Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 4

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 4
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2

The term “Excluded Shares”
means Company Shares, if any, held immediately prior to the Effective Time by the Company or GRT, and the term “Dissenting Shares”
means Company Shares issued and outstanding immediately prior to the Effective Time that are held by any holder who is (a) entitled to
dissent to the Merger pursuant to Section 238 of the Cayman Companies Act and (b) properly dissents to the Merger and makes a demand
for payment of the fair value of such holder’s shares in accordance with Section 238 of the Cayman Companies Act, and has
not withdrawn such dissent.

Merger Consideration

The aggregate consideration
payable to pursuant to the Merger Agreement to the shareholders of the Company (“Company Shareholders”) entitled thereto shall
consist of that number of Parent Ordinary Shares payable in Parent ADSs that is equal to (i) the Per Share Merger Consideration multiplied
by the number of Company Shares registered in the name of those Company Shareholders immediately prior to the Effective Time, multiplied
by the ADS Exchange Rate, plus (ii) the Rights Merger Consideration, as described above.

Indemnification Obligations

GRT is obligated to cause all rights to indemnification and advancement of expenses and all limitations on liability existing in favor of any employee, officer or director of the Company to survive the consummation of the transactions contemplated in the Merger Agreement and continue in full force and effect and be honored by the Surviving Company and GRT after the Effective Time.

Representation and Warranties

Under the Merger Agreement,
GRT and the Merger Sub (collectively, the “Group Companies”), on the one hand, and the Company, on the other hand, have each
made representations and warranties to each other, including without limitation as to such parties’ corporate powers, capital structure,
financial condition, legal activity and compliance, and in the case of each of the Group Companies, its assets, liabilities, properties,
taxes, recent operations, contracts, related party transactions, intellectual property, insurance, employee matters and certain other
matters.

The assertions embodied in those representations and warranties were made for purposes of the Merger Agreement and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement. The representations and warranties in the Merger Agreement are also modified in important part by the disclosure schedules and annexes attached thereto, which are not filed publicly and which may be subject to