Company: NHICW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042195
Chunk: 21

Company: NewHold Investment Corp. III
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 which was paid at closing
on March 3, 2025.

13

Administrative Services Agreement

Commencing on the effective date of the Public
Offering, February 27, 2025, the Company has entered into an agreement with the Sponsor or an affiliate to pay an aggregate of $40,000
per month for office space, utilities, and secretarial and administrative support. During the three months ended March 31, 2025, $40,000 was charged to operations and no amounts were outstanding
at March 31, 2025.

Working Capital Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible
into private placement units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. As of
March 31, 2025, no such Working Capital Loans were outstanding.

Note 6 – Trust Account and Fair Value Measurement

The Company complies with FASB ASC 820, “Fair Value Measurements,”
for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets
and liabilities that are re-measured and reported at fair value at least annually.

Upon the closing of the Offering and the Private Placement, a total
of $202,256,000 was deposited into the Trust Account. The proceeds in the Trust Account may be invested in either U.S. government treasury
bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company
Act of 1940, as amended, and that invest solely in U.S. government treasury obligations.

At March 31, 2025 the balance in the Trust Account was held in a money
market fund meeting certain conditions under Rule 2a-7 under the Investment