Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 66

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 66
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 underwriting discounts and commissions. The underwriter fully excised its over-allotment option on March 19, 2025.

The underwriter is entitled to a cash underwriting
discount of 0.75% on the first $69,000,000 of the gross proceeds from the IPO, plus 0.50% on the remaining $13,800,000, totalling $586,500
including the full excise of over-allotment option by the underwriter. In addition, the underwriter is entitled to a deferred fee of
4.0% of the gross proceeds of the IPO, or $3,312,000, which will be paid upon the closing of a Business Combination solely from amounts
remaining in the Trust Account following all properly submitted shareholder redemption in connection with the consummation of the initial
Business Combination and such deferred fee shall be capped at such amount so remaining in the Trust Account.

18

Right of First Refusal

We granted SAP a right of first refusal for a period
commencing from the consummation of the IPO until the earlier of (i) 10 months after the consummation of the initial business combination
(or the liquidation of the Trust Account in the event that the Company fails to consummate its initial business combination within the
prescribed time period) or (ii) 36 months after the consummation of the IPO in accordance with FINRA Rule 5110(g)(6)(A) to act as
lead financial advisor, capital markets advisor, underwriter and/or private placement agent in connection with any initial business combination
or in connection with any financing that occurs between the closing of the IPO and the date that is the earlier of (i) 10 months after
the closing of the initial business combination or (ii) 36 months after the consummation of the IPO.

Finders Fee Agreement

On April 22, 2025, the
Company entered into a Finders Fee Agreement with Hugh Grow Investment Ltd. (the “Finder”). Pursuant to the Finders Fee Agreement,
the Company agreed to pay the Finder a one-time, non-refundable retainer fee in the amount of $350,000, payable upon the execution of
Finders Fee Agreement (the “Retainer Fee”). The Company also agreed to pay the Finder a success fee in the amount of $3,500,000,
payable upon the closing (or closings) of a transaction (as defined in the Finders