Company: JACS-RI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001213900-25-107171
Chunk: 22

Company: Jackson Acquisition Co II
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 Note was amended
such that the Promissory Note is payable upon consummation of an initial Business Combination or upon liquidation of the Company.

As of September 30, 2025 and December 31, 2024,
there was $198,024 outstanding under the Promissory Note.

14

Administrative Services Agreement

The Company entered into an agreement with the
Sponsor, commencing on December 9, 2024 through the earlier of the Company’s consummation of a Business Combination or its liquidation,
to pay an aggregate of $10,000 per month for office space and administrative and support services. For the three and nine months ended
September 30, 2025, the Company incurred $30,000 and $90,000 for these services, respectively. For the period from September 11, 2024
(inception) through September 30, 2024, the Company did not incur any fees for these services. At September 30, 2025 and December 31,
2024, the Company owed $97,000 and $7,000, respectively, for these services.

Related Party Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor, any of its affiliates or certain of the Company’s directors and officers may, but are
not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business
Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital
Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either
be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such
Working Capital Loans for each such person may be convertible into Units of the post-Business Combination entity at a price of $10.00
per Unit. The Units would be identical to the Private Placement Units. As of