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 AIB Acquisition Corporation (the "Company"), Holder is entitled, at any time or from time to time upon the consummation of a Business Combination (the "Commencement Date"), and at or before 5:00 p.m., New York City local time, on the earlier of the liquidation of the Company's Trust Account (as described in the Company's Registration Stateme...nt on Form S-1 (the "Registration Statement") pursuant to which units of the Company are offered for sale to the public in the Company's initial public offering ("Offering")) in the event the Company has not completed a Business Combination within the required time periods and January 18, 2027, five years from the effective date (the "Effective Date") of the Registration Statement (the "Expiration Date"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 431,250 units ("Units") of the Company, each Unit consisting of one (1) ordinary share of the Company (the "Ordinary Share(s)") and one (1) right to receive one-tenth (1/10) of an Ordinary Share upon the consummation of a Business Combination (the "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 (the "Public Rights"). 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 $11.00 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 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