Company: BLUWU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024010
Chunk: 106

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 106
---
, officers and directors have entered into a letter agreement with the Company, pursuant to which they agreed to waive their redemption
rights with respect to any shares held by them in connection with the completion of the initial Business Combination. Additionally, the
Sponsor, officers and directors agreed to waive their rights to liquidating distributions from the Trust Account with respect to their
founder shares and Private Placement Shares if the Company fails to complete the initial Business Combination within the prescribed time
frame, although they will be entitled to liquidating distributions from assets outside the Trust Account. If the Company does not complete
the initial Business Combination within the prescribed time frame, the Private Placement Units (and the securities comprising such units)
will be worthless. Furthermore, the Sponsor, officers and directors agreed not to transfer, assign or sell any of their founder shares
and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur of: (i) one year after the completion of
the initial Business Combination or (ii) the date following the completion of the initial Business Combination on which the Company completes
a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the
right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, (1) if 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 at least 150 days after the initial
Business Combination or (2) if the Company consummates a transaction after its initial business combination which results in the Company’s
shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from
the lock-up. The Private Placement Units (including the securities comprising such units and the Class A ordinary shares issuable upon
exercise of the Private Placement Warrants) will not be transferable until 30 days following the completion of the initial Business Combination.
Because each of the officers and directors will own ordinary shares or units directly or indirectly, they may have a conflict of interest
in determining whether a particular target business is an appropriate business with which to effectuate the initial business combination.

The
Company’s Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered
or products