Purchase Option Clause Example from Business Contracts

Purchase Option. THIS CERTIFIES THAT, in consideration of $___ duly paid by or on behalf of _________ ("Holder"), as registered owner of this Purchase Option, to Black Ridge Acquisition Corp. ("Company"), Holder is entitled, at any time or from time to time upon the later of the consummation of a Business Combination or ____________, 2018 ("Commencement Date"), and at or before 5:00 p.m., New York City local time, on the five year anniversary of the effective date ("Effective Date") of the Company's registration... statement ("Registration Statement") pursuant to which Units are offered for sale to the public ("Offering"), but not thereafter ("Expiration Date"), to subscribe for, purchase and receive, in whole or in part, up to ______________ (_______) units ("Units") of the Company, each Unit consisting of one share of common stock of the Company, par value $0.0001 per share ("Common Stock"), one right ("Right(s)") entitling the Holder to receive one tenth (1/10) of a share of Common Stock upon consummation of a Business Combination, and one warrant ("Warrant(s)"), each warrant to purchase one share of Common Stock. Each Right is the same as the right included in the Units being registered for sale to the public by way of the Registration Statement. Each Warrant is the same as the warrant included in the Units being registered for sale to the public by way of the Registration Statement ("Public Warrants"). If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. Notwithstanding anything to the contrary, neither this Purchase Option nor the Warrants underlying this Purchase Option may be exercisable after the five year anniversary of the Effective Date. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase Option is initially exercisable at $11.50 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and shares of Common Stock, Rights and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term "Exercise Price" shall mean the initial exercise price or the adjusted exercise price, depending on the context. View More