Common use of Deferred Equity Clause in Contracts

Deferred Equity. The Company agrees to issue to Chardan (and/or its designees) such number of shares of Common Stock equal to half of one percent (0.5%) of the number of Units sold (25,000 shares if the Over-allotment Option is not exercised, and up to 28,750 if the Over-allotment Option is exercised in full) (the “Deferred Equity”). Delivery of the Deferred Equity shall be made upon the consummation of the Business Combination. The Company shall deliver to the Representative (and/or its designees) upon the consummation of the Business Combination, certificates for the Deferred Equity in the name or names and in such authorized denominations as the Representative may request. Pursuant to Rule 5110(g)(1) of FINRA’s Rules, the Deferred Equity is subject to a lock-up for a period of one hundred eighty (180) days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing one hundred eighty (180) day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Deferred Equity. The Company agrees to issue to Chardan (and/or its designeesdesignee(s)) such number of shares of Common Stock equal to half three-quarters of one percent (0.50.75%) of the number of Units sold (25,000 37,500 shares if the Over-allotment Option is not exercised, and up to 28,750 43,125 shares if the Over-allotment Option is exercised in full) (the “Deferred Equity”). Delivery of the Deferred Equity shall be made upon the consummation of the Business Combination. The Company shall deliver to the Representative (and/or its designeesdesignee(s)) upon the consummation of the Business Combination, certificates for the Deferred Equity in the name or names and in such authorized denominations as the Representative may request. Pursuant to Rule 5110(g)(15110(e)(1) of FINRA’s Rulesrules, the Deferred Equity is subject to a lock-up for a period of one hundred eighty (180) days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing one hundred eighty (180) day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Deferred Equity. The Company agrees to issue to Chardan (and/or its designeesdesignee(s)) such number of shares of Common Stock equal to half three-quarters of one percent (0.50.75%) of the number of Units sold (25,000 37,500 shares if the Over-allotment Option is not exercised, and up to 28,750 43,125 shares if the Over-allotment Option is exercised in full) (the “Deferred Equity”). Delivery of the Deferred Equity shall be made upon the consummation of the Business Combination. The Company shall deliver to the Representative (and/or its designeesdesignee(s)) upon the consummation of the Business Combination, certificates for the Deferred Equity in the name or names and in such authorized denominations as the Representative may request. Pursuant to Rule 5110(g)(1) of FINRA’s Rulesrules, the Deferred Equity is subject to a lock-up for a period of one hundred eighty (180) days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing one hundred eighty (180) day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Deferred Equity. The Company agrees to issue to Chardan (and/or its designeesdesignee(s)) such number of shares of Common Stock equal to half three quarters of one percent (0.50.75%) of the number of Units sold (25,000 37,500 shares if the Over-allotment Option is not exercised, and up to 28,750 43,125 shares if the Over-allotment Option is exercised in full) (the “Deferred Equity”). Delivery of the Deferred Equity shall be made upon the consummation of the Business Combination. The Company shall deliver to the Representative (and/or its designeesdesignee(s)) upon the consummation of the Business Combination, certificates for the Deferred Equity in the name or names and in such authorized denominations as the Representative may request. Pursuant to Rule 5110(g)(15110(e)(1) of FINRA’s Rulesrules, the Deferred Equity is subject to a lock-up for a period of one hundred eighty (180) days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing one hundred eighty (180) day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Deferred Equity. The Company agrees to issue to Chardan the Representative (and/or its designees) such number of shares of Common Stock equal to half of one percent (0.5%) of the number of Units sold (25,000 shares if the Over-allotment Option is not exercised, and up to 28,750 if the Over-allotment Option is exercised in full) (the “Deferred Equity”). Delivery of the Deferred Equity shall be made upon the consummation of the Business Combination. The Company shall deliver to the Representative (and/or its designees) upon the consummation of the Business Combination, certificates for the Deferred Equity in the name or names and in such authorized denominations as the Representative may request. Pursuant to Rule 5110(g)(15110(e)(1) of FINRA’s Rules, the Deferred Equity is subject to a lock-up for a period of one hundred eighty (180) days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing one hundred eighty (180) day during such period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.