Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 8

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 8
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 or agree to transfer or dispose of, directly or indirectly, any of the Parent Shares covered by such
agreement (“Restricted Securities”), (ii) enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to effect
any transaction specified in clause (i) or (ii). In addition, each Parent shareholder signatory to the Parent Lock-Up and Support Agreement
will agree to vote all of its capital shares in Parent in favor of the Merger Agreement and the transactions contemplated thereby and
any other proposal included in the Proxy Statement related to the Merger for which the Parent’s board of directors has recommended
that the Parent shareholders vote in favor and against any competing transaction.

As defined by the Parent Lock-Up and Support Agreement, the “Lock-Up Period” means, (i) with respect to 50% of the Restricted Securities, the period of time commencing on the closing of the Merger and expiring on the earlier of (A) the date that is six (6) months following the closing or (B) the date on which the closing trading price per Parent Share equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any thirty (30)-trading day period commencing after the closing, and (ii) with respect to the remaining 50% of the Restricted Securities, the period of time commencing on the closing of the Merger and expiring on the date this six (6) months following such closing date; or earlier in either case, if subsequent to the closing date, GRT completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of its shareholders having the right to exchange their Parent Shares for cash, securities or other property.

The agreed form of the Parent Lock-Up and Support Agreement was filed
as Exhibit 10.1 to our Current Report on Form 8-K filed on October 23, 2024 and is incorporated herein by reference. The foregoing description
of the Parent Lock-Up and Support Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, the
full text of the Parent Lock-Up and Support Agreement.

Sponsor Lock-Up Agreement

The Merger Agreement also
contemplates that, the