
(3)
Member
of audit committee.
(4)
On
April 12, 2023, Taylor Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of
April 28, 2023, to pursue other opportunities.
The principal occupations
and positions for at least the past five years of our directors are described below. There are no family relationships among any of our
directors or executive officers.
Executive Officers
Tyler
Danielson
—
Interim Chief Executive Officer and Chief Technology Officer
Mr. Danielson
has served as the Interim Chief Executive Officer since November 2022 and the Chief Technology Officer of FOXO since 2020. From 2019 to
2020, Mr. Danielson served as Platform Product Owner of Cargill, a global food distributor. Before that, from 2015 to 2019, Mr. Danielson
served as User Interface Software Architect at brightpeak financial, a division of Thrivent Financial. Mr. Danielson holds a Master's
Degree in Computer Science from the University of Minnesota.
Robert
Potashnick
—
Chief Financial Officer
Mr. Potashnick
has served as the Chief Financial Officer of FOXO since the beginning of 2021. From 2017 to 2020, Mr. Potashnick served in capital
planning and business development finance roles at UnitedHealth Group (NYSE American: UNH). Before that, from 2010 to 2017, Mr. Potashnick
worked as a certified public accountant at PricewaterhouseCoopers LLP. Other prior work experiences include working in mergers and acquisitions
at Blaige & Company and as a trader at Great Point Trading. Mr. Potashnick holds a Bachelor of Arts degree in Economics from
Northwestern University, a Master's Degree in Accountancy from the University of Illinois, and a MBA (Finance/Strategy) from DePaul
University.
Brian
Chen, PhD
—
Chief Science Officer
Mr. Chen
has served as the Chief Science Officer of FOXO since 2019. Prior to that time, from 2017 to 2019, Mr. Chen served as Vice President
of Research and Analytics at Actua Life & Annuity, Ltd., an insurtech startup that later became FOXO Labs, Inc. Mr. Chen holds
a Ph.D. degree from University of California, Los Angeles and a Master's Degree in Public Health from the University of California,
Berkeley.
75
Michael
Will
—
General Counsel
Mr. Will
has served as the General Counsel of FOXO since 2019. From 2016 to 2019, Mr. Will served as Legal and Compliance Officer, and then
Senior Counsel, of brightpeak financial, a division of Thrivent Financial. Mr. Will also supported Thrivent's life insurance
manufacturing and distribution teams on products including universal life, variable universal life, and whole life plus. Prior to brightpeak/Thrivent,
Mr. Will spent ten years in private practice representing property & casualty insurance carriers on a variety of first and third-party coverage
matters. Mr. Will holds a Bachelor of Arts degree from Gustavus Adolphus College, and a Juris Doctor degree from the University
of St. Thomas School of Law. Mr. Will is licensed to practice law before the state and federal courts of the State of Minnesota.
Taylor
Fay –
Chief Operating Officer
Mr. Fay
has served as the Chief Operating Officer since February 2023.
From June 2018 until January
2022, Mr. Fay served as the Company's Senior Product Manager and Director of Products. Prior to joining the Company, Mr. Fay served
as Product Manager at Explore Information Services from September 2016 to June 2018, where he managed a portfolio of insurance underwriting
data products. In addition, Mr. Fay served as Product Owner at Hubio/Identifix from June 2013 to July 2016. Mr. Fay holds a Bachelor's
Degree in Geography and a Master's Degree in Business Administration from the University of Minnesota.
On April 12, 2023,
Mr. Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of April 28, 2023, to pursue
other opportunities.
Non-Employee Directors
Andrew
J. Poole
—
Director
Mr. Poole
has served as a director of FOXO since September 2022. He previously served as Chief Executive Officer and Chairman of Delwinds from its
inception until the Closing of the Business Combination and has over 18 years of diversified investment experience. Mr. Poole was
the Chief Investment Officer of Tiberius, a blank check company which went public in March 2018 with $174.225 million held in trust
and which consummated its initial business combination with International General Insurance Holdings Ltd. (Nasdaq: IGIC), or "IGI,"
an international specialty insurance and reinsurance group registered in Bermuda, in March 2020 under very challenging market conditions.
Upon the closing of Tiberius' business combination, Mr. Poole joined the board of IGI. Concurrently, since October 2015 he
has been and remains an investment consultant at The Gray Insurance Company. Mr. Poole's most recent role prior to joining
Tiberius and The Gray Insurance Company was as Partner and Portfolio Manager at Scoria Capital Partners, LP, a long/short equity hedge
fund, where he managed a portion of the firm's capital including insurance sector investments from 2013 to 2015. Prior to Scoria,
Mr. Poole held various positions at Diamondback Capital Management from 2005 to 2012 (including Portfolio Manager from 2011 onwards)
and SAC Capital from 2004 to 2005, both of which are multi-strategy multi-manager cross capital structure long/short hedge funds.
Earlier, Mr. Poole started his career at Swiss Re (SIX: SREN) working in facultative property placements in 2003 and was on the board
of Family Security, a personal lines insurance company, from 2013 to 2015 prior to the sale of the company to United Insurance Holdings
Corporation (Nasdaq: UIHC). Mr. Poole is a graduate of The George Washington University. We believe Mr. Poole is qualified to
serve on the Board due to his background in investment management of insurance investments, his extensive public company insurance valuation
expertise and deep knowledge of, and connections in, the insurance industry.
Murdoc
Khaleghi, M.D.
—
Director
Dr.
Khaleghi is a physician with 20 years of experience, and also a researcher and author. He has served as a member of the Board since July
of 2021. He currently serves as the Chief Medical Officer of Helium, a role he has held since 2020. From 2012 until 2022, Dr. Khaleghi
served as the Chief Medical Officer of WellnessFX. He also served as the Chief Medical Officer of Neurotrack from 2020 until 2022. Dr.
Khaleghi also serves as Chief Medical Officer, or on the board of directors, of a number of private medical device and technology companies.
From 2015 to 2017, he was the Chief Medical Officer of EverlyWell, where he was the first employee hired. Dr. Khaleghi attended
the University of California San Diego and holds a degree in Bioengineering as well as a Doctor of Medicine. Dr. Khaleghi also has an
MBA from the University of California, Berkeley, an MBA from Columbia Business School and a Master's degree in Computer Science
from University of Pennsylvania. Dr. Khaleghi holds a medical license from the Colorado Medical Board and the Medical Board of California.
We believe that Dr. Khaleghi's financial and industry experience qualify him to serve on the Board.
76
Bret
Barnes
—
Chairman and Director
Mr. Barnes
has served as a member of the FOXO Board since November 2021 and became Chairman in November 2022. Since April 2007, Mr. Barnes has
served as a Staff Bioinformatics Scientist for Illumina, Inc. (NASDAQ: ILMN). Mr. Barnes has developed a number of patents and products,
including methods to examine methylation of genomic DNA and methods for diagnosing respiratory pathogens and predicting COVID-19 related
outcomes. Mr. Barnes has been the core bioinformatics lead on all Infinium Methylation products, including all original and new novel
design capabilities. In addition to his array development efforts, Mr. Barnes has been instrumental in developing structural variant
detection algorithms via DNA sequencing at Illumina, Inc. Prior to that position, Mr. Barnes served as a Bioinformatics Software
Engineer from 2005 to 2007 at Science Applications International Corporation (NYSE American: SAIC). Mr. Barnes holds a Bachelor of
Science degree in Bioinformatics from the University of California, Santa Cruz. Mr. Barnes was among the first graduates at University
of California, Santa Cruz to receive a degree in bioinformatics. We believe that Mr. Barnes' industry experience qualifies
him to serve on our board of directors.
Board of Directors
The
Board is divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III. The term of
the initial Class I directors will expire at the first annual meeting of the stockholders following the consummation of the Business Combination,
the term of the initial Class II directors will expire at the second annual meeting of the stockholders following the consummation of
the Business Combination and the term of the initial Class III directors will expire on the third annual meeting of the stockholders following
the consummation of the Business Combination.
Directors
elected at annual meetings of stockholders following the consummation of the Business Combination will be elected for terms expiring at
the next annual meeting of stockholders or until the election and qualification of their respective successors in office, subject to their
earlier death, resignation, removal or the earlier termination of his or her term of office. Our Certificate of Incorporation and Bylaws
provide that the authorized number of directors may be changed only by resolution of the Board. Subject to the terms of any preferred
stock, any or all of the directors may be removed from office at any time, with or without cause, and only by the affirmative vote of
the holders of at least a majority of the voting power of all of the then outstanding shares of voting stock of the Company entitled to
vote at an election of directors. Any vacancy on the Board, including a vacancy resulting from an enlargement of the Board, may be filled
only by the affirmative vote of a majority of the Company's directors then in office.
When
considering whether directors and director nominees have the experience, qualifications, attributes and skills, taken as a whole, to enable
the Board to satisfy its oversight responsibilities effectively in light of its business and structure, the Board expects to focus primarily
on each person's background and experience as reflected in the information discussed in each of the directors' individual
biographies set forth above in order to provide an appropriate mix of experience and skills relevant to the size and nature of its business.
Director Independence
As
a result of the Company's Class A Common Stock being listed on the NYSE American following the consummation of the Business Combination,
it is required to comply with the applicable rules of such exchange in determining whether a director is independent. Prior to the completion
of the Business Combination, the Board undertook a review of the independence of the individuals named above and have determined that
each of Dr. Khaleghi, Mr. Barnes and Mr. Poole qualifies as "independent" as defined under the applicable NYSE American
rules, and the Board consists of a majority of "independent directors," as defined under the rules of the SEC and NYSE American
relating to director independence requirements. In addition, the Company is subject to the rules of the SEC and NYSE American relating
to the membership, qualifications and operations of the audit committee, as discussed below.
77
Board Committees
The
Board directs the management of its business and affairs, as provided by Delaware law, and will conduct its business through meetings
of the Board and standing committees. The Company has a standing audit committee, compensation committee and nominating and corporate
governance committee, each of which operates under a written charter.
In
addition, from time to time, special committees may be established under the direction of the Board when the Board deems it necessary
or advisable to address specific issues. Current copies of the Company's committee charters are posted on its website,
www.foxotechnologies.com
,
as required by applicable SEC and the NYSE American rules. The information on or available through any of such website is not deemed incorporated
in this registration statement and does not form part of this registration statement.
Audit Committee
The
Company's audit committee consists of Bret Barnes and Andrew Poole. The Board has determined that each of these individuals meets
the independence requirements of the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act, Rule 10A-3 under
the Exchange Act and the applicable listing standards of the NYSE American. Each member of the Company's audit committee meets
the requirements for financial literacy under the applicable NYSE American rules. In arriving at this determination, the Board has examined
each audit committee member's scope of experience and the nature of their prior and/or current employment.
The
Board has determined that Mr. Poole qualifies as an audit committee financial expert within the meaning of SEC regulations and meets the
financial sophistication requirements of the NYSE American rules. In making this determination, the Board has considered Mr. Poole's
formal education and previous and current experience in financial and accounting roles. Both the Company's independent registered
public accounting firm and management periodically will meet privately with the Company's audit committee.
The
audit committee's responsibilities include, among other things:
●
appointing, compensating, retaining, evaluating, terminating and overseeing the Company's independent registered public accounting firm;
●
discussing with the Company's independent registered public accounting firm their independence from management;
●
reviewing with the Company's independent registered public accounting firm the scope and results of their audit;
●
pre-approving all audit and permissible non-audit services to be performed by the Company's independent registered public accounting firm;
●
overseeing the financial reporting process and discussing with management and the Company's independent registered public accounting firm the interim and annual financial statements that the Company files with the SEC;
●
reviewing and monitoring the Company's accounting principles, accounting policies, financial and accounting controls and compliance with legal and regulatory requirements; and
●
establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters.
The
composition and function of the audit committee complies with applicable requirements of the Sarbanes-Oxley Act, SEC rules and regulations
and NYSE American listing rules. The Company will comply with future requirements to the extent they become applicable to the Company.
78
Compensation Committee
The
Company's compensation committee consists of
Bret Barnes and Andrew Poole. Bret Barnes and Andrew Poole are non-employee directors,
as defined in Rule 16b-3 promulgated under the Exchange Act. The Board has determined that Bret Barnes and Andrew Poole
are "independent" as defined under the applicable NYSE American listing standards, including the standards specific to members
of a compensation committee.
The
compensation committee's responsibilities include, among other things:
●
reviewing and approving corporate goals and objectives relevant to the compensation of the Company's Chief Executive Officer, evaluating the performance of the Company's Chief Executive Officer in light of these goals and objectives and setting or making recommendations to the Board regarding the compensation of the Company's Chief Executive Officer;
●
reviewing and setting or making recommendations to the Board regarding the compensation of the Company's other executive officers;
●
making recommendations to the Board regarding the compensation of the Company's directors;
●
reviewing and approving or making recommendations to the Board regarding the Company's incentive compensation and equity-based plans and arrangements; and
●
appointing and overseeing any compensation consultants.
The
composition and function of its compensation committee complies with all applicable requirements of the Sarbanes-Oxley Act, SEC rules
and regulations and the NYSE American listing rules. The Company will comply with future requirements to the extent they become applicable
to the Company.
Nominating and
Corporate Governance Committee
The
Company's nominating and corporate governance committee consists of Bret Barnes and Andrew Poole. The Board has determined that
each of Bret Barnes and Andrew Poole is "independent" as defined under the applicable listing standards of the NYSE American
and SEC rules and regulations.
The
nominating and corporate governance committee's responsibilities include, among other things:
●
identifying individuals qualified to become members of the Board, consistent with criteria approved by the Board;
●
recommending to the Board the nominees for election to the Board at annual meetings of the Company's stockholders;
●
overseeing an evaluation of the Board and its committees; and
●
developing and recommending to the Board a set of corporate governance guidelines.
The
composition and function of the nominating and corporate governance committee complies with all applicable requirements of the Sarbanes-Oxley Act,
SEC rules and regulations and NYSE American listing rules. The Company will comply with future requirements to the extent they become
applicable to the Company.
Compensation Committee
Interlocks and Insider Participation
None
of the members of the Company's compensation committee has ever been an executive officer or employee of the Company. None of the
Company's executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee
or board of directors of any other entity that has one or more executive officers that will serve as a member of the Board or compensation
committee.
79
Role of the Board
in Risk Oversight/Risk Committee
One
of the key functions of the Board is informed oversight of the Company's risk management process. The Board does not anticipate
having a standing risk management committee, but rather anticipates administering this oversight function directly through the Board as
a whole, as well as through various standing committees of the Board that address risks inherent in their respective areas of oversight.
For example, the Company audit committee will be responsible for overseeing the management of risks associated with the Company's
financial reporting, accounting, and auditing matters; the Company's compensation committee will oversee the management of risks
associated with our compensation policies and programs.
Board Oversight of
Cybersecurity Risks
The
Company will face a number of risks, including cybersecurity risks and those other risks described under the section titled
"Risk
Factors"
included in this registration statement. The Board will play an active role in monitoring cybersecurity risks
and will be committed to the prevention, timely detection, and mitigation of the effects of any such incidents on the Company's
operations. In addition to regular reports from each of the Board's committees, the Board will receive regular reports from management,
including its chief technology officer and chief security officer, on material cybersecurity risks and the degree of the Company's
exposure to those risks. While the Board will oversee its cybersecurity risk management, management will be responsible for day-to-day risk
management processes. Management will work with third party service providers to maintain appropriate controls. We believe this division
of responsibilities is the most effective approach for addressing the Company's cybersecurity risks and that the Board leadership
structure supports this approach.
Limitation on Liability
and Indemnification of Directors and Officers
The
Charter contains provisions that limit the liability of the Company's directors for damages to the fullest extent permitted by Delaware
law. Consequently, the Company's directors will not be personally liable to the Company or its stockholders for damages as a result
of an act or failure to act in his or her capacity as a director, unless:
●
the presumption that directors are acting in good faith, on an informed basis, and with a view to the interests of the corporation has been rebutted; and
●
it is proven that the director's act or failure to act constituted a breach of his or her fiduciary duties as a director and such breach involved intentional misconduct, fraud or a knowing violation of law.
The
Charter requires the Company to indemnify and advance expenses to, to the fullest extent permitted by applicable law, its directors, officers
and agents. The Company maintains a directors' and officers' insurance policy pursuant to which the Company's directors
and officers are insured against liability for actions taken in their capacities as directors and officers. Finally, the Charter prohibits
any retroactive changes to the rights or protections or increasing the liability of any director in effect at the time of the alleged
occurrence of any act or omission to act giving rise to liability or indemnification.
In
addition, the Company has entered and will enter into separate indemnification agreements with the Company's directors and officers.
These agreements, among other things, require the Company to indemnify its directors and officers for certain expenses, including attorneys'
fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services
as one of the Company's directors or officers or any other company or enterprise to which the person provides services at the Company's
request.
We
believe these provisions in the Charter are necessary to attract and retain qualified persons as directors and officers for the Company
following the completion of the Business Combination.
Corporate Governance
Guidelines and Code of Business Conduct
The
Board adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of its directors and
director candidates and corporate governance policies and standards applicable to its directors. In addition, the Board adopted a Code
of Business Conduct and Ethics that applies to all of its employees, officers and directors, including its Chief Executive Officer, Chief
Financial Officer and other executive and senior financial officers.
The
full text of the Company's Corporate Governance Guidelines and its Code of Business Conduct and Ethics is posted on the Corporate
Governance portion of the Company's website at
www.foxotechnologies.com
. Information contained on or accessible through
the Company's website is not a part of this registration statement, and the inclusion of the Company's website address in
this registration statement is an inactive textual reference only. The Company intends to make any legally required disclosures regarding
amendments to, or waivers of, provisions of its Code of Business Conduct and Ethics on its website rather than by filing a Current Report
on Form 8-K.
80
EXECUTIVE COMPENSATION
Unless
the context otherwise requires, any reference in this section of this registration statement to "FOXO," "we,"
"us," or "our" refers to FOXO and its consolidated subsidiaries after the consummation of the Business Combination
and to the Company and its subsidiaries after the Business Combination.
FOXO
is an "emerging growth company," as defined in the JOBS Act, and thus the following disclosures are intended to comply with
the scaled disclosure requirements applicable to emerging growth companies and "smaller reporting companies," as such term
is defined in the rules promulgated under the Securities Exchange Act, which require compensation disclosure for our principal executive
officer and the two most highly compensated executive officers other than our principal executive officer, whom we refer to as our "named
executive officers."
This
section discusses the material components of the executive compensation program offered to our named executive officers. Our named executive
officers for the years ended December 31, 2022 and 2021 were as follows:
●
Tyler Danielson, our Chief Technology Officer and Interim Chief Executive Officer;
●
Brian Chen, PhD, our Chief Science Officer;
●
Robert Potashnick, our Chief Financial Officer;
●
Jon Sabes, our former Chief Executive Officer and Chairman; and
●
Steven Sabes, our former Chief Operating Officer.
This
discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations
regarding future compensation programs. Actual compensation programs that FOXO adopts could vary materially from our historical practices
and currently planned programs summarized in this discussion.
We
will continue to update, in accordance with the rules and regulations of the SEC, information in this section regarding the compensation
of our named executive officers.
Executive Compensation
Overview
Compensation Philosophy
FOXO
has designed its compensation and benefits program to attract, retain, incentivize and reward talented and qualified executives who share
our philosophy and desire to achieve our enterprise goals. We believe our compensation program should promote the success of FOXO and
align executive incentives with the long-term interest of its stockholders. Our current compensation programs reflect our startup
origins in that they consist primarily of base salaries and short-term incentive compensation, as well as the grant of options to
purchase stock. As we transition from a private company to a publicly traded company, we intend to evaluate our compensation values and
philosophy and compensation plans and arrangements as circumstances require.
81
Compensation Elements
The
compensation for our named executive officers consists of the following:
Compensation Element
Purpose
Base Salary
To provide stable and competitive income.
Equity-Based Compensation
To encourage executives to maximize long-term stockholder value (provided in the form of stock option awards).
Short-Term Incentive Compensation
To motivate and reward short-term behaviors, actions and results that drive long-term value creation.
To
accomplish both its short-term and long-term objectives, the compensation program emphasizes pay-for-performance, with two variable
components. Base salary is intended to provide a fixed component of compensation commensurate with the executive's skill set, experience,
role and responsibilities, and is compared against those in similar positions at similar companies. Variable components include short-term incentive
compensation and long-term equity-based incentives, which are used to align each component of incentive compensation with our
short and long-term business objectives. Discretionary biannual incentive bonuses, paid in the form of stock option awards, and/or
cash, are worth, at maximum, 10% of each named executive officer's annual base salary per review cycle, for an annual total value
of up to 20% of each named executive officer's base salary.
Summary Compensation
Table
The
following table sets forth information regarding the total compensation awarded to and earned by our named executive officers for services
rendered in all capacities for the years ended December 31, 2022 and 2021.
Option
Stock
Salary
Bonus
Awards
Awards
Total
Name and Principal Position
Year
($)
($)
(1)
($)
(2)
($)(2)
(3)
($)
Tyler Danielson
2022
205,000
—
22
5,935,600
6,140,622
Interim Chief Executive Officer and
Chief Technology Officer
2021
195,000
500
40,845
682
237,027
Brian Chen, PhD
2022
236,000
—
22
5,935,600
6,171,622
Chief Science Officer
2021
236,000
500
49,903
—
286,403
Robert Potashnick
2022
205,000
—
22
3,983,100
4,188,122
Chief Financial Officer
2021
180,000
500
39,148
—
219,648
Jon Sabes
2022
480,000
—
22
27,389,670
27,869,692
Former Chief Executive Officer
2021
480,000
500
1,184
—
481,684
Steven Sabes
2022
200,000
—
22
3,983,100
4,183,122
Former Chief Operating Officer
2021
200,000
500
43,031
—
243,531
(1)
2021
amounts reflect the payment of a holiday bonus earned and paid in the year ended December 31, 2021.
(2)
Amounts
reflect the aggregate grant date fair value of stock option awards and restricted stock granted under FOXO's 2020 Equity Incentive
Plan (the "
2020 Plan
") to our named executive officers during the year ended December 31, 2021 and 2022, computed
in accordance with FASB ASC Topic 718,
Compensation — Stock Compensation
. See Note 8 of the audited consolidated financial
statements included elsewhere in this registration statement for a discussion of the relevant assumptions used in calculating this amount
for the year ended December 31, 2021. These amounts do not reflect the actual economic value that may be realized by the named executive
officer.
(3)
2022
amounts reflect the aggregate fair value of restricted stock as part of FOXO's Management Contingent Share Plan to our named executive
officers during the year ended December 31, 2022, computed in accordance with FASB ASC 718,
Compensation – Stock Compensation.
See
Note 8 of the consolidated financial statements included elsewhere in this registration statement for a discussion of the relevant assumptions
used in calculating this amount. These amounts do not reflect the actual economic value that may be realized by the named executive officer.
82
Narrative Disclosure
to the Summary Compensation Table
Equity-Based Compensation
Legacy
FOXO previously utilized its 2020 Equity Incentive Plan, or the 2020 Plan, to enable it and its affiliates to attract and retain qualified
employees (including officers), consultants and directors to contribute to its long range success, provide incentives that aligned their
interests with those of Legacy FOXO stockholders, and promote the success of its business. The Legacy FOXO board of directors adopted,
and the Legacy FOXO stockholders approved, the 2020 Plan in 2020. The 2020 Plan governs and previously facilitated the grant of incentive
awards, including incentive stock options, non-qualified stock options, stock appreciation rights, restricted awards, performance
share awards, cash awards and other equity-based awards.
Prior
to the closing of the Business Combination, our named executive officers received equity-based compensation in the form of stock
option awards under the 2020 Plan, as described below. Under the 2020 Plan, stock option awards generally vest monthly over a three-year period
and have a term of five years. Prior to the adoption of the 2020 Plan and the Corporate Conversion, equity-based compensation
was provided in the form of profits interests agreements, as described previously.
Following
the approval of the 2022 Plan, the 2020 Plan was terminated and no further awards will be granted under the 2020 Plan.
The
following describes certain material terms of the 2020 Plan.
Grants,
Generally.
The 2020 Plan provided both for the direct award or sale of shares and for the grant of incentive stock options ("
ISOs
")
and non-qualified stock options ("
NSOs
"). ISOs may have been granted only to Legacy FOXO employees. All other
awards may have been granted to employees, consultants and directors of Legacy FOXO.
The
maximum number of shares of Legacy FOXO common stock that may have been issued over the term of the 2020 Plan was 7,000,000 shares
on a pre-Business Combination basis, or approximately 4,065,861 on a post-Business Combination basis. As of December 31, 2022, stock options
to purchase 2,765,099 shares of FOXO Class A Common Stock on a post-Business Combination basis with a weighted-average exercise
price of $7.02 per share were outstanding under the 2020 Plan. Additionally, 30,000 shares on a pre-Business Combination basis or
17,425 on a post-Business Combination basis of restricted stock were granted pursuant to the 2020 Plan to an employee who is a named executive
officer now but was not at the time of issuance. There were no outstanding awards under the 2020 Plan other than these options and restricted
stock.
Administration.
The
Legacy FOXO board of directors, or a committee delegated by the Legacy FOXO board of directors, administered the 2020 Plan. Our Board
has assumed such role following the Business Combination. During the term and subject to the terms of the 2020 Plan, the administrator
had the power to, among other things, construe and interpret the 2020 Plan and apply its provisions, determined when awards were to be
granted under the 2020 Plan and the applicable grant date, prescribed the terms and conditions of each award, including, without limitation,
the exercise price and medium of payment and vesting provisions, and specified the provisions of the award agreement relating to such
grant, made decisions with respect to outstanding awards that may have become necessary upon a change in corporate control or an event
that triggers anti-dilution adjustments, and exercised discretion to make any and all other determinations which it determined to
be necessary or advisable for the administration of the 2020 Plan.
Options.
Each
of the named executive officers was granted a mix of ISOs and NSOs. See the "
Outstanding Equity Awards
" table below
for further information about our named executive officers' outstanding options as of December 31, 2021.
83
Under
the terms of the 2020 Plan, no stock option is exercisable after the expiration of five years from the grant date.
The
exercise price per share of options granted under the 2020 Plan must be at least 100% of the fair market value per share of Legacy FOXO
common stock on the grant date, subject to certain exceptions. Subject to the provisions of the 2020 Plan, the administrator determined
the other terms of options, including any vesting and exercisability requirements, the method of payment of the option exercise price,
the option expiration date, and the period following termination of service during which options may remain exercisable.
Adjustments
upon Changes in Stock.
In the event of changes in the outstanding Legacy FOXO common stock (now, our shares of Class A Common
Stock) or in the capital structure of Legacy FOXO by reason of any stock or extraordinary cash dividend, stock split, reverse stock split,
an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or
other relevant change in capitalization occurring after the grant date of any award, awards granted under the 2020 Plan and any award
agreements, the exercise price of options, the maximum number of shares of Legacy FOXO common stock subject to all awards set forth above
would be equitably adjusted or substituted, as to the number, price or kind of a share of Legacy FOXO common stock or other consideration
subject to such awards to the extent necessary to preserve the economic intent of such award.
Effect
of Change in Control.
Unless otherwise provided in an award agreement, in the event of a participant's termination of continuous
service without cause or for good reason (as defined in the 2020 Plan) during the 12-month period following a change in control,
all outstanding options will become fully vested and immediately exercisable.
Short-Term Incentive
Compensation
As
outlined in our compensation policy, our named executive officers are eligible to earn discretionary biannual incentive bonuses. These
discretionary incentive bonuses are worth, at maximum, 10% of each named executive officer's annual base salary per review cycle,
for an annual total value of up to 20% of each named executive officer's base salary. Review cycles occur biannually, following
the second and fourth quarter of each year, and discretionary incentive bonuses are paid at the conclusion of these review cycles. Discretionary
biannual incentive bonuses awarded to named executive officers are paid in the form of stock option awards, cash, or some combination
of the two. As such, since our named executive officers typically received their biannual incentive bonuses in the form of stock options,
these amounts, as applicable to each year presented, are included in the "option awards" column of the summary compensation
table above.
