Common use of Cancellation of Founder Shares Clause in Contracts

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 by (b) a fraction, (i) the numerator of which is 3,000,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 937,500 by (b) a fraction, (i) the numerator of which is 3,000,000 3,750,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0003,750,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ Underwriter’s option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 by (b) a fraction, (i) the numerator of which is 3,000,000 minus the number of Class A Shares purchased by the Underwriters Underwriter upon the exercise of their its overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,000. For the avoidance of doubt, if the Underwriters exercise their Underwriter exercises its overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ Underwriter’s option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 562,500 by (b) a fraction, (i) the numerator of which is 3,000,000 2,250,000 minus the number of Class A Shares purchased by the Underwriters Underwriter upon the exercise of their its overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0002,250,000. For the avoidance of doubt, if the Underwriters exercise their Underwriter exercises its overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 843,750 by (b) a fraction, (i) the numerator of which is 3,000,000 3,375,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their its overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0003,375,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 562,500 by (b) a fraction, (i) the numerator of which is 3,000,000 2,250,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0002,250,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the Sponsor, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 562,500 by (b) a fraction, (i) the numerator of which is 3,000,000 2,250,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0002,250,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.above.1

Cancellation of Founder Shares. Upon the earlier of (i) the exercise in full of the Underwriters’ option described in Section 2(b) hereof and (ii) the expiration of such option in accordance with the terms of Section 2(b) hereof, the Company shall cancel or otherwise effect the forfeiture of Founder Shares from the SponsorShares, in an aggregate amount equal to the number of Founder Shares determined by multiplying (a) 750,000 900,000 by (b) a fraction, (i) the numerator of which is 3,000,000 3,600,000 minus the number of Class A Shares purchased by the Underwriters upon the exercise of their overallotment option to purchase Option Securities, if any, and (ii) the denominator of which is 3,000,0003,600,000. For the avoidance of doubt, if the Underwriters exercise their overallotment option to purchase Option Securities in full, the Company shall not cancel or otherwise effect the forfeiture of the Founder Shares as required above.