Company: QSEA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001829126-25-003185
Chunk: 55

Company: Quartzsea Acquisition Corp
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 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 Fee Agreement). In addition, the Company agreed to
reimburse the Finder on a monthly basis for all reasonable, actual, and verifiable out-of-pocket expenses incurred in connection with
the Finder’s engagement under the agreement, provided that such expenses shall not exceed $150,000 without the Company’s
prior written approval. On April 29, 2025, the Company entered into an amendment to the Finder’s Fee Agreement, pursuant to which
the Retainer Fee was adjusted to $150,000. 

The Company acknowledges
and agrees that the Finder is not a registered broker-dealer under U.S. securities laws, and is not acting as a broker-dealer in connection
with the transaction.

Critical Accounting Policies and Estimates

The preparation of unaudited financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities