Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 77

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 $6,000 per month in
cash for the post-IPO period, respectively.

On May 11, 2025, the Company executed an amendment
to the offer letter by and between the CEO and the Company, dated May 21, 2024, and an amendment to the offer letter by and between the
CFO and the Company, dated May 21, 2024 (the two amendments, collectively, “Amendments”), to revise the terms of the management
compensation. Effective on May 11, 2025, the Amendments provide that:

The CEO shall receive (i) monthly cash compensation
of $7,500 for three months from the date of the offer letter until the IPO is consummated, (ii) monthly cash compensation of $7,500 for
three months from the date the IPO is consummated and 90th date after the closing of the IPO, (iii) $22,500 upon the entry of a definitive
agreement by the Company, (iv) $22,500 upon the closing of the Company’s initial business combination.

 The CFO shall receive (i) monthly cash compensation
of $5,000 for three months from the date of the offer letter until the IPO is consummated, (ii) monthly cash compensation of $5,000 for
three months from the date the IPO is consummated and 90th date after the closing of the IPO, (iii) $15,000 upon the entry of a definitive
agreement by the Company, (iv) $15,000 upon the closing of the Company’s initial business combination.

As of May 11, 2025, the accrued salary expenses
of $108,602 under the original offer letters were adjusted to additional paid-in capital as related parties debt forgiveness under the
Amendments.

On July 31, 2025, Mr. Bala Padmakumar, then Chairman,
CEO and director of the Company notified the board of directors of the Company, that he has decided to resign all the positions he held
at the Company, effective immediately. He has received all the monthly compensation payments as provided in the offer letter by and between
him and the Company, dated as of May 21, 2024 and as amended on May 11, 2025 up to July 31, 2025, and the Offer Letter shall be deemed
to have been terminated as of July 31, 2025.

 As