Agreements with
Named Executive Officers
Agreement
with Tyler Danielson
We
entered into an offer letter with Tyler Danielson on September 3, 2020, pursuant to which Mr. Danielson agreed to serve as our Chief Technology
Officer and receive an annual base salary of $195,000. Mr. Danielson's employment will continue until such time as either the Company
or Mr. Danielson terminates employment. Mr. Danielson was granted 17,425 shares of restricted stock on a post-business combination basis
as replacement for a signing bonus that was initially intended to be in the form of a Sprinter Van.
Mr.
Danielson is also eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in
the form of cash and/or stock options based on individual performance and the Company's achievement of certain milestones, with
a payment expected to equate to up to 20% of annual base salary. Incentive compensation will be at the discretion of the Company.
Mr. Danielson
is also eligible for standard benefit plans made available to management-level employees.
The
Company has yet to enter into a new employment agreement with Mr. Danielson to reflect his role as our Interim Chief Executive Officer.
84
Agreement
with Robert Potashnick
We
entered into an employment agreement with Robert Potashnick on December 29, 2020, pursuant to which Mr. Potashnick agreed to serve as
our Chief Financial Officer and receive an annual base salary of $180,000. Mr. Potashnick's employment will continue until such
time either the Company or Mr. Potashnick terminates the employment agreement.
Mr.
Potashnick is eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in the
form of cash and/or stock options based on individual performance and the Company's achievement of certain milestones, with a payment
expected to equate to up to 20% of annual base salary. No later than thirty days of the commencement date of the employment agreement,
the Company compensated Mr. Potashnick with (i) a cash compensation signing bonus of $30,000; and (ii) an initial grant of 78,413 incentive
stock options on a post-Business Combination basis. Additionally, in the absence of an executive incentive compensation plan by the compensation
committee of the
Board
, Mr. Potashnick is eligible for an additional annual bonus of up to
20% of his salary.
The
employment agreement provides that Mr. Potashnick is also eligible for standard benefit plans made available to management-level employees.
The
Company has the right immediately to terminate Mr. Potashnick's employment for cause (as defined in his employment agreement) during
the employment period upon notice to Mr. Potashnick.
In
the event of a termination of Mr. Potashnick's employment, the Company shall pay Mr. Potashnick: (i) any unpaid base salary on the
Company's regular payday, prorated to the effective date of termination; and (ii) the dollar value of all accrued and unused vacation
benefits based upon Mr. Potashnick's base salary. The Company shall also reimburse Mr. Potashnick in accordance with and subject
to the requirements of the Company's expense reimbursement practices for any reasonable and necessary business expenses incurred
by Mr. Potashnick's on behalf of the Company on or before the date on which his employment terminates, and reported and properly
documented on expense reports.
The
Company has the right to terminate Mr. Potashnick's employment without cause during the employment period upon notice to Mr. Potashnick.
In the event of a termination without cause (as defined in his employment agreement), the Company will pay Mr. Potashnick severance compensation
in an amount equal to an amount of one half of Mr. Potashnick's base salary in effect on the date on which Mr. Potashnick's
employment is terminated, payable in a lump sum within thirty (30) days after the date of the termination. If Mr. Potashnick is eligible
for and elects to continue group health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("
COBRA
"),
he will be allowed to do so. The Company will also pay Mr. Potashnick a bonus under the Company's equity incentive plan prorated
based upon the number of days for which Mr. Potashnick was employed during the period for which such payments are made (e.g., quarter),
and any options or other equity incentives which have been granted to Mr. Potashnick shall fully vest on the date of termination.
The
CFO
employment agreement includes provisions governing Company confidential information, assignment of employee inventions,
non-solicitation of employees for 12 months following employment termination, non-competition for one year following any
employment termination for cause or without good reason (as defined in the employment agreement) and indemnification rights.
Agreement
with Brian Chen
Our
predecessor, GWG Holdings, Inc., entered into an employment agreement with Mr. Brian Chen, its Chief Science Officer, as of August 20,
2017, for a five-year initial term that automatically renews for additional one-year terms thereafter. For the years ended
December 31, 2022 and 2021, the annual base salary for Mr. Brian Chen was $236,000. By letter agreement, dated October 17,
2019, the CSO employment agreement was amended and provided that Mr. Brian Chen will be eligible to participate in a discretionary
incentive compensation plan and receive annual incentive compensation in the form of cash and/or stock options based on individual performance
and the company's achievement of certain milestones, with a payment expected to equate to up to 20% of annual base salary. The CSO
employment agreement provides that Mr. Brian Chen is eligible for standard benefit plans made available to management-level employees.
If the CSO's employment ends on account of death or disability, the Company will pay his estate continued salary for one month and
continue welfare benefits including paying all premiums for coverage of the CSO's dependent family members.
85
The
CSO employment agreement includes provisions governing Company confidential information, assignment of employee inventions, non-solicitation of
employees for 12 months following employment termination, non-competition for one year following any employment termination
for cause or without good reason (as defined in the CSO employment agreement) and indemnification rights.
Agreement
with Taylor Fay, our Chief Operating Officer
Our predecessor, GWG Holdings,
Inc., previously entered into an employment agreement with Mr. Fay, effective as of June 18, 2018. On October 17, 2019, by letter
agreement, Mr. Fay's employment agreement was amended to increase his salary to $130,500 per annum, and also to provide that Mr.
Fay would be eligible to participate in a discretionary incentive compensation plan and receive annual incentive compensation in the form
of cash and/or stock options based on individual performance and the company's achievement of certain milestones, with a payment
expected to equate to up to 20% of his annual base salary. Mr. Fay's employment agreement also provides that he is eligible for
standard benefit plans made available to management-level employees. If Mr. Fay's employment ends on account of death or disability,
the Company will pay his estate continued salary for one month and continue welfare benefits, including paying all premiums for coverage
of his dependent family members. Mr. Fay's compensation was again amended on November 18, 2020, to increase his salary to $160,000,
effective as of August 9, 2020. Thereafter, Mr. Fay was promoted to Vice President of Product Operations and his salary was increased
to $177,000 per annum, effective as of March 11, 2022.
Agreement
with Jon Sabes, our former Chief Executive Officer
Our
predecessor, FOXO BioScience LLC, entered into an employment agreement with Mr. Jon Sabes, its Chief Executive Officer ("
CEO
"),
as of April 22, 2020, for a five-year term that was to automatically renew for additional five-year periods unless terminated
prior to such renewal by the Company's board or Mr. Sabes. Pursuant to the terms of the employment agreement, the annual base
salary for Mr. Jon Sabes was $480,000. The CEO employment agreement provided that Mr. Sabes will receive an annual cash bonus
of up to 50% of his base salary, with such amount determined by the Company's compensation committee. The CEO employment agreement
also made a 10% profits interest grant, although this grant was later terminated when the Company converted to a C corporation and the
profits interest grant replaced by stock options. Mr. Sabes was entitled to participate in (i) all human resource benefit programs
made available to management-level employees of the Company and its subsidiaries, and (ii) all employee benefit plans and programs
made available by the Company. The CEO agreement provided reimbursement for private travel including the family members of Mr. Sabes
for both business and personal use, and social club memberships.
In
the event Mr. Sabes' employment was terminated as a result of his death or incapacity, the Company was to pay to the estate
of Mr. Sabes an amount equal to his then current base salary through the balance of the agreement, including any earned but unpaid
annual compensation and the Company would continue the welfare benefit programs provided under the agreement, including paying all premiums
for coverage for Mr. Sabes' dependent family members. In the event Mr. Sabes' employment was terminated by the board
without a renewal term or without Cause (as defined in the CEO employment agreement), then all equity awards immediately vest as specified
in the related agreements and Mr. Sabes would receive a severance payment equal to 36 months of his base salary. In the event
Mr. Sabes' employment was terminated by the Company with Cause (as defined in the CEO employment agreement) or Mr. Sabes
resigns, then he would not be entitled to any severance or continued benefits.
Under
the CEO employment agreement, Mr. Sabes agreed to customary confidentiality provisions and to refrain from soliciting employees of
the Company and its affiliates for a period of 12 months following any termination of employment and to a non-competition restriction
during the term of the agreement.
Jon
Sabes was terminated as the Company's CEO on November 14 2022. The Company is continuing to review its obligations, if any, to Jon
Sabes pursuant to the CEO employment agreement.
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Agreement
with Steven Sabes, our former Chief Operating Officer
Our
predecessor, GWG Holdings, Inc., entered into an employment agreement with Mr. Steven Sabes, its Chief Operating Officer, as of August 20,
2017, for a five-year initial term that automatically renewed for additional one-year terms thereafter. For the years ended
December 31, 2022 and 2021, the annual base salary for Mr. Steven Sabes was $200,000. By letter agreement, dated October 17,
2019, the COO employment agreement was amended and provided that Mr. Steven Sabes would be eligible to participate in a discretionary
incentive compensation plan and receive annual incentive compensation in the form of cash and/or stock options based on individual performance
and the Company's achievement of certain milestones, with a payment expected to equate to up to 20% of annual base salary. The COO
employment agreement provided that Mr. Steven Sabes was eligible for standard benefit plans made available to management-level employees.
If the COO's employment ended on account of death or disability, the Company would pay his estate continued salary for one month
and continue welfare benefits including paying all premiums for coverage of the COO's dependent family members.
The
COO employment agreement included provisions governing Company confidential information, assignment of employee inventions, non-solicitation of
employees for 12 months following employment termination, non-competition for one year following any employment termination
for cause or without good reason (as defined in the COO employment agreement) and indemnification rights.
Steven
Sabes was terminated as the Company's Chief Operating Officer on November 14, 2022.
Outstanding Equity
Awards
The
following table sets forth information concerning outstanding equity awards held by each of our named executive officers or former named
executive officers as of December 31, 2022, on a post-Business Combination basis. The table reflects both vested and unvested stock
option awards, bifurcated by grant date.
Option Awards
Name
Grant
Date
Restricted
Stock (1)
Vesting
Commencement
Date
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)
Option
Exercise
Price ($)
Option
Expiration
Date
Tyler Danielson
9/15/2022
760,000
1/27/2022
(2)
2
-
15.75
1/27/2027
8/9/2021
(3)
1,664
2,065
6.51
8/9/2026
5/11/2021
17,425
4/2/2021
(4)
37,755
14,520
6.51
4/2/2026
Brian Chen, PhD
9/15/2022
760,000
1/27/2022
(2)
2
-
15.75
1/27/2027
8/9/2021
(3)
2,000
2,480
6.51
8/9/2026
4/13/2021
(5)
670,026
2,238
6.51
4/13/2026
Robert Potashnick
9/15/2022
510,000
1/27/2022
(2)
2
-
15.75
1/27/2027
8/9/2021
(3)
1,591
1,980
6.51
8/9/2026
4/2/2021
(6)
52,277
26,136
6.51
4/2/2026
Jon Sabes (9)
9/15/2022
1,169,000
1/27/2022
(2)
2
-
15.75
1/27/2027
4/2/2021
(7)
832,805
26,764
6.51
4/2/2026
Steven Sabes
1/27/2022
(8)
2
N/A
15.75
1/12/2023
Various
(8)
390,085
N/A
6.51
1/12/2023
(1)
Restricted
stock was issued in 2022 as part of the Company's Management Contingent Share Plan and is subject to time, performance, and service
conditions. The shares held by Mr. Jon Sabes that are subject to forfeiture pursuant to the Management Contingent Share Plan are pending
a review of the Company's obligations to vest these shares in connection with Mr. Sabes' termination. The amount shown reflects
shares associated with a performance obligation that was met at the time of Mr. Sabes' termination. The restricted stock issued
to Tyler Danielson is fully vested.
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(2)
Stock
granted on January 27, 2022 began vesting at grant date and are fully vested as of December 31, 2022
(3)
The
option award vests monthly over a three-year period from the grant date.
(4)
On
April 2, 2021, Mr. Tyler Danielson was granted a total of 52,275 stock option awards. The 14,520 stock option awards granted to Mr. Danielson
that are unvested as of December 31, 2022 will vest in equal monthly installments through December 31, 2023.
(5)
On
April 13, 2021, Mr. Brian Chen was granted a total of 672,264 stock option awards, a portion of which reflect compensation
awards for services rendered prior to the adoption of the 2020 Plan. Of the 2,238 stock option awards granted to Mr. Chen that are unvested
as of December 31, 2022, (i) 834 will vest in equal monthly installments from January 1, 2023 to June 30, 2023; and (iii) 1,404 will
vest in equal monthly installments from January 1, 2023 to December 31, 2023.
(6)
On
April 2, 2021, Mr. Robert Potashnick was granted a total of 78,413 stock option awards. The 26,136 stock option awards granted to Mr.
Potashnick that are unvested as of December 31, 2022 will vest in equal monthly installments through December 31, 2023.
(7)
On
April 2, 2021, Mr. Jon Sabes was granted a total of 859,569 stock option awards, a portion of which reflect compensation
awards issued as replacement for prior profits interests cancelled in 2020 and for services rendered prior to the adoption of the 2020
Plan. Of the 26,764 stock option awards granted to Mr. Jon Sabes that are unvested as of December 31, 2022, (i) 22,426
will vest in January 2023; (ii) 1,446 will vest in equal monthly installments from January 1, 2023 to June 30, 2023; and (iii) 2,892
will vest in equal monthly installments from January 1, 2023 to December 31, 2023.
(8)
Mr.
Steven Sabes had three months from his termination of continuous service to exercise his options in accordance with our 2020 Plan. The
options were not exercised within the allotted time and have since been forfeited.
(9)
The shares held by Mr. Jon Sabes that are subject to forfeiture
pursuant to the Management Contingent Share Plan are pending a review of the Company's obligations to vest these shares in connection
with Mr. Sabes termination. The amount shown reflects shares associated with a performance obligation that was met at the time of his
termination. The Company is additionally reviewing its obligations to Mr. Sabes related to the immediate vesting of options. The amount
shown reflects options vested based on his continuous service as a director as of December 31, 2022. Mr. Sabes no longer provides continuous
service upon his resignation from the Board and has three months from his resignation on January 29, 2023 to exercise any of his remaining
options.
Executive Compensation
Arrangements – Post-Closing Arrangements
Post-Closing Employment
Agreements
We
are in the process of negotiating, approving and implementing new employment arrangements with each of our executive officers, which will
govern the terms of their continuing employment with us. Although the terms of these agreements are still being finalized, we expect that
the agreements will have a fixed term of years, with annual renewals thereafter, subject to termination in accordance with each agreement's
terms and conditions. We expect that each executive will be entitled to an annual salary, to be reviewed each year, an annual target bonus
opportunity (calculated as a percentage of salary) paid in cash, and an equity incentive grant. We anticipate the agreements will contain
severance provisions whereby, if the executive is terminated other than for cause or resigns for good reason, then the executive will
be paid a lump sum payment calculated based on his or her salary and bonus. If the executive is terminated for cause, we anticipate the
agreements will provide that the executive would receive no amounts other than amounts accrued at the date of termination and any vested
benefits under Company benefit plans. We expect that all unvested equity awards would become fully vested in connection with a change
of control.
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Simultaneously
with the execution and delivery of the Merger Agreement, certain Legacy FOXO executive officers entered into Non-Competition Agreements
in favor of Legacy FOXO and Delwinds and their respective present and future successors and direct and indirect subsidiaries. Under the
Non-Competition Agreements, the Legacy FOXO executive officers signatory thereto agreed not to compete with Delwinds, Legacy FOXO
and their respective affiliates during the two-year period following the Closing and, during such two-year restricted period,
to not solicit employees or customers of such entities. The Non-Competition Agreements also contain customary confidentiality and
non-disparagement provisions.
2022 Equity Incentive
Plan
Following
the consummation of the Business Combination, the Company adopted the 2022 Plan in order to facilitate the grant of equity awards to attract,
retain and incentivize employees (including officers), independent contractors and directors of the Company and its affiliates, which
is essential to the Company's long term success.
Summary of the 2022 Equity Incentive Plan
Eligibility
Employees
(including officers), non-employee directors and consultants who render services to the Company or an affiliate thereof (whether now existing
or subsequently established) are eligible to receive awards under the 2022 Plan. Incentive stock options may only be granted to employees
of the Company or a parent or subsidiary thereof. As of the date of this registration statement, we have approximately 29 employees and
consultants, including five executive officers, and three non-employee directors, eligible to participate in the 2022 Plan.
Administration
The
compensation committee of our Board, or such other committee as may be designated by the Board, or in the absence of any such committee,
the Board (the "
compensation committee
" or "
Administrator
"), administers 2022 Plan. Subject to the
terms of 2022 Plan, the compensation committee has complete authority and discretion to determine the terms of awards under 2022 Plan.
Types of Awards
The
2022 Plan provides for the grant of stock options, which may be incentive stock options ("
ISOs
") or non-qualified stock
options ("
NQSOs
"), stock appreciation rights ("
SARs
"), restricted shares, restricted stock units
("
RSUs
") and other equity-based awards, or collectively, awards.
Share Reserve
3,286,235
shares of Class A Common Stock may be issued under the 2022 Plan. All of the shares available under the 2022 Plan may be issued upon the
exercise of ISOs.
Awards
granted under the 2022 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity
plan maintained by an entity with which we enter into a merger or similar corporate transaction do not reduce the shares available for
grant under the 2022 Plan but will count against the maximum number of shares that may be issued upon the exercise of ISOs.
If
options, SARs, restricted stock, RSUs or any other awards are forfeited, cancelled or expire before being exercised or settled in full,
the shares subject to such awards will again be available for issuance under the 2022 Plan. Notwithstanding anything to the contrary contained
herein: shares subject to an award under the 2022 Plan shall not again be made available for issuance or delivery under the 2022 Plan
if such shares are (a) shares tendered in payment of an option, (b) shares delivered or withheld by the company to satisfy any tax withholding
obligation, or (c) shares covered by a stock-settled SAR or other awards that were not issued upon the settlement of the award. Shares
issued under the 2022 Plan may be authorized but unissued shares or treasury shares. As of the date hereof, no awards have been granted
under the 2022 Plan.
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Annual Limitation on Awards to Non-Employee
Directors
The
grant date fair value of 2022 Plan awards granted to each non-employee director during any calendar year may not exceed $500,000
(on a per-director basis).
Stock Options
The
2022 Plan authorizes the grant of ISOs and NQSOs (each an "
Option
"). Options granted under 2022 Plan entitle the grantee,
upon exercise, to purchase a specified number of shares of Class A Common Stock from us at a specified exercise price per share. The Administrator
of 2022 Plan determines the period during which an Option may be exercised, as well as any Option vesting schedule, except that no Option
may be exercised more than 10 years after the date of grant and will generally expire sooner if the option holder's service
terminates. The exercise price for shares of Class A Common Stock covered by an Option cannot be less than the fair market value of the
common stock on the date of grant unless pursuant to an assumption or substitution for another option in a manner satisfying the provisions
of Section 409A of the Internal Revenue Code of 1986, as amended (the "
Code
").
An
Option's exercise price may be paid in cash or by certified check at the time the Option is exercised, or, at the discretion of
the Administrator, (1) a stock-for-stock exchange whereby the exercise price is paid by exchange of other common stock with
a fair market value equal to the Option exercise price; (2) a "cashless" exchange established with a broker; (3) by
reducing the number of shares of common stock otherwise deliverable upon exercise with the fair market value equal to the aggregate Option
exercise price; (4) any combination of the previous methods; or (5) in any other form of legal consideration that may be acceptable
by the Administrator.
Tax Limitations on Incentive Stock Options
The
aggregate fair market value, determined on the date of grant, of shares for which ISOs granted under the 2022 Plan first become exercisable
by a participant during any calendar year shall not exceed $100,000, and any amount in excess of $100,000 shall be treated as NQSOs. If
an ISO is granted to any employee who owns more than 10% of the total combined voting securities of the Company, the exercise price of
such ISO shall be at least 110% of the fair market value of the Class A Common Stock on the date of grant, and such ISO shall not be exercisable
more than five years after the date of grant.
Stock Appreciation Rights
Stock
appreciation rights may be granted under the 2022 Plan. Stock appreciation rights allow the recipient to receive the appreciation in the
fair market value of the Company Class A Common Stock between the exercise date and the date of grant. Stock appreciation rights may not
have a term exceeding ten years. The grant price for a stock appreciation right may not be less than 100% of the fair market value
per share on the date of grant. Subject to the provisions of the, the Administrator determines the other terms of stock appreciation rights,
including when such rights become exercisable.
Restricted Stock Awards
Restricted
stock may be granted under the 2022 Plan. Restricted stock awards are grants of shares of Company Class A Common Stock that vest in accordance
with terms and conditions established by the compensation committee. The Administrator determines the number of shares of restricted stock
granted to any employee, director or consultant and, subject to the provisions of the 2022 Plan, determines the terms and conditions of
such awards. The compensation committee may impose whatever conditions to vesting it determines to be appropriate. The compensation committee,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.
90
Recipients
of restricted stock awards generally have voting rights with respect to such shares upon grant unless the Administrator provides otherwise.
Unless the Administrator determines otherwise, during the restricted period, all dividends or other distributions paid upon any restricted
stock awards will be retained by the Company for the account of the recipient. Such dividends or other distributions will revert to the
Company if for any reason the restricted stock award upon which such dividends or other distributions were paid reverts to the company.
Upon the expiration of the restricted period, all such dividends or other distributions made on such restricted share and retained by
the Company will be paid to the recipient, with or without interest as determined by the Administrator.
Restricted Stock Units
Restricted
stock units may be granted under the 2022 Plan. Restricted stock units are bookkeeping entries representing an amount equal to the fair
market value of one share of company common stock. Subject to the provisions of the 2022 Plan, the Administrator determines the terms
and conditions of restricted stock units, including the vesting criteria and the form and timing of payment. The Administrator may also
grant restricted stock units with a deferral feature, whereby settlement is deferred beyond the vesting date or lapse of the restricted
period until the occurrence of a future payment date or event set forth in an award agreement. A holder of restricted stock units will
have only the rights of a general unsecured creditor of the Company, until the delivery of shares, cash or other securities or property.
On the delivery date, the holder of each restricted stock unit not previously forfeited or terminated will receive one share, cash or
other securities or property equal in value to one share or a combination thereof, as specified by the Administrator.
Other Equity-Based Awards
The
2022 Plan also authorizes the grant of other types of equity-based awards based in whole or in part by reference to the Company's
Class A Common Stock. The Administrator will determine the terms and conditions of any such awards.
Change in Control
Unless
otherwise provided in an award agreement, under the 2022 Plan, if a participant is terminated without cause or for good reason during
the 12-month period following a change in control (as defined in the 2022 Plan), all of such participant's outstanding awards
shall vest and be immediately exercisable as of the date of termination. With respect to awards subject to performance goals, in the event
of a change in control, all incomplete performance periods in respect of such awards in effect on the date the change in control occurs
shall end on the date of such change and the Administrator shall (i) determine the extent to which performance goals with respect
to each such performance period have been met based upon such audited or unaudited financial information then available as it deems relevant
and (ii) cause to be paid to the applicable participant partial or full awards with respect to performance goals for each such performance
period based upon the Administrator's determination of the degree of attainment of performance goals or, if not determinable, assuming
that the applicable "target" levels of performance have been attained, or on such other basis determined by the Administrator.
In addition, in the event of a change in control, the Administrator may in its discretion cash out any or all outstanding awards immediately
before the change in control.
Changes to Capital Structure
In
the event of certain changes in capitalization, including a stock split, reverse stock split or stock dividend, proportionate adjustments
will be made in the number and kind of shares available for issuance under the 2022 Plan, the limit on the number of shares that may be
issued under the 2022 Plan as ISOs, the number and kind of shares subject to each outstanding award and/or the exercise price of each
outstanding award.
Duration, Amendment and Termination
The
Administrator of the 2022 Plan may suspend or terminate the 2022 Plan without stockholder approval or ratification at any time
or from time to time. Unless sooner terminated, the 2022 Plan will terminate on the tenth anniversary of its effective date. The
Administrator may also amend the 2022 Plan at any time, except that no amendment shall be effective unless approved by our stockholders,
to the extent stockholder approval is necessary to satisfy any applicable laws. No change may be made that increases the total number
of shares of Class A Common Stock reserved for issuance pursuant to awards or reduces the minimum exercise price for options or exchange
of options for other awards, unless such change is authorized by our stockholders. No modification may be made to an outstanding award
under the 2022 Plan if such modification effects a "repricing" of the award unless such a repricing is approved by our stockholders.
A termination or amendment of the 2022 Plan will not, without the consent of the participant, materially impair the rights under
a previously granted award.
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Restrictions on Transfer
ISOs
may not be transferred or exercised by another person except by will or by the laws of descent and distribution. NQSOs may, in the sole
discretion of the Administrator, be transferable to certain permitted transferees as provided in the individual award agreements.
International Participation
The
Administrator has the authority to implement sub-plans (or otherwise modify applicable grant terms) for purposes of satisfying applicable
foreign laws, conforming to applicable market practices or for qualifying for favorable tax treatment under applicable foreign laws,
and the terms and conditions applicable to awards granted under any such sub-plan or modified award may differ from the terms of
the 2022 Plan. Any shares issued in satisfaction of awards granted under a sub-plan will come from the 2022 Plan share reserve.
Incentive Stock Options
A
participant will not recognize income on the grant, vesting, or exercise of an ISO. However, the difference between the exercise price
and the fair market value of the Class A Common Stock on the date of exercise is an adjustment item for purposes of the alternative minimum
tax. If a participant does not exercise an ISO within certain specified periods after termination of employment, the participant will
recognize ordinary income on the exercise of an ISO in the same manner as on the exercise of a NQSO, as described below.
Non-Qualified Stock Options and
SARs
A
participant generally is not required to recognize income on the grant or vesting of a NQSO or SAR. Instead, ordinary income generally
is required to be recognized on the date the NQSO or SAR is exercised. In general, the amount of ordinary income required to be recognized
is (a) in the case of a NQSO, an amount equal to the excess, if any, of the fair market value of the shares on the exercise date
over the exercise price and (b) in the case of a SAR, the amount of cash and/or the fair market value of any shares received upon
exercise. If the participant is an employee or former employee, the participant will be required to satisfy the tax withholding requirements
applicable to such income.
A
participant who receives an award of restricted stock generally does not recognize taxable income at the time of the award. Instead, the
participant recognizes ordinary income when the shares vest, subject to withholding if the participant is an employee or former employee.
The amount of taxable income is equal to the fair market value of the shares on the vesting date(s) less the amount, if any, paid for
the shares. Alternatively, a participant may make a one-time election to recognize income at the time the participant receives restricted
stock in an amount equal to the fair market value of the restricted stock (less any amount paid for the shares) on the date of the award
by making an election under Section 83(b) of the Code.
Restricted Stock Unit Awards
In
general, no taxable income results upon the grant of an RSU. The recipient will generally recognize ordinary income, subject to withholding
if the recipient is an employee or former employee, equal to the fair market value of the shares that are delivered to the recipient upon
settlement of the RSU.
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Gain or Loss on Sale or Exchange of
Shares
In
general, gain or loss from the sale or exchange of shares of common stock granted or awarded under the 2022 Plan will be treated
as capital gain or loss, provided that the shares are held as capital assets at the time of the sale or exchange. However, if certain
holding period requirements are not satisfied at the time of a sale or exchange of shares acquired upon exercise of an ISO, a participant
generally will be required to recognize ordinary income upon such disposition.
Section 409A
The
foregoing description assumes that Section 409A of the Code does not apply to an award. In general, options and stock appreciation rights
are exempt from Section 409A if the exercise price per share is at least equal to the fair market value per share of the underlying stock
at the time the option or stock appreciation right was granted. RSUs are subject to Section 409A unless they are settled within two and
one half months after the end of the later of (a) the end of the Company's fiscal year in which vesting occurs or (b) the end of
the calendar year in which vesting occurs. Restricted stock awards are not generally subject to Section 409A. If an award is subject to
Section 409A and the provisions for the exercise or settlement of that award do not comply with Section 409A, then the participant would
be required to recognize ordinary income whenever a portion of the award vested (regardless of whether it had been exercised or settled).
This amount would also be subject to a 20% U.S. federal tax and premium interest in addition to the U.S. federal income tax at the participant's
usual marginal rate for ordinary income.
Deductibility by Company
The
Company will generally be entitled to an income tax deduction at the time and to the extent a participant recognizes ordinary income
as a result of an award granted under the 2022 Plan. However, Section 162(m) of the Code may limit the deductibility of certain awards
granted under the 2022 Plan. Although the Administrator considers the deductibility of compensation as one factor in determining executive
compensation, the Administrator retains the discretion to award and pay compensation that is not deductible as it believes that it is
in the stockholders' best interests to maintain flexibility in the approach to executive compensation and to structure a program
that the Administrator considers to be the most effective in attracting, motivating and retaining key employees.
