Adjustment of Founders’ Units. (a) If the underwriters with respect to the Initial Public Offering do not exercise the over-allotment option proposed to be granted to them by the Company, the Purchaser and any Permitted Transferees agree to forfeit to the Company a number of Founders’ Units necessary to ensure that the aggregate amount of Founders’ Shares held by the Purchaser, together with the other initial stockholders, and any Permitted Transferees does not exceed 20% (by way of pro rata adjustment among the founding stockholders) of the issued and outstanding common stock of the Company upon consummation of the Initial Public Offering. The Purchaser and any Permitted Transferees agree to take any and all action reasonably requested by the Company necessary to effect any adjustment pursuant to this paragraph vii(a). The Company will not make any cash payment to the Purchaser or any Permitted Transferees in respect of any such adjustment.
Appears in 5 contracts
Samples: Securities Purchase Agreement (Leopard Acquisition Corp.), Securities Purchase Agreement (Leopard Acquisition Corp.), Securities Purchase Agreement (Leopard Acquisition Corp.)
