Company: SZZL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110104
Chunk: 70

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 times the assignment date fair value per Founder Share (unless
subsequently modified) less the amount initially received for the assignment of the membership interests. As of September 30, 2025, the
Company determined that the initial Business Combination is not considered probable and therefore no compensation expense has been recognized.

The
Founder Shares are designated as Class B Ordinary Shares and, except as described below, are identical to the Public Shares and holders
of Founder Shares have the same shareholder rights as Public Shareholders, except (i) the Founder Shares are subject to certain transfer
restrictions, as described in more detail below; (ii) the Founder Shares are entitled to registration rights; (iii) the Sponsor and the
Company’s officers and directors have entered into the Letter Agreement with the Company, pursuant to which they have agreed to
many limitations on the Founder Shares (see Note 1); (iv) the Founder Shares are automatically convertible into Class A Ordinary Shares
in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis,
subject to adjustment as described herein and in the Amended and Restated Articles; and (v) prior to the closing of the initial Business
Combination, only holders of the Class B Ordinary Shares are entitled to vote on (x) the appointment and removal of directors or (y)
continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the Company’s
constitutional documents or to adopt new constitutional documents, in each case, as a result of the Company approving a transfer by way
of continuation in a jurisdiction outside the Cayman Islands).

Pursuant
to the Letter Agreement, the holders of Founder Shares have agreed not to transfer, assign or sell any of their Founder Shares and any
Class A Ordinary Shares issued upon conversion thereof until the earlier to occur of (i) six months after the completion
of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other
similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to
exchange their Class A Ordinary Shares for cash, securities or other property. Any permitted transferees will be subject to the same
restrictions and other agreements of the holders of the Founder Shares with respect to any Founder Shares (the “Lock-up”).
Notwithstanding the foregoing, if (x) the closing price of the Class