Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 75

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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ading day period commencing after the initial Business Combination
or (y) if the Company consummates a transaction after the initial Business Combination that results in the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property, the Founder Shares will be released from the
Lock-up.

11

IPO Promissory Note — Related
Party

On March 8, 2024, the Sponsor
agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory
note (the “IPO Promissory Note”). This loan is non-interest bearing and was payable on the earlier of December 31, 2024, or
the date on which the Company consummates the Initial Public Offering. The outstanding balance of $180,000 was repaid at the closing of
the Initial Public Offering on June 20, 2024, and borrowings under the IPO Promissory Note are no longer available.

General Legal Counsel

An affiliate of the Sponsor,
Lionheart Capital, LLC (“Lionheart Capital”), has engaged Jessica L. Wasserstrom, LLC (“Wasserstrom”), to represent
Lionheart Capital and its affiliated companies, as corporate general counsel and otherwise in connection with any corporate and/or transactional
matters. The engagement letter between Lionheart Capital and Wasserstrom is for an indefinite period only subject to termination rights
of either party, of which no termination has occurred since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom,
currently holds the title of Chief Legal Officer of Lionheart Capital and its affiliated companies.

In connection therewith,
Wasserstrom was specifically engaged by the Company to provide counsel for general corporate legal matters and, as such, may be deemed
to be a related party of the Company. As of September 30, 2025 and December 31, 2024, the Company incurred legal fees of $225,000 and
$125,000, respectively, from Wasserstrom, and $50,000 was paid on June 25, 2024. The remaining balance of $175,000 and $75,000 as of September
30, 2025 and December 31, 2024, is recorded as deferred legal fees, which are payable upon the consummation of the Business Combination.

Administrative Services Agreement

Commencing on June 18, 2024,
the Company entered