Management Contingent
Share Plan
In
connection with the Business Combination, we adopted an earnout incentive plan (the "
Management Contingent Share Plan
")
to secure and retain the services of certain key employees and service providers and incentivize such key employees and service providers
to exert maximum efforts for the success of FOXO and its affiliates. The Management Contingent Share Plan makes available a total of 9,200,000 shares
eligible to be issued pursuant to restricted share awards, all of which are eligible to be issued. These restricted share awards will
vest and be subject to forfeiture according to time and performance-based criteria established as part of the Business Combination.
Certain of these restricted share awards will be granted to our named executive officers and will represent compensation to such individuals
in 2022.
Summary of the Management Contingent Share Plan
Eligibility
Employees
(including officers), non-employee directors and consultants who render services to the Company or an affiliate thereof (whether
now existing or subsequently established) are eligible to receive awards under the Management Contingent Share Plan.
Administration
The
Management Contingent Share Plan is administered by the compensation committee, or such other committee of the Board, composed of independent
directors, as is designated by the Board to administer the Management Contingent Share Plan (the "
Committee
").
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Subject
to the terms of the Management Contingent Share Plan, the Committee will have complete authority to construe and interpret the plan and
awards granted under it. The Committee shall be solely responsible for monitoring and determining whether or not any performance-based condition
(described below) is achieved and any such determination shall be final and conclusive. The Committee may utilize whatever rules and processes
it believes are appropriate in this determinative process. All determinations, interpretations, and constructions made by the Committee
in good faith and consistent with the terms of the plan shall not be subject to review by any person and shall be final, binding, and
conclusive on all persons.
Share Reserve
The
number of shares of Class A Common Stock that may be issued under the Management Contingent Share Plan is 9,200,000 shares, subject
to equitable adjustment for share splits, share dividends, combinations and recapitalizations, including to account for any equity securities
into which such shares are exchanged or converted. All 9,200,000 shares of Class A Common Stock were issued to members of Company
management designated by management.
Types of Awards
The
Management Contingent Share Plan provides for the grant of restricted share awards of Class A Common Stock. All of the shares of Class
A Common Stock issued to employees at the Closing were issued pursuant to a "Restricted Share Award," the terms of which apply
to all shares issued to such recipient. For the purposes of the Management Contingent Share Plan, shares of restricted Class A Common
Stock issued in accordance with such plan will be considered "vested" when they are no longer subject to forfeiture in accordance
with the terms of such plan. Each restricted share award issued under the Management Contingent Share Plan is subject to both a time-based vesting
component and a performance-based vesting component.
Time-Based Vesting
Each
restricted share award shall be subject to three service-based vesting conditions:
(a)
Sixty
percent (60%) of a participant's restricted share award will become vested on the third anniversary of the Closing if the participant
is still employed by the Company on such date (and has been continuously employed by the Company from the date of grant through such
vesting date).
(b)
An
additional twenty percent (20%) of a participant's restricted share award will become vested on the fourth anniversary of the Closing
if the participant is still employed by the Company on such date (and has been continuously employed by the Company from the date of
grant through such vesting date).
(c)
The
final twenty percent (20%) of a participant's restricted share award will become vested on the fifth anniversary of the Closing
if the participant is still employed by the Company on such date (and has been continuously employed by the Company from the date of
grant through such vesting date).
Performance-Based Vesting
In
addition, to time-based vesting, one-third of each restricted share award may only become vested upon satisfaction of each of
the following three performance-based conditions:
(a)
The
operational launch of digital online insurance products by FOXO Life Insurance Company (or its functional equivalent under a managing
general agency relationship with a life insurance company), with at least 100 policies sold, within one year following the Closing;
(b)
The
signing of a commercial research collaboration agreement with an insurance company or reinsurance company for saliva-based epigenetic
biomarkers in life insurance underwriting within two years following the Closing; and
(c)
The
implementation of saliva-based epigenetic biomarkers in life insurance underwriting by the Company, with at least 250 policies sold
using such underwriting, within two years following the Closing.
94
Service Based-Conditions
The
Management Contingent Share Plan provides that in the event of the death, disability, or termination without cause of the CEO at the time
of the Closing, service-based conditions will not apply.
Forfeiture of Restricted Share Awards
If
a performance-based condition is not achieved within the specified timeframe then the one-third portion of each restricted share
award that is associated to that performance-based condition will be permanently forfeited. The Committee shall be solely responsible
for monitoring and determining whether or not any performance-based condition is achieved and any such determination shall be final
and conclusive.
Any
restricted stock awards that fail to vest due to a time-based vesting condition not being satisfied will be forfeited by the participant
and the shares associated with that award will be permanently forfeited and cancelled.
Change in Control
In
the event of a change in control (as defined in the plan), all time-based vesting conditions and any performance-based vesting
conditions whose time frame for achievement has not expired will be waived. Any restricted share awards that were forfeited due to failure
to meet a performance-based vesting condition prior to the change in control will remain permanently forfeited.
Duration, Amendment and Termination
Unless
sooner terminated, the Management Contingent Share Plan will terminate on the first to occur of (a) the date that 100% of the restricted
share awards have become vested or (b) the first business day following the fifth (5
th
) anniversary of the Closing.
The Board may suspend or terminate the plan with the written consent of all remaining participants in the Management Contingent Share
Plan (at the time of the proposed suspension or termination of the Management Contingent Share Plan). The Board at any time, and from
time to time, may amend, supplement, modify or restate the plan or any award provided that any such amendment applicable to a previously
outstanding award shall not have an adverse effect on a participant or diminish the value of any previously outstanding award under the
plan without participant's prior written consent.
Restrictions on Transfer
Except
for transfers without consideration to persons or entities related to a participant (family members, family trusts, etc.) restricted share
awards may not be transferred to another person except in the sole discretion of the Committee.
95
Director Compensation
Non-Employee Director
Compensation Table
No
directors received compensation for their service on Delwinds' board of directors in 2021.
The
following table presents the total compensation earned and paid to non-employee member directors of the Legacy FOXO board during
the year ended December 31, 2022. Mr. Jon Sabes, our former Chief Executive Officer, did not receive any compensation for his
service as a member of the Legacy FOXO board during any period presented. Mr. Sabes' compensation for service as an employee
is presented above under the heading "
Summary Compensation Table
" above. In addition to the compensation outlined below,
we reimbursed non-employee members of the Legacy FOXO board for reasonable travel expenses, and out-of-pocket costs incurred
in attending meetings of the Legacy FOXO board or events attended on behalf of Legacy FOXO.
Name
Year
Fees Earned
and Paid in
Cash ($)(4)
Option Awards ($) (5)
Stock Awards ($) (6)
Total
($)(7)
Bret Barnes
(1)
2022
45,000
308,580
390,500
744,080
Murdoc Khaleghi
(2)
2022
45,000
-
390,500
435,500
Andrew Poole
2022
-
-
-
-
Laurence Zipkin
(3)
2022
45,000
-
-
45,000
Lyle Berman
(3)
2022
45,000
-
-
45,000
(1)
Bret
Barnes was appointed to the Legacy FOXO board in November of 2021 and given the timing of his appointment to the Legacy FOXO board, and
ongoing valuation work, Mr. Barnes was not granted any equity-based compensation awards during the year ended December 31,
2021. The restricted stock grant to Mr. Barnes was part of the Company's Management Contingent Share Plan. During the year ended
December 31, 2022, Mr. Barnes was also granted options valued at $133,200 for serving on the Company's Scientific Advisory Board.
(2)
The
restricted stock grant to Dr. Khaleghi was part of the Company's Management Contingent Share Plan. Dr. Khaleghi also received $99,000
in cash and $624,800 worth of shares from the Management Contingent Share Plan during the year ended December 31, 2022 as fees for his
services under his Contractor Agreement with Legacy FOXO (see "
Certain Relationships and Related Person Transactions —
Legacy FOXO — Contractor Agreement
"). Dr. Khaleghi was supposed to be issued options as part of his Contractor Agreement
but agreed to accept shares under the Management Contingent Share Plan instead. Dr. Khaleghi was also granted options valued at $133,200
for serving on the Company's Scientific Advisory Board.
(3)
Lyle
Berman and Laurence Zipkin were appointed and no longer serve on the Legacy FOXO board.
(4)
Amounts
represent cash compensation earned and paid during the year ended December 31, 2022 for services rendered by each member of the
Legacy FOXO board. Cash compensation amounts are paid in the final month of each calendar quarter for services rendered during that respective
quarter.
(5)
Amounts
reflect the aggregate grant date fair value of stock option awards granted under the 2020 Plan to non-employee members of Legacy
FOXO board during the year ended December 31, 2022, computed in accordance with FASB ASC Topic 718,
Compensation — Stock
Compensation
. See Note 8 of the audited consolidated financial statements included elsewhere in this registration statement
for a discussion of the relevant assumptions used in calculating this amount. During the year ended December 31, 2022, Mr.
Bret Barnes was granted 69,500 stock option awards as compensation for joining the Board and for services rendered.
(6)
Amounts
reflect the aggregate grant date fair value of restricted stock granted under FOXO's Management Contingent Share Plan computed
in accordance with FASB ASC Topic 718, Compensation — Stock Compensation. See Note 8 of the consolidated financial statements included
elsewhere in this registration statement for a discussion of the relevant assumptions used in calculating this amount for the year ended
December 31, 2022. These amounts do not reflect the actual economic value that may be realized by the named executive officer.
(7)
The
compensation committee has not yet determined compensation for the FOXO Board. Accordingly, all compensation relates to the Legacy FOXO
board of directors.
Post-Combination Director
Compensation
In April 2023, based on the recommendation of our compensation committee,
our Board approved the following annual retainers for the fiscal year ending December 31, 2023: $15,000 for service as chair of our audit
committee, $10,000 for service as chair of our compensation committee, $7,500 for service as chair of our nominating and corporate governance
committee, $10,000 for service as a non-chair member of our audit committee, $6,750 for service as a non-chair member of our compensation
committee, $5,000 for service as a non-chair member of our nominating and corporate governance committee, $35,000 for service as the non-executive
chairman of the Board, $15,000 for service as the lead director, and $121,000 for service as a director. In approving these retainers,
our compensation committee and Board considered the FW Cook 2022 Director Compensation Report to inform its decision making. In addition,
the Board approved one-time bonuses of $51,843.75, $35,291.67, and $41,635.42 for Mr. Barnes, Dr. Khaleghi, and Mr. Poole, respectively,
which amounts represent each director's total annual retainers, prorated for three and a half months of service. 52.5% of each director's
total compensation for fiscal year ending December 31, 2023 will be paid in equity and 47.5% will be paid in cash. Although the Board
has approved the foregoing terms of this director compensation plan, it has determined not to authorize the Company to make any awards,
stock issuances or cash payments thereunder until such time as the Board formally implements the plan. Other material terms of the plan,
including specific award schedules and the formula to be used to calculate the value of the stock issuance portion of each director's
compensation, will be determined by the Board at such time as the Board approves the formal implementation of the plan.
96
CERTAIN RELATIONSHIPS
AND RELATED PERSON TRANSACTIONS
Delwinds
On
February 23, 2022, Delwinds issued a promissory note in the principal amount of up to $2,000,000 to the Sponsor (the "
Sponsor
February Promissory Note
"). The Sponsor February Promissory Note was issued in connection with advances the Sponsor has made
to Delwinds for working capital expenses. As of the date of this registration statement, $500,000 was still outstanding under the Sponsor
February Promissory Note.
On
February 24, 2022, in connection with the Transaction, concurrent with the execution of the Merger Agreement, Andrew J. Poole, Delwinds'
Chairman and Chief Executive Officer, and The Gray Insurance Company, which is an affiliate of certain of Delwinds' officers and
directors (the "
Backstop Investors
") entered into Backstop Subscription Agreements (the "
Backstop Subscription
Agreements
") pursuant to which the Backstop Investors agreed, subject to the terms and conditions of the Backstop Subscription
Agreements, to purchase certain newly-issued shares of Class A Common Stock, contingent upon the occurrence of certain events, including
the amount of Class A Common Stock redeemed upon consummation of the Business Combination and other contingencies. Concurrent and in connection
with Delwinds entering into a Forward Purchase Agreement with Meteora Capital Partners or its affiliates, Delwinds and the Backstop Investors
entered into revised Backstop Subscription Agreements (the "
Revised Backstop Subscription Agreements
"), the terms of
which were also approved and agreed by Legacy FOXO. As a result of the terms of the Revised Backstop Subscription Agreements, the Backstop
Investors did not subscribe for Delwinds shares concurrent with the consummation of the Business Combination pursuant to such agreements,
in connection with Delwinds entering into the Forward Purchase Agreement with Meteora.
Delwinds
has entered into a registration and stockholder rights agreement with respect to the private placement units, the units issuable upon
conversion of working capital loans (if any) and the shares of Delwinds Class A Common Stock issuable upon exercise of the foregoing and
upon conversion of the Founder shares.
On
September 14, 2022, the Sponsor forfeited 600,000 shares of Delwinds Class B Common Stock and assigned all of its remaining securities
of the Company to its members for no additional consideration pursuant to securities assignment and joinder agreements (the "
Distribution
"),
pursuant to which the members became parties to the Existing Letter Agreement, as amended by the Insider Letter Amendment, the Registration
Rights Agreement, dated as of December 10, 2020, and Warrant Agreement, dated as of December 10, 2020, as applicable.
Administrative
Support Agreement
Delwinds
agreed, commencing on the effective date of the IPO through the earlier of the Delwinds' consummation of a business combination
and its liquidation, to pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative
support. At December 31, 2021 and 2020, a total of $5,000 was recorded as due to Sponsor on the balance sheet related to this agreement.
For the years ending December 31, 2021 and 2020, under this agreement we paid a total of $120,000 and $0, respectively.
The
Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent registered
accounting firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written
letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account
to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date
of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes
payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver
of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act.
However, we have not asked the sponsor to reserve for such indemnification obligations, nor have we independently verified whether the
sponsor has sufficient funds to satisfy its indemnity obligations and believe that the sponsor's only assets are securities of our
company. Therefore, we cannot assure you that the Sponsor would be able to satisfy those obligations. None of our officers or directors
will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
97
Legacy FOXO
Other
than compensation arrangements, the following is a summary of the transactions and series of similar transactions since January 1,
2020, or any currently proposed transactions, to which Legacy FOXO was a participant or will be a participant, in which:
●
the amounts involved exceeded or will exceed $120,000; and
●
any of our directors, executive officers or holders of more than 5% of our voting securities, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.
Compensation
arrangements for our directors and named executive officers are described elsewhere in this registration statement.
Sales and Purchases
of Securities
Convertible Debenture
Sales
During
the three months ended March 31, 2021, Legacy FOXO entered into separate Securities Purchase Agreements and other 2021 Bridge Agreements,
with the 2021 Bridge Investors, pursuant to which Legacy FOXO issued $11,812,500 in aggregate principal amount of the 2021 Bridge Debentures.
Legacy FOXO received net proceeds of $9,612,007 from the sale of the 2021 Bridge Debentures after the original issue discount of 12.5%
and deducting fees and expenses of $887,993. The 2021 Bridge Debentures were issued in three tranches, on January 25, 2021, February 23,
2021, and March 4, 2021. The 2021 Bridge Debentures mature twelve months from the initial issuance dates, bear interest at a rate
of 12% per annum, and require interest only payments on a quarterly basis. We retained the right to extend the maturity date for each
issuance for an additional three-month period and incur an extension amount rate of 110% of the outstanding balance of the 2021 Bridge
Debenture. The 2021 Bridge Debentures allow for both: (i) voluntary conversion of aggregate principal and accrued and unpaid interest
to shares of Class A Common Stock at the option of the holder at a price per share equal to OIP and (ii) mandatory conversion of aggregate
principal and accrued and unpaid interest upon our consummation of offering of common stock, including a special purpose acquisition company
transaction, for an aggregate price of at least $5,000,000 at a price per share equal to the lower of (a) 70% of the offering price per
share or (b) OIP. On January 25, 2021, Legacy FOXO also issued convertible debentures to its serving Chief Executive Officer and
Chief Operating Officer, and to the Consultant (as defined below) that provided consulting services to Legacy FOXO, on the same terms
as the 2021 Bridge Debentures issued to the 2021 Bridge Investors.
Effective
February 22, 2022, pursuant to the 2021 Bridge Amendment, Legacy FOXO and the requisite 2021 Bridge Investors amended the terms of
certain 2021 Bridge Agreements to, among other things: (i) expand the definition of "Qualified Offering" to include certain
transactions with a special purpose acquisition company, (ii) permit Legacy FOXO to undertake the issuance of the 2022 Bridge Debentures,
(iii) allow Legacy FOXO to further extend the maturity dates of the 2021 Bridge Debentures by 5 months under certain circumstances
and (iv) implement additional premiums payable on the outstanding principal amount of the 2021 Bridge Debentures under certain circumstances.
Contractor Agreement
In
October 2021, Legacy FOXO entered into a Contractor Agreement with Dr. Murdoc Khaleghi, one of its directors, under which Dr. Khaleghi
serves as our Chief Medical Officer. The Agreement is for an initial 12 month term and renews on a month-to-month basis thereafter
subject to termination by either party on 10 days' notice. We pay Dr. Khaleghi $9,000 per month and reimbursement of out-of-pocket expenses.
Indemnification
Agreements
Section 145
of the DGCL authorizes a court to award, or a corporation's board of directors to grant, indemnity to directors and officers in
terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement for expenses
incurred, arising under the Securities Act.
98
Our
Charter provides for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the DGCL,
and our bylaws provide for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the
DGCL.
In
addition, we have entered and will enter into indemnification agreements with directors, officers, and some employees containing provisions
which are in some respects broader than the specific indemnification provisions contained in the DGCL. The indemnification agreements
will require our Company, among other things, to indemnify its directors against certain liabilities that may arise by reason of their
status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which they could
be indemnified.
Consulting Agreement
In
April 2022, Legacy FOXO executed a consulting agreement with Bespoke Growth Partners, Inc., a company controlled by Mark Peikin (the
"
Consultant
"), which was subsequently amended on June 1, 2022. The Consultant was considered to be a related party
of the Company as a holder of more than 5% of Legacy FOXO Class A Common Stock prior to the Business Combination. The agreement has a
term of twelve months, over which the Consultant is to provide services that include, but are not limited to, advisory services relating
to the implementation and completion of an event that will result in Legacy FOXO being publicly listed and subject to Exchange Act.
Following the execution of the agreement, as compensation for such services to be rendered as well as related expenses over the term of
the contract, the Consultant was paid a cash fee of $1,425. The consulting agreement also calls for the payment of an equity fee as compensation
for such services. Legacy FOXO issued 1,500,000 shares of Class A Common Stock to the Consultant. These shares are intended to convert
into no less than 800,000 shares of Class A Common Stock of the Company after the consummation of the Business Combination. To the
extent that adjustments to the Conversion Ratio reduce the Consultant's converted shares to an amount less than 800,000, the Consultant
is to be issued make-up shares to ensure they are the holder of 800,000 shares of Class A Common Stock of the Company following
the close of the Business Combination. The shares ultimately converted into 871,256 shares of Class A Common Stock of the Company.
Policies for Approval
of Related Person Transactions
Our
Board reviews and approves transactions with related persons (as defined below). Prior to our Board's consideration of a transaction
with a related person, the material facts as to the related person's relationship or interest in the transaction are disclosed to
the board of directors, and the transaction is not considered approved by the board of directors unless a majority of the directors who
are not interested in the transaction approve the transaction.
The
Company adopted a written related person transaction policy that sets forth the following policies and procedures for the review and approval
or ratification of related person transactions.
A
"
Related Person Transaction
" is a transaction, arrangement or relationship in which the Company or any of its subsidiaries
was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have
a direct or indirect material interest. A "
related person
" means:
●
any person who is, or at any time during the applicable period was, one of the Company's officers or one of the Company's directors;
●
any person who is known by the Company to be the beneficial owner of more than 5% of the Company's voting stock;
●
any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, officer or a beneficial owner of more than 5% of its voting stock, and any person (other than a tenant or employee) sharing the household of such director, officer or beneficial owner of more than 5% of its voting stock; and
●
any firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in which such person has a 10% or greater beneficial ownership interest.
The
Company has policies and procedures designed to minimize potential conflicts of interest arising from any dealings it may have with its
affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest that may exist from
time to time. Specifically, pursuant to its charter, the audit committee of the board of directors of the Company has the responsibility
to review related party transactions.
99
Employment Arrangements
We
intend to enter into new employment agreements with our Interim Chief Executive Officer and Chief Technology Officer, Chief Financial
Officer and Chief Science Officer. The Company is still in the process of negotiating, approving, and implementing such employment arrangements,
which will govern the terms of their continuing employment with the Company.
Simultaneously
with the execution and delivery of the Merger Agreement, certain Legacy FOXO executive officers entered into Non-Competition Agreements
in favor of Legacy FOXO and Delwinds and their respective present and future successors and direct and indirect subsidiaries. Under the
Non-Competition Agreements, the Legacy FOXO executive officers signatory thereto agree not to compete with Delwinds, Legacy FOXO
and their respective affiliates during the two-year period following the Closing and, during such two-year restricted period
and not to solicit employees or customers of such entities. The Non-Competition Agreement also contains customary confidentiality
and non-disparagement provisions.
BENEFICIAL OWNERSHIP OF SECURITIES
The following table lists,
as of April 10, 2023, the number of shares of Class A Common Stock beneficially owned by (i) each person, entity or group (as that term
is used in Section 13(d)(3) of the Exchange Act of 1934) known to the Company to be the beneficial owner of more than 5% of the outstanding
shares of common stock; (ii) each of our directors; (iii) each of our executive officers; and (iv) all executive officers and directors
as a group. Information relating to beneficial ownership of common stock by our principal stockholders and management is based upon information
furnished by each person using "beneficial ownership" concepts under the rules of the SEC. Under these rules, a person is
deemed to be a beneficial owner of a security if that person directly or indirectly has or shares voting power, which includes the power
to vote or direct the voting of the security, or investment power, which includes the power to dispose or direct the disposition of the
security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership
within 60 days from the date of this prospectus. Under the SEC rules, more than one person may be deemed to be a beneficial owner of the
same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary interest.
Except as noted below, each person has sole voting and investment power with respect to the shares beneficially owned and each stockholder's
address is c/o FOXO Technologies Inc., 729 N. Washington Ave., Suite 600, Minneapolis, MN 55401.
Applicable percentage of ownership
is based on 27,418,069 shares of Class A Common Stock issued as of April 10, 2023.
Name and Address of Beneficial Owner
Number of
Shares of
Common
Stock (11)
% of
Class (12)
Directors and Executive Officers:
Andrew Poole (1)
1,169,162
4.3
%
Murdoc Khaleghi (2)
162,419
*
Bret Barnes (3)
75,693
*
Brian Chen (4)
1,434,052
5.1
%
Tyler Danielson (5)
823,519
3.0
%
Robby Potashnick (6)
575,354
2.1
%
Michael Will (7)
553,199
2.0
%
Taylor Fay (8)
182,605
*
All directors and executive officers as a group (8 individuals)
4,976,003
17.6
%
Five Percent Holders:
GWG Holdings, Inc. (9)
4,646,698
16.9
%
Jon Sabes (10)
3,740,098
13.1
%
*
less
than 1%.
100
(1)
Includes
(i) 730,142 shares of Class A Common Stock held by Mr. Poole; (ii) 42,500 shares of Class A Common Stock underlying Private Warrants
held by Mr. Poole; and (iii) 396,520 shares of Class A Common Stock held in irrevocable trusts for the benefit of Mr. Poole's children,
over which Mr. Poole exercises voting control.
(2)
Includes
(i) 130,000 shares of Class A Common Stock held by Dr. Khaleghi that are subject to forfeiture pursuant to the Management Contingent
Share Plan; and (ii) 32,419 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held
by Dr. Khaleghi.
(3)
Includes
(i) 50,000 shares of Class A Common Stock held by Mr. Barnes that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 25,693 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr.
Barnes.
(4)
Includes
(i) 760,000 shares of Class A Common Stock held by Mr. Chen that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 674,052 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by
Mr. Chen.
(5)
Includes
(i) 17,425 shares of Class A Common Stock held by Mr. Danielson, (ii) 760,000 shares of Class A Common Stock held by Mr. Danielson that
are subject to forfeiture pursuant to the Management Contingent Share Plan; and (iii) 46,094 shares of Class A Common Stock underlying
vested options and options expected to vest by June 9, 2023 held by Mr. Danielson.
(6)
Includes
(i) 510,000 shares of Class A Common Stock held by Mr. Potashnick that are subject to forfeiture pursuant to the Management Contingent
Share Plan; and (ii) 65,354 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held
by Mr. Potashnick.
(7)
Includes
(i) 510,000 shares of Class A Common Stock held by Mr. Will that are subject to forfeiture pursuant to the Management Contingent Share
Plan; and (ii) 43,199 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr.
Will.
(8)
Includes (i) 150,000 shares of Class A Common Stock held by Mr. Fay that are subject to forfeiture pursuant to the Management Contingent Share Plan; and (ii) 32,605 shares of Class A Common Stock underlying vested options and options expected to vest by June 9, 2023 held by Mr. Fay. On April 12, 2023, Taylor Fay notified the Company of his decision to resign as Chief Operating Officer of the Company, effective as of April 28, 2023, to pursue other opportunities.
(9)
The
business address for GWG Holdings, Inc. is 325 North St. Paul Street, Suite 2650, Dallas, TX 75201.
(10)
Includes
(i) 181,511 shares of Class A Common Stock underlying Assumed Warrants and 372,680 shares of Class A Common Stock held by JK-JBM Family
Investment LLC over which Mr. Sabes exercises voting control; (ii) 1,169,000 shares of Class A Common Stock held by Mr. Sabes that are
subject to forfeiture pursuant to the Management Contingent Share Plan,; (iii) 855,233 shares of Class A Common Stock underlying vested
options held by Mr. Sabes; and (iv) 1,161,674 shares of Class A Common Stock held by FOXO Management, LLC over which Mr. Sabes exercises
voting control. The shares held by Mr. Sabes that are subject to forfeiture pursuant to the Management Contingent Share Plan are pending
a review of the Company's obligations to vest these shares in connection with Mr. Sabes termination. The amount shown reflects
shares associated with a performance obligation that was met at the time of his termination. The Company is additionally reviewing its
obligations to Mr. Sabes related to the immediate vesting of options. The amount shown reflects options vested based on his service as
a director through his resignation date. Mr. Sabes resigned from the Board on January 29, 2023 and has three months following his continuous
service to exercise his options.
(11)
These
amounts are based upon information available to the Company as of the date of this filing.
(12)
To
our knowledge, except as indicated in the footnotes above and subject to state community property laws where applicable, all beneficial
owners named in the beneficial ownership table above have sole voting and investment power with respect to all shares shown as beneficially
owned by them.
101
SELLING SECURITYHOLDERS
This prospectus relates to the possible offer and resale by the Selling
Securityholders of (i) up to 5,288,364 shares of Class A Common Stock, consisting of (a) 5,063,750 shares of Class A Common Stock held
by the members of the Sponsor that received shares for no additional consideration, upon the Sponsor's dissolution and distribution
of all of its assets, including these securities, (b) 316,250 shares of Class A Common Stock issuable upon exercise of the Private Warrants,
and (c) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC ("JVB"), acting through its Cohen &
Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment and Termination Agreement,
dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between the Company
and JVB, providing for a general release, effective upon the effectiveness of this registration statement, of any and all claims by JVB
against the Company in exchange for the registration of JVB's shares of Class A Common Stock for resale; and (ii) up to 316,250
Private Warrants. We are registering the shares of Class A Common Stock and the Private Warrants in order to permit the Selling Securityholders
to offer these securities for resale from time to time.
All of the securities sold
in this offering are eligible for sale, except for any securities held by our affiliates as defined in Rule 144 under the Securities Act.
We cannot advise you as to
whether the Selling Securityholders will in fact sell any or all of such shares of Class A Common Stock or Private Warrants. In particular,
the Selling Securityholders identified below may have sold, transferred or otherwise disposed of all or a portion of their securities
after the date on which they provided us with information regarding their securities in transactions exempt from registration under the
Securities Act.
