Company: PCAP
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108209
Chunk: 67

Company: ProCap Acquisition Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 67
---
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 Company’s initial
shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price
of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the initial Business
Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s
shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from
the Lock-up.

Promissory Note — Related Party

The Sponsor has agreed to loan the Company an
aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan is non-interest bearing,
unsecured and due at the earlier of December 31, 2025, or the closing of the Initial Public Offering. As of September 30, 2025, the
Company had an outstanding borrowing of $23,345 under the promissory note, which is now due on demand. Borrowings under the note are no
longer available.

11

PROCAP ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

Administrative Services Agreement

The Company entered into an agreement with an
affiliate of the Sponsor, commencing on May 20, 2025 through the earlier of the Company’s consummation of initial Business Combination
and its liquidation, to pay the affiliate of the Sponsor an aggregate of $10,000 per month for office space, utilities, management, operations,
and secretarial and administrative