Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 323

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 323
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 ● | expatriates or former long-term residents of the United States; |

| ● | persons that actually or constructively own five percent or more (by vote or value) of our shares; |

| ● | persons that acquired our securities pursuant to an exercise of employee share options, 
 in connection with employee share incentive plans or otherwise as compensation;         |

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| ● | persons that hold our securities as part of a straddle, constructive sale, hedge, 
 wash sale, conversion or other integrated or similar transaction;                 |

| ● | persons that are subject to the “applicable financial statement” accounting rules 
 under Section 451 of the Code;                                                    |

| ● | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; |

| ● | controlled foreign corporations; |

| ● | passive foreign investment companies; and |

| ● | partnerships (or entities or arrangements classified as partnerships or other pass-through entities for U.S. federal income tax purposes) and any beneficial owners of such partnerships. |

Moreover, the discussion below is based upon the provisions of the Code, the Treasury
regulations promulgated thereunder and administrative and judicial interpretations
thereof, all as of the date hereof, and such provisions may be repealed, revoked,
modified or subject to differing interpretations, possibly on a retroactive basis,
which may result in United States federal income tax consequences different from those discussed below. Furthermore,
this discussion does not address any aspect of United States federal non-income tax laws, such as gift or estate tax laws, or state, local or non-United States tax laws.

We have not sought, and do not expect to seek, a ruling from the United States Internal Revenue Service (“IRS”) as to any United States federal income tax consequence described herein. The IRS may disagree with
the discussion herein, and its determination may be upheld by a court. Moreover, there
can be no assurance that future legislation, regulations, administrative rulings or
court decisions will not adversely affect the accuracy of the statements in this discussion.

If a partnership (or other entity or arrangement classified as a partnership or other
pass-through entity for United States federal income tax purposes) is the beneficial owner of our securities, the
United States federal income tax treatment of a partner, member or other beneficial owner
in such partnership or other pass-through entity generally will depend on the status of the partner, member or other beneficial
owner and the activities of the partnership