# EDGAR Filing Document

**Accession Number:** 0002000775
**File Stem:** 0001829126-26-004046
**Filing Date:** 2026-4
**Character Count:** 32992
**Document Hash:** 630490fe987c78756903a7f1d24a6816
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-004046.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001829126-26-004046

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Black Hawk Acquisition Corp
- **CENTRAL INDEX KEY:** 0002000775
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41984
- **FILM NUMBER:** 26908815

**BUSINESS ADDRESS:**
- **STREET 1:** 4125 BLACKHAWK PLAZA CIRCLE
- **STREET 2:** SUITE 166
- **CITY:** DANVILLE
- **STATE:** CA
- **ZIP:** 94506
- **BUSINESS PHONE:** 203-520-7122

**MAIL ADDRESS:**
- **STREET 1:** 4125 BLACKHAWK PLAZA CIRCLE
- **STREET 2:** SUITE 166
- **CITY:** DANVILLE
- **STATE:** CA
- **ZIP:** 94506

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K/A**

**(Amendment No.1)**

☒ **ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended November 30, 2025**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Commission File Number 001-41667**

**Black Hawk Acquisition Corporation**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (IRS Employer<br> Identification No.) |

---

**4125 Blackhawk Plaza Circle, Suite 166**

**<u>Danville, CA 94506</u>**

(Address of principal executive offices and zip code)

**<u>(925) 217-4482</u>**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Units, each consisting of one ordinary share, $0.0001 par value, and one-fifth (1/5) of one right entitling the holder thereof to receive one Class A ordinary share upon the consummation of our initial business combination | **BKHAU** | The Nasdaq Global Market |
| Ordinary shares, par value $0.0001 per share | **BKHA** | The Nasdaq Global Market |
| Rights, each right entitling the holder to receive one Class A ordinary share upon the consummation of our initial business combination | **BKHAR** | The Nasdaq Global Market |

---

Securities registered pursuant to Section 12(g) of the Act: **None.**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of May 31, 2025, the aggregate market value of the Registrant's ordinary shares held by non-affiliates of the Registrant was approximately $73.9 million.

As of March 6, 2026, there were 4,153,577 ordinary shares, par value $0.0001 per share, issued and outstanding.

**Black Hawk Acquisition Corporation**

**EXPLANATORY NOTE**

This Amendment No. 1 to the Annual Report on Form 10-K (this "Amendment") amends the Annual Report on Form 10-K of Black Hawk Acquisition Corporation (the "Company") for the fiscal year ended November 30, 2025, as originally filed with the Securities and Exchange Commission on March 6, 2026 (the "Original Filing").

This Amendment is being filed solely to include the Company's Compensation Recovery (Clawback) Policy, as adopted by its Board of Directors, as Exhibit 97.1 to the Original Filing, which was inadvertently omitted.

No other changes have been made to the Original Filing. This Amendment does not reflect events occurring after the filing of the Original Filing and does not modify or update the disclosures contained in the Original Filing in any way other than as described above.

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

The following exhibits are filed as part of this Amendment:

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Second Amended and Restated Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex3-1.htm) |
| 4.1\*\* | [Specimen Unit Certificate](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001093/blackhawk_ex4-1.htm) |
| 4.2\*\* | [Specimen Ordinary Shares Certificate](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001093/blackhawk_ex4-2.htm) |
| 4.3\*\* | [Specimen Rights Certificate](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001093/blackhawk_ex4-3.htm) |
| 4.4\* | [Rights Agreement by and between Continental Stock Transfer & Trust Company and the Registrant](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex4-1.htm) |
| 5.1\*\*\* | [Opinion of Celine and Partners, P.L.L.C.](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex5-1.htm) |
| 5.2\*\*\* | [Opinion of Ogier](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex5-2.htm) |
| 10.1\* | [Form of Letter Agreement among the Registrant and the Sponsor, Officers, and Directors](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex10-1.htm) |
| 10.2\* | [Investment Management Trust Agreement by and between Continental Stock Transfer & Trust Company and the Registrant](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex10-2.htm) |
| 10.3\* | [Registration Rights Agreement by and between the Registrant and Insiders](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex10-3.htm) |
| 10.4\* | [Form of Indemnity Agreement](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex10-4.htm) |
| 10.5\* | [Subscription Agreement, as amended, between the Registrant and Black Hawk Management LLC](http://www.sec.gov/Archives/edgar/data/2000775/000182912624001885/blackhawk_ex10-5.htm) |
| 10.6\*\*\* | [Administrative Services Agreement](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex10-6.htm) |
| 14.1\*\*\* | [Code of Ethics](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex14.htm) |
| 31.1\*\*\*\* | [Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](blackhawkacq_ex31-1.htm) |
| 31.2\*\*\*\* | [Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](blackhawkacq_ex31-2.htm) |
| 32.1\*\*\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](blackhawkacq_ex32-1.htm) |
| 32.2\*\*\*\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](blackhawkacq_ex32-2.htm) |
| 99.1\*\*\* | [Audit Committee Charter](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex99-1.htm) |
| 99.2\*\*\* | [Compensation Committee Charter](http://www.sec.gov/Archives/edgar/data/2000775/000182912624000712/blackhawk_ex99-2.htm) |
| 97.1\*\*\*\* | [Incentive Compensation Recovery (Clawback) Policy](blackhawkacq_ex97-1.htm) |

