Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 395

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 395
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i) not redeem any Voting Shares (as defined therein) in connection with the vote to approve the SPAC Shareholder Matters; (ii) vote in favor of the Merger and the Business Combination Agreement and the other Transactions and against any alternative transaction; (iii) during the term of the Sponsor Agreement, not to transfer any of such party’s Voting Shares except as permitted thereby; (iv) waive appraisal and dissenters’ rights with respect to the Merger; and (v) contingent upon the Closing, waive certain anti -dilutionprovisions contained in the SPAC Governing Documents in connection with the Merger. The Sponsor Agreement will terminate in its entirety, and be of no further force or effect, upon the earliest to occur of (i) the Merger Effective Time and (ii) the date on which the Business Combination Agreement is terminated for any reason in accordance with its terms. 224 KYIVSTAR RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Ukraine Tower Company Agreement s To operate its telecommunications business, Kyivstar predominantly uses the network infrastructure of UTC, which is wholly -ownedby VEON through a sister company of Kyivstar Group Ltd. UTC was established as a separate infrastructure company following a carve -outtransaction which separated such assets from Kyivstar. We are the anchor tenant for almost all of UTC’s sites, with 68 of UTC’s owned sites being exclusive to us until the end of 2025. As of December 31, 2024, we held approximately 6,800 tower sites, of which approximately 1,100 are set to be transferred from Kyivstar to UTC upon the lifting of martial law in Ukraine. UTC sites account for about 60% of our network roll -out, and approximately 30 of UTC’s 150 full time employees are dedicated to the Kyivstar account. Despite VEON’s ownership of UTC, we nevertheless maintain an arm’s -lengthcommercial relationship with UTC via a series of principles and MTA terms, including unified commercial pricing principles for all tenants. The lease agreement that we have in place with UTC (Lease Agreement No. 427392, dated August25, 2021 (the “MLA”)) has an initial term of seven years, with subsequent renewal options for seven years each, each renewal being on an “all or nothing” basis, meaning the entire agreement must be accepted as a whole. The anchor tenant receives a 20% discount to the base anchor fee if a third -partytenant occupies part