Abacus Life amends lock-up agreements; 15% of shares unlock June 2024, 85% June 2025

Abacus Global Management, Inc.

Amendments to Sponsor Support and Company Support Agreements correct lock-up terms: 15% of shares free 12 months after close (June 30, 2024); remaining 85% free at 24 months (June 30, 2025).
Private Warrant Standstill Agreement restricts East Sponsor and Lifebridge from exercising or transferring certain warrants during the stock repurchase program announced December 11, 2023.
Amendments reflect original intent of parties and fix a scrivener's error in the prior agreements.
Lock-up applies to holders including East Sponsor, LMA, Abacus Settlements, and named individuals T. Sean McNealy, K. Scott Kirby, Matthew A. Ganovsky, Jay Jackson.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Abacus Global Management, Inc. amended Amendment No. 1 to the Company Support Agreement with Longevity Market Assets, LLC, Abacus Settlements, LLC, T. Sean McNealy, K. Scott Kirby, Matthew A. Ganovsky, Jay Jackson (effective 2023-12-20).

Action: amendment
Counterparty: Longevity Market Assets, LLC, Abacus Settlements, LLC, T. Sean McNealy, K. Scott Kirby, Matthew A. Ganovsky, Jay Jackson
Effective: 2023-12-20

Exact text from the filing

• Amendment No. 1 to the Company Support Agreement, dated August 30, 2022, by and among the Company, LMA, Abacus Settlements, T. Sean McNealy, K. Scott Kirby, Matthew A. Ganovsky and Jay Jackson, originally filed as Exhibit 10.2 to the Form 8-K (the “Company Support Agreement Amendment”);

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Abacus Global Management, Inc. amended Amendment No. 1 to the Sponsor Support Agreement with Longevity Market Assets, LLC, Abacus Settlements, LLC, East Sponsor, LLC (effective 2023-12-20).

Action: amendment
Counterparty: Longevity Market Assets, LLC, Abacus Settlements, LLC, East Sponsor, LLC
Effective: 2023-12-20

Exact text from the filing

• Amendment No. 1 to the Sponsor Support Agreement, dated August 30, 2022, by and among the Company, Longevity Market Assets, LLC (“LMA”), Abacus Settlements, LLC (“Abacus Settlements”) and East Sponsor, LLC (“East”), originally filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K (the “Form 8-K”) filed with the Securities Exchange Commission on August 30, 2022 (the “Sponsor Support Agreement Amendment”);

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Abacus Global Management, Inc. entered into Private Warrant Standstill Agreement with East Sponsor, LLC, Lifebridge Holdings, LLC (effective 2023-12-20).

Action: entry
Counterparty: East Sponsor, LLC, Lifebridge Holdings, LLC
Effective: 2023-12-20

Exact text from the filing

and • Letter Agreement among the Company, East and Lifebridge Holdings, LLC (the “Private Warrant Standstill Agreement”). The Sponsor Support Agreement and the Company Support Agreement reflect the original intent of the parties thereto that the lock up relating to 15% of the Company’s common stock, par value $0.0001 per share (“Common Stock”) held by the parties shall expire on the 12-month anniversary of the closing date of the Company’s business combination, which would fall on June 30, 2024.

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Abacus Global Management, Inc. filing history →

Source: SEC EDGAR

accession 0001814287-23-000054

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