Company: KYIV
Filing Date: 2025-08-15
Form Type: 20-F
Source: 0001213900-25-077507
Chunk: 19

Company: Kyivstar Group Ltd.
Filing Date: 2025-08-15
Form: 20-F
Item: Item 17
Chunk 19
---
 (iii) immediately prior to a liquidation event (the earlier of (i), (ii) and (iii), the “ Lock-Up Release”).

On March 18, 2025, Cohen Circle, PubCo, the Sponsors,
Cantor and the Seller entered into a sponsor agreement (as amended, the “ Sponsor Agreement”). Pursuant to the Sponsor Agreement,
on the Closing Date, effective immediately prior to the Merger and conditioned upon the Closing, the Sponsors agreed to cancel and forfeit
(i) 2,609,647 Cohen Circle Class B Ordinary Shares and (ii) all 238,333.33 Cohen Circle Private Placement Warrants, in each case
held by the Sponsors.. The Sponsor Agreement also provides for (a) certain restrictions on the transfer of 3,971,515 PubCo common shares
to be issued to the Sponsors at Closing until the Lock-Up Release, subject to certain permitted transfers as set forth therein and (b)
certain vesting conditions on 1,323,838 PubCo common shares to be issued to the Sponsors at Closing, in each case on the terms and subject
to the conditions set forth in the Sponsor Agreement.

On July 9/10, 2025, PubCo, Cohen Circle and certain
holders of Cohen Circle Class A Ordinary Shares (the “ Non-Redeeming Shareholders”) prior to Closing, entered into non-redemption
agreements (the “ Non-Redemption Agreements”), pursuant to which an aggregate of 757,745 PubCo common shares were issued to
the Non-Redeeming Shareholders in consideration of such holders agreeing (i) to vote their Cohen Circle Class A Ordinary Shares in favor
of the Transactions and (ii) not to redeem such Cohen Circle Class A Ordinary Shares.

PubCo’s common shares and PubCo’s warrants are trading
on The Nasdaq Stock Market LLC (“ Nasdaq”), with PubCo’s common shares trading on the Nasdaq Global Select Market,
under the symbol “ KYIV” and PubCo’s warrants trading on the Nasdaq Capital Market under the symbol “ KYIVW.”

Except as otherwise indicated or required by context,
references in this Shell Company Report on Form 20-F (including information incorporated by reference herein, the “ Report”)
to “we”, “us”, “our”, or “ PubCo” refer to Kyivstar Group Ltd., an exempted company limited
by shares, incorporated and existing under the laws of Bermuda, and its