Company: FSHPU
Filing Date: 2025-04-22
Form Type: 425
Source: 0001829126-25-002834
Chunk: 7

Company: Flag Ship Acquisition Corp
Filing Date: 2025-04-22
Form: 425
Chunk 7
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 thereof. The following summary is qualified in its entirety by reference to the complete text of each of the Related Agreements, copies of each of which are attached hereto as exhibits. Shareholders and other interested parties are urged to read such Related Agreements in their entirety.

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Parent Shareholder Lock-Up and Support Agreement

As contemplated by the Merger Agreement, PubCo entered into a lock-up and support agreement with Flag Ship and certain shareholders of PubCo (“ PubCo Lock-Up and Support Agreement”), with respect to PubCo Shares held by the PubCo shareholders party to such agreement. In such PubCo Lock-Up and Support Agreement, each holder agreed that, subject to certain exceptions, during the defined “Lock-Up Period”, it will not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer or dispose of, or agree to transfer or dispose of, directly or indirectly, any of the PubCo Shares covered by such agreement (the “Restricted Securities”), (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to effect any transaction specified in clause (i) or (ii). In addition, each PubCo shareholder signatory to the PubCo Lock-Up and Support Agreement agreed to vote all of its capital shares in PubCo in favor of the Merger Agreement and the transactions contemplated thereby and any other proposal included in the Proxy Statement related to the Merger for which the PubCo’s board of directors has recommended that the PubCo shareholders vote in favor and against any competing transaction.

As defined by the PubCo Lock-Up and Support Agreement, the “Lock-Up Period” means, (i) with respect to 50% of the Restricted Securities, the period of time commencing on the closing of the Merger and expiring on the earlier of (A) the date that is six (6) months following the closing or (B) the date on which the closing trading price per PubCo Share equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any thirty (30)-trading day period commencing after the closing, and (ii) with respect to the remaining 50% of