Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 7

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 7
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 standards set forth in the Merger Agreement); (iii) material compliance by each party with its pre-closing covenants; and (iv) the absence of any effect, development, circumstance, fact, change or event since the date of the Merger Agreement that, individually or in the aggregate, has had, or would reasonably be expected to prevent or materially delay or materially impair the ability of GRT or the Company to consummate the Merger or otherwise have a material adverse effect on the Merger.

Termination

The Merger Agreement may
be terminated under certain circumstances at any time prior to the Effective Time, including, among others, by (i) mutual written consent
by the Company and GRT, (ii) either party if the transactions contemplated by the Merger Agreement have not been completed by February 28,
2025 (as such date may be extended pursuant to the Merger Agreement, the “Outside Date”), (iii) either party if any representation
or warranty of the opposing party is not materially true and correct or if the opposing party fails to perform in any material respect
any covenant or agreement, subject to a 30-day cure period and other exceptions, and (iv) either party if the other party’s board
of directors withdraws or changes its recommendation that its respective shareholders vote in favor of the proposals agreed upon, or if
either party’s shareholders do not approve all the required proposals at the respective shareholder meetings of either party (or
at any adjournment or postponement thereof).

4

Governing Law and Dispute Resolution

The Merger Agreement is governed by Delaware law. Subject to limited exceptions, all claims relating to the Merger Agreement and the transactions contemplated thereby will be subject to the exclusive jurisdiction of the Court of Chancery of the State of Delaware.

Related Agreements

Parent Shareholder Lock-Up and Support Agreement

The Merger Agreement contemplates
that, at the Effective Time, GRT will enter into a lock-up and support agreement with Flag Ship and certain shareholders of GRT (“Parent
Lock-Up and Support Agreement”), with respect to Parent Shares held by the GRT shareholders party to such agreement. In such Parent
Lock-Up and Support Agreement, each holder will agree that, subject to certain exceptions, during the defined “Lock-Up Period”,
it will not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or
otherwise transfer or dispose of,