Material Agreement (Form 8-K)

On June 15, 2026, Flag Ship Acquisition Corporation (the "Company"), Wilmington Trust, National Association, as trustee (the "Trustee"), and Vstock Transfer LLC entered into Amendment No. 2 to the Investment Management Trust Agreement, dated as of June 17, 2024 (the "Trust Amendment"). The Trust Amendment amends the Investment Management Trust Agreement to reflect the approval by the Company's shareholders of an extension of the date by which the Company must consummate an initial business combination. As amended, the Company may extend the time period to consummate a business combination up to twelve times, with each such extension consisting of a one-month period, from June 20, 2026 until June 20, 2027, subject to the Sponsor (or its designees or affiliates) depositing into the trust account an amount equal to the lesser of (i) $60,000 and (ii) $0.033 for each outstanding ordinary share sold in the Company's initial public offering for each monthly extension.

The foregoing description of the Trust Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Trust Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.