Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 937

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 937
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 of our directors and executive officers to complete a directors’ and officers’ questionnaire that elicits
information about related party transactions.

These
procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a
conflict of interest on the part of a director, employee or officer. 

88

To
further minimize conflicts of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated
with any of our sponsor, officers or directors unless we, or a committee of independent directors, have obtained an opinion from an independent
investment banking firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to
acquire or an independent accounting firm, that our initial business combination is fair to our company from a financial point of view.
Furthermore, no finder’s fees, reimbursements or cash payments will be made to our sponsor, officers or directors, or our or their
affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination. However, the
following payments have or will be made to our sponsor, officers or directors, or our or their affiliates, none of which will be made
from the proceeds of the IPO held in the trust account prior to the completion of our initial business combination:

●Repayment of up to an aggregate of up to $1,000,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;

    ●
    Payment to
    an affiliate of our sponsor (Whale Management Corporation) of $10,000 per month, for up to 24 months (assuming we extend the period
    of time to compete a business combination), for office space, utilities and secretarial and administrative support;

    ●
    Reimbursement
    for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and

    ●
    Repayment of
    loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
    costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written
    agreements been executed with respect thereto. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00
    per unit (which, for example, would result in the holders being issued 165,000 ordinary shares