Blue Water Acquisition Corp. III entered into a financing deal with its sponsor by issuing a $500,000 convertible unsecured working capital promissory note. The note bears no interest and is due on the earlier of the company completing its initial business combination or being wound up. Upon completion of the business combination, the sponsor may elect to convert some or all of the principal into up to 50,000 New Units at $10.00 per unit. Each New Unit matches the private placement units from the IPO, consisting of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant allows the purchase of one Class A ordinary share at an exercise price of $11.50 per share under specified timing conditions. The note was issued in a private offering relying on Section 4(a)(2) of the Securities Act.
Blue Water Acquisition Corp. III filed a current report describing a new form of indemnity agreement for its directors and officers appointed on November 25, 2025. This new agreement replaces the prior indemnity form that applied to former directors and officers who resigned on that date.
Under the new indemnity agreement, the company will indemnify, hold harmless and exonerate each covered individual to the fullest extent permitted by applicable law and its amended and restated memorandum and articles of association. The agreement also provides for the advancement of expenses, to the fullest extent not prohibited by Cayman Islands or Delaware law, and sets out procedures, qualifications and limitations for seeking indemnification. The form of the indemnity agreement is filed as Exhibit 10.1.
Blue Water Acquisition Corp. III disclosed an initial ownership report for its Chief Financial Officer, Troy Rillo. The filing states that, as of the event date of 11/25/2025, he does not beneficially own any non-derivative or derivative securities of Blue Water Acquisition Corp. III. The report is filed as a single-person Form 3, confirming his officer role and current lack of reported equity holdings in the company.