Company: SAC-UN
Filing Date: 2025-08-22
Form Type: DRS
Source: 0002077096-25-000043
Chunk: 20

Company: Safeguard Acquisition Corp.
Filing Date: 2025-08-22
Form: DRS
Chunk 20
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 combination |
|                                                            |     | Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.(3) |     | Services in connection with identifying, investigating and completing an initial business combination                                      |

____________ (1)As described below under “ Offering — Founder shares conversion and anti -dilution rights,” the founder shares and Class A ordinary shares issuable in connection with the conversion of the founder shares may result in material dilution to our public shareholders due to the nominal price of $0.003 per founder share at which our sponsor purchased the founder shares and/or the anti -dilutionrights of our founder shares that may result in an issuance of Class A ordinary shares on a greater than one -to-onebasis upon conversion. Our sponsor, directors and officers and their affiliates may receive additional compensation and/or may be issued additional securities in connection with an initial business combination, including securities that may result in material dilution to public shareholders. For more information also see below under “ Offering — Payments to insiders” and “ Offering — Additional financing.” (2) The $10.00 per private placement unit conversion price for such working capital loans may potentially be significantly less than the market price of our shares at the time the lenders elect to convert their working capital loans into private placement units. Further, the $11.50 exercise price of the private placement warrants included in the private placement units issuable upon conversion of working capital loans may be significantly less than the market price of our shares at the time such private placement warrants are exercised. Similarly, depending on the market price of our shares at the time our private placement warrants are exercised, the cashless exercise feature of our private placement warrants may also result in material dilution to our public shareholders given that the cashless exercise of the warrants will not result in any cash proceeds to us and holders of our private placement warrants would pay the private placement warrant exercise price by surrendering their warrants for a number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (as defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. The “fair market value” shall mean the average reported last sale price of the Class A ordinary shares for the 10 trading