---

---

| | |
|:---|:---|
| \* | Incorporated by reference to the Registrant's Current Report on Form 8-K filed on March 26, 2024. |
| \*\* | Incorporated by reference to the Registrant's Registration Statement on Form S-1 filed on February 26, 2024. |
| \*\*\* | Incorporated by reference to the Registrant's Registration Statement on Form S-1 filed on February 5, 2024 |
| \*\*\*\* | Filed herewith |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Black Hawk Acquisition Corporation** | **Black Hawk Acquisition Corporation** |
| By: | */s/ Kent Louis Kaufman* |
| Name: | Mr. Kent Louis Kaufman |
| Title: | Chief Executive Officer and Chairman |
|  | (Principal Executive Officer and Principal Accounting and Financial Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Amendment No.1 on Form 10-K/A has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Kent Louis Kaufman* | Chief Executive Officer and Chairman | April 28, 2026 |
| Mr. Kent Louis Kaufman | (Principal Executive Officer and Principal<br> Accounting and Financial Officer) |  |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kent Louis Kaufman, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the fiscal year ended November 30, 2025 of Black Hawk Acquisition Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 28, 2026

---

| |
|:---|
| */s/ Kent Louis Kaufman* |
| Kent Louis Kaufman |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kent Louis Kaufman, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the fiscal year ended November 30, 2025 of Black Hawk Acquisition Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 28, 2026

---

| |
|:---|
| */s/ Kent Louis Kaufman* |
| Kent Louis Kaufman |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to 18 U.S.C. Section 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report on Form 10-K/A of Black Hawk Acquisition Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kent Louis Kaufman, Chief Executive Officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 28, 2026

---

| |
|:---|
| */s/ Kent Louis Kaufman* |
| Kent Louis Kaufman |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification Pursuant to 18 U.S.C. Section 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report on Form 10-K/A of Black Hawk Acquisition Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kent Louis Kaufman, Chief Financial Officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 28, 2026

---

| |
|:---|
| */s/ Kent Louis Kaufman* |
| Kent Louis Kaufman |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 97.1

**Exhibit 97.1**

**Black Hawk Acquisition Corporation**

**Incentive Compensation Recovery Policy**

Effective Date: March 12, 2024

1.  **<u>Purpose</u>.** The purpose of the Black Hawk Acquisition Corporation Incentive Compensation Recovery Policy (this "**Policy**") is to provide for the recovery of certain Incentive-Based Compensation in the event of an Accounting Restatement. This Policy is intended to comply with, and to be administered and interpreted consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act** "), Rule 10D-1 promulgated under the Exchange Act ()"**Rule 10D-1** "), and Listing Rule 5608 adopted by **  the Nasdaq Stock Market LLC ()"**Nasdaq**") (the "**Listing Standards** "). Unless otherwise defined in this Policy, capitalized terms shall have the meanings set forth in the Appendix attached hereto.

2.  **<u>Policy for Recovery of Erroneously Awarded Compensation</u>.** In the event of an Accounting Restatement, it is the Company's policy to recover reasonably promptly the amount of any Erroneously Awarded Compensation Received during the Recovery Period.

3.  **<u>Application of Policy</u>.** This Policy applies to Incentive-Based Compensation Received by an Executive Officer (i) on or after October 2, 2023 and after such individual began service as an Executive Officer, (ii) if that person served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation, and (iii) while the Company had a listed class of securities on a national securities exchange.

4.  **<u>Administration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;a. This Policy shall be administered by the Compensation Committee, except that the Board may determine to act as the administrator or designate another committee of the Board to act as the administrator with respect to any portion of this Policy other than Section 4(c) (the "**Administrator** "). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;b. The Company is authorized to take appropriate steps to implement this Policy and may effect recovery hereunder by: (i) requiring payment to the Company, (ii) set-off, (iii) reducing compensation, or (iv) such other means or combination of means as the Administrator determines to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Company need not recover Erroneously Awarded Compensation if and to the extent that the Compensation Committee or a majority of the independent members of the Board determines that such recovery is impracticable and not required under Rule 10D-1 and the Listing Standards, including if the Compensation Committee or a majority of the independent members of the Board determines that: (i) the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered after making a reasonable attempt to recover, (ii) recovery would violate home country law adopted prior to November 28, 2022, after obtaining the opinion of home country counsel, or (iii) recovery would likely cause an otherwise tax-qualified broad-based retirement plan to fail the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;d. The Administrator may require each Executive Officer to sign and return to the Company an Acknowledgment Form substantially in the form attached to this Policy as <u>Exhibit A</u> or in such other form determined by the Administrator, pursuant to which the Executive Officer agrees to be bound by, and comply with, the terms of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;e. Any determinations made by the Administrator under this Policy shall be final and binding on all affected individuals and need not be uniform among affected individuals.

