Company: FSHPU
Filing Date: 2025-08-05
Form Type: DEF 14A
Source: 0001829126-25-005812
Chunk: 23

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-05
Form: DEF 14A
Chunk 23
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 omissions, will continue after a business combination. If the Extension Fee Reduction Proposal is not approved and the Company liquidates, the Company will not be able to perform its obligations to its officers and directors under those provisions.              |
| ● | The Company’s officers, directors and their affiliates are entitled to reimbursement of out-of-pocket expenses incurred by them in connection with certain activities on the Company’s behalf, such as identifying and investigating possible business targets and business combinations. If the Extension Fee Reduction Proposal is not approved and a business combination is not consummated, these out-of-pocket expenses will not be repaid unless there are funds available outside of the trust account. |

| ● | If the Trust Account is liquidated, including in the event we are unable to complete a business combination within the required time period, the Sponsors have agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. |

Additionally, if the Extension
Fee Reduction Proposal is approved and the Company consummates the business combination with GFT, the officers and directors may have
additional interests that are described in the proxy statement for such transaction.

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If the Extension Fee Reduction Proposal is Not Approved

The Company is seeking the
approval of its shareholders in order to approve the Extension Fee Reduction Proposal. Approval of the Extension Fee Reduction Proposal
is required for the implementation of the Board’s plan to increase the likelihood that the Company will be able to extend the date
by which it must complete an initial business combination. Therefore, the Board will abandon and not approve an Extension based on the
payment of the Amended Monthly Extension Fee