Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 62

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 Shares for cash, securities or other property. Any permitted transferees
will be subject to the same restrictions and other agreements of the Sponsor with respect to any Founder Shares (the “Lock-up”).
Notwithstanding the foregoing, if (x) the closing price of the Class A Ordinary 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 after the initial Business Combination or (x) if the Company consummates a transaction
after the initial Business Combination that results in the Company’s shareholders having the right to exchange their Ordinary Shares
for cash, securities or other property, the Founder Shares will be released from the Lock-up.

Promissory Note — Related
Party

On March 8, 2024, the Sponsor
agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory
note (the “IPO Promissory Note”). This loan is non-interest bearing and was payable on the earlier of December 31, 2024, or
the date on which the Company consummates the Initial Public Offering. The outstanding balance of $180,000 was repaid at the closing of
the Initial Public Offering on June 20, 2024, and borrowings under the IPO Promissory Note are no longer available.

General Legal Counsel

An affiliate of the Company’s
Sponsor, Lionheart Capital, LLC (“Lionheart Capital”), has engaged Jessica L. Wasserstrom, LLC (“Wasserstrom”),
to represent Lionheart Capital and its affiliated companies, as corporate general counsel and otherwise in connection with any corporate
and/or transactional matters. The engagement letter between Lionheart Capital and Wasserstrom is for an indefinite period only subject
to termination rights of either party, of which no termination has occurred since the agreement was executed. Jessica Wasserstrom, the
principal of Wasserstrom, currently holds the title of Chief Legal Officer of Lionheart Capital and its affiliated companies.

In connection therewith, Wasserstrom
was specifically engaged by the Company to provide counsel for general corporate legal matters and, as such, may be deemed to be a related
party of the Company. As of March 31, 2025 and December 31, 2024, the Company incurred