The Sponsor Warrants restrict selling, hedging or transferring for three years after the initial business combination.

Judge as of 2021-08-19. The claim is about the Sponsor Warrants of Pershing Square Tontine Holdings (or the related SPARC). True: the governing documents (S-1, prospectus, warrant agreement or 10-K) state that the Sponsor Warrants may not be sold, hedged or transferred for three years after the initial business combination. Mostly true: a three-year lock-up exists, but with a minor difference, such as a restriction that omits hedging or has limited exceptions such as permitted transferees. Mixed: a lock-up exists but its length differs materially (for example one or two years), or it covers only some of the stated actions. Mostly false: the restriction is much shorter or largely different. False: no such restriction exists.

Set before the research began.

1. E1 EX-10.4 U.S. Securities and Exchange Commission (EDGAR), filed by Pershing Square Tontine Holdings, Ltd. · 21 July 2020 Own record

   “assigned or sold until the earlier of (i) three years after the completion by the Company of an initial business combination or (ii) subsequent to the initial business combination, the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction”

2. E2 10-K - SEC.gov U.S. Securities and Exchange Commission (EDGAR), filed by Pershing Square Tontine Holdings, Ltd. · 30 March 2021 Own record

   “The Sponsor Warrants will be subject to certain transfer restrictions until the date that is three years after the consummation of our Initial Business Combination.”

3. E3 10-K - SEC.gov U.S. Securities and Exchange Commission (EDGAR), filed by Pershing Square Tontine Holdings, Ltd. · 30 March 2021 Own record

   “that will generally not be salable, transferable or exercisable until three years after the date of our initial business combination”

4. E4 EX-10.4 U.S. Securities and Exchange Commission (EDGAR), filed by Pershing Square Tontine Holdings, Ltd. · 21 July 2020 Own record

   “provided, however, that the Sponsor Warrant and Sponsor Warrant Shares may be transferred as follows: (a) to any entity that is managed by Pershing Square Capital Management, L.P., a Delaware limited partnership, which transfer may be made in whole or in part (the “Permitted Transferees”)”

The Sponsor Warrant Purchase Agreement (E1) and the 2021 10-K (E2, E3) say the Sponsor Warrants generally cannot be sold, transferred or exercised until three years after the initial business combination. This matches the claimed three-year lock-up. However, E4 shows exceptions: the warrants can be transferred to entities managed by Pershing Square Capital Management, and none of the quoted filings mention hedging. Under the criteria, a three-year lock-up with limited exceptions or no stated hedging restriction counts as mostly true.