Company: RAIN
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044438
Chunk: 86

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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ended and
Restated Articles of Organization (the “Holdco A&R Articles”), as of March 31, 2025, the Company is authorized to issue
30,000,000 shares of Holdco Class A Common Stock, par value $0.0001, 1,000,000 shares of Holdco Class B Common Stock, par value $0.0001,
and 1,000,000 shares of preferred stock, par value $0.0001.

Holdco Class A Common Stock entitles the holders
thereof to one vote per share on all matters on which the shares of Holdco Class A Common Stock is entitled to vote, and Holdco
Class B Common Stock entitles the holders thereof to fifteen votes per share on all matters on which the shares of Holdco Class
B Common Stock are entitled to vote. Additionally, for so long as the RWT Founders (Paul T. Dacier, Harry L. You, and Niccolo de Masi,
or their affiliates) hold at least 20% of the number of shares of Holdco Class B Common Stock collectively held by them as of the
Closing, the RWT Founders have rights that are different from unaffiliated shareholders, including the right to fill vacancies on the
Holdco Board, to call special meetings of shareholders, and the Holdco A&R Articles permits action by written consent of the shareholders
and requires that amendments to the Holdco A&R Articles be approved by a majority of the shares of Holdco Common Stock entitled to
vote in lieu of two-thirds of the shares of Holdco Common Stock entitled to vote on the matter.

The dual class structure will terminate on the
date that is five years after completion of the Business Combination, or earlier (i) at the option of the holder at any
time, (ii) automatically on the date on which the RWT Founders or their Permitted Transferees (as defined in the Holdco A&R Articles)
collectively own twenty percent (20%) or less of the number of shares of Holdco Class B Common Stock collectively held by such persons
or their Permitted Transferees immediately after the completion of the Business Combination, (iii) automatically upon the occurrence
of a transfer of Holdco Class B Common Stock that is not a Permitted Transfer, and (iv) automatically on the date specified by the affirmative
vote of the holders of Holdco Class B Common Stock representing not