The following table sets
forth certain information provided by or on behalf of the Selling Securityholders as of March 24, 2023 concerning the securities that
may be offered from time to time by each Selling Securityholder with this prospectus. See "Plan of Distribution." For the
purposes of this following table, we have assumed that the Selling Securityholders will have sold all of the securities covered by this
prospectus upon the completion of the offering. The percentage ownership of voting securities in the following table is based on 27,418,069
shares of Class A Common Stock outstanding as of April 21, 2023. Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated
by the SEC under the Exchange Act, and includes shares of Class A Common Stock with respect to which the Selling Securityholder has voting
and investment power.
102
All
expenses incurred with respect to the registration of the securities will be borne by us, but we will not be obligated to pay any underwriting
fees, discounts, commission or other expenses incurred by the Selling Securityholders in connection with the sale of such securities.
Name of Selling Shareholders
Number of Shares of Class A Common Stock Owned Prior to Offering (1)
% of Shares of Class A Common Stock Owned Prior to Offering (2)
Number of Private Warrants Owned Prior to Offering
Maximum Number of shares of Class A Common Stock to be Sold Pursuant to this Prospectus (1)
Maximum Number of Private Warrants to be Sold Pursuant to this Prospectus
Maximum Number of shares of Class A Common Stock underlying Private Warrants to be Sold Pursuant to this Prospectus (1)
Number of shares of Class A Common Stock Owned After the Offering
Number of Private Warrants Owned After the Offering
Andrew James Poole (3)(4)
1,169,162
4.3
%
42,500
1,126,662
42,500
42,500
-
-
Michael T. Gray (5)
123,491
*
7,500
115,991
7,500
7,500
-
-
Ryan Rugg (6)
20,000
*
-
20,000
-
-
-
-
Vincent J. Dowling, Jr. (7)
1,203,214
4.4
%
97,333
1,105,881
97,333
97,333
-
-
Bryce Quin (8)
238,995
*
-
238,995
-
-
-
-
Dominic James Addesso (9)
118,491
*
7,500
110,991
7,500
7,500
-
-
E. Benjamin Nelson (10)
20,000
*
-
20,000
-
-
-
-
Paul Britton Newhouse (11)
123,491
*
7,500
115,991
7,500
7,500
-
-
Clifford Allen Bradley, Jr. (12)
118,491
*
7,500
110,991
7,500
7,500
-
-
The Gray Insurance Company (13)(14)
301,084
1.1
%
24,935
276,149
24,935
24,935
-
-
David Delaney, Jr. (15)
118,491
*
7,500
110,991
7,500
7,500
-
-
Robert M. Hughes (16)
12,862
*
1,065
11,797
1,065
1,065
-
-
Vellar Special Opportunities Fund LLC – Series 9 (17)(18)
1,043,201
3.8
%
105,417
937,784
105,417
105,417
-
-
Stephen Way (19)
90,561
*
7,500
83,061
7,500
7,500
-
-
Cohen & Company, LLC (20)
286,830
1.0
%
286,830
-
-
-
-
J.V.B. Financial Group, LLC (20)
300,000
1.1
%
-
300,000
-
-
-
-
Total
5,288,364
19.3
%
316,250
4,972,114
316,250
316,250
-
-
*
Beneficial ownership of less than 1%.
(1)
Assumes
that the Selling Securityholders sells all of the Class A Common Stock and all of the Class A Common Stock underlying the Private Warrants.
These amounts are based upon information available to the Company as of the date of this filing.
(2)
Applicable
percentage ownership is based on 27,418,069 of our shares of Class A Common Stock outstanding as of April 21, 2023 pending the Company's
review of its obligations to our former Chief Executive Officer with respect to compensation and severance.
103
(3)
Includes
(i) 730,142 shares of Class A Common Stock held by Mr. Poole; (ii) 42,500 shares of Class A Common Stock underlying Private Warrants
held by Mr. Poole; and (iii) 396,520 shares of Class A Common Stock held in irrevocable trusts for the benefit of Mr. Poole's children,
of which Mr. Poole exercises voting control.
(4)
The
address of Andrew James Poole is 729 N. Washington Ave., Suite 600, Minneapolis, MN 55401.
(5)
The
address of Michael T. Gray is 3601 N. I-10 Service Road West, Metairie, LA 70002.
(6)
The
address of Ryan Rugg is 946 John Anderson Drive, Ormond Beach, FL 32176.
(7)
Includes:
(i) 1,105,881 Class A Common Stock held by Coat Tail Partners, LLC ("
Coat Tail Partners
"); and (ii) 97,333 shares
of Class A Common Stock underlying Private Warrants held by Coat Tail Partners. Vincent J. Dowling, Jr. has the sole voting and dispositive
control over the shares held by Coat Tail Partners.
(8)
The
address of Vincent J. Dowling, Jr. is P.O. Box 644490, Vero Beach, FL 32964.
(9)
The
address of Dominic James Addesso is 1730 4
th
Street South, Naples, FL 34102.
(10)
The
address of E. Benjamin Nelson is 9738 Fieldcrest Drive, Omaha, NE 68114.
(11)
The
address of Paul Britton Newhouse is 24600 S. Tamiami Trail 212, Bonita Springs, FL 34134.
(12)
The
address of Clifford Allen Bradley, Jr. is 1835 Highway 27, DeRidder, LA 70634.
(13)
Eric
Verlander Gray has the sole voting and dispositive control over the shares held by The Gray Insurance Company.
(14)
The
address of The Gray Insurance Company is P.O. Box 6202, Metairie, LA 70009.
(15)
The
address of David Delaney, Jr. is 823 Ponte Vedra Boulevard, Ponte Vedra Beach, FL 32082.
(16)
The address of Robert M. Hughes is 4613 Taft Park, Metairie,
LA 70002.
(17)
Cohen & Company Financial Management, LLC ("
Cohen
Financial LLC
") has voting and/or investment control over the securities held by Vellar Special Opportunities Fund LLC - Series
9. Daniel Cohen has the sole voting and dispositive control over the shares held by Cohen Financial LLC.
(18)
The
address of Cohen Financial LLC is 3 Columbus Circle, 24
th
Floor, New York, NY 10019.
(19)
The
address of Stephen Way is P.O. Box 751987, Houston, TX 77275.
(20)
Lester
Brafman has the sole voting and dispositive control over the shares held by Cohen & Company, LLC and J.V.B. Financial Group, LLC. The
address of Cohen & Company, LLC and J.V.B. Financial Group, LLC is 3 Columbus Circle, 24
th
Floor, New York, NY 10019.
104
DESCRIPTION OF SECURITIES OF THE COMPANY
The
following summary of the material terms of the Company's securities following the Business Combination is not intended to be a complete
summary of the rights and preferences of such securities. We urge you to read the Charter and Company Bylaws in their entirety for a complete
description of the rights and preferences of Delwinds' securities following the Business Combination.
General
Our
Charter's authorized capital stock of the Company consists of 500,000,000 shares of Class A Common Stock and 10,000,000 shares
of undesignated preferred stock.
As
of April 21, 2023, the Company has 27,418,069 shares of Class A Common Stock outstanding.
Class A Common Stock
Voting Rights
Holders of shares of Class
A Common Stock will be entitled to one vote for each share of Class A Common Stock held on all matters submitted to a vote of stockholders.
The Company has not provided
for cumulative voting for the election of directors in the Charter. Accordingly, holders of at least a majority of the voting power of
then-outstanding shares of the Class A Common Stock entitled to vote in the election of directors, voting together as a single class,
will be able to elect all of the Company directors.
Dividend Rights
Subject
to preferences that may apply to any shares of convertible preferred stock outstanding at the time, the holders of shares of the Class
A Common Stock are entitled to receive dividends out of funds legally available if the Board, in its discretion, determines to issue dividends
and then only at the times and in the amounts that the Board may determine. Stock dividends with respect to each class of our common stock
may only be paid with shares of stock of the same class of common stock.
No Preemptive or
Similar Rights
The
Class A Common Stock is not entitled to preemptive rights, and is not subject to redemption or sinking fund provisions.
Right to Receive
Liquidation Distributions
Upon
the Company's liquidation, dissolution or winding-up, the assets legally available for distribution to the Company stockholders
would be distributed among the holders of the then outstanding Common Stock pro rata in accordance with the number of shares of Common
Stock held by each such holder, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and
the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.
Preferred Stock
The
Charter provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be
authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will
be able to, without stockholder approval, issue preferred stock with voting and other rights that could have anti-takeover effects.
The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof.
Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.
No shares of preferred stock were issued or registered in the Business Combination.
105
Warrants
Public Warrants
Each
Public Warrant entitles the registered holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing 30 days after the Closing provided that we have an effective registration statement
under the Securities Act covering our Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus
relating to such our Class A Common Stock is available (or we permit holders to exercise their respective warrants on a cashless
basis under the circumstances specified in the Warrant Agreement) and such shares are registered, qualified or exempt from registration
under the securities, or blue sky laws of the state of residence of the holder. The Public Warrants will expire five years
after the Closing of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We
may call the warrants for redemption:
●
in whole and not in part;
●
at a price of $0.01 per warrant;
●
upon not less than 30 days' prior written notice of redemption to each warrant holder; and
●
if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrant holders.
If
and when the Public Warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock
upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to
effect such registration or qualification.
We
have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call
a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of
the Public Warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the
price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.
If
we call the Public Warrants for redemption as described above, our management will have the option to require any holder that wishes to
exercise its warrant to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants
on a "cashless basis," our management will consider, among other factors, our cash position, the number of warrants that are
outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A Common Stock issuable upon
the exercise of our warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise
price by surrendering their warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price
of the warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market value"
shall mean the average reported last sale price of the Class A Common Stock for the 10 trading days ending on the third trading
day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this
option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A Common Stock to be
received upon exercise of the Public Warrants, including the "fair market value" in such case. Requiring a cashless exercise
in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe
this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after the Closing. If we call
our Public Warrants for redemption and our management does not take advantage of this option, the members of the Sponsor would still be
entitled to exercise their Private Warrants for cash or on a cashless basis using the same formula described above that other warrant
holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described
in more detail below.
In
the event the Company determines to redeem the Public Warrants, holders of our redeemable warrants would be notified of such redemption
as described in our warrant agreement. Specifically, in the event that the Company elects to redeem all of the redeemable warrants as
described above, the Company will fix a date for the redemption (the "
Redemption Date
"). Notice of redemption will
be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption Date to the registered holders
of the redeemable warrants to be redeemed at their last addresses as they appear on the registration books. Any notice mailed in the manner
provided in the warrant agreement will be conclusively presumed to have been duly given whether or not the registered holder received
such notice. In addition, beneficial owners of the redeemable warrants will be notified of such redemption via the Company's posting
of the redemption notice to DTC.
106
A
holder of a Public Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's
affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as
a holder may specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise.
If
the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common Stock, or
by a split-up of shares of Class A Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or
similar event, the number of shares of Class A Common Stock issuable on exercise of each Public Warrant will be increased in proportion
to such increase in the outstanding shares of Class A Common Stock. A rights offering to holders of Class A Common Stock entitling holders
to purchase shares of Class A Common Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares
of Class A Common Stock equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A Common
Stock) and (ii) one (1) minus the quotient of (x) the price per share of the Company Class A Common Stock paid in such
rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible
into or exercisable for Class A Common Stock, in determining the price payable for Class A Common Stock, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market
value means the volume weighted average price of Class A Common Stock as reported during the ten (10) trading day period ending on
the trading day prior to the first date on which the shares of Class A Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.
In
addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other shares of our capital
stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, and
(c) to satisfy the redemption rights of the holders of Class A Common Stock in connection with the Closing of the Business Combination,
by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A Common Stock in respect
of such event.
If
the number of outstanding shares of our Class A Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Class A Common Stock issuable on exercise of each Public Warrant will
be decreased in proportion to such decrease in outstanding shares of Class A Common Stock.
Whenever
the number of shares of Class A Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the
warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the
numerator of which will be the number of shares of Class A Common Stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y) the denominator of which will be the number of shares of Class A Common Stock so purchasable immediately
thereafter.
In
case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above or
that solely affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of us with or
into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in
any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with
which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and
upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the holder of the warrants would have received if such holder had exercised that person's warrants
immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A Common Stock in such a transaction
is payable in the form of Class A Common Stock in the successor entity that is listed for trading on a national securities exchange or
is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on per share consideration minus the
Black-Scholes warrant value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is
to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine
and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value
portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model
is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.
107
The
Public Warrants and the Private Warrants were issued in registered form under a warrant agreement between Continental Stock Transfer &
Trust Company, as warrant agent, and Delwinds. You should review a copy of the warrant agreement, which has been publicly filed with the
SEC and which you can find in the list of exhibits to this registration statement, for a complete description of the terms and conditions
applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the then
issued and outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants.
The
Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A Common Stock and any voting
rights until they exercise their warrants and receive shares of Class A Common Stock. After the issuance of shares of Class A Common Stock
upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted
on by stockholders.
No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the warrants, a holder would be entitled to
receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock
to be issued to the warrant holder.
Private Warrants
Except as described below, the Private Warrants have terms and provisions
that are identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period. The Private Warrants
(including the Class A Common Stock issuable upon exercise of the Private Warrants) were not transferable, assignable or salable until
30 days after the Closing (except, among certain other limited exceptions to our officers and directors and other persons or entities
affiliated with Sponsor) and they will not be redeemable by us so long as they are held by the Sponsor or its permitted transferees. The
Sponsor, or its permitted transferees, has the option to exercise the Private Warrants on a cashless basis. If the Private Warrants are
held by holders other than Sponsor or its permitted transferees, the Private Warrants will be subject to the same terms and conditions
as the Public Warrants, and among other matters, be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.
If
holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants
for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair
market value" (defined below) by (y) the fair market value. The "fair market value" shall mean the average reported
last sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior to the date on which
the notice of warrant exercise is sent to the warrant agent.
108
Exercise Price
Reduction for Public and Private Warrants
Notwithstanding
the foregoing, the Company may lower the exercise price at any time prior to the expiration date of the Public Warrants and the Private
Warrants for a period of not less than twenty (20) business days, provided, that the Company provide at least twenty (20) days prior written
notice of such reduction to registered holders of such warrants and, provided further that any such reduction shall be identical among
all of the Public Warrants and Private Warrants.
The
Company does not have any current plans or intentions to lower the exercise price of the Public Warrants in accordance with Section 9.8
of the Warrant Agreement, however, there may be circumstances that lead the Company to lower the exercise price. For example, in the event
the exercise price of the Public Warrants and the Private Warrants is higher than the market price of the Class A Common Stock, then the
Company may determine to lower the exercise price below the market price at the time to induce the holders of such warrants to exercise
such warrants for cash.
Assumed Warrants
At
the effective time of the Business Combination, each Legacy FOXO warrant that was outstanding and unexercised immediately prior to the
Business Combination was assumed by us and converted into Assumed Warrants.
Each
Assumed Warrant entitles the registered holder to purchase one share of Common Stock at a price of $6.21 per share. The Assumed Warrants
will expire on or before three years after their issuance date at 5:00 p.m., New York City time, or earlier upon liquidation.
A
holder of an Assumed Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not
have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's
affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.99% or 9.99% (or such other amount as
a holder may specify) of the shares of Common Stock outstanding immediately after giving effect to such exercise.
If
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of
shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the
number of shares of Common Stock issuable on exercise of each Assumed Warrant will be increased in proportion to such increase in the
outstanding shares of Common Stock.
If
the number of outstanding shares of our Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Assumed Warrant will be decreased
in proportion to such decrease in outstanding shares of Common Stock.
The
Assumed Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date to the Company. Within
the earlier of (i) two (2) business days and (ii) the number of trading days comprising the Standard Settlement Period (as defined in
Section 2(d)(i) of the Warrant Agreement) following the date of exercise, the holder shall deliver to us the aggregate exercise price
for the shares specified in the exercise form, by wire transfer or cashier's check drawn on a United States bank. The holder is
not required to physically surrender the Assume Warrant to us until the holder has purchased all of the shares available and the warrant
has been exercised in full, in which case, the holder shall surrender the warrant to us for cancellation within three (3) business days
of the date on which the final notice of exercise is delivered to us.
If
at any time after the six (6) month anniversary of the Qualified Offering, there is no effective registration statement registering the
resale of the warrant shares, then (i) the Assumed Warrant may also be exercised, in whole or in part, by means of a "cashless exercise"
and (ii) for each thirty (30) days following the six (6) month anniversary of the consummation of a Qualified Offering or portion of any
thirty (30) day period thereafter in which no effective registration statement is available, the amount of warrant shares shall be automatically
increased by five percent (5%) over the warrant shares available on such dates.
109
The
warrant holders do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their warrants
and receive shares of Common Stock. After the issuance of shares of Common Stock upon exercise of the warrants, each holder will be entitled
to one (1) vote for each share held of record on all matters to be voted on by stockholders.
If
and whenever, at any time while the Assumed Warrant is outstanding, we issue or sell, announce any offer, sale, or other disposition of,
or are deemed to have issued, sold or granted (or makes an announcement regarding the same), any shares of Class A Common Stock and/or
common stock equivalents for a consideration per share (the "
New Issuance Price
") less than a price equal to the exercise
price in effect immediately prior to such issuance or sale or deemed issuance or sale, then immediately after such issuance, (1) the exercise
price then in effect shall be reduced to an amount equal to the New Issuance Price and (2) the number of warrant shares issuable under
the Assumed Warrant shall be increased such that the aggregate exercise price payable, after taking into account the decrease in the exercise
price, shall be equal to the aggregate exercise price prior to such adjustment.
In
the case of certain fundamental transactions affecting the Company, a holder of Assumed Warrants, upon exercise of such Assumed Warrants
after such fundamental transaction, will have the right to receive, in lieu of shares of Class A Common Stock, the same amount and kind
of securities, cash or property that such holder would have been entitled to receive upon the occurrence of the fundamental transaction,
had the Assumed Warrants been exercised immediately prior to such fundamental transaction. In lieu of such consideration, a holder of
Assumed Warrants may instead elect to receive a cash payment based upon the Black-Scholes value of their Assumed Warrants.
No
fractional shares will be issued upon exercise of the Assumed Warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Common Stock
to be issued to the warrant holder.
Our Transfer Agent
and Warrant Agent
The
transfer agent for our Class A Common Stock and warrant agent for our Public Warrants and Private Warrants is Continental Stock Transfer &
Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant
agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of
acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct
or bad faith of the indemnified person or entity.
The
Company is the warrant agent for the Assumed Warrants.
Anti-Takeover Provisions
The
Charter and the Company Bylaws following this offering could have the effect of delaying, deferring or discouraging another person from
acquiring control of the Company. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover
practices and inadequate takeover bids and encourage persons seeking to acquire control of the Company to first negotiate with the Board.
We believe that the benefits of increased protection of the Company's potential ability to negotiate with an unfriendly or unsolicited
acquirer outweigh the disadvantages of discouraging a proposal to acquire the Company because negotiation of these proposals could result
in an improvement of their terms.
Certain Anti-Takeover
Provisions of the Charter and the Company Bylaws
Certain
provisions of the Charter prevents the Company from engaging in a "business combination" with:
●
a stockholder who owns 15% or more of the Company's outstanding voting stock (otherwise known as an "interested stockholder");
●
an affiliate of an interested stockholder; or
●
an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.
110
A
"business combination" includes a merger or sale of the Company's assets with a market value of 10% or more of its aggregate
market value of all of its assets or of all of its outstanding stock. However, the above provisions do not apply if:
●
the Board approves the transaction that made the stockholder an "interested stockholder," prior to the date of the transaction;
●
after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of the Company's voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or
●
on or subsequent to the date of the transaction, the initial business combination is approved by the Board and authorized at a meeting of the Company's stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.
Under
certain circumstances, the Charter makes it more difficult for a person who would be an "interested stockholder" to effect
various business combinations with the Company for a three-year period. This provision may encourage companies interested in acquiring
Company to negotiate in advance with the Board because the stockholder approval requirement would be avoided if the Board approves either
the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions of the
Charter also may have the effect of preventing changes in the Board and may make it more difficult to accomplish transactions which stockholders
may otherwise deem to be in their best interests.
Charter and Restated
Bylaw Provisions
The
Charter and the Company Bylaws include a number of provisions that may have the effect of deterring hostile takeovers, or delaying or
preventing changes in control of the Company management team or changes in the Board or the Company governance or policy, including the
following:
Issuance
of Undesignated Preferred Stock
Our
board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of undesignated
preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. The existence of authorized
but unissued shares of preferred stock enables the Board to render more difficult or to discourage an attempt to obtain control of the
Company by means of a merger, tender offer, proxy contest or otherwise.
Exclusive
forum for certain lawsuits
The
Charter requires, to the fullest extent permitted by law, that derivative actions brought in the Company's name, actions against
any current or former directors, officers, employees or stockholders of the Company for breach of fiduciary duty and other similar actions
may be brought only in the Court of Chancery in the State of Delaware or if such court does not have subject matter jurisdiction, the
federal district court of the State of Delaware. The Charter also requires, to the fullest extent permitted by applicable law, the federal
district courts of the United States to be the exclusive forum for the resolution of any complaint asserting a cause of action under
the Securities Act. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware
law in the types of lawsuits to which it applies, a court may determine that these provisions are unenforceable, and to the extent they
are enforceable, the provisions may have the effect of discouraging lawsuits against the Company's directors and officers, although
the Company stockholders will not be deemed to have waived the Company's compliance with federal securities laws and the rules and
regulations thereunder.
111
Notwithstanding
the Charter provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27
of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the
Exchange Act or the rules and regulations thereunder. As a result, (i) the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction, and (ii) unless we consent in writing to the selection of an alternative forum, the federal district courts of the
United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder.
Special
meeting of stockholders
The
Company Bylaws provide that special meetings of our stockholders may be called only by the chairman of the Board, or a Chief Executive
Officer, or the Board pursuant to a resolution adopted by a majority of the board, and may not be called by any other person.
Advance
notice requirements for stockholder proposals and director nominations
The
Company Bylaws provide that stockholders seeking to bring business before the Company's annual meeting of stockholders, or to nominate
candidates for election as directors at the Company's annual meeting of stockholders, must provide timely notice of their intent
in writing. To be timely, a stockholder's notice will need to be received by the company secretary at the Company's principal
executive offices not later than the close of business on the 90
th
day nor earlier than the opening of business on the
120
th
day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14A-8 of
the Exchange Act, proposals seeking inclusion in the Company's annual proxy statement must comply with the notice periods contained
therein. The Company Bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions
may preclude the Company's stockholders from bringing matters before the Company's annual meeting of stockholders or from
making nominations for directors at the Company's annual meeting of stockholders.
Action
by written consent
Any
action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special
meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting
forth the action so taken, shall be signed by the holders of outstanding stock entitled to vote thereon having not less than the minimum
number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were
present and voted, and shall be delivered to the Company by delivery to its registered office in the State of Delaware, its principal
place of business, or an officer or agent of the Company having custody of the book in which proceedings of meetings of stockholders are
recorded.
Board
of Directors
The
Board is divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III; however, such
classification will terminate for each class upon the initial expiration of their respective term and will then have one year terms expiring
at the next annual meeting of stockholders or until the election and qualification of their respective successors in office, subject to
their earlier death, resignation or removal. The Charter and the Company Bylaws provide that the authorized number of directors may be
changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be
removed from office at any time, with or without cause, and only by the affirmative vote of the holders of at least a majority of the
voting power of all of the then outstanding shares of voting stock of the Company entitled to vote at an election of directors. Any vacancy
on the Board, including a vacancy resulting from an enlargement of the Board, may be filled only by the affirmative vote of a majority
of the Company's directors then in office.
Listing of Securities
Our
Class A Common Stock and our Public Warrants are each listed on the NYSE American under the symbol "FOXO", and "FOXO
WS," respectively.
112
SECURITIES ACT RESTRICTIONS
ON RESALE OF COMMON STOCK
Rule 144
Pursuant
to Rule 144, a person who has beneficially owned restricted shares of our Class A Common Stock or warrants for at least six months
would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the
time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic
reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of
the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.
Persons
who have beneficially owned restricted shares of our Class A Common Stock or warrants for at least six months but who are our affiliates
at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:
●
1% of the total number of shares of Delwinds Class A Common Stock (or after the Closing, Class A Common Stock) then outstanding; or
●
the average weekly reported trading volume of the Delwinds Class A Common Stock (or after the Closing, Class A Common Stock) then during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
Sales
by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of
current public information about us.
Restrictions on the
Use of Rule 144 by Shell Companies or Former Shell Companies
Rule 144
is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies)
or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this
prohibition if the following conditions are met:
●
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
●
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
●
the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and
●
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
Following
the consummation of the Business Combination, the Company is no longer a shell company, and so, once the conditions set forth in the exceptions
listed above are satisfied, Rule 144 will become available for the resale of the above-noted restricted securities.
Form S-8 Registration Statement
We have filed a registration
statement on Form S-8 under the Securities Act to register the shares of Class A Common Stock issued or issuable under our 2022 Plan and
our 2020 Plan. These shares can be sold in the public market upon issuance, subject to Rule 144 limitations applicable to affiliates and
vesting restrictions.
113
PLAN OF DISTRIBUTION
We are registering the issuance
by us of up to 10,062,500 shares of our Class A Common Stock issuable upon the exercise of the Warrants. We will not receive any proceeds
from the sale of shares of Class A Common Stock issuable upon exercise of the Warrants pursuant to this prospectus, except with respect
to amounts received by us upon exercise of the Warrants for cash.
We are registering the offer and sale from time to time by the Selling
Securityholders, or their permitted transferees, (a) up to 5,288,364 shares of Class A Common Stock, which consists of (i) 4,039,614 shares
of Class A Common Stock, which were originally issued to the Sponsor in the form of Founder Shares, which shares are being registered
for resale hereunder, at an effective purchase price of approximately $0.0056 per share (such that the members of the Sponsor may experience
potential profit of up to approximately $0.46 per share, or approximately $1,875,828 in the aggregate), (ii) 632,500 shares of Class A
Common Stock, which were originally issued to the Sponsor (and such securities were subsequently distributed for no additional consideration
to the members of the Sponsor, upon the Sponsor's dissolution) in a private placement of units at a price of $10.00 per unit, with
each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii) up to 316,250 shares of our Class
A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an exercise price of $11.50 per
share, and (iv) 300,00 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC, acting through its Cohen & Company Capital
Markets ("
CCM
") division, in connection with the transactions contemplated by that certain Amendment and Termination
Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered into between
the Company and CCM, providing for a release of any and all claims by CCM against the Company in exchange for the registration of CCM's
shares of Class A Common Stock for resale; and (b) up to 316,250 Private Warrants held by the members of the Sponsor to purchase
up to 316,250 shares of Class A Common Stock at an exercise price of $11.50 per warrant (such that the members of the Sponsor may experience
a potential loss of up to $5,673,525 in the aggregate for the shares of Class A Common Stock and related warrants). We will not receive
any proceeds from the sale of shares of Class A Common Stock or Warrants by the Selling Securityholders pursuant to this prospectus.
We are required to pay all
fees and expenses incident to the registration of the securities to be offered and sold pursuant to this prospectus. The Selling Securityholders
may offer and sell, from time to time, all or any portion of their respective shares of Class A Common Stock or Warrants covered by this
prospectus. The Selling Securityholders will bear all commissions and discounts, if any, attributable to their sale of securities.
We will not receive any of
the proceeds from the sale of the securities by the Selling Securityholders. We will receive proceeds from Warrants exercised in the event
that such warrants are exercised for cash. The aggregate proceeds to the selling securityholders will be the purchase price of the securities
less any discounts and commissions borne by the Selling Securityholders.
The shares of Class A Common
Stock and Private Warrants beneficially owned by the Selling Securityholders covered by this prospectus may be offered and sold from time
to time by the Selling Securityholders. The term "Selling Securityholders" includes donees, pledgees, transferees or other
successors in interest selling securities received after the date of this prospectus from a selling securityholder as a gift, pledge,
partnership distribution or other transfer. The Selling Securityholders will act independently of us in making decisions with respect
to the timing, manner and size of each sale. Such sales may be made on one or more exchanges or in the over-the-counter market or otherwise,
at prices and under terms then prevailing or at prices related to the then current market price or in negotiated transactions.
