Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 109

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 7
Chunk 109
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 Party’s vote is counted in approving
the contract or transaction, if:

  the                                                                                                                                     

  the                                                                                                                                   

  the                                                                                                                                     

Furthermore,
we have adopted a written policy requiring the approval of the board or a committee thereof of certain transactions involving us and
related persons.

Certain
Relationships and Related Party Transactions of SPAC

SPAC
IPO Letter Agreement

On
June 2, 2021, the Old SPAC Sponsor paid $25,000, or approximately $0.007 per share, to cover certain offering costs in consideration
for 3,737,500 founder shares, par value $0.0001. Up to 487,500 founder shares were subject to forfeiture by the Old SPAC Sponsor depending
on the extent to which the underwriters’ over-allotment option is exercised. In March 2022, the Old SPAC Sponsor effected
a surrender of the 487,500 founder shares to SPAC for no consideration upon expiration of the over-allotment option.

The
holders of founder shares have agreed not to transfer, assign or sell any of their Founder shares and any public shares issuable upon
conversion thereof until the earlier to occur of: (i) one year after the completion of the initial business combination or (ii) the
date on which SPAC completes a liquidation, merger, share exchange or other similar transaction after the initial business combination
that results in all of the shareholders having the right to exchange their public shares for cash, securities or other property. Any
permitted transferees will be subject to the same restrictions and other agreements of the holders of the founder shares with respect
to any founder shares. Notwithstanding the foregoing, if (1) the closing price of the public shares equals or exceeds $12.00 per
share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the initial business combination or (2) SPAC
consummates a transaction after the initial business combination which results in the shareholders having the right to exchange their
shares for cash, securities or other property, the founder shares will be released from the lock-up.

Promissory
Note

On
June 2, 2021, the Old SPAC Sponsor agreed to loan SPAC up to $300,000 to be used for a portion of the expenses of the