Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 11

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 11
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, Calvin Kung, Wang Chiu Wong, Chunyi Hao, Tiemei
Li, and Sanjay Prasad entered into an amendment (the “ Insider Letter Amendment”) to that certain letter agreement, dated November 8,
2021 (the “ Insider Letter”).

On April 7, 2025,
Finnovate, Scage International, the Sponsor, Pubco, and EarlyBirdCapital, Inc., the representative of the underwriters in the IPO of
Finnovate IPO (“ EBC”) entered into a lock-up removal letter, pursuant to which each of Calvin Kung, Wang Chiu Wong,
Chunyi Hao, Tiemei Li, and Sanjay Prasad shall be released from the transfer restrictions set forth in the Insider Letter upon the
three-month anniversary of the consummation of the Business Combination.

Non-Competition and Non-Solicitation Agreement

Simultaneously with the execution
of the Business Combination Agreement, certain shareholders and officers (each, a “ Subject Party”) of Scage International
each entered into a non-competition and non-solicitation agreement with Finnovate, PubCo, Scage International, and the Sponsor
(collectively, the “ Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement,
the Subject Party agrees not to compete with PubCo, the Sponsor, Finnovate, Scage International and their respective affiliates during
the three-year period following the Closing and, during such three-year restricted period, not to solicit employees or customers
of such entities. The Non-Competition and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.

Assignment, Assumption and Amendment to Warrant
Agreement

On October 18, 2024, Finnovate,
PubCo and Continental, as warrant agent (the “ Warrant Agent”) entered into the Assignment, Assumption and Amendment to Warrant
Agreement (the “ Warrant Amendment”), which amends that certain Warrant Agreement, dated as of November 8, 2021, relating to
the Finnovate warrants (the “ Warrant Agreement”), filed with the SEC on November 8, 2021. Pursuant to the Warrant Amendment,
among others, PubCo will assume the obligations of Finnovate under the Warrant Agreement.

Amendment to the Registration Rights Agreement

On the Closing Date, we entered
into an amendment to the Founder Registration Rights Agreement