The Selling Securityholders may sell their securities
by one or more of, or a combination of, the following methods:
●
ordinary brokers' transactions;
●
transactions involving cross or block trades;
●
through brokers, dealers, or underwriters who may act solely as agents;
●
"at the market" into an existing market for our shares of Class A Common Stock;
●
in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents;
●
in privately negotiated transactions; or
●
any other method permitted pursuant to applicable law.
114
In addition, any securities
that qualify for sale pursuant to Rule 144 or another exemption from registration under the Securities Act or other such exemption may
be sold under Rule 144 rather than pursuant to this prospectus.
To the extent required, this
prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. In connection with distributions
of the securities or otherwise, the selling securityholders may enter into hedging transactions with broker-dealers or other financial
institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the securities
in the course of hedging the positions they assume with selling securityholders. The selling securityholders may also sell the securities
short and redeliver the securities to close out such short positions. The selling securityholders may also enter into option or other
transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution
of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction). The selling securityholders may also pledge securities to a broker-dealer
or other financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged
securities pursuant to this prospectus (as supplemented or amended to reflect such transaction).
In effecting sales, broker-dealers
or agents engaged by the selling securityholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive
commissions, discounts or concessions from the selling securityholders in amounts to be negotiated immediately prior to the sale.
In offering the securities
covered by this prospectus, the selling securityholders and any broker-dealers who execute sales for the selling securityholders may be
deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. Any profits realized by
the selling securityholders and the compensation of any broker-dealer may be deemed to be underwriting discounts and commissions.
In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.
We have advised the selling
securityholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of securities in the market
and to the activities of the selling securityholders and their affiliates. In addition, we will make copies of this prospectus available
to the selling securityholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling securityholders
may indemnify any broker-dealer that participates in transactions involving the sale of the securities against certain liabilities, including
liabilities arising under the Securities Act.
At the time a particular
offer of securities is made, if required, a prospectus supplement will be distributed that will set forth the number of securities being
offered and the terms of the offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or concession allowed or reallowed or paid
to any dealer, and the proposed selling price to the public.
A holder of warrants may
exercise its warrants in accordance with the warrant agreement on or before the expiration date set forth therein by surrendering, at
the office of the warrant agent, Continental Stock Transfer & Trust Company, the certificate evidencing such warrant, with the
form of election to purchase set forth thereon, properly completed and duly executed, accompanied by full payment of the exercise price
and any and all applicable taxes due in connection with the exercise of the warrant, subject to any applicable provisions relating to
cashless exercises in accordance with the warrant agreement.
115
RESTRICTIONS TO SELL
The
shares may be resold for so long as the registration statement, of which this prospectus forms a part, is available for use. The sale
of all securities being offered in this prospectus could result in a significant decline in the public trading price of our Class A Common
Stock.
LEGAL MATTERS
Certain
legal matters will be passed upon for the Company by Mitchell Silberberg & Knupp, LLP, New York, New York ("
MSK
").
Prior to the closing of the Business Combination, Mark Peikin was associated with MSK as special counsel. Based on information available
to the Company, Mr. Peikin beneficially owned more than 5% of the Company's outstanding common stock through Bespoke Growth Partners,
Inc. MSK does not have any interest in such securities and, as a result, does not have any voting or investment control of such securities.
EXPERTS
The
financial statements of FOXO as of and for the years ended December 31, 2022 and 2021, included in this prospectus have been audited
by KPMG LLP, an independent registered public accounting firm, as stated in their report appearing herein, and are included in reliance
upon the report of such firm given upon their authority as experts in accounting and auditing. The audit report covering the December 31,
2022 financial statements contains an explanatory paragraph that states that FOXO's recurring negative cash flows and losses from
operations, and a net capital deficiency raise substantial doubt about the entity's ability to continue as a going concern. The
financial statements do not include any adjustments that might result from the outcome of that uncertainty.
TRANSFER AGENT AND
REGISTRAR
The
transfer agent and registrar for the Company's Class A Common Stock, Public Warrants and Private Warrants is Continental Stock Transfer &
Trust Company.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC
a registration statement on Form S-1 under the Securities Act with respect to our shares of Class A Common Stock and Private Warrants
offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules
thereto. For further information with respect to the Company and its securities, reference is made to the registration statement and the
exhibits and any schedules filed therewith. Statements contained in this prospectus as to the contents of any contract or other document
referred to are not necessarily complete and in each instance, if such contract or document is filed as an exhibit, reference is made
to the copy of such contract or other document filed as an exhibit to the registration statement, each statement being qualified in all
respects by such reference. The SEC maintains a website at www.sec.gov, from which interested persons can electronically access the registration
statement, including the exhibits and any schedules thereto and which contains the periodic reports, proxy and information statements
and other information that we file electronically with the SEC.
FOXO files reports, proxy
statements and other information with the SEC as required by the Exchange Act. You may access information on FOXO at the SEC website containing
reports, proxy statements and other information at www.sec.gov.
Statements contained in this
prospectus as to the contents of any contract or other document referred to are not necessarily complete and in each instance, if such
contract or document is filed as an exhibit, reference is made to the copy of such contract or other document filed as an exhibit to the
registration statement, each statement being qualified in all respects by such reference.
We also maintain an Internet
website at http://www.foxotechnologies.com. Through our website, we make available, free of charge, the following documents of FOXO as
soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: Annual Reports on Form 10-K; proxy
statements for our annual and special stockholder meetings; Quarterly Reports on Form 10-Q; Current Reports on Form 8-K; Forms 3, 4 and
5 and Schedules 13D; and amendments to those documents. The information contained on, or that may be accessed through, our website is
not part of, and is not incorporated into, this prospectus or the registration statement of which it forms a part.
116
INDEX TO THE FINANCIAL
STATEMENTS
FOXO TECHNOLOGIES INC. AND
SUBSIDIARIES
Page
CONSOLIDATED
    FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021:
Report of Independent Registered Accounting Firm (KPMG LLP, Minneapolis, MN Auditor Firm ID: 185)
F-2
Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021
F-3
Consolidated Statements of Operations for the Years Ended December 31, 2022 and 2021
F-4
Consolidated Statements of Stockholders' Equity (Deficit) for the Years Ended December 31, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2022 and 2021
F-6
Notes
    to the Consolidated Financial Statements
F-7
F-
1
Report of Independent Registered
Public Accounting Firm
To the Stockholders and Board of Directors
FOXO Technologies
Inc.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance
sheets of FOXO Technologies Inc. and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements
of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively, the
consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the
years in the two-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
Going Concern
The accompanying consolidated financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the Company has suffered continued negative cash flows and losses from operations that raise substantial doubt about its ability to continue
as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the Company's
auditor since 2021.
Minneapolis, Minnesota
March 30, 2023
F-
2
FOXO
technologies inc. and subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
December 31,
December 31,
2022
2021
Assets
Current assets
Cash and cash equivalents
$
5,515
$
6,856
Supplies
1,313
295
Prepaid expenses
2,686
444
Prepaid consulting fees
2,676
-
Other current assets
114
23
Total current assets
12,304
7,618
Intangible assets
2,043
191
Reinsurance recoverables
18,573
19,463
Cloud computing arrangements
2,225
2,745
Other assets
263
287
Total assets
$
35,408
$
30,304
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
3,466
$
3,456
Related party payable
500
-
PIK Notes
1,409
-
Accrued severance
1,045
-
Accrued and other liabilities
493
402
Related party convertible debentures
-
9,967
Convertible debentures
-
22,236
Total current liabilities
6,913
36,061
Warrant liability
311
-
PIK Notes
1,730
-
Policy reserves
18,573
19,463
Other liabilities
1,173
-
Total liabilities
28,700
55,524
Commitments and contingencies (Note 13)
Stockholders' equity (deficit)
Preferred stock, $
0.0001
par value;
10,000,000
shares authorized,
none
issued or outstanding as of December 31, 2022
-
-
Class A common stock, $
0.0001
par value,
500,000,000
shares authorized,
29,669,830
issued, and
27,529,069
outstanding as of December 31, 2022
3
-
Treasury stock, at cost,
2,140,761
as of December 31, 2022
-
-
Undesignated preferred stock, $
.00001
par value;
90,000,000
shares authorized,
none
issued and outstanding as of December 31, 2021
-
-
Non-redeemable preferred stock series A, $
.00001
par value;
10,000,000
shares authorized,
8,000,000
shares issued and outstanding as of December 31, 2021
-
21,854
Common stock class A, $
.00001
par value;
800,000,000
shares authorized;
30,208
shares issued and outstanding as of December 31, 2021
-
-
Common stock class B, $
.00001
par value,
100,000,000
shares authorized;
2,000,000
shares issued and outstanding as of December 31, 2021
-
-
Additional paid-in capital
153,936
4,902
Accumulated deficit
(
147,231
)
(
51,976
)
Total stockholders' equity (deficit)
6,708
(
25,220
)
Total Liabilities and Stockholders' Equity (Deficit)
$
35,408
$
30,304
See accompanying Notes to Consolidated Financial
Statements
F-
3
Foxo
Technologies INc. and subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Year Ended
December 31,
2022
2021
Total revenue
$
511
$
120
Cost of sales
344
-
Gross profit
167
120
Operating expenses:
Research and development
3,047
4,879
Management contingent share plan
10,091
-
Selling, general and administrative
27,196
10,272
Total operating expenses
40,334
15,151
Loss from operations
(
40,167
)
(
15,031
)
Non-cash change in fair value of convertible debentures
(
28,180
)
(
21,703
)
Change in fair value of warrant liability
2,076
-
Forward purchase agreement expense
(
27,337
)
-
Interest expense
(
1,440
)
(
1,118
)
Investment impairment
-
(
400
)
Other expense
(
207
)
(
236
)
Total non-operating expense
(
55,088
)
(
23,457
)
Loss before income taxes
(
95,255
)
(
38,488
)
Provision for income taxes
-
-
Net loss
$
(
95,255
)
$
(
38,488
)
Net loss per Class A common stock, basic and diluted
$
(
8.40
)
$
(
6.61
)
See
accompanying Notes to Consolidated Financial Statements
F-
4
FOXO
TECHNOLOGIES INC. and subsidiaries
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'
EQUITY (DEFICIT)
(Dollars
in thousands)
FOXO
    Technologies Operating Company
FOXO
    Technologies Inc.
Stockholder
    Subscription
Series
    A Preferred Stock
Common
    Stock (Class A)
Common
    Stock (Class B)
Common
    Stock (Class A)
Treasury
    Stock
Additional
    Paid-in-
Accumulated
Receivable
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Capital
Deficit
Total
Balance, December 31, 2020
$
(
3,750
)
8,000,000
$
21,854
-
$
-
2,000,000
$
-
-
$
-
-
$
4,104
$
(
13,488
)
$
8,720
Net loss
-
-
-
-
-
-
-
-
-
-
-
(
38,488
)
(
38,488
)
Lease contributions
-
-
-
-
-
-
-
-
-
-
547
-
547
Equity-based compensation
-
-
-
-
-
-
-
-
-
-
238
-
238
Subscriptions received
3,750
-
-
-
-
-
-
-
-
-
-
-
3,750
Warrants issued
-
-
-
-
-
-
-
-
-
-
13
-
13
Issuance of shares for restricted stock
-
-
-
30,000
-
-
-
-
-
-
-
-
Issuance of shares for exercised stock options
-
-
-
208
-
-
-
-
-
-
-
-
-
Balance, December 31, 2021
$
-
8,000,000
$
21,854
30,208
$
-
2,000,000
$
-
-
$
-
-
$
4,902
$
(51,976
)
$
(25,220
)
Balance, December 31, 2021
$
-
8,000,000
$
21,854
30,208
$
-
2,000,000
$
-
-
$
-
-
$
4,902
$
(
51,976
)
$
(
25,220
)
Activity prior to the business combination:
Net loss
-
-
-
-
-
-
-
-
-
-
-
(
45,437
)
(
45,437
)
Lease contributions
-
-
-
-
-
-
-
-
-
-
225
-
225
Equity-based compensation
-
-
-
-
-
-
-
-
-
-
716
-
716
Warrant repurchase
-
-
-
-
-
-
-
-
-
-
(
507
)
-
(
507
)
Issuance of shares for exercised stock options
-
-
-
14,946
-
-
-
-
-
-
-
-
-
Issuance of shares for consulting agreement
-
-
-
1,500,000
-
-
-
-
-
-
6,900
-
6,900
Effects of the business combination:
-
-
Conversion of Series A Preferred Stock
-
(
8,000,000
)
(
21,854
)
8,000,000
-
-
-
-
-
-
21,854
-
-
Conversion of Bridge Loans
-
-
-
15,172,729
-
-
-
-
-
-
88,975
-
88,975
Conversion of Class B Common Stock
-
-
-
2,000,000
-
(
2,000,000
)
-
-
-
-
-
-
-
Conversion of existing Class A Common Stock
-
-
(
26,717,883
)
-
-
-
15,518,705
1
-
-
1
Reverse recapitalization
-
-
-
-
-
-
-
8,143,649
1
-
19,688
-
19,689
Activity after the business combination:
-
Net loss
-
-
-
-
-
-
-
-
-
-
-
(
49,818
)
(
49,818
)
Equity-based compensation
-
-
-
-
-
-
-
5,517,000
1
-
10,363
-
10,364
Cantor Commitment Fee
-
-
-
-
-
-
-
190,476
-
-
1,600
-
1,600
Vendor share issuance
300,000
-
-
376
376
Share repurchase and forward purchase agreement settlement
-
-
-
-
-
-
-
-
-
(
2,140,761
)
(
1,156
)
-
(
1,156
)
Balance, December 31, 2022
$
-
-
$
-
-
$
-
-
$
-
29,669,830
$
3
(
2,140,761
)
$
153,936
$
(
147,231
)
$
6,708
See accompanying Notes to Consolidated Financial Statements
F-
5
FOXO
TECHNOLOGIES INC. and subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Year Ended
December 31,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
95,255
)
$
(
38,488
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,487
98
Impairment charges
1,370
400
Equity-based compensation
11,035
131
Cantor commitment fee paid in common stock
1,600
-
Loss on settlement of the forward purchase agreement paid in common stock
270
-
Release of forward purchase agreement collateral upon cancellation
26,773
-
Vendor share issuance paid in common stock
376
-
Amortization of consulting fees paid in common stock
4,679
-
Change in fair value of convertible debentures
28,180
21,703
Change in fair value of warrants
(
2,076
)
-
Conversion of accrued interest
593
-
PIK interest
130
-
Amortization of debt issuance costs
91
-
Contributions in the form of rent payments
225
547
Amortization of right-of-use assets
28
-
Accretion of operating lease liabilities
(
28
)
-
Recognition of prepaid offering costs upon election of fair value option
107
-
Accretion of interest earned on investment in convertible promissory note
-
(
32
)
Other
6
14
Changes in operating assets and liabilities:
Supplies
(
1,018
)
(
295
)
Prepaid expenses and consulting fees
(
2,832
)
117
Other current assets
(
91
)
(
6
)
Other assets
(
100
)
-
Cloud computing arrangements
(
1,773
)
(
2,488
)
Reinsurance recoverables
890
305
Accounts payable
127
3,090
Accrued and other liabilities
2,336
154
Policy reserves
(
890
)
(
305
)
Net cash used in operating activities
(
23,760
)
(
15,055
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(
110
)
(
118
)
Asset acquisition, net of cash acquired
-
(
63
)
Development of internal use software
(
1,760
)
(
124
)
Acquisition of convertible promissory note
-
(
50
)
Net cash used in investing activities
(
1,870
)
(
355
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of related party convertible debentures
-
3,250
Proceeds from issuance of convertible debentures
28,000
7,250
Warrant repurchase
(
507
)
-
Senior PIK Notes proceeds
3,458
-
Reverse recapitalization proceeds
23,237
-
Forward purchase agreement
(
30,561
)
-
Forward purchase agreement collateral release
2,362
-
Deferred offering costs
(
540
)
(
107
)
Related party promissory note
(
1,160
)
-
Proceeds received from stockholder subscription receivable
-
3,750
Net cash provided by financing activities
24,289
14,143
Net increase in cash and cash equivalents
(
1,341
)
(
1,267
)
Cash and cash equivalents at beginning of period
6,856
8,123
Cash and cash equivalents at end of period
$
5,515
$
6,856
NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of phantom equity to stock options
$
-
$
54
Issuance of warrants
$
-
$
1
Conversion of debt
$
88,382
$
-
Conversion of preferred stock
$
21,854
$
-
Accrued internal use software
$
239
$
-
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized
$
1,219
$
1,131
See accompanying Notes to Consolidated Financial
Statements
F-
6
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Note
1 DESCRIPTION OF BUSINESS
FOXO Technologies Inc. ("FOXO" or
the "Company"), formerly known as Delwinds Insurance Acquisition Corp. ("Delwinds"), a Delaware corporation, was
originally formed in April 2020 as a publicly traded special purpose company for the purpose of effecting a merger, capital stock exchange,
asset acquisition, reorganization, or similar business combination involving one or more businesses. FOXO is a leader in commercializing
epigenetic biomarker technology to support groundbreaking scientific research and disruptive next-generation business initiatives. The
Company applies automated machine learning and artificial intelligence technologies to discover epigenetic biomarkers of human health,
wellness and aging. The Company has been building a life insurance business to support the commercial applications of its epigenetic biomarker
underwriting technology and consumer engagement platform service business. On August 20, 2021, the Company completed its acquisition of
Memorial Insurance Company of America ("MICOA") and renamed it FOXO Life Insurance Company.
The Company manages and reports results of operations
for two reportable business segments: FOXO Life, the Company's life insurance business operations, and FOXO Labs, the Company's
epigenetic biomarker technology business operations.
The Business Combination
On
February 24, 2022, Delwinds entered into a definitive Agreement and Plan of Merger, dated as of February 24, 2022, as amended on April
26, 2022, July 6, 2022 and August 12, 2022 (the "Merger Agreement"), with FOXO Technologies Inc., now known as FOXO Technologies
Operating Company ("FOXO Technologies Operating Company"), DWIN Merger Sub Inc., a Delaware corporation and a wholly owned
subsidiary of Delwinds ("Merger Sub"), and DIAC Sponsor LLC (the "Sponsor"), in its capacity as the representative
of the stockholders of Delwinds from and after the closing (the "Closing") of the transactions contemplated by the FOXO Transaction
Agreement (collectively, the "Transaction" or the "Business Combination"). Simultaneously with the execution of
the Merger Agreement, Delwinds entered into a Common Stock Purchase Agreement (the "ELOC Agreement") with CF Principal Investments
LLC (the "Cantor Investor"), pursuant to which, assuming satisfaction of certain conditions and subject to limitations set
forth in the ELOC Agreement, the Company would have the right, from time to time to sell the Cantor Investor up to $
40,000
in shares of
the Company's Class A common stock (the "Class A Common Stock") until the first day of the next month following the
36-month anniversary of when the Securities and Exchange Commission ("SEC") has declared effective a registration statement
covering the resale of such shares of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier.
The ELOC Agreement was subsequently cancelled. See Note
7 for additional information.
The Business Combination was approved by Delwinds'
stockholders on September 14, 2022 and closed on September 15, 2022 (the "Closing Date") whereby Merger Sub merged into FOXO
Technologies Operating Company, with FOXO Technologies Operating Company surviving the merger as a wholly owned subsidiary of the Company
(the "Combined Company"), and with FOXO Technologies Operating Company security holders becoming security holders of the Combined
Company. Immediately upon the Closing, the name of Delwinds was changed to FOXO Technologies Inc.
Following the Closing, FOXO is a holding company
whose wholly-owned subsidiary, FOXO Technologies Operating Company, conducts all of the core business operations. FOXO Technologies Operating
Company maintains its two wholly-owned subsidiaries, FOXO Labs Inc. and FOXO Life, LLC. FOXO Labs maintains a wholly-owned subsidiary,
Scientific Testing Partners, LLC, while FOXO Life Insurance Company is a wholly-owned subsidiary of FOXO Life, LLC. References to "FOXO"
and the "Company" in these consolidated financial statements refer to FOXO Technologies Operating Company and its wholly-owned
subsidiaries prior to the Closing and FOXO Technologies Inc. following the Closing.
In accordance with the terms of the Merger Agreement,
at Closing, the Company (i) acquired
100
% of the issued and outstanding FOXO Technologies Operating Company Class A common stock (the
"FOXO Class A Common Stock") in exchange for equity consideration in the form of the Company's Class A Common Stock,
(ii) acquired
100
% of the issued and outstanding shares of FOXO Technologies Operating Company Class B common stock (the "FOXO Class
B Common Stock") in exchange for equity consideration in the form of the Company's Class A Common Stock.
F-
7
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Immediately prior to the Closing, the following
transactions occurred:
●
8,000,000
                                            shares of FOXO Technologies Operating Company Series A preferred stock (the "FOXO Preferred
                                            Stock") were exchanged for 8,000,000 shares of FOXO Class A Common Stock.
●
The
                                            2021 Bridge Debentures (as defined in Note 5) in the principal amount, together with accrued
                                            and unpaid interest, of $24,402 were converted into 6,759,642 shares of FOXO Class A Common
                                            Stock.
●
The
                                            holders of the 2022 Bridge Debentures (as defined in Note 5) in the principal amount, together
                                            with accrued and unpaid interest, of $34,496 were converted into 7,810,509 shares of FOXO
                                            Class A Common Stock.
As a result of and upon the Closing, among other
things, (1) all outstanding shares of FOXO Class A Common Stock (after giving effect to the conversion of the FOXO Preferred Stock, the
2021 Bridge Debentures, and 2022 Bridge Debentures into share of FOXO Class A Common Stock) and FOXO Class B Common Stock were converted
into
15,518,705
shares of the Company's Class A Common Stock, (2) all FOXO options and FOXO warrants outstanding immediately before
the Closing ("Assumed Options" and "Assumed Warrants", as applicable) were assumed and converted, subject to adjustment
pursuant to the terms of the Merger Agreement, into options and warrants, respectively, of the Company, exercisable for share of the Company's
Class A Common Stock and (3) other than the Assumed Options and Assumed Warrants, all other convertible securities and other rights to
purchase capital stock of FOXO Technologies Operating Company were retired and terminated, if they were not converted, exchanged or exercised
for FOXO Technologies Operating Company stock immediately prior the Closing.
Note
2 LIQUIDITY AND MANAGEMENT'S PLAN
The Company's history
of losses requires management to critically assess its ability to continue operating as a going concern. For the year ended December 31,
2022, the Company incurred a net loss of $
95,255
. As of December 31, 2022, the Company had an accumulated deficit of $
147,231
. Cash used
in operating activities for the year ended December 31, 2022 was $
23,760
. As of December 31, 2022, the Company had $
513
of available cash
and cash equivalents, excluding amounts required to be held as statutory capital and surplus by FOXO Life Insurance Company. See Note
13 for additional information on the statutory capital and surplus held at FOXO Life Insurance Company.
The Company's ability
to continue as a going concern is dependent on generating revenue, raising additional equity or debt capital, reducing losses and improving
future cash flows. The Company will continue ongoing capital raise initiatives and has demonstrated previous success in raising capital
to support its operations. For instance, in the first and second quarters of 2022, the Company issued convertible debentures for $
28,000
that has subsequently converted to equity. The Company also completed its transaction with Delwinds that was initially intended to provide
up to $
300,000
of capital to the Company. The ELOC Agreement, a backstop agreement, and Forward Purchase Agreement were also part of the
Business Combination and were intended to provide capital. Ultimately, the series of transactions associated with the Business Combination
did not result in any net proceeds for the Company. Additionally, we are unlikely to receive proceeds from the exercise of outstanding
warrants as a result of the difference between our current trading price of the Company's Class A Common Stock and the exercise
price of the various warrants.
The Company entered into
a letter of intent to sell FOXO Life Insurance Company in order to gain access to the cash held as statutory capital and surplus at FOXO
Life Insurance Company. See Notes 13 and 17 for more information. The Company intends to use the cash previously held at FOXO Life Insurance
Capital to fund its operation as it continues to (i) pursue additional avenues to capitalize the Company and (ii) commercialize its products
to generate revenue.
However, the Company
can provide no assurance that these actions will be successful or that additional sources of financing will be available on favorable
terms, if at all. As such, until additional equity or debt capital is secured and the Company begins generating sufficient revenue, there
is substantial doubt about the Company's ability to continue as a going concern for the one-year period following the issuance of
these consolidated financial statements.
F-
8
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Note
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
Pursuant to the Business Combination, the acquisition
of FOXO Technologies Operating Company by Delwinds was accounted for as a reverse recapitalization (the "Reverse Recapitalization")
in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Under this method,
Delwinds was treated as the "acquired" company for financial reporting purposes. For accounting purposes the Reverse Recapitalization
was treated as the equivalent of FOXO Technologies Operating Company issuing equity securities for the net assets of Delwinds, accompanied
by a recapitalization. The net assets of Delwinds are stated at historical cost, with no goodwill or other intangible asset being recorded.
The condensed assets, liabilities and results of operations prior the Reverse Recapitalization are those of FOXO Technologies Operating
Company.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements are presented
in accordance with U.S. GAAP. The consolidated financial statements include the accounts of FOXO and its wholly-owned subsidiaries. All
intercompany balances and transactions are eliminated in consolidation.
EMERGING GROWTH COMPANY
The Company is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act of 1933 and as modified by the Jumpstart Our Business Startups Act of 2012, and it may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation
requirements of Section 404 of the Sarbanes-Oxley Act, and reduced disclosure obligations regarding executive compensation in its
periodic reports and proxy statements. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being
required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities
Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934)
are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out
of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to
opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is
issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company,
can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the
Company's consolidated financial statements with another public company which is neither an emerging growth company nor an emerging
growth company which has opted out of using the extended transition period difficult because of the potential differences in accounting
standards used.
USE OF ESTIMATES
The preparation of the consolidated financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reported period. Management evaluates these estimates and judgments on an ongoing basis and bases its
estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management
believes are reasonable under the circumstances. It is reasonably possible that actual experience could differ from the estimates and
assumptions utilized. All revisions to accounting estimates are recognized in the period in which the estimates are revised. A description
of each critical estimate is incorporated within the discussion of the related accounting policies which follow.
CASH AND CASH EQUIVALENTS
The company considers all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates
fair value. At times, cash account balances may exceed insured limits. The Company has not experienced any losses related to such accounts
and believes it is not exposed to any significant credit risk on its cash and cash equivalents.
F-
9
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
IMPAIRMENT OF LONG-LIVED ASSETS
The Company reviews its long-lived assets, including
property and equipment and right-of-use assets, to determine potential impairment annually or whenever events or changes in circumstances
indicate that the carrying amount of an asset group may not be fully recoverable. Recoverability is measured by comparing the carrying
amount of the asset group with the future undiscounted cash flows the assets are expected to generate. If such assets are considered impaired,
an impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets.
Management determined that there were impairments of long-lived assets as of December 31, 2022 and no impairment as of December 31,
2021. See Note 4 for additional information.
INVESTMENTS
The Company's investments do not have readily
determinable fair values and consist of convertible promissory notes and membership interest units in privately held companies. These
investments are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company
regularly evaluates these investments to determine if there are indicators that the investment is impaired. For the year ended December
31, 2021, the Company recorded an impairment charge of $
400
related to one of its investments as a result of the investee's lack
of success in raising additional capital along with its financial condition. As of December 31, 2022 and 2021, the carrying value of the
investments was $
100
and recorded as other assets on the consolidated balance sheets.
CAPITALIZED IMPLEMENTATION COSTS
The Company capitalizes certain development costs
associated with internal use software and cloud computing arrangements incurred during the application development stage. The Company
expenses costs associated with preliminary project phase activities, training, maintenance, and any post-implementation costs as incurred.
Capitalized costs related to projects to develop internal use software are included within intangible assets on the consolidated balance
sheets, while capitalized costs related to cloud computing arrangements are included within cloud computing arrangements on the consolidated
balance sheets. Capitalized costs are amortized on a straight-line basis once application development is complete based on the estimated
life of the asset or the expected term of the contract, as applicable.
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is defined as the price that would
be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement
date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
Level 1 – defined as observable inputs such
as quoted prices (unadjusted) for identical instruments in active markets.
