Termination Clause Example from Business Contracts

Termination. This Agreement may be terminated at any time prior to the FPS Closing: (a) by mutual written consent of the Company and the Purchaser; or (b) automatically: (i) if the IPO is not consummated on or prior to twelve months from the date of this Agreement; or (ii) if the Business Combination is not consummated within twelve (12) months from the IPO Closing (or up to 18 months from the consummation of the IPO if the Company extends the period of time to consummate a business combination), or such lat...er date as may be approved by the Company's shareholders in accordance with the Articles. In the event of any termination of this Agreement pursuant to this Section 7, the FPS Purchase Price (and interest thereon, if any), if previously paid, and all Purchaser's funds paid in connection herewith shall be promptly returned to the Purchaser in accordance with written instructions provided by the Purchaser to the Company, and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section 7 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement. Section 4(a) shall survive termination of this Agreement. View More