Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 205

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 205
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1 per share of the Company and
(ii) 7,900,000 Private Placement Warrants held by the Old Sponsor for an aggregate purchase price of $1.00 plus New Sponsor’s agreement
to deposit into the Trust Account (a) on the closing of the Sponsor Sale, $450,000 for due and payable extension contribution payments
which was provided to the Company in the form of a promissory note from the New Sponsor incurred prior to the date of the SPA and (b)
on any other applicable due date, other extension payments that may become due after the Sponsor Sale, and in accordance with the terms
of the Trust Agreement. Prior to the Sponsor Sale closing, the Old Sponsor and the Company shall take all actions necessary to ensure
that the Company has fully satisfied, discharged and/or paid all of the Company’s Liabilities (as defined in the SPA) incurred on
or prior to the closing date of the Sponsor Sale. Following the completion of the Sponsor Sale, the Old Sponsor owns 600,000 Class B ordinary
shares and no Private Placement Warrants. The Old Sponsor, the New Sponsor and the Company further agreed that after the completion of
the Sponsor Sale, to the extent that the New Sponsor transfers any Class B ordinary shares (the “ Committed Shares”) for the
purpose of securing further extension of the period of time that the Company can consummate its initial Business Combination (“ Further
Extension”), or reducing the number of holder of Class A ordinary shares electing to exercise its redemption rights in connection
with any Further Extension, if the number of Class B ordinary shares so transferred by the New Sponsor is less than 1,000,000 Class B
ordinary shares, the New Sponsor shall transfer to the Old Sponsor, at the closing of the Business Combination, a number of additional
Class B ordinary shares equal to the product of (i) 1,000,000 minus the number of Committed Shares and (ii) 0.5, rounded down to the nearest
whole number (the “ Earnout Shares”), provided that the number of Earnout Shares shall not exceed 250,000 Class B ordinary
shares in the aggregate; provided further that, if the New Sponsor uses only cash or other arrangements (excluding the use of Class B
ordinary shares) to secure the Further Extension, the amount of the Earnout Shares shall be 100,000 Class B ordinary shares. For the avoidance
of doubt, if the New Sponsor uses a combination of cash or other arrangements and Class B