Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 9

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 9
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 Company and GRT will enter into a lock-up agreement with Whale Management Corporation (“Sponsor”) (“Sponsor
Lock-Up Agreement”), with respect to the Parent ADSs to be issued to it in consideration of its ordinary shares of the Company.
In such Sponsor Lock-Up Agreement, Sponsor will agree that, subject to certain exceptions, not to transfer the securities defined as “Locked-Up
Private Placement Securities” in the Sponsor Lock-Up Agreement for a period of 30 days following the closing of the Merger. In addition,
Sponsor will agree, subject to certain exceptions, not to transfer the securities defined as “Locked-Up Private Placement Securities”
in the Sponsor Lock-Up Agreement for the same “Lock-Up Period” as applicable with respect to the Parent Lock-Up and Support
Agreement. The term “transfer”, as used in the Sponsor Lock-Up Agreement, has the same meanings as ascribed to such term under
the Parent Lock-Up and Support Agreement.

The agreed form of the Sponsor
Lock-Up Agreement was filed as Exhibit 10.2 to our Current Report on Form 8-K filed on October 23, 2024 and is incorporated herein by
reference. The foregoing description of the Sponsor Lock-Up Agreement does not purport to be complete and is subject to, and is qualified
in its entirety by, the full text of the Sponsor Lock-Up Agreement.

5

Sponsor Voting and Support Agreement

Concurrently with execution
of the Merger Agreement, the Sponsor entered into a voting and support agreement with the Company and GRT (“Sponsor Voting and Support
Agreement”). Under the Sponsor Voting and Support Agreement, the Sponsor thereto generally agreed to vote all of its capital shares
in the Company in favor of the Merger Agreement and the transactions contemplated thereby, each other Company Proposal and any other proposal
included in the Proxy Statement related to the Merger for which the Company’s board of directors has recommended that the Company
Shareholders vote in favor and against any competing transaction. The Sponsor Voting and Support Agreement prevents transfers of the Company
shares held by the Sponsor between the date of the Sponsor Voting and Support Agreement and the termination of the Sponsor Voting and
Support Agreement, subject to certain limited exceptions.

The Sponsor Voting and Support Agreement will terminate upon the earliest of (a) the termination of the Merger Agreement and (b) the Effective Time.

The agreed form of the Sponsor Voting and Support Agreement was filed
as Exhibit 10.3 to our Current Report on Form 8-K filed on October 23,