Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 513

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 1A
Chunk 513
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 A Common
Stock (the “Escrow Shares”, together with any dividends, distributions or other income on the Escrow Shares, the “Escrow
Property”), in the name of the Company, to be deposited with Escrow Agent (as defined therein) for two (2) years from the date
of the Closing (the “Escrow Release Date”), subject to release if and only if the closing price of the common stock of the
Company on the date immediately prior to the Escrow Release Date is less than $7.50 per share. Pursuant to the Escrow Agreement, the
Escrow Agent shall release a portion of the Escrow Shares to the Investor such that the aggregate value of all shares of Common Stock
issued to the Investor at or before the Closing plus the value of the portion of the Escrow Property released to the Investor is equal
to $7,500,000; provided, however, that if the aggregate value of all shares of Common Stock issued to the Investor at or before the Closing
plus the value of the Escrow Property on the Escrow Release Date is less than $7,500,000, the Investor will be entitled to receive all
of the Escrow Property but nothing more; provided, further, that, each Escrow Share shall be valued at an amount equal
to the closing price of the shares of Common Stock on the Nasdaq Stock Market on the day immediately prior to the Escrow Release Date.

The
Subscription Agreement, the Escrow Agreement and the transactions contemplated thereby were disclosed on the Company’s Current
Report on Form 8-K filed with the SEC on January 31, 2025 as Exhibit 10.1 and Exhibit 10.2, respectively.

Satisfaction and Discharge Agreement with the Underwriter

On February 6, 2025, the Company and Longevity executed a Satisfaction
and Discharge of Indebtedness Pursuant to Underwriting Agreement dated February 15, 2022 (the “Discharge Agreement”) with
D. Boral Capital LLC (f/k/a EF Hutton LLC, division of Benchmark Investments, LLC) (the “Underwriter”). Pursuant to the Underwriting
Agreement in relation to the IPO, upon the completion of an initial business combination, the Underwriter is entitled to a deferred underwriting
commission of $3,450,000 (“Deferred Commission”). Under the Discharge Agreement, instead of receiving the full Deferred
Commission in cash at the closing of the business combination with