Level 2 – defined as inputs other than quoted
prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active.
Level 3 – defined as unobservable inputs
in which little or no market data exits, therefore requiring an entity to develop its own assumptions, such as valuations derived from
valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure
the fair value might be categorized within different levels of the fair value hierarchy. In these instances, the fair value measurement
is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
F-
10
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
DERIVATIVE INSTRUMENTS
The Company does not use derivative instruments
to hedge exposure to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments, including stock
purchase warrants and forward share purchase obligations, to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives, pursuant to ASC 480,
"Distinguishing Liabilities from Equity,"
and ASC 815-15,
"Derivatives
and Hedging – Embedded Derivatives."
The classification of derivative instruments, including whether such instruments
should be recorded as liabilities or as equity, is reassessed at the end of each reporting period.
DEBT
The
Company issued convertible debentures to related and nonrelated parties, which included original issue discounts, conversion features
and detachable warrants, as further discussed in Note
5
to these consolidated
financial statements. The detachable warrants represent freestanding, separable equity-linked financial instruments recorded at fair value.
The fair value of the detachable warrants is calculated using a Black-Scholes valuation model. The Company elected the fair value option
for the convertible debt, which requires recognition at fair value upon issuance and on each balance sheet date thereafter. Changes in
the estimated fair value are recognized as non-cash change in fair value of convertible debentures in the consolidated statements of operations.
As a result of applying the fair value option, direct costs and fees related to the issuance of the convertible debt were expensed and
not deferred.
The Company did not elect the fair value option
on the PIK Notes. Debt discount and issuance costs, consisting of legal and other fees directly related to the debt issuance, are offset
against the carrying value of the debt and amortized to interest expense over the estimated life of the debt based on the effective interest
method.
REVENUE RECOGNITION
The Company's revenues consist of royalties
based on the Company's epigenetic biomarker research, agents' commissions earned on the sale, servicing and placement of life
insurance policies, and epigenetic testing services sold primarily to research organizations. Revenues are recognized when control of
the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for those goods or services. To recognize revenues, the Company applies the following five step
approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine
the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize
revenues when a performance obligation is satisfied. The Company accounts for a contract when it has approval and commitment from all
parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability
of consideration is probable. The Company applies judgment in determining the customer's ability and intention to pay based on a
variety of factors including the customer's historical payment experience. As of December 31, 2022 the Company had a contract asset
of $
200
recorded with $
100
recorded within other current assets and $
100
within other assets in the consolidated balance sheet. The contract
asset relates to epigenetic biomarker services and the Company should receive payments in July 2023 and July 2024 to settle the balance.
The Company has satisfied its performance obligations for this service and has no other contract assets or liabilities related to revenue
arrangements or transactions in the periods presented.
The following sets forth the revenue by source
generated from services provided by the Company:
2022
2021
Epigenetic biomarker services
$
400
$
-
Epigenetic biomarker royalties
83
85
Life insurance commissions
28
35
Total revenue
$
511
$
120
FOXO Labs — Epigenetic biomarker
services
FOXO Labs receives epigenetic biomarker services
revenue from the performance of lab services. The Company's performance obligation is satisfied when the Company completes the epigenetic
biomarker data analysis. At the completion of the biomarker testing, results are reviewed and released to the customer. The Company subsequently
bills the organization for the epigenetic biomarker data based on the transaction price, which reflects the amount the Company has rights
to under present contracts. Revenue is recognized and reported within the FOXO Labs reportable segment over the life of the contract as
work is performed, as FOXO Labs has an enforceable right to payment as the performance is being completed. Revenue is recorded gross as
the Company is responsible for fulfilling the obligations to the customer and has inventory risk, among other reasons. The corresponding
expenses are shown as cost of sales in the consolidated statements of operations.
F-
11
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
FOXO Labs — Epigenetic biomarker
royalties
The Company has granted a license to Illumina,
Inc. ("Illumina") for the exclusive right to manufacture and sell infinium mouse methylation arrays using the Company's
research on epigenetic biomarkers in exchange for a royalty on global sales. Illumina provides reporting to the Company so that revenue
can be properly recognized as the license is used. Epigenetic biomarker royalties are recorded with the FOXO Labs reportable segment.
During the third quarter of 2022, the royalty was reduced from
5
% to
1.25
% in exchange for eliminating a purchase commitment where the
Company was previously required to purchase mouse methylation arrays from Illumina.
FOXO LIFE — Life insurance
commissions
FOXO Life, LLC, currently an insurance agency,
receives insurance commission revenue from the distribution and sale of life insurance policies based on a percentage of the premiums
paid by its customers. These commission revenues are substantially recognized at a point in time on the effective date of the associated
policies when control of the policy transfers to the client, as well as deferring certain revenues to reflect delivery of services over
the contract period and are reported within the FOXO Life reportable segment. Commissions are fixed at the contract effective date and
generally are based on a percentage of premiums for insurance coverage. Commission rates vary depending on a variety of factors, including
the type of risk being placed, the particular underwriting enterprise's demand, expected loss experience of the particular risk
of coverage, and historical benchmarks surrounding the level of effort necessary for the Company to place and service the insurance contract.
The Company recognizes approximately
80
% of commissions
earned from the initial life insurance placement on the effective date of the underlying insurance contract. The amount of revenue recognized
is based on costs to provide services up and through that effective date, including an appropriate estimate of profit margin on a portfolio
basis (a practical expedient as defined in ASC 606,
Revenue from Contracts with Customers
). Based on the proportion of additional
services provided in each period after the effective date of the insurance contract, including an appropriate estimate of profit margin,
the Company recognizes approximately
15
% of commission and fee revenues in the first three months, and the remaining
5
% thereafter.
These periods may be different than the underlying premium payment patterns of the insurance contracts, but the vast majority of services
are fully provided within one year of the insurance contract effective date.
EQUITY-BASED COMPENSATION
The Company measures all equity-based payments,
including options and restricted stock to employees, service providers and nonemployee directors, using a fair-value based method. The
cost of services received from employees and nonemployee directors in exchange for awards of equity instruments is recognized in the consolidated
statements of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured,
and amortized on a straight-line basis over the requisite service period. The Black-Scholes valuation model requires the input of assumptions,
including the exercise price, volatility, expected term, discount rate, and the fair value of the underlying stock on the date of grant.
These inputs are provided at the grant date for an equity classified award and each measurement date for a liability classified award.
See Note 8 for additional disclosures regarding the equity-based compensation program.
RESEARCH AND DEVELOPMENT COSTS
Research and development costs are expensed as
incurred. Research and development expenses consist primarily of personnel costs and related benefits, as well as costs for outside consultants
and professional services.
INCOME TAXES
Deferred taxes are provided on an asset and liability
method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the amounts
of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company is required to analyze its filing
positions open to review and believes all significant positions have a "more-likely-than-not" likelihood of being upheld based
on their technical merit and accordingly the Company has not identified any unrecognized tax benefits.
F-
12
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
NET LOSS PER SHARE
Net loss per share of common stock is calculated
by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The Company follows the provisions
of ASC Topic 260,
Earnings Per Share
for determining whether outstanding shares that are contingently returnable are included for
purposes of calculating net loss per share and determining whether instruments granted in equity-based compensation arrangements are participating
securities for purposes of calculating net loss per share. See Note 10, Net
Loss Per Share
.
ASSET ACQUISITIONS
The Company follows the guidance in ASC 805,
Business Combinations
for determining the appropriate accounting treatment for asset acquisitions. When an acquisition does not
meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired
is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have
an input and a substantive process that together significantly contribute to the ability to create outputs, the company accounts for the
acquisition as an asset acquisition and goodwill is not recognized. The cost of the acquisition includes the fair value of consideration
transferred and direct transaction costs attributable to the acquisition. Any excess cost over the fair value of the net assets acquired
is allocated to the assets acquired based on their relative fair value; however, no excess acquisition cost is allocated to non-qualifying
assets including financial assets or indefinite-lived intangible assets subject to fair value impairment testing. The Company has determined
the insurance license intangible asset it acquired was impaired as of December 31, 2022. See Note 4 for additional information.
REINSURANCE
The Company is subject to a
100
% coinsurance agreement
with the seller of MICOA, Security National Life Insurance Company. The amounts reported in the consolidated balance sheets as reinsurance
recoverables include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers
on insurance liabilities that have not yet been paid. Reinsurance recoverables on unpaid losses are estimated based upon assumptions consistent
with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross
of reinsurance recoverables. Management believes reinsurance recoverables are appropriately established. Reinsurance premiums are reflected
in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company's
primary liability under the policies written. The Company regularly evaluates the financial condition of the reinsurer and establishes
allowances for uncollectible reinsurance recoverables as appropriate.
Revenues on traditional life insurance products
subject to this reinsurance agreement consist of direct premiums reported as earned when due. Premium income includes premiums on reinsured
policies and is reduced by premiums ceded. Expenses under the reinsurance agreement are also reduced by the amount ceded.
POLICY RESERVES
The Company establishes liabilities for amounts
payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended
period. Liabilities for future policy benefits of traditional life insurance have been computed by using a net level premium method based
upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience
less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality
tables. Annuity liabilities are primarily associated with deferred annuity contracts. The deferred annuity contracts credit interest based
on a fixed rate. Liabilities for deferred annuities are included without reduction for potential surrender charges. The liability is equal
to accumulated deposits, plus interest credited, less policyholder withdrawals. Reserving assumptions for interest rates, mortality and
expense are "locked in" upon the acquisition date for traditional life insurance contracts; significant changes in experience
or assumptions may require the Company to provide for extended future losses by establishing premium deficiency reserves. Premium deficiency
reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do
not include a provision for adverse deviation.
RECENTLY ISSUED ACCOUNTING STANDARDS
In December 2019, the Financial Accounting Standards
Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the
Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removed certain exceptions to the general principles in ASC 740 and
clarified and amended existing guidance to improve consistent application. This amended guidance was effective for public entities for
interim and annual periods beginning after December 15, 2021. The Company adopted ASU 2019-12 effective January 1, 2022 and it did not
have a material impact on the Company's consolidated financial statements.
F-
13
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
In August 2020, the FASB issued
ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in
Entity's Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("
ASU
2020-06
"), which simplifies the accounting for convertible instruments by reducing the number of accounting models available
for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. This amended guidance is effective for public and private companies for fiscal
years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption
is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The Company adopted the amended guidance prospectively effective January 1, 2021. The impact is not material to the Company's results
of operations or financial position as the Company had no debt prior to the issuance of convertible debentures in 2021.
Other pronouncements issued by the FASB with future
effective dates are either not applicable or are not expected to have a material impact on the Company's financial position, results
of operations or cash flows.
Note
4 INTANGIBLE ASSETS AND CLOUD COMPUTING ARRANGEMENTS
The components of intangible assets as of December 31, 2022 and December
31, 2021 were as follows:
December 31,
2022
December 31,
2021
Insurance license
$
-
$
63
Longevity pipeline
576
75
Underwriting API
770
53
Longevity API
697
-
Intangible assets
$
2,043
$
191
The acquisition of MICOA was accounted for as
an asset acquisition and an indefinite-lived insurance license intangible asset was recognized for $
63
. The Company determined the asset
was fully impaired upon entering a letter of intent to sell the FOXO Life Insurance Company as the costs to sell the insurance license
was greater than the carrying value. The impairment charge has been recorded in the FOXO Life reportable segment and within selling, general
and administrative expenses.
During the year ended December 31, 2021, the Company
began developing internal use software related to the development of a longevity methylation pipeline for epigenetic data and underwriting
application programming interface ("API"). During the year ended December 31, 2022, the Company began developing a longevity
API to show the results derived from the longevity pipeline. The Company has capitalized costs incurred during the application development
stage and has determined that these intangible assets have a finite life. Application development on these projects was completed in the
fourth quarter of 2022. Amortization is recorded on a straight-line basis within selling, general and administrative expenses.
The components of cloud computing arrangements
as of December 31, 2022 and December 31, 2021 were as follows:
December 31,
2022
December 31,
2021
Digital insurance platform
$
2,225
$
1,980
Health study tool
-
765
Cloud computing arrangements
$
2,225
$
2,745
F-
14
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The Company entered into a cloud computing arrangement
to develop a digital insurance platform and health study tool. Costs related to the application development phase are included in cloud
computing arrangements. The Company finished the application development phase in the fourth quarter of 2022 and began amortizing the
assets on a straight-line basis within selling, general and administrative expenses over the remaining term of the contract, or one year
from completing the application development phase, as the Company is not reasonably assured of renewing the contract. The Company subsequently
determined that it is doubtful the health study tool will be used for its intended purpose through the end of its amortizable period and
has recognized an impairment charge of $
1,307
as selling, general and administrative expenses and within corporate and other consistent
with the Company's technology costs.
The Company's internal use software and
cloud computing arrangements, including the longevity pipeline, underwriting API, longevity API, digital insurance platform and health
study tool, include amounts capitalized for interest.
Note
5 DEBT
15
% Senior PIK Notes
On September 20, 2022, the Company entered into
separate Securities Purchase Agreements with accredited investors pursuant to which the Company issued its
15
% Senior PIK Notes (the "Senior
PIK Notes") in the aggregate principal amount of $
3,458
. The Company received net proceeds of $
2,918
, after deducting fees and expenses
of $
540
.
The Senior PIK Notes bear interest at
15
% per
annum, paid in arrears quarterly by payment in kind through the issuance of additional Senior PIK Notes ("PIK Interest").
The Senior PIK Notes mature on April 1, 2024 (the "Maturity Date"). Commencing on November 1, 2023, the Company is required
to pay the holders of the Senior PIK Notes and on each one month anniversary thereof an equal amount until the outstanding principal balance
has been paid in full on the Maturity Date. If the Senior PIK Notes are prepaid in the first year, the Company is required to pay the
holders the outstanding principal balance, excluding any increases as a result of PIK Interest, multiplied by
1.15
.
The Company has agreed to not obtain additional
equity or debt financing, without the consent of a majority of the holders of the Senior PIK Notes, other than if a financing pays amounts
owed on the Senior PIK Notes. The Company shall not incur other indebtedness, except for certain exempt indebtedness, until such time
the Senior PIK Notes are repaid in full, however the Senior PIK Notes are unsecured.
The Company has recorded $
1,409
as current liabilities
based on the monthly installments with the remainder shown as long-term liabilities. As of December 31, 2022 the Company recognized $
130
of contractual interest expense on the PIK Notes and $
91
related to the amortization of debt issuance costs on the PIK Notes.
2021 Bridge Debentures
During the first quarter of 2021, the Company
entered into separate Securities Purchase Agreements with accredited investors (the "2021 Bridge Investors"), pursuant to
which the Company issued its
12.5
% Original Issue Discount ("OID") Convertible Debentures for $
11,812
in aggregate principal
("2021 Bridge Debentures"). The Company received net proceeds of $
9,612
from the sale of the 2021 Bridge Debentures, after
an OID of
12.5
% and deducting fees and expenses of $
888
. The 2021 Bridge Debentures were executed in three tranches, with $
7,883
in aggregate
principal issued on January 25, 2021, $
3,367
in aggregate principal issued on February 23, 2021, and $
562
in aggregate principal issued
on March 4, 2021. Convertible debentures for $
3,656
in aggregate principal that were issued on January 25, 2021 to the Company's
former Chief Executive Officer, former Chief Operating Officer, and to an individual who provides consulting services to the Company were
presented as related party debt.
Each issuance of 2021 Bridge Debentures included
detachable warrants for the right to purchase up to a total of
1,905,853
shares, after giving effect to the conversion of FOXO Class A
Common Stock to the Company's Class A Common Stock. Additional detachable warrants were issued to the underwriter of the issuance
of the 2021 Bridge Debentures. The Company concluded the detachable warrants represent freestanding equity-linked financial instruments
to be recorded at their fair value on each respective issuance date. The fair value of the detachable warrants was determined using a
Black-Scholes valuation model. The additional underwriter warrants were subsequently assigned and surrendered to the Company in exchange
for cash payments of approximately $
507
during the second quarter of 2022.
The 2021 Bridge Debentures accrued interest at
a rate of
12
% per annum and require interest only payments on a quarterly basis. The 2021 Bridge Debentures initially had a term of twelve
months, but the Company retained the right to extend the maturity date for each issuance for an additional three-month period, a right
which was exercised for each issuance during the first quarter of 2022. At that time, the Company entered into an amendment with the 2021
Bridge Investors (the "2021 Bridge Amendment").
The 2021 Bridge Amendment was executed to provide the Company additional time
to finalize the Business Combination. The 2021 Bridge Amendment amended the terms of the 2021 Bridge Debentures to, among other things:
(i) permit the Company to undertake another offering of convertible debentures, (ii) allow the Company to extend the maturity dates of
the 2021 Bridge Debentures an additional five months following the end of the initial three-month extension period, discussed above, and
(iii) implement additional amounts owed on the outstanding balance of the 2021 Bridge Debentures under certain circumstances, the first
of which related to the signing of the Merger Agreement and resulted in an increase in the outstanding balance of approximately 135%,
which was followed by an additional increase of approximately 145% of the outstanding balance when the 2021 Bridge Debentures remained
outstanding at the end of the initial three-month extension period.
F-
15
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
2022 Bridge Debentures
During the first and second quarters of 2022,
the Company entered into separate Securities Purchase Agreements with accredited investors (the "2022 Bridge Investors"),
pursuant to which the Company issued its
10
% OID Convertible Debentures for $
30,800
in aggregate principal ("2022 Bridge Debentures").
The Company received net proceeds of $28,000 from the sale of the 2022 Bridge Debentures, after an OID of 10%. The 2022 Bridge Debentures
were issued in three tranches, with $16,500 in aggregate principal issued on March 1, 2022, $8,250 in aggregate principal issued on March
3, 2022 and the remaining $6,050 in aggregate principal issued on April 27, 2022.
The 2022 Bridge Debentures had a term of twelve
months from the initial issuance dates and accrued interest at a rate of
12
% per annum, of which 12 months was guaranteed. The Company
retained the right to extend the maturity date for each issuance for an additional three-month period and incur an extension amount rate
of
130
% of the outstanding balance. The Company also had the option to prepay the 2022 Bridge Debentures at an amount equal to
120
% of
the sum of the outstanding principal and unpaid interest thereon if done within 365 days of the original issue date and
130
% if during
the extension period.
In connection with the sale of the 2022 Bridge
Debentures, FOXO entered into a letter agreement between FOXO and an in institutional investor (the "Bridge Investor Side Letter")
pursuant to which FOXO agreed to issue such investor in connection with the Closing, such number of shares of FOXO Class A Common Stock,
to be issued immediately prior to the Closing, that would be exchangeable into
350,000
shares of Class A Common Stock. Pursuant to the
terms of the Bridge Investor Side Letter, the institutional investor was issued
602,578
shares of FOXO Class A Common Stock which were
then exchanged for
350,000
shares of Class A Common Stock.
During the year ended December 31, 2022, the Company
recognized contractual interest expense of $
1,627
on the 2021 Bridge Debentures, comprised of $
508
for related party holders and $
1,119
for nonrelated party holders. The contractual interest expense on the 2022 Bridge Debentures was included in the fair value of the debt
since the amount was known at the time of each issuance. The contractual interest on the 2022 Bridge Debentures as well as for the accrued
and unpaid interest on the 2021 Bridge Debentures converted to shares of FOXO Class A Common Stock and subsequently exchanged for the
Company's Class A Common Stock as part of the Business Combination.
Note
6 RELATED PARTY TRANSACTIONS
Office Space
The Company subleased its office space from the
holder of the FOXO Preferred Stock through May of 2022. The holder of the FOXO Preferred Stock paid all lease costs, including common
area maintenance and other property management fees, on the Company's behalf. These payments were treated as additional capital contributions.
Bridge Debentures
Prior
to the conversion of the Bridge Debentures to shares of FOXO Technologies Operating Company Class A and subsequent exchange for Class
A Common Stock of the Company at Closing of the Business Combination, there were related party borrowings which are described in more
detail in Note
5
.
Promissory Note
On June 6, 2022, the Company executed a promissory
note, pursuant to which it loaned Delwinds an aggregate principal amount of $
1,160
, which represented $
0.035
per share of Delwinds Class
A common stock that was not redeemed in connection with the extension of the SPAC's termination date from June 15, 2022 to September
15, 2022.
The Company loaned Delwinds $387 per month in June 2022, July 2022, and August 2022 prior to the Closing of the Business Combination.
The outstanding balance on the promissory note eliminated upon consolidation with the Closing of the Business Combination.
F-
16
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Sponsor Loan
In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor loaned Delwinds funds for working capital. As of December 31,
2022, $
500
was remaining due to the Sponsor and is shown as a related party payable in the consolidated balance sheet.
Consulting Agreement
In April 2022, the Company executed a consulting
agreement with an individual (the "Consultant") considered to be a related party of the Company as a result of his investment
in the 2021 Bridge Debentures. The agreement has a term of
twelve months
, over which the Consultant is to provide services that include,
but are not limited to, advisory services relating to the implementation and completion of the Business Combination. Following the execution
of the agreement, as compensation for such services to be rendered as well as related expenses over the term of the contract, the Consultant
was paid a cash fee of $
1,425
. The consulting agreement also calls for the payment of an equity fee as compensation for such services.
The Company issued
1,500,000
shares of legacy FOXO Class A Common Stock to the Consultant during the second quarter of 2022 to satisfy
the equity fee that converted into
871,256
shares of Class A Common Stock. The Company has determined that all compensation costs related
to the consulting agreement, including both cash fees and the equity fee, represent remuneration for services to be rendered evenly over
the contract term. Thus, all such costs were initially recorded at fair value as prepaid consulting fees in the consolidated balance sheet
and are being recognized as selling, general and administrative expenses in the consolidated statement of operations on a straight-line
basis over the term of the contract. For the year ended December 31, 2022, $
5,649
in expenses were recognized related to the consulting
agreement.
Contractor Agreement
In October 2021, FOXO entered into a Contractor
Agreement with Dr. Murdoc Khaleghi, one of its directors, under which Dr. Khaleghi serves as FOXO's Chief Medical Officer. The Company
paid Dr. Khaleghi $
99
and $
18
for the years ended December 31, 2022 and 2021, respectively. Additionally, Dr. Khaleghi received
80,000
shares under the Management Contingent Share Plan related to his service under the Contractor Agreement with the Company recognizing $
29
of expense during the year ended December 31, 2022. During the fourth quarter of 2022, Dr. Khaleghi and the Company paused services and
payments under this arrangement.
Note 7 STOCKHOLDERS'
EQUITY
The consolidated statements of stockholders'
equity (deficit) reflects the Reverse Recapitalization. In connection with the Business Combination, the Company adopted the second amended
and restated certificate of incorporation (the "Amended and Restated Company Charter") to, among other things, increase the
total number of authorized shares of all capital stock, par value $
0.0001
per share, to
510,000,000
shares, consisting of (i)
500,000,000
shares of Class A Common Stock and (ii)
10,000,000
shares of preferred stock.
Also in connection with the Business Combination,
632,500
shares of Class B Common Stock were converted, on a one-to-one basis, into shares of Class A Common Stock, and as of the closing
of the Business Combination there were
no
shares of Class B Common Stock issued or outstanding.
ELOC Agreement
Under
the ELOC Agreement, the Company had the right to sell to the Cantor Investor up to $
40,000
in shares of Class A Common Stock for a period
until the first day of the month next following the 36-month anniversary of when the SEC has declared effective a registration statement
covering the resale of such share of Class A Common Stock or until the date on which the facility has been fully utilized, if earlier.
The ELOC Agreement provided for a commitment fee (the "Cantor Commitment Fee") payable to the Cantor Investor at Closing for
its irrevocable commitment to purchase shares of Class A Common Stock upon the terms and conditions of the ELOC Agreement. The Cantor
Commitment Fee was paid by the issuance of
190,476
shares of Class A Common Stock and is recorded
in selling, general and administrative
expenses in the consolidated statement of operations.
On November 8, 2022, the Company and Cantor Investor
mutually terminated the ELOC Agreement. The termination was due to the low market capitalization of our Class A Common Stock as well as
the downward performance of our Class A Common Stock since the consummation of the Business Combination, which the Company believed would
limit the benefits of the agreement. Upon the termination of the ELOC Agreement, the related Registration Rights Agreement, dated as of
February 24, 2022 (the "Registration Rights Agreement"), by and between the Company and the Cantor Investor was automatically
terminated in accordance with its terms.
F-
17
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Preferred Stock
The Amended and Restated Company Charter authorizes
the Company to issue
10,000,000
shares of preferred stock with such designations, voting and other rights and preferences as may be determined
from time to time by the Company's board of directors. As of December 31, 2022, there were no shares of preferred stock issued or
outstanding.
Warrants
Public Warrants and Private Placement Warrants
The Company issued
10,062,500
common stock warrants
in connection with Delwinds' initial public offering (the "IPO") (the "Public Warrants"). Simultaneously
with the closing of the IPO, Delwinds consummated the private placement of
316,250
common stock warrants (the "Private Placement
Warrants").
Public Warrants may only be exercised for a whole
number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Each Public Warrant
entitles the holder to purchase
one
share of Class A Common Stock at a price of $
11.50
per share, subject to adjustment. The Public Warrants
become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire
five years
after the completion
of a Business Combination or earlier upon redemption or liquidation.
Once the w
arrants
become exercisable, the Company may redeem the Public Warrants:
●
in
                                            whole and not in part;
●
at
                                            a price of $0.01 per warrant;
●
upon
                                            not less than 30 days' prior written notice of redemption given after the warrants
                                            become exercisable; and
●
if,
                                            and only if, the reported last sale price of the Company's Class A Common Stock equals
                                            or exceeds $18.00 per share for any 20 trading days within a 30-trading day period commencing
                                            once the warrants become exercisable and ending three business days before the Company sends
                                            the notice of redemption to the warrant holders.
If
and when the warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shar
es
of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or
the Company is unable to effect such registration or qualification.
If the Company calls the Public Warrants for redemption,
management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis".
The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances
including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not
be adjusted for issuance of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required
to net cash settle the warrants.
The Private Placement Warrants are identical to
the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class
A Common Stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days
after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are
exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees.
If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
F-
18
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Assumed Warrants
At Closing, the Company assumed common stock warrants to purchase FOXO
Class A Common Stock and exchanged such common stock warrants for common stock warrants to purchase
1,905,853
shares of the Company's
Class A Common Stock. Each Assumed Warrant entitles the holder to purchase
one
share of Class A Common Stock at a price of $
6.21
per share,
subject to adjustment. The Assumed Warrants are exercisable over a three-year period from the date of issuance. The Assumed Warrants include
a down round provision that should the Company issues common stock for a consideration of less than $6.21 per share then the exercise
price shall be lowered to the new consideration amount on a per share basis with a simultaneous and corresponding increase to the number
of warrants.
Vendor Shares
The Company entered into a termination agreement
with a vendor associated with the Business Combination. The Company provided
300,000
shares in connection with the agreement.
Note 8 EQUITY-BASED COMPENSATION
Management Contingent Share Plan
On September 14, 2022, the stockholders of
the Company approved the FOXO Technologies Inc. Management Contingent Share Plan (the "Management Contingent Share
Plan"). The purposes of the Management Contingent Share Plan are to (a) secure and retain the services of certain key
employees and service providers and (b) incentivize such key employees and service providers to exert maximum efforts for the
success of the Company and its affiliates. The number of shares of Class A Common Stock that may be issued under the Management
Contingent Share Plan is
9,200,000
shares, subject to equitable adjustment for shares splits, share dividends, combinations,
recapitalizations and the like after the Closing, including to account for any equity securities into which such shares are
exchanged or converted.
The Management Contingent Share Plan provides
for the grant of restricted share awards of Class A Common Stock. All of the shares of Class A Common Stock issued to a FOXO employee
at the Closing were issued pursuant to a "Restricted Share Award," the terms of which shall apply to all shares issued to
such recipient. For the purposes of the Management Contingent Share Plan, shares of restricted Class A Common Stock issued in accordance
with such plan will be considered "vested" when they are no longer subject to forfeiture in accordance with the terms of such
plan. Each restricted share award issued under the Management Contingent Share Plan will be subject to both a time-based vesting component
and a performance-based vesting component.
