Purchase Option Clause Example from Business Contracts

Purchase Option. THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Chardan Capital Markets, LLC (the "Holder"), as registered owner of this Purchase Option, to Arisz Acquisition Corp. (the "Company"), Holder is entitled, at any time or from time to time upon the consummation by the Company of a Business Combination (the "Commencement Date"), until, at or before 5:00 p.m., New York City local time, on the earlier of the five year anniversary of the effective date of the Registration St...atement and the day immediately prior to the day on which the Company and all of its successors have been dissolved, but not thereafter (the "Expiration Date"), as described in the Company's registration statement (the "Registration Statement") pursuant to which Units are offered for sale to the public in the Company's initial public offering (the "Offering"), to subscribe for, purchase and receive, in whole or in part, up to One Hundred Thousand (100,000) units (or up to One Hundred Fifteen Thousand (115,000) units with full exercise of the over-allotment option in the offering) ("Units") of the Company, each Unit consisting of one (1) share of common stock, par value $0.0001 per share, of the Company ("Share(s)"), one (1) warrant ("Warrant(s)"), each Warrant entitling the holder thereof to purchase three-quarters of one Share and one (1) right to receive one-twentieth (1/20) of a Share upon the consummation of a Business Combination ("Right(s)"). Each Right has the same terms as the rights included in the units being registered for sale to the public by way of the Registration Statement ("Public Rights"), except as set forth herein. Each Warrant has the same terms as the warrants included in the Units being registered for sale to the public by way of the Registration Statement (the "Public Warrants"), except as set forth herein. Notwithstanding anything to the contrary, the original Holder of this Purchase Option agrees that it will not be permitted to exercise this Purchase Option or the Rights or the Warrants underlying the Units after the five year anniversary of the commencement of sales of the Offering. 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, Warrants and Rights) 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