Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 92

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 92
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, 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 December 31, 2024, the Company incurred an aggregate of $175,000 of
legal fees from Wasserstrom. On June 25, 2024, the Company paid $50,000 and the remaining $125,000 is recorded within deferred legal
fees since it is due at the time of the Business Combination.

Administrative
Services Agreement

Commencing
on June 18, 2024, the Company entered into an agreement with the Sponsor or an affiliate