Time-Based Vesting
Each restricted share award shall be subject to
three service-based vesting conditions:
a)
Sixty percent (60%) of a participant's restricted share award will
become vested on the third anniversary of the Closing if the participant is still employed by the company on such date (and has been continuously
employed by the company from the date of grant through such vesting date).
b)
An additional twenty percent (20%) of a participant's restricted share
award will become vested on the fourth anniversary of the Closing if the participant is still employed by the company on such date (and
has been continuously employed by the company from the date of grant through such vesting date).
c)
The final twenty percent (20%) of a participant's restricted share
award will become vested on the fifth anniversary of the Closing if the participant is still employed by the company on such date (and
has been continuously employed by the company from the date of grant through such vesting date).
F-
19
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Performance-Based Vesting
In addition, to time-based vesting, one-third
of each restricted share award may only become vested upon satisfaction of each of the following three performance-based conditions:
1.
The operational launch of digital online insurance products by FOXO LIFE Insurance Company (or its functional
equivalent under a managing general agency relationship with a life insurance company), with at least 100 policies sold, within one year
following the Closing;
2.
The signing of a commercial research collaboration agreement with an insurance company or reinsurance
company for saliva-based epigenetic biomarkers in life insurance underwriting within two years following the Closing; and
3.
The implementation of saliva-based epigenetic biomarkers in life insurance underwriting by the Company,
with at least 250 policies sold using such underwriting, within two years following the Closing.
On July 6, 2022, the Company executed a Memorandum
of Understanding and Pilot Research Agreement (the "Agreement") with both a life insurance carrier and a reinsurer. The purpose
of the Agreement is to conduct a parallel run study, using a minimum of 2,500 participants, comparing traditional medical underwriting
results to those obtained through use of the Company's saliva-based epigenetic biomarker technology. The Agreement is intended to
assess the value of the Company's technology for a saliva-based next-generation underwriting protocol and will help determine whether
the parties will later enter into a commercial agreement. The Agreement commenced in the third quarter of 2022 and will continue until
the sooner of project completion, project termination, or the Company and the life insurance carrier entering into a commercial agreement
for the scaled rollout of FOXO's technology in the life insurance carrier's underwriting processes. Accordingly, the Company
has met the commercial research collaboration agreement performance condition and has begun recognizing expense upon completion of the
Business Combination. For the year ended December 31, 2022 the Company has recognized $
10,091
of expense related to the vesting of the
Management Contingent Share Plan based on the fair value at grant date of $
7.81
per share.
Service Based-Conditions
The
Management Contingent Share Plan provides that in the event of the death, disability, or termination without cause of the former CEO,
service-based conditions will not apply. $
8,695
of the expense recognized on the Management Contingent Share Plan relates to the service-based
conditions that no longer applied to the former CEO and is subject to forfeiture pending conclusion of the Board of Director's (the
"Board") review.
See Note 15 for additional information on the former CEO.
Forfeiture of Restricted Share Awards
If a performance-based condition is not achieved
within the specified timeframe, then the one-third portion of each restricted share award that is associated to that performance-based
condition will be permanently forfeited. The Committee shall be solely responsible for monitoring and determining whether or not any performance-based
condition is achieved, and any such determination shall be final and conclusive.
Any restricted stock awards that fail to vest
due to a time-based vesting condition not being satisfied will be forfeited by the participant and the shares associated with that award
will be permanently forfeited and cancelled. The Company accounts for forfeitures as they occur.
F-
20
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The following table summarizes the Management
Contingent Share Plan activity for the year ended December 31, 2022:
Management Contingent Share Plan
Grant Date Fair Value
Beginning of year
-
$
-
Granted
9,200,000
$
7.81
Forfeited
(
3,683,000
)
$
7.81
End of year
5,517,000
$
7.81
Vested
1,169,000
$
7.81
The vested shares within the table above reflect
the potential forfeiture of the former CEO's Management Contingent Share Plan related to performance obligations that have been
met as the Company is still reviewing its obligations. See Note 15 for additional information.
2022 Equity Incentive Plan
On
September 14, 2022, the stockholders of the Company approved the FOXO Technologies Inc. 2022 Equity Incentive Plan (the "2022 Plan").
The 2022 Plan permits the grant of equity-based awards to employees, directors and consultants. The number of shares of Class A Common
Stock that may be issued under the 2022 Plan is
3,286,235
.
As of December 31, 2022, no awards were granted
under the 2022 Plan.
2020 Stock Incentive Plan
FOXO Technologies Operating Company adopted the
2020 Stock Incentive Plan (the "2020 Plan") to attract, retain, incentivize and reward qualified employees, nonemployee directors
and consultants. Immediately prior to Closing, vested and unvested stock options were outstanding to purchase
5,105,648
shares of FOXO
Class A Common Stock. At Closing, the Combined Company assumed the stock options granted pursuant to the 2020 Plan to purchase FOXO Class
A Common Stock and exchanged such stock options to purchase
2,965,500
shares of the Company's Class A Common Stock at a weighted-average
exercise price of approximately $
7.13
per share. All remaining terms of the Assumed Options were unchanged. All share or option figures
that follow are shown on a post-Business Combination basis. All future equity-based compensation will be through the 2022 Plan.
As of December 31, 2022, the Company had
2,765,099
stock options and
17,425
shares of restricted stock outstanding. Stock options under the 2020 Plan issued during the year ended December
31, 2021 were issued (i) as a replacement for outstanding phantom share rights and previously cancelled profits interests, (ii) as a bonus
for periods prior to the issuance of stock options, (iii) as part of the Company's regular review cycle that occurs twice annually,
and (iv) as other incentives. Stock options issued in the year ended December 31, 2021 were primarily granted in April and August of 2021.
In the first quarter of 2022,
204,181
additional stock options were issued primarily as part of the Company's regular review cycle
as well as to form the Company's Scientific Advisory Board. Upon execution of the April 2021 stock option agreements, the Company
no longer had outstanding phantom share rights. The deferred compensation liability of $
54
associated with the phantom share rights was
reclassified to additional paid-in capital in the consolidated balance sheets as the options are equity classified in accordance with
accounting standards codification guidance.
F-
21
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The stock options granted vest monthly over a
three-year period, have a
5
-year term, and an exercise price of $
6.51
or $
15.75
on a post Business Combination basis. For the issuance
of options related to prior periods, the vesting period is considered to have started when the Company and option holder had a mutual
understanding that an award was to be issued; however, the grant date and fair value are based on (i) when there is a mutual understanding
of key terms, (ii) the Company is contingently obligated to issue the options, and (iii) the option holder begins to benefit or be adversely
impacted by changes in the Company's stock price. Accordingly, the Company has determined the date the stock option agreements were
executed to be the grant date for these options and the date on which to measure the awards at fair value. The attribution of expense
for the stock options is recognized from the grant date over the remaining service period while considering the portion of stock compensation
expense that is legally vested. The Company accounts for forfeitures as they occur. At the first vesting period, the Company recognized
stock compensation expense so that stock compensation expense equaled the vested portion of stock options. The remaining expense is recognized
over the service period.
The following table summarizes stock option activity
under the 2020 Plan for the year ended December 31, 2022:
Stock Option
Awards
Weighted-
Average
Exercise Price
Average
Remaining
Life (Years)
Aggregate
Intrinsic Value
Beginning of year
2,828,307
$
6.51
Granted
204,181
$
15.75
Exercised
(
14,796
)
$
6.51
Forfeited
(
252,593
)
$
8.36
End of year
2,765,099
$
7.02
2.77
$
-
Exercisable at end of year
2,480,991
$
6.70
2.67
$
-
The fair value of each stock option is estimated
using a Black-Scholes valuation model while considering the respective rights of each type of stockholder. The table below illustrates
the weighted-average valuation assumptions used for stock options granted during the year ended December 31, 2022 and 2021:
2022
2021
Expected term (years)
3.2
2.3
Expected volatility
70.0
%
94.3
%
Risk-free interest rate
1.38
%
0.24
%
Expected dividend yield
0.0
%
0.0
%
Per-share weighted average grant date fair value
$
15.75
$
0.59
Expected Term:
The expected
term of the stock options was calculated using the simplified method as the Company does not have entity-specific information with which
to develop an estimate and exercise data from comparable companies is not readily available. The stock options granted in April of 2021
were estimated to have a term of
2.2
years while the remaining stock options were primarily estimated to have a term of
3.3
years.
Expected Volatility:
The Company
used an average of the volatilities determined from the stock price of peer companies for a period commensurate with the expected term.
Risk-Free Interest Rate:
The
risk-free rate assumption is calculated based on U.S. Treasury instruments with a term consistent with the expected terms of these awards
at time of grant.
Dividend Yield:
The Company
has not paid and does not anticipate paying any dividends in the near future. The Company estimated the dividend yield to be zero on these
awards.
Equity-based compensation expense, excluding the
Management Contingent Share Plan, was recorded in the following expense categories within the consolidated statements of operations consistent
with the manner in which the respective employee or service provider's related cash compensation was recorded:
2022
2021
Research and development
1
$
110
$
(
19
)
Selling, general and administrative
834
150
Total equity based compensation expense
$
944
$
131
1)
Had the Company recorded the Management Contingent Share Plan within research
and development and selling, general and administrative expense, then research and development would have been higher by $
201
with the
remaining expense recognized within selling, general and administrative expense.
F-
22
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The Company recognized a deferred compensation
liability associated with the phantom equity and remeasured these units on a quarterly basis. The equity-based compensation expense recorded
within research and development includes remeasurements related to the phantom equity, and unfavorable remeasurements resulted in a cumulative
reduction in expense during the year ended December 31, 2021.
As of December 31, 2022, there was $
1,105
of total
unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of
1.0
years and $
51,257
of total unrecognized compensation cost related to the Management Contingent Share Plan. Of the total unrecognized compensation
related to the Management Contingent Share Plan, $
10,358
relates to performance obligations that have been met and the expense is expected
to be recognized over a weighted-average period of
1.7
years. The remaining unrecognized compensation for the Management Contingent Share
Plan relates to performance obligations that are not yet probable of being met. As such, the weighted-average period depends on the timing
of when performance obligations are probably of being met.
Note 9 FORWARD PURCHASE
AGREEMENT
The Company entered into a Forward Share Purchase
Agreement with Meteora Capital Partners and its affiliates (collectively, "Meteora") for a forward purchase transaction. Prior
to the Closing, Meteora agreed not to redeem
2,873,728
shares of Class A Common Stock (the "Meteora Shares") in connection
with the Business Combination. Meteora
has the right to sell the Meteora Shares in the open market
and on the fifteen (15) month anniversary of the Closing of the Business Combination (the" Put Date") may obligate the Company
to purchase the shares, as described below, from Meteora should any not have been sold in the open market.
In connection with the Forward Share Purchase
Agreement, the Company and Meteora entered into an escrow agreement (the "Escrow Agreement") where $
29,135
, based on the Meteora
Shares and the corresponding redemption price from the Business Combination, was deposited into escrow by the Company (the "Prepayment
Amount").
There are a few scenarios in which the Forward Purchase Agreement
can be settled either before or on the
Put
Date:
i.
At any time prior to the Put Date, Meteora may sell the Meteora Shares to
any third party following the Business Combination but before the Put Date in the open market. If Meteora sells any shares prior to the
Put Date, an amount equal to the product of the number of Meteora Shares sold multiplied by
92.5
% of a reset price (the "Reset Price")
will be released from the Escrow Account and paid to the Company (the "Open Market Sale Payment"), and an amount equal to
the product of (a) the portion of the Meteora Shares that Meteora sells in the open market and (b) the difference between the (i) the
per share escrow amount and (ii) the Open Market Sale Payment, will be released from the Escrow Account to Meteora. The Reset Price shall
initially be $
10.00
and, thereafter, shall be subject to weekly adjustments during the term of the Forward Purchase Agreement based on
the then current Reset Price and volume weighted average trading prices ("VWAP") of the Company's Class A Common Stock
for the immediately preceding week.
ii.
On the Put Date, if any of the Meteora Shares subject to the Forward Purchase
Agreement remain unsold, Meteora is entitled to a) the product of the unsold Meteora Shares multiplied by the Redemption Price which will
be released from the Escrow Account, and b) the Company will be required to transfer to Meteora maturity consideration equal to the product
of $
0.05
per Meteora Share sold to the Company and the number of days between the closing of the Business Combination and the Put Date
divided by 30 days.
iii.
The Put Date may be accelerated and occur prior to the fifteen month anniversary
of the Closing of the Business Combination upon the occurrence of certain events and circumstances set forth in the Forward Share Purchase
Agreement, including a) if the VWAP of the Company's Class A Common Stock falls below $
2.50
per share during any 20 of 30 consecutive
trading days, b) if the Forward Purchase Agreement is early terminated, or c) if the Company's Class A Common Stock is delisted
from a national exchange. If the Put Date is accelerated, the Company would follow the maturity consideration described above.
The Company determined that the Prepayment Amount
was collateral and recorded it on its balance sheet as an asset while the agreement was outstanding. In accordance with ASC 480, Distinguishing
Liabilities from Equity, the Company determined that Meteora's ability to require the Company to repurchase shares in certain situations
was a freestanding derivative. The derivative, referred to as the forward purchase put derivative was recorded as a liability on the Company's
balance sheet. Additionally, the Company recorded a derivative based on the amount of collateral that may be provided to Meteora and recorded
it as a liability, referred to as the forward purchase collateral derivative, on the Company's balance sheet.
F-
23
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
On November 10, 2022 the Forward Share Purchase Agreement and related
Escrow Agreement were amended to allow for the maturity consideration to be paid through Meteora retaining
500,000
shares which approximated
the value of the maturity consideration formula described above. The Forward Share Purchase Agreement was subsequently cancelled on November
10, 2022. The cancellation of the Forward Share Purchase Agreement resulted in (i) the removal of the forward purchase put derivative
and forward purchase collateral derivative from the Company's balance sheet, (ii) the recognition of an additional $
270
of expense
based on the fair value of the Company's Class A Common Stock retained by Meteora for the maturity consideration, (iii) and the
shares purchased from Meteora became treasury stock with a corresponding reduction to additional paid-in capital based on the fair market
value of the shares at cancellation. The Company recorded expenses related to the Forward Share Purchase Agreement are recorded within
Forward purchase agreement expense in the consolidated statements of operations and consists of the maturity consideration that settled
the forward purchase put derivative, the amounts released from escrow to Meteora as a result of open market sales, and the settlement
of the forward purchase collateral derivative.
Note 10 NET LOSS PER
SHARE
The Business Combination was accounted for as
a reverse recapitalization by which FOXO Technologies Operating Company issued equity for the net assets of Delwinds accompanied by a
recapitalization. Earnings per share has been recast for all historical periods to reflect the Company's capital structure for all
comparative periods.
The
Company excluded the effect of the
4,348,000
Management Contingent Shares outstanding and not vested as of December 31, 2022 from the
computation of basic net loss per share for the year ended December 31, 2022, as the conditions to trigger the vesting of the Management
Contingent Shares had not been satisfied as of December 31, 2022. Shares under the Management Contingent Share Plan that are under review
to the former CEO are included in net loss per share.
See Note 15 for additional information.
The Company excluded the effect of the Public
Warrants, the Private Placement Warrants, the Assumed Options, and Assumed Warrants from the computation of diluted net loss per share
for the year ended December 31, 2022 as their inclusion would have been anti-dilutive because the Company was in a loss position for such
periods. The Assumed Options, the Assumed Warrants, and the 2021 Bridge Debentures were excluded from the year ended December 31, 2022
as their inclusion would have been anti-dilutive. For the year ended December 31, 2022, the 2021 Bridge Debentures and 2022 Bridge Debentures
were included in basic and diluted net loss per share from the date of closing as the Bridge Debentures were converted into FOXO Class
A Common Stock and subsequently exchanged for the Company's Class A Common Stock upon completion of the Business Combination.
The following table sets forth the calculation
of basic and diluted earnings per share for the periods indicated based on the weighted average number of shares outstanding during the
respective periods:
2022
2021
Net loss available to common shares
$
(
95,255
)
$
(
38,488
)
Basic and diluted weighted average number of Class A Common Stock
11,339
5,820
Basic and diluted net loss available to Class A Common Stock
$
(
8.40
)
$
(
6.61
)
The following Class A common stock equivalents
have been excluded from the computation of diluted net loss per common share as the effect would be antidilutive and reduce the net loss
per common stock (shares in actuals):
2022
2021
Series A preferred stock
-
4,646,698
2021 Bridge Debentures
-
6,759,642
Public and private warrants
10,378,750
-
Assumed warrants
1,905,853
1,905,853
Assumed options
2,965,500
2,965,500
Total antidilutive shares
15,250,103
16,277,693
F-
24
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Note 11 FAIR VALUE MEASUREMENTS
The following table presents information about
the Company's assets and liabilities that are measured on a recurring basis as of December 31, 2022 and December 31, 2021 and indicates
the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
Fair Value Measurements Using Inputs Considered as:
December 31, 2022
Fair Value
Level 1
Level 2
Level 3
Liabilities:
Warrant liability
$
311
$
302
$
9
$
-
Total liabilities
$
311
$
302
$
9
$
-
Fair Value Measurements Using Inputs Considered as:
December 31, 2021
Fair Value
Level 1
Level 2
Level 3
Liabilities:
2021 Bridge Debentures
$
32,203
$
-
$
-
$
32,203
Total liabilities
$
32,203
$
-
$
-
$
32,203
Warrant Liability
The Public Warrants and Private Placement Warrants
are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability on the Company's balance
sheet. The warrant liability is measured at fair value on the date of the Closing and on a recurring basis, with any changes in the fair
value presented as change in fair value of warrant liability in the Company's statement of operations.
Measurement at Closing and Subsequent Measurement
The Company established the fair value for the
Public and Private Placement Warrants on the date of the Closing, and subsequent fair value as of each reporting period. The measurement
of the Public Warrants is classified as Level 1 due to the use of an observable market quote in an active market under ticker FOXO-WT.
As the transfer of the Private Placement Warrants to anyone outside of a small group of individuals who are permitted transferees would
result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined the fair value
of each Private Placement Warrant is equivalent to that of each Public Warrant, with an insignificant adjustment for short-term marketability
restrictions. As such, the Private Placement Warrants are classified as Level 2.
Bridge Debentures
The Company elected the fair value option to account
for both the 2021 Bridge Debentures and 2022 Bridge Debentures (collectively, the "Bridge Debentures"). The Bridge Debentures
are measured at fair value on a recurring basis given the Company's election of the fair value option for measuring such liabilities.
The fair value of the Bridge Debentures is determined based on significant unobservable inputs including the likelihood of voluntary or
mandatory conversion, and the estimated date at which conversion will take place, which causes them to be classified as a Level 3 measurement
within the fair value hierarchy. The recorded fair value of the Bridge Debentures and the non-cash change in fair value recorded in the
consolidated statements of operations could change materially if differing inputs and assumptions were to be utilized. However, the valuations
used assumptions and estimates the Company believes would be made by a market participant in making the same valuations as of the issuance
date and each subsequent reporting period.
F-
25
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The Company elected the fair value option to better
depict the ultimate liability associated with the Bridge Debentures, including all features and embedded derivatives in the Securities
Purchase Agreements. The Bridge Debentures accounted for under the fair value option election represented debt host financial instruments
containing certain embedded features that would otherwise be required to be bifurcated from the debt host and recognized as separate derivative
liabilities subject to initial and subsequent periodic fair value measurement in accordance with U.S. GAAP. When the fair value option
election is applied to financial liabilities, bifurcation of embedded derivatives is not required, and the financial liability in totality
is recorded at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis as of
each balance sheet date thereafter. Upon remeasurement, the portion of a change in estimated fair value attributable to a change in instrument-specific
credit risk is recognized as a component of other comprehensive income (loss) and the remaining amount of a change in estimated fair value
is to be recognized in the consolidated statements of operations. As a result of electing the fair value option, direct costs and fees
related to the issuance of the Bridge Debentures were expensed and not deferred.
For all reporting periods during the year ended
December 31, 2021, the estimated fair value of the 2021 Bridge Debentures was calculated using a Monte Carlo simulation, which incorporated
significant unobservable inputs such as the likelihood of term extension and voluntary or mandatory conversion. Additionally, for December
31, 2021 an implied borrowing rate of
52.0
% was used as an input to the fair value measurement. None of the change in fair value for the
was deemed to be attributable to instrument-specific credit risk and thus the full amount of such change was recognized in the consolidated
statements of operations.
During 2022, prior to conversion, the estimated
fair value of the Bridge Debentures was calculated using a probability-weighted expected return model. This change in valuation methodology
was driven by the execution of the Merger Agreement on February 24, 2022, which made the ultimate value to holders of the Bridge Debentures
upon voluntary or mandatory conversion clearer. Prior to conversion, the Bridge Debentures were recorded at their ultimate fair value
based on purchase consideration attributed to the outstanding principal and using a probability-weighted expected return model. At conversion,
the Company was able to determine the fair value of both the 2021 Bridge Debentures and 2022 Bridge Debentures based on the completion
of the Business Combination. Immediately prior to the Closing of the Business Combination, the 2021 Bridge Debentures and 2022 Bridge
Debentures were converted to
6,759,642
and
7,810,509
shares of FOXO Technologies Operating Company Class A common stock, respectively
and fair value measurements were no longer performed as the debt was no longer outstanding. For further details on this conversion, stockholders'
equity of the Combined Company, and the Business Combination, refer to Notes 1, 3, 5, and 7. None of the change in estimated fair value
of the Bridge Debentures from December 31, 2021 to conversion was deemed to be attributable to instrument-specific credit risk and thus
the full amount of such change was recognized in the consolidated statements of operations.
The following tables provide a summary of changes
in Level 3 liabilities measured at fair value on a recurring basis:
2022 Bridge Debentures
2021 Bridge Debentures
Total
Debt Issuance
$
-
$
10,500
$
10,500
Losses included in Net Income
-
21,703
21,703
Balance, December 31, 2021
-
32,203
32,203
Debt Issuance
28,000
-
28,000
Losses included in Net Income
21,543
6,637
28,180
Balance at Conversion
49,543
38,840
88,383
Transfer out
(
49,543
)
(
38,840
)
(
88,383
)
Balance, December 31, 2022
$
-
$
-
$
-
Note
12 INCOME TAXES
For the years ended December 31, 2022 and 2021, the Company did not
record a provision for income taxes.
2022
2021
Deferred provision - federal
$
9,767
$
3,372
Deferred provision - state
4,054
1,613
13,821
4,985
Net change to valuation allowance
(
13,821
)
(
4,985
)
Total provision for income taxes
$
-
$
-
F-
26
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
A reconciliation of income taxes at the statutory
federal income tax rate to the effective income tax rate for the years ended December 31, 2022 and 2021 is as follows:
2022
2021
Statutory U.S. tax rate
21.0
%
21.0
%
State taxes, net of federal benefit
9.0
7.0
Fair value adjustments on convertible debentures
(
7.1
)
(
14.9
)
Forward purchase agreement
(
8.5
)
-
Other
(
0.1
)
(
0.1
)
Valuation allowance
(
14.5
)
(
13.0
)
Effective tax rate
-
%
-
%
Deferred income taxes reflect the net tax effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for income tax purposes.
The components of the net deferred tax asset were as follows:
2022
2021
Deferred tax assets:
Accrued compensation
$
3,817
$
38
Net operating loss carryforwards
17,193
7,885
Capitalized software
1,270
-
Property and equipment
7
130
Issuance fees on convertible debentures
-
25
Gross deferred tax assets
22,287
8,078
Valuation allowance
(
21,837
)
(
8,027
)
Total deferred tax assets
450
51
Deferred tax liabilities:
Prepaid expenses
(
450
)
(
51
)
Deferred tax liabilities
(
450
)
(
51
)
Net deferred tax asset
$
-
$
-
As of December 31, 2022 and 2021, the Company
recorded a full valuation allowance to offset net deferred tax assets as the Company believes it is not more likely than not that the
net deferred tax assets will be fully realizable. In assessing the realizability of deferred tax assets, management considers whether
it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred
tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.
Due to the uncertainty of the Company's ability to realize the benefit of the deferred tax assets, the net deferred tax assets are
fully offset by a valuation allowance as of December 31, 2022 and 2021.
As of December 31, 2022, the Company had accumulated
federal losses for tax purposes of $
59,688
, which can be offset against future taxable income. Of this federal net loss carryforward,
$
1,642
in losses will begin to expire in 2036 and $
58,046
in losses can be carried forward indefinitely. As of December 31, 2022, the
Company had net accumulated state losses for tax purposes of $
51,334
, which will begin to expire in 2033. Net operating losses are not
limited by Internal Revenue Code Section 382 limits. An analysis of the potential limitation has not been completed at this time.
Note
13 FOXO LIFE INSURANCE COMPANY
Acquisition
On August 20, 2021, the Company completed its
acquisition of Memorial Insurance Company of America ("MICOA") and renamed it FOXO Life Insurance Company. The acquisition
was accounted for as an asset acquisition as MICOA did not have inputs (employees) to create outputs. Purchase consideration for the acquisition
of MICOA totaled $
1,155
, which included an indefinite-lived insurance license intangible asset recorded at a fair value of $
63
and cash
of $
1,092
. The Company fair valued reinsurance recoverables and policy reserves as part of the acquisition.
F-
27
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
The existing statutory capital and surplus of
$
1,092
remains with MICOA post-acquisition. As part of the transaction, the former owners of MICOA continue to administer and
100
% reinsure
all policies outstanding as of the acquisition date. The Company has not issued any new insurance policies since the acquisition and all
premiums, reinsurance recoverables, and policy reserves relate to the
100
% reinsured business. For ceded reinsurance transactions, the
Company remains liable in the event the reinsuring company is unable to meet its obligations under the reinsurance agreement. Further,
the reinsurer is required to maintain accreditation from all applicable state insurance regulators so the Company may obtain full credit
for the reinsurance agreement. If the reinsurer is unable to meet this obligation, they are required to compensate the Company so that
the Company can take full credit for the reinsurance. As of December 31, 2021, the Company has determined there is a remote probability
the reinsurer would fail to meet its obligations and any allowance would be immaterial. The policy reserves of $
18,573
and $
19,463
for
the years ended December 31, 2022 and 2021, respectively on the consolidated balance sheets represent the benefits and claims reserves
ceded as part of the acquisition. Additionally, the consolidated statements of operations includes both $
362
of earned and ceded premiums
as well as $
1,349
of claims incurred and ceded for the year ended December 31, 2022 and $
108
of earned and ceded premiums as well as $
523
of claims incurred and ceded for the year ended December 31, 2021.
Statutory Capital and Surplus
The approval granted by the Arkansas Insurance
Department to the Company to acquire MICOA requires the Company to maintain statutory capital and surplus of no less than $
5,000
and a
risk-based capital ratio of
301
% or greater. As of December 31, 2022 and 2021, FOXO Life Insurance Company had statutory capital and surplus
of at least $
5,000
, which included $
100
of cash maintained in a trust account at First Horizon Advisors, as required by the State of Arkansas,
with the remaining amount of additional statutory capital and surplus held in cash and cash equivalents. The statutory capital and surplus
for FOXO Life Insurance Company exceeded the minimum risk-based capital requirements for the year ended December 31, 2022 and 2021.
Letter of Intent
The Company entered into a letter of intent to sell FOXO Life Insurance
Company. The letter of intent was designed to allow the Company to gain access to cash that was held as statutory capital and surplus
at FOXO Life Insurance Company. See Note 17 for additional information.
Statutory Net Loss
FOXO Life Insurance Company is required to prepare
statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Arkansas Insurance Department.
Statutory accounting practices primarily differ from U.S. GAAP in that policy acquisition costs are to be expensed as incurred, future
policy benefit liabilities are to be established using different actuarial assumptions, and the accounting for investments in certain
assets and deferred taxes are stated on a different basis. FOXO Life Insurance Company did not issue any policies after the acquisition.
Additionally, MICOA did not issue any policies in 2021 before the acquisition and its policies were separately
100
% reinsured by the seller,
Security National Life Insurance Company. The operations of FOXO Life Insurance Company are included in the Company's consolidated
financial statements from the acquisition date in accordance with U.S. GAAP. FOXO Life Insurance Company had a statutory net loss of $
105
and $
29
for the year ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company had an authorized control
level of $
62
and $
65
, respectively.
Insurance Liabilities
Included
in the consolidated balance sheets, policy reserves are liabilities for traditional life insurance reserves and annuities. Traditional
life reserves primarily include term and whole life products which totaled $
14,246
and $
14,746
for the year ended December 31, 2022 and
2021, respectively.
