Company: JACS-RI
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001013762-25-000620
Chunk: 983

Company: Jackson Acquisition Co II
Filing Date: 2025-03-18
Form: 10-K
Item: Item 9A
Chunk 983
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4, there was $198,024 outstanding under the Promissory Note, which is due on demand.

Working Capital Loans

In order to finance the
Company’s transaction costs in connection with an initial business combination, the Sponsor, our officers and directors, or their
affiliates or designees may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working
capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.
Up to $1,500,000 of the Working Capital Loans may be convertible into Working Capital Units at the option of the lender, upon consummation
of our initial business combination, in addition to the convertible notes in connection with the potential extensions. The Working Capital
Units would be identical to the Private Placement Units.

As of December 31, 2024, the
Company had no borrowings under the Working Capital Loans.

Administrative Services Agreement

The Company is obligated, commencing
from December 9, 2024, to pay the Sponsor, a monthly fee of $10,000 for office space and administrative and support services pursuant
to a certain administrative services agreement by and between the Company and the Sponsor dated December 9, 2024 (the “Administrative
Services Agreement”). This Administrative Services Agreement will terminate upon completion of the Company’s business combination
or the liquidation of the Trust Account to public shareholders. For the period from September 11, 2024 (inception) through December 31,
2024, the Company incurred and owes $7,000 for these services.

39

Policy for Approval of Related Party Transactions

We have not yet adopted
a formal policy for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed above
were not reviewed, approved or ratified in accordance with any such policy.

We have adopted a Code of
Ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions approved by our board
of directors (or the appropriate committee of our board) or as disclosed in our public filings with the SEC. Under our code of ethics,
conflict of interest situations will include any financial transaction, arrangement or relationship (including any indebtedness or guarantee
of indebtedness) involving the company.

In addition