5.  **<u>Other Recovery Rights; Company Claims</u>.** Any right of recovery pursuant to this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law or pursuant to the terms of any compensation recovery policy in any employment agreement, plan or award agreement, or pursuant to the terms of any other compensation recovery policy of the Company. Nothing contained in this Policy and no recovery hereunder shall limit any claims, damages, or other legal remedies the Company may have against an individual arising out of or resulting from any actions or omissions by such individual.

6.  **<u>Reporting and Disclosure</u>.** The Company shall file all disclosures with respect to this Policy in accordance with the requirements of federal securities laws.

7.  **<u>Indemnification Prohibition</u>.** Notwithstanding the terms of any indemnification or insurance policy or any contractual arrangement that may be interpreted to the contrary, the Company shall not indemnify any Executive Officer with respect to amount(s) recovered under this Policy or claims relating to the enforcement of this Policy, including any payment or reimbursement for the cost of third-party insurance purchased by such Executive Officer to fund potential clawback obligations hereunder.

8.  **<u>Amendment; Termination</u>.** The Board or the Compensation Committee may amend or terminate this Policy from time to time in its discretion as it deems appropriate and shall amend this policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed; provided, however, that no amendment or termination of this Policy shall be effective to the extent it would cause the Company to violate any federal securities laws, Securities and Exchange Commission rule or the rules or standards of any national securities exchange on which the Company's securities are listed.

9.  **<u>Successors</u>.** This Policy shall be binding and enforceable against all individuals who are or were Executive Officers and their beneficiaries, heirs, executors, administrators, or other legal representatives.

10.  **<u>Effective Date</u>.** This Policy was approved on March 12, 2024 and is effective only for Incentive-Based Compensation Received on or after October 2, 2023.

**<u>APPENDIX</u>**

**<u>Definitions</u>:** For purposes of this Policy, the following terms shall have the meanings set forth below:

"**Accounting Restatement**" means an accounting restatement of the Company's financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any accounting restatement required to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

"**Administrator**" has the meaning set forth in Section 4(a) hereof.

"**Board**" means the Company's Board of Directors.

"**Company**" means Black Hawk Acquisition Corporation an exempted company incorporated under the laws of Cayman Islands, and its affiliates.

**"Compensation Committee**" means the Compensation Committee of the Board.

"**Erroneously Awarded Compensation**" means the amount, as determined by the Administrator, of Incentive-Based Compensation received by an Executive Officer that exceeds the amount of Incentive-Based Compensation that would have been received by the Executive Officer had it been determined based on the restated amounts. For Incentive-Based Compensation based on stock price or total shareholder return ("**TSR**") the Administrator will determine the amount based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received, and the Company will maintain documentation of the determination of that reasonable estimate and provide the documentation to Nasdaq. In all cases, the amount to be recovered will be calculated without regard to any taxes paid by the Executive Officer with respect of the Erroneously Awarded Compensation.

"**Executive Officers**" means the Company's current and former executive officers as determined by the Administrator in accordance with Rule 10D-1 and the Listing Standards. Generally, Executive Officers include any executive officer designated by the Board as an "officer" under Rule 16a-1(f) under the Exchange Act.

"**Financial Reporting Measure**" means (i) any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements and any measure derived wholly or in part from such a measure, and (ii) any measure based wholly or in part on the Company's stock price or total shareholder return. A Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with the Securities and Exchange Commission.

"**Incentive-Based Compensation**" means any compensation granted, earned, or vested based in whole or in part on the Company's attainment of a Financial Reporting Measure. Incentive-Based Compensation is deemed to be "**Received**" for purposes of this Policy in the fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

"**Recovery Period**" means the three completed fiscal years immediately preceding the date that the Company is required to prepare the applicable Accounting Restatement and any "transition period" as described under Rule 10D-1 and the Listing Standards. For purposes of this Policy, the "**date that the Company is required to prepare the applicable Accounting Restatement**" is the earlier to occur of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

**<u>Exhibit A</u>**

**Black Hawk Acquisition Corporation<br>Incentive Compensation Recovery Policy**

**ACKNOWLEDGEMENT FORM**

I, the undersigned, acknowledge and affirm that I have received and reviewed a copy of the Black Hawk Acquisition Corporation Incentive Compensation Recovery Policy, and agree that: (i) I am and will continue to be subject to the Black Hawk Acquisition Corporation Incentive Compensation Recovery Policy, as amended from time to time (the "**Policy**"), (ii) the Policy will apply to me both during and after my employment with the Company, and (iii) I will abide by the terms of the Policy, including, without limitation, by promptly returning any Erroneously Awarded Compensation to the Company to the extent required by, and in a manner determined by the Administrator and permitted by, the Policy. In the event of any inconsistency between the Policy and the terms of any employment agreement or offer letter to which I am a party, or the terms of any compensation plan, program, or agreement under which any compensation has been granted, awarded, earned or paid, the terms of the Policy shall govern.

Capitalized terms used but not otherwise defined in this Acknowledgement Form shall have the meanings ascribed to such terms in the Policy.

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