The following table provides information about deferred annuity contracts
from the date of the acquisition through December 31, 2022:
2022
2021
Beginning / acquired balance
$
4,717
$
4,816
Deposits received
7
3
Interest credited
139
87
Withdrawals
(
536
)
(
189
)
Balance at end of period
$
4,327
$
4,717
Note
14 BUSINESS SEGMENT
The
Company manages and classifies its business into two reportable business segments:
●
FOXO
                                            Labs is commercializing proprietary epigenetic biomarker technology to be used for underwriting
                                            risk classification in the global life insurance industry. The Company's innovative
                                            biomarker technology enables the adoption of new saliva-based health and wellness biomarker
                                            solutions for underwriting and risk assessment. The Company's research demonstrates
                                            that epigenetic biomarkers, collected from saliva, provide measures of individual health
                                            and wellness for the factors used in life insurance underwriting traditionally obtained through
                                            blood and urine specimens.
●
FOXO
                                            Life is redefining the relationship between consumers and insurer by combining life insurance
                                            with a dynamic molecular health and wellness platform. FOXO Life seeks to transform the value
                                            proposition of the life insurance carr
ier from a provider
                                            of mortality risk protection products to a partner supporting its customers' healthy
                                            longevity. FOXO Life's multi-omic health and wellness platform will provide life insurance
                                            consumers with valuable information and insights about their individual health and wellness
                                            to support longevity.
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28
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
FOXO Labs generates revenue through performing
epigenetic biomarker services and by collecting epigenetic services royalties. FOXO Life generates revenue from the sale of life insurance
products. Asset information is not used by the Chief Operating Decision Maker ("CODM") or included in the information provided
to the CODM to make decisions and allocate resources.
The primary income measure used for assessing
segment performance and making operating decisions is earnings before interest, income taxes, depreciation, amortization, and equity-based
compensation ("Segment Earnings"). The segment measure of profitability also excludes corporate and other costs, including
management, IT, overhead costs and certain other non-cash charges or benefits, such as any non-cash changes in fair value as well as technology
or investment impairments.
Summarized below is information about the Company's operations
for the years ended December 31, 2022 and 2021 by business segment:
Revenue
Earnings
2022
2021
2022
2021
FOXO Labs
$
483
$
85
$
(
2,769
)
$
(
4,790
)
FOXO Life
28
35
(
3,735
)
(
2,381
)
511
120
(
6,504
)
(
7,171
)
Corporate and other (a)
(
87,311
)
(
30,199
)
Interest expense
(
1,440
)
(
1,118
)
Total
$
511
$
120
$
(
95,255
)
$
(
38,488
)
(a)
Corporate and other includes stock-based compensation, including the consulting
agreement, Cantor Commitment Fee and vendor shares, expense of $
17,708
, depreciation and amortization expense of $
1,487
, change in fair
value of convertible debentures and warrant liability expense of $
26,104
, $
1,307
for impairment charge and $
27,544
of other non-operating
expenses for the year ended December 31, 2022. Additionally, the year ended December 31, 2022 included. For the year ended December 31,
2021 corporate and other included stock-based compensation, depreciation, changes in fair value of the convertible debentures and investment
impairment of $
131
, $
98
, $
21,703
, and $
400
respectively. See Notes 5, 6, 7, 9 and 11 for additional information.
Note
15 COMMITMENTS, CONTINGENCIES, AND OTHER SEVERANCE
The Company is a party to various vendor and license
agreements and sponsored research arrangements in the normal course of business that create commitments and contractual obligations.
License Agreements
In April 2017, the Company entered into a
license agreement with The Regents of University of California (the "Regents") to develop and commercialize the DNA Methylation
Based Predictor of Mortality. The agreement remains in effect through the life of the Regents' patents related to this license agreement.
The Company is required to pay license maintenance fees on each anniversary date of agreement execution. The Company is liable to the
Regents for an earned royalty of net sales of licensed products or licensed methods.
In February 2021, the Company entered into
another license agreement with the Regents for GrimAge and PhenoAge technology. The agreement remains in effect through the life of the
Regents' patents related to this license agreement. In consideration of the license and rights granted under the license agreement,
the Company made a one-time cash payment and will make maintenance payments on each anniversary of the Agreement. The Company will pay
the Regents for each assay internally used and a royalty on external net sales. Additionally, the contract includes development milestones
and fees related to achieving commercial sales and a comparative longitudinal study of health outcomes.
Supplier Commitments
The Company made a
10,000
unit purchase commitment
for supplies of which
3,000
remain outstanding as of December 31, 2022. Additionally, in the fourth quarter of 2022, the Company made
a $
92
commitment for sample processing within one year from the order. Collectively, the Company has a commitment of $
146
remaining in
the coming year related to these commitments.
F-
29
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Legal Proceedings
On November 18, 2022, Smithline Family Trust II
("Smithline") filed a complaint against the Company and Jon Sabes, the Company's former Chief Executive Officer and
a current member of the Company's board of directors, in the Supreme Court of the State of New York, County of New York, Index 0654430/2022.
The complaint asserts claims for breach of contract, unjust enrichment and fraud, alleging that (i) the Company breached its obligations
to Smithline pursuant to that certain Securities Purchase Agreement, dated January 25, 2021, between FOXO Technologies Operating Company
and Smithline, an accompanying
12.5
% Original Issue Discount Convertible Debenture, due February 23, 2022, and Warrant to purchase shares
of FOXO common stock until February 23, 2024 (collectively, including any amendment or other document entered into in connection therewith,
the "Financing Documents"), (ii) the Company and Mr. Sabes were unjustly enriched as a result of their alleged actions and
omissions in connection with the Financing Documents, and (iii) the Company and Mr. Sabes made materially false statements or omitted
material information in connection with the Financing Documents. The complaint claims damages in excess of a minimum of $
6,207
on each
of the three causes of action, plus attorneys' fees and costs.
On December 23, 2022, FOXO removed this action
from the Supreme Court of the State of New York, County of New York to the United States District Court for the Southern District of New
York, Case 1:22-cv-10858-VEC. The action was assigned to Judge Valerie E. Caproni, and the Initial Pretrial Conference will be held on
February 24, 2023.
On February 1, 2023, defendant Jon Sabes moved
to dismiss the complaint pursuant to Fed. R. Civ. P. 12(b)(2) and 12(b)(6), which was denied on February 27, 2023
On February 22, 2023, Smithline filed an Amended
Complaint. The Company filed its Answer to the Amended Complaint on March 8, 2023.
This action is at an early stage in the litigation
process and the Company is unable to determine the outcome. The Company intends to contest this case vigorously.
The Company accrues for costs associated with
certain contingencies, including, but not limited to, settlement of legal proceedings, regulatory compliance matters and self insurance
exposures when such costs are probable and reasonably estimable. In addition, the Company accrues for legal fees incurred in defense of
asserted litigation and regulatory matters as such legal fees are incurred. To the extent it is probable under our existing insurance
coverage that we are able to recover losses and legal fees related to contingencies, we record such recoveries concurrently with the accrual
of the related loss or legal fees. Significant management judgment is required to estimate the amounts of such contingent liabilities
and the related insurance recoveries. In our determination of the probability and ability to estimate contingent liabilities and related
insurance recoveries we consider the following: litigation exposure based on currently available information, consultations with external
legal counsel, adequacy and applicability of existing insurance coverage and other pertinent facts and circumstances regarding the contingency.
Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies
are resolved; and such changes are recorded in the consolidated statements of operations during the period of the change and appropriately
reflected in the consolidated balance sheets. As of December 31, 2021 and 2022 the Company does not have any accruals related to the settlement
of legal proceedings.
The Company is also party to various other legal
proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business, and
we may in the future be subject to additional legal proceedings and disputes.
Former CEO Severance
As of December 31, 2022, the Board has yet to
complete its review whether the former CEO was terminated with or without cause. Accordingly, the Company has yet to make a determination
on its obligations under the former CEO's employment agreement. The Company has accrued for his severance and has recognized expenses
related to his equity-based compensation per the terms of his contract while the matter remains under review.
F-
30
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Should the review conclude that the former CEO
was terminated without cause then the former CEO will receive thirty-six months of severance based on his base salary, his options granted
immediately vest, and his Management Contingent Share Plan related to performance-based conditions that have been met become fully vested.
$
576
of severance and related expense is recorded within accrued severance and the remaining $
999
recorded within other liabilities on
the consolidated balance sheets. The corresponding expense is recognized within selling, general and administrative expense on the consolidated
statements of operations. The Company recognized $
8,695
of expense related to the Management Contingent Share Plan.
Should the review conclude the former CEO was
terminated with cause then no severance or continued benefits are due and the Company will account for the forfeiture of his Management
Contingent Share Plan and reverse the accrual and corresponding expense related to his severance.
Additionally, the Company cancelled the Management
Contingent Share Plan related to performance based conditions that have not been met.
Other Severance
During
the fourth quarter of 2022, two employees with severance agreements were terminated. The Company intends to pay the severance over the
course of the severance period. Accordingly, amounts are
presented within accrued severance and other liabilities on the Company's
consolidated balance sheet. Additionally, the accrued severance includes an accrual to replace the
50,000
shares issued as part of the
Management Contingent Share Plan in accordance with the severance agreement.
Note
16 SPONSORED RESEARCH
Harvard University's Brigham and Women's
Hospital
During the second quarter of 2022, the Company
entered into an agreement and license option with The Brigham and Women's Hospital, Inc. (the "Hospital") to conduct
epigenetic profiling of associations between epigenetic aging and numerous behavioral, lifestyle, dietary and clinical risk factors, as
well as major morbidity and mortality outcomes. The Company refers to this study as VECTOR. Specific aims of this research include: (i) to
examine epigenetic association with lifestyle and dietary factors, including smoking history, physical activity, body mass index, alcohol
intake, dietary patterns, dietary supplement use, and aspirin used; (ii) to examine epigenetic association with major morbidity including
cardiovascular disease, cancer, type 2 diabetes, hypertension, liver disease, renal disease, and respiratory disease, (iii) to conduct
an National Death Index Plus search to update and extend mortality follow up on Harvard University's Physicians' Health Study
("PHS'), and (iv) utilizing the newly expanded PHS mortality follow-up data, to examine epigenetic association with lifespan,
longevity, and mortality. In addition, the epigenetic resources contained in the PHS studies have the potential to contribute and extend
to large meta-analyses and validation studies of epigenetic association and understanding of these factors and their impact on human aging
acceleration.
The Company is responsible for payments up to
$849 related to the agreement, half of which was paid upon contract execution during the second quarter of 2022. Remaining payments are
due as follows: (i) 20% upon the enrollment of the first patient, (ii) 20% upon the enrollment of the final patient and (iii) 10% upon
lab receipt of shipments for all initially planned assays. In addition to the $424 payment upon execution, the Company incurred $272 of
other costs related to VECTOR. Costs associated with the clinical trial agreement are being recorded as research and development expenses
in the consolidated statements of operations.
The research study associated with this arrangement is on hold and the Company will not
be required to make payments until it resumes and milestones are met. See Note 4 for additional information related to the health study
tool.
F-
31
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
U.S. Department of Health and Human Services
In June 2020, the Company entered into a
cooperative research and development agreement ("CRADA) with the U.S. Department of Health and Human Services ("HHS")
and agencies of U.S. Public Health Services within the HHS, as well as the National Institute on Deafness and other Communication
Disorders ("NIDCD"), to enhance understanding of epigenetic gene regulation in Recurrent Respiratory Papillomatosis ("RRP").
Under the CRADA agreement, the Company is granted
an exclusive option to elect an exclusive or nonexclusive commercialization license, with terms of the license that reflect the nature
of the invention, the relative contributions of the respective parties, a plan for the development and marketing, and the costs of subsequent
research and development needed to bring the invention to market. The Company is responsible for payment of all fees related to CRADA
patents.
As part of the CRADA agreement, the Company agreed
to provide funding totaling $
200
under the two-year term of the agreement. The Company recognized $
100
and $
54
in sponsored research expenses
related to this agreement during the year ended December 31, 2022 and 2021, respectively. These amounts are recorded within research
and development expenses in the consolidated statements of operations.
The Children's Hospital of Philadelphia
In February 2021, the Company entered into
a sponsored research agreement with The Children's Hospital of Philadelphia ("CHOP") to develop new methods and software
implementations for the processing and analysis of Illumina Infinium DNA methylation technology, including the Infinium EPIC+ Human Array
and the infinium mouse methylation array. The intent of the research agreement is to create open-source software that will be able to
import data from any Infinium DNA methylation array and conduct state-of-the-art processing and quality control of the data in an automated
fashion.
In consideration for sponsoring the research,
the Company shall have a first and exclusive option to negotiate for a revenue-bearing exclusive license to any patent rights or other
intellectual property rights for CHOP intellectual property or CHOP's interests in any joint intellectual property. Additionally,
the Company agrees to reimburse CHOP for fees relating to maintaining the patents.
As part of the CHOP Agreement, the Company will
provide funding totaling $
311
over a two-year period, commencing February 1, 2021. The Company recognized $
159
and $
126
in sponsored
research expenses during the year ended December 31, 2022 and 2021, respectively. These amounts are recorded within research and
development expenses in the consolidated statements of operations.
Parallel Run Study
During the third quarter of 2022, the Company
executed a Memorandum of Understanding and Pilot Research Agreement (the "Agreement") with both a life insurance carrier and
a reinsurer. The purpose of the Agreement is to conduct a parallel run study, using a minimum of 2,500 participants, comparing traditional
medical underwriting results to those obtained through use of the Company's saliva-based epigenetic biomarker technology. The Agreement
is intended to assess the value of the Company's technology for a saliva-based next-generation underwriting protocol and will help
determine whether the parties will later enter into a commercial agreement. The Agreement commenced in the third quarter of 2022 and will
continue until the sooner of project completion, project termination, or the Company and the life insurance carrier entering into a commercial
agreement for the scaled rollout of FOXO's technology in the life insurance carrier's underwriting processes. The Company
has determined that costs associated with the agreement will be recorded as research and development expenses in the consolidated statements
of operations in accordance with accounting standards codification guidance. The agreement stipulates that the life insurance carrier
and reinsurer will share in costs equally with the Company up to $
200
each. Cost sharing reimbursements received from the life insurance
carrier and reinsurer have been recorded within parallel run advance in the consolidated balance sheet as of December 31, 2022 and are
being recognized as contra expenses in the consolidated statement of operations as the Company incurs costs related to the agreement.
F-
32
Foxo
technologies inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
Note
17 SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred
after the balance sheet date up to March 30, 2023, the date that the consolidated financial statements were issued. Other than as described
below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying financial
statements.
FOXO Life Insurance Company
On February 3, 2023,
the Company consummated the previously announced sale of FOXO Life Insurance Company to Security National Life Insurance Company (the
"Buyer"). At the closing, all of the FOXO Life Insurance Company's shares were cancelled and retired and ceased to exist
in exchange for the assignment to the Company of FOXO Life Insurance Company's statutory capital and surplus amount of $
5,002
, as
of the Closing Date, minus $
200
(the "Merger Consideration"). Pursuant to the transaction, at the closing, the Company paid
the Buyer's third-party out-of-pocket costs and expenses of $
51
. After the Merger Consideration and Buyer's third party expenses,
the transaction resulted in the Company gaining access to $
4,751
that was previously held as statutory capital and surplus pursuant to
the Arkansas Code.
F-
33
PART II
INFORMATION NOT REQUIRED
IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following is an estimate
of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.
SEC registration fee
$
15,486.73
(1)
Legal fees and expenses
$
50,000.00
(2)
Accounting fees and expenses
$
15,000.00
(2)
Miscellaneous
$
5,000.00
(2)
Total
$
85,486.73
(1)
Includes the total amount of
$15.070.08 of fees previously paid under the
previous registration statement (File No. 333-268980).
(2)
Previously paid in connection with the previous registration
statement (File No. 333-268980).
Item 14. Indemnification of Directors and Officers.
Indemnification of
Directors and Officers.
Section 145
of the DGCL authorizes a court to award, or a corporation's board of directors to grant, indemnity to directors and officers in
terms sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement for expenses
incurred, arising under the Securities Act.
The
Company's amended and restated certificate of incorporation provides for indemnification of its directors, officers, employees and
other agents to the maximum extent permitted by the DGCL, and Delwinds' bylaws provide for indemnification of its directors, officers,
employees and other agents to the maximum extent permitted by the DGCL.
In
addition, effective upon the consummation of the Business Combination, as defined in Part I of this registration statement, we have
entered or will enter into indemnification agreements with directors, officers, and some employees containing provisions which are in
some respects broader than the specific indemnification provisions contained in the Delaware General Corporation Law. The indemnification
agreements will require the Company, among other things, to indemnify its directors against certain liabilities that may arise by reason
of their status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which
they could be indemnified.
Item 15. Recent Sales of Unregistered Securities.
The following information
represents securities sold by the Company within the past three years which were not registered under the Securities Act.
Private Placement
On December 15, 2020,
simultaneously with the consummation of the IPO, the Company completed the private placement of an aggregate of 632,500 private placement
units to the Sponsor, at a purchase price of $10.00 per private placement unit, generating gross proceeds to us of $6,325,000. Each private
placement units consisted of one Class A Common Stock and one-half of one redeemable warrant (also referred to herein as the Private Warrants).
Each whole Private Warrant is exercisable to purchase one share of Class A Common Stock at a price of $11.50 per share.
II-
1
2022 Bridge Debentures
During the first and second
quarters of 2022, the Company entered into separate Securities Purchase Agreements with the "2022 Bridge Investors. The 2022 Bridge
Debentures were issued in three tranches, with $16,500 in aggregate principal issued on March 1, 2022, $8,250 in aggregate principal
issued on March 3, 2022 and the remaining $6,050 in aggregate principal issued on April 27, 2022.
For its purchase of 2022
Bridge Debentures, the lead institutional accredited investor was issued 350,000 shares of the Company's Class A Common Stock.
Committed Equity Facility
On September 16, 2022, we
issued 190,476 shares of Class A Common Stock of the Company to Cantor pursuant to the ELOC Agreement. This agreement was subsequently
terminated on November 8, 2022.
Termination Agreement
On October 10, 2022, 300,000
shares of Class A Common Stock of the Company was issued to J.V.B. Financial Group, LLC, acting through its Cohen & Company Capital
Markets division In connection with the transactions contemplated by that certain Amendment and Termination Agreement, dated as of September
15, 2022.
Item
16. Exhibits
and financial statement
schedules.
Exhibit No.
Description
Included
Form
Referenced
Exhibit
Filing
Date
2.1+
Agreement and Plan of Merger, dated as of February 24, 2022, by and among Delwinds Insurance Acquisition Corp., FOXO Technologies Inc., DWIN Merger Sub Inc., and DIAC Sponsor LLC, in its capacity as Purchaser Representative thereunder.
By Reference
8-K
2.1
March 2,
2022
2.2
Amendment to Agreement and Plan of Merger, dated as of April 26, 2022, by and among Delwinds Insurance Acquisition Corp., FOXO Technologies Inc. and DIAC Sponsor LLC, in its capacity as Purchaser Representative.
By Reference
8-K
2.1
April 27,
2022
2.3
Amendment No. 2 to Agreement and Plan of Merger, dated as of July 6, 2022, by and among Delwinds Insurance Acquisition Corp., FOXO Technologies Inc. and DIAC Sponsor LLC, in its capacity as Purchaser Representative.
By Reference
8-K
2.1
July 6,
2022
2.4
Amendment No. 3 to Agreement and Plan of Merger, dated as of August 12, 2022, by and among Delwinds Insurance Acquisition Corp., FOXO Technologies Inc. and DIAC Sponsor LLC, in its capacity as Purchaser Representative.
By Reference
8-K
2.1
August 12,
2022
2.5
Merger Agreement, dated January 10, 2023, by and between (i) FOXO Technologies Inc., (ii) FOXO Life Insurance Company (fka Memorial Insurance Company of America), (iii) FOXO Life, LLC and (iv) Security National Life Insurance Company.
By Reference
8-K
2.1
January 12,
2023
3.1
Certificate of Incorporation of FOXO Technologies Inc.
By Reference
8-K
3.1
September 21,
2022
3.2
Bylaws of FOXO Technologies Inc.
By Reference
8-K
3.2
September 21,
2022
II-
2
4.1
Warrant Agreement, dated December 10, 2020, between Delwinds and Continental Stock Transfer & Trust Company, as Warrant Agent.
By Reference
8-K
4.1
December 16,
2020
4.2
Form of Assumed Warrant.
By Reference
8-K
4.2
September 21,
2022
4.3
Form of 15% Senior Promissory Note.
By Reference
8-K
4.3
September 21,
2022
5.1
Opinion of Mitchell Silberberg & Knupp LLP.
Filed Herewith
10.1
Investment Management Trust Agreement, dated December 10, 2020, by and between the Delwinds and Continental Stock Transfer & Trust Company, as trustee.
By Reference
8-K
10.2
December 16,
2020
10.2
Registration Rights Agreement, dated December 10, 2020, by and among Delwinds and certain security holders.
By Reference
8-K
10.3
December 16,
2020
10.3
Securities Subscription Agreement, dated May 28, 2020, by and between Delwinds and DIAC Sponsor LLC.
By Reference
S-1
10.5
September 11,
2020
10.4
Form of Backstop Subscription Agreements, dated February 24, 2022, by and between Delwinds and the Subscription investors thereto.
By Reference
8-K
10.6
March 2,
2022
10.5
FOXO Technologies Inc. 2022 Equity Incentive Plan.
By Reference
8-K
10.5
September 21,
2022
10.6
2022 Management Contingent Share Plan (including Notice of Grant)
By Reference
S-4/A
10.9
August 26,
2022
10.7
FOXO Technologies Inc. 2020 Equity Incentive Plan.
By Reference
8-K
10.7
September 21,
2022
10.8
Form of FOXO Technologies Inc. 2020 Equity Incentive Plan Award Agreements.
By Reference
8-K
10.8
September 21,
2022
10.9
Common Stock Purchase Agreement, dated as of February 24, 2022, by and between Delwinds and Cantor.
By Reference
8-K
10.4
March 2,
2022
10.10
Registration Rights Agreement, dated as of February 24, 2022, by and between Delwinds and Cantor.
By Reference
8-K
10.5
March 2,
2022
II-
3
10.11
Form of Lock-Up Agreement, dated as of February 24, 2022, by and among Delwinds, the Purchaser Representative and the stockholders of FOXO party thereto.
By Reference
8-K
10.2
March 2,
2022
10.12
Form of Voting Agreement, dated as of February 24, 2022, by and among Delwinds, FOXO and the stockholders of FOXO party thereto.
By Reference
8-K
10.1
March 2,
2022
10.13
Form of Non-Competition Agreement, effective as of February 24, 2022, by and among Delwinds, FOXO and the stockholders of FOXO party thereto.
By Reference
8-K
10.3
March 2,
2022
10.14
Forward Share Purchase Agreement, dated September 13, 2022, by and between (i) Delwinds, (ii) Meteora Special Opportunity Fund I, LP, a Delaware limited partnership ("MSOF"), (iii) Meteora Select Trading Opportunities Master, LP, a Cayman Islands limited partnership ("MSTO") and (iv) Meteora Capital Partners, LP, a Delaware limited partnership.
By Reference
8-K
10.14
September 21,
2022
10.15+
Form of Revised Backstop Subscription Agreement, dated September 13, 2022.
By Reference
8-K
10.15
September 21,
2022
10.16
Insider Letter Amendment.
By Reference
8-K
10.16
September 21,
2022
10.17*
Form of Indemnification Agreement.
By Reference
8-K
10.17
September 21,
2022
10.18+
Form of Senior Promissory Note Purchase Agreement.
By Reference
8-K
10.18
September 21,
2022
10.19
Placement Agency Agreement.
By Reference
8-K
10.19
September 21,
2022
10.20
Form of Lock-Up Release Agreement.
By Reference
8-K
10.20
September 21,
2022
10.21+
Form of Securities Purchase Agreement, dated as of January 25 2021, by and among FOXO Technologies Inc. (now known as FOXO Technologies Operating Company) and purchaser signatories thereto.
By Reference
10-Q
10.10
November 21,
2022
10.22*
Employment Agreement of Jon Sabes.
By Reference
10-Q
10.11
November 21,
2022
10.23*
Tyler Danielson's Offer Letter.
By Reference
10-Q
10.12
November 21,
2022
10.24*
Employment Agreement of Robby Potashnick.
By Reference
10-Q
10.13
November 21,
2022
10.25*
Amended and Restated Employment Agreement of Brian Chen.
By Reference
S-1
10.25
December 23,
2022
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4
10.26*
Michael Will's Offer Letter.
By Reference
10-Q
10.15
November 21,
2022
10.27
Employment Agreement of Taylor Fay.
By Reference
S-1/A
10.28
February 10, 2023
10.28
Amendment to Employment Agreement of Taylor Fay.
By Reference
S-1/A
10.29
February 10, 2023
14.1
Code of Conduct and Ethics.
By Reference
8-K
14.1
September 21,
2022
16.1
Letter from Grant Thornton LLP to the SEC dated September 21, 2022.
By Reference
8-K
16.1
September 21, 2022
21.1
List of Subsidiaries.
By Reference
10-K
21.1
March 31, 2023
23.1
Consent of KPMG LLP, independent registered public accounting firm of FOXO Technologies Inc. (now known as FOXO Technologies Operating Company).
Filed Herewith
23.3
Consent of Mitchell Silberberg & Knupp LLP (included in Exhibit 5.1).
Filed Herewith
24.1
Power of Attorney (included on the signature page of the initial filing of this registration statement).
By Reference
S-1
24.1
December 23, 2022
101.INS
Inline XBRL Instance Document.
Filed Herewith
101.SCH
Inline XBRL Taxonomy Extension Schema.
Filed Herewith
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
Filed Herewith
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
Filed Herewith
101.LAB
Inline XBRL Taxonomy Label Linkbase Document.
Filed Herewith
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
Filed Herewith
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
107
Filing Fee Table
Filed Herewith
+
The
schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule
and/or exhibit will be furnished to the SEC upon request.
*
Indicates
management contract or compensatory plan or arrangement.
II-
5
Item 17. Undertakings.
1. The undersigned Registrant hereby undertakes:
a) To file, during any period
in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(1) To include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;
(2) To reflect in the prospectus
any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
registration statement; and
(3) To include any material
information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to
such information in this Registration Statement; and
b) That, for the purpose
of determining any liability under the Securities Act of 1933, each such post- effective amendment that contains a form of prospectus
will be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time will be deemed to be the initial bona fide offering thereof.
c) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
d) That, for the purpose
of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a
registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed
in reliance on Rule 430A, will be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.
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6
e) That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
●
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
●
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
●
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
●
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
2. Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by them is against
public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
3. That prior to any public
reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person
or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering prospectus will
contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters,
in addition to the information called for by the other items of the applicable form.
4. The registrant undertakes
that every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii) that purports to meet the requirements
of Section 10(a)(3) of the Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of
an amendment to the registration statement and will not be used until such amendment is effective, and that, for purposes of determining
any liability under the Securities Act of 1933, each such post-effective amendment will be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time will be deemed to be the initial bona fide offering
thereof.
5. To supply by means of
a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the
subject of and included in the Registration Statement when it became effective.
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7
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form S-1 to be signed on its
behalf by the undersigned, thereunto duly authorized, in City of Minneapolis, State of Minnesota, on April 27, 2023.
FOXO TECHNOLOGIES INC.
By:
/s/ Tyler Danielson
Name:
Tyler Danielson
Title:
Interim Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Tyler Danielson as the undersigned's
true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for the undersigned and in the undersigned's
name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on
behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations
filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and
agents, or his substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities
indicated:
Signature
Position
Date
/s/ Tyler Danielson
Interim Chief Executive Officer
April 27, 2023
Tyler Danielson
(Principal Executive Officer)
/s/ Robert Potashnick
Chief Financial Officer
April 27, 2023
Robert Potashnick
(Principal Financial and Accounting Officer)
/s/ Andrew J. Poole
Director
April 27, 2023
Andrew J. Poole
/s/ Bret Barnes
Director
April 27, 2023
Bret Barnes
/s/ Murdoc Khaleghi
Director
April 27, 2023
Murdoc Khaleghi
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