Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 697

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 5
Chunk 697
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 the laws of the Cayman Islands or our sponsor’s constitutional documents upon dissolution of our sponsor; provided,
however, that in the case of clauses (a) through (e) or (f) these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions and by the same agreements entered into by our sponsor with respect to such securities (including
provisions relating to voting, the trust account and liquidation distributions described elsewhere in this prospectus).

We
have entered into a letter agreement with our initial stockholders, officers and directors pursuant to which they have agreed: (i) to
waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the
completion of our initial business combination, (ii) to waive their redemption rights with respect to any founder shares, private placement
shares and public shares held by them in connection with a shareholder vote to approve an amendment to our amended and restated memorandum
and articles of association (A) to modify the substance or timing of our obligation to provide for the redemption of our public shares
in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business
combination within the timeframe set forth therein or (B) with respect to any other provision relating to shareholders’ rights
or pre-initial business combination activity and (iii) to waive their rights to liquidating distributions from the trust account with
respect to their founder shares and private placement shares if we fail to complete our initial business combination within 12 or 15
months from the closing of this offering (or up to 21 or 24 months from the closing of this offering if we extend the period of time
to consummate a business combination, as described in more detail in this prospectus) (although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within the prescribed time frame). If we submit our initial business combination to our public shareholders for a vote, our sponsor has
agreed, pursuant to such letter agreement, to vote their founder shares, private placement shares and any public shares purchased during
or after this offering in favor of our initial business combination.

The
holders of the founder shares, private placement units, and units that may be issued on conversion of working capital loans (and any
securities underlying the private placement units and the working capital loans) are