Purchase Option Clause Example from Business Contracts

Purchase Option. THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Maxim Partners LLC ("Holder"), as registered owner of this Purchase Option, to Company, a British Virgin Islands company, Holder is entitled, at any time or from time to time on or after the first anniversary of the effective date ("Effective Date") of the Registration Statement ("Commencement Date"), (as described in the Company's registration statement ("Registration Statement") pursuant to which Units are offered fo...r sale to the public in Company's initial public offering ("Offering")) until five years from the Effective Date of the Registration Statement ("Expiration Date"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to three hundred seventy-five thousand (375,000) units (or up to four hundred thirty-one thousand two hundred and fifty (431,250) units with full exercise of the over-allotment option in the offering) ("Units") of the Company, each Unit consisting of one (1) ordinary share of the Company, no par value ("Ordinary Share(s)"), one redeemable warrant ("Warrant(s)"), each whole Warrant entitling the holder thereof to purchase one-half (1/2) of an Ordinary Share and one (1) right to receive one-tenth (1/10) of an Ordinary Share upon the consummation of a Business Combination ("Right(s)"). 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 ("Public Rights"). Each Warrant is the same as the whole warrant included in the Units being registered for sale to the public by way of the Registration Statement (the "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. 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 Ordinary 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