Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 18

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 Regulatory Authority Rule 5110(g)(8).

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On March 15, 2024, the
Sponsor made a capital contribution of $25,000, or approximately $0.003 per share, for which the Company issued 7,666,667 Founder Shares
to the Sponsor.

The Sponsor agreed not to
transfer, assign or sell any of its Founder Shares and any Class A Ordinary Shares issued upon conversion thereof until the earlier
to occur of (i) six months after the completion of the initial Business Combination or (ii) the date on which the Company completes
a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s
shareholders having the right to exchange their Class A Ordinary 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 (“Lion