Company: FSHPU
Filing Date: 2025-04-22
Form Type: 425
Source: 0001829126-25-002834
Chunk: 8

Company: Flag Ship Acquisition Corp
Filing Date: 2025-04-22
Form: 425
Chunk 8
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 the Restricted Securities, the period of time commencing on the closing of the Merger and expiring on the date this six (6) months following such closing date; or earlier in either case, if subsequent to the closing date, PubCo completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of its shareholders having the right to exchange their PubCo Shares for cash, securities or other property. The PubCo Lock-Up and Support Agreement shall immediately terminate upon the earlier of (x) the termination of the Merger Agreement pursuant to its terms and (y) the date on which none of the PubCo and the Company and any holder of a locked-up share has any rights or obligations thereunder.

The PubCo Lock-Up and Support Agreement is filed with this Report as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the PubCo Lock-Up and Support Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the PubCo Lock-Up and Support Agreement.

Sponsor Lock-Up Agreement

As contemplated by the Merger Agreement, the Company and PubCo entered into a lock-up agreement with Whale Management Corporation (the “ Sponsor”) (the “ Sponsor Lock-Up Agreement”), with respect to the PubCo Class A Ordinary Shares to be issued to it in consideration of its ordinary shares of the Company. In such Sponsor Lock-Up Agreement, Sponsor agreed that, subject to certain exceptions, not to transfer the securities defined as “Locked-Up Private Placement Securities” in the Sponsor Lock-Up Agreement for a period of 30 days following the closing of the Merger. In addition, Sponsor agreed, subject to certain exceptions, not to transfer the securities defined as “Locked-Up Founder Securities” in the Sponsor Lock-Up Agreement for the same “Lock-Up Period” as applicable with respect to the PubCo Lock-Up and Support Agreement. The term “transfer”, as used in the Sponsor Lock-Up Agreement, has the same meanings as ascribed to such term under the PubCo Lock-Up and Support Agreement. The Sponsor Lock-Up Agreement shall immediately terminate upon the earlier of (x) the termination of the Merger Agreement pursuant to its terms and (y) the date on which none of the PubCo, Sponsor or any holder of a locked-up share has any rights or obligations thereunder.

The Sponsor Lock-Up Agreement is filed with this Report as Exhibit 10.2 and is incorporated herein by reference. The foregoing description of the Sponsor Lock