Common use of Disbursement of the Escrow Shares Clause in Contracts

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 1,500,000 750,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock determined Founder’s Shares held by multiplying 375,000 the Founder equal to 187,500 multiplied by a fraction, (i) the numerator of which is 1,500,000 750,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,000750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus Registration Statement (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 562,500 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 562,500 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 900,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders Initial Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Ordinary Shares determined by multiplying 375,000 225,000 by a fraction, (i) the numerator of which is 1,500,000 900,000 minus the number of shares of Common Stock Ordinary Shares included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000900,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,000,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 750,000 by a fraction, (i) the numerator of which is 1,500,000 3,000,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,000,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,800,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 450,000 by a fraction, (i) the numerator of which is 1,500,000 1,800,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,800,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 30 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 562,500 multiplied by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,150,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree each Stockholder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 1,150,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,150,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,625,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 656,250 by a fraction, (i) the numerator of which is 1,500,000 2,625,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,625,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units Stock, if any, purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 750,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Initial Shareholder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares Escrow Shares equal to the product of Common Stock determined (i) 187,500, multiplied by multiplying 375,000 by (ii) a fraction, (ix) the numerator of which is 1,500,000 750,000 minus the number of shares of Common Stock included in the Units Ordinary Shares purchased by the Underwriters upon the exercise of the their over-allotment option, and (iiy) the denominator of which is 1,500,000750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,875,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 468,750 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,875,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,875,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,625,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus Registration Statement (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 656,250 by a fraction, (i) the numerator of which is 1,500,000 2,625,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,625,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), Armada Sponsor LLC (the “Sponsor”) and the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 1,125,000 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,125,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 281,250 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,125,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,125,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 750,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 187,500 by a fraction, (i) the numerator of which is 1,500,000 750,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,875,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 468,750 by a fraction, (i) the numerator of which is 1,500,000 1,875,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,875,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,375,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 843,750 by a fraction, (i) the numerator of which is 1,500,000 3,375,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,375,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 750,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 187,500 by a fraction, (i) the numerator of which is 1,500,000 750,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 900,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 225,000 by a fraction, (i) the numerator of which is 1,500,000 900,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000900,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree each Stockholder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 562,500 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,650,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 412,500 by a fraction, (i) the numerator of which is 1,500,000 1,650,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,650,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 (a) If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,625,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 656,250 by a fraction, (i) the numerator of which is 1,500,000 2,625,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,625,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 562,500 multiplied by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,075,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 768,750 by a fraction, (i) the numerator of which is 1,500,000 3,075,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,075,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 1,500,000 1,875,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Forum Investors I, LLC agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock determined held by multiplying 375,000 Forum Investors I, LLC equal to 468,750 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,875,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,0001,875,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001.500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Forum Investors I, LLC agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock determined held by multiplying 375,000 Forum Investors I, LLC equal to 562,500 multiplied by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 1,800,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock determined by multiplying 375,000 450,000 by a fraction, (i) the numerator of which is 1,500,000 1,800,000 minus the number of shares of Common Stock included in the Units Stock, if any, purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,0001,800,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Ordinary Shares determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock Ordinary Shares included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 5,400,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that Sponsor agrees the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock Escrow Shares determined by multiplying 375,000 1,350,000 by a fraction, (i) the numerator of which is 1,500,000 5,400,000 minus the number of shares of Common Stock included in the Units Stock, if any, purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,0005,400,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,700,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 675,000 by a fraction, (i) the numerator of which is 1,500,000 2,700,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,700,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,875,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 468,750 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,875,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,875,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 562,500 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,700,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 675,000 by a fraction, (i) the numerator of which is 1,500,000 2,700,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,700,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 (a) If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,550,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 637,500 by a fraction, (i) the numerator of which is 1,500,000 2,550,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,550,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 1,950,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares Escrow Shares held by the Sponsor equal to the product of Common Stock determined (i) 487,500, multiplied by multiplying 375,000 by (ii) a fraction, (ix) the numerator of which is 1,500,000 1,950,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the their over-allotment option, and (iiy) the denominator of which is 1,500,0001,950,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), Armada Sponsor LLC (the “Sponsor”) and the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 675,000 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,000,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Tuscan Holdings Acquisition LLC agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 750,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 3,000,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,000,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 4,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that Sponsor agrees the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares of Common Stock Escrow Shares determined by multiplying 375,000 1,125,000 by a fraction, (i) the numerator of which is 1,500,000 4,500,000 minus the number of shares of Common Stock included in the Units Stock, if any, purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,0004,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares Escrow Shares held by the Sponsor equal to the product of Common Stock determined (i) 562,500, multiplied by multiplying 375,000 by (ii) a fraction, (ix) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the their over-allotment option, and (iiy) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,150,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,150,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,150,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 787,500 by a fraction, (i) the numerator of which is 1,500,000 3,150,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,150,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Union Group agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of its shares of Common Stock determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units Units, if any, purchased by the Underwriters upon the exercise of the their over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,050,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 281,250 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,050,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,050,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,800,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Founder agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 450,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 1,800,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,800,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 562,500 by a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders Initial Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Ordinary Shares determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock Ordinary Shares included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by the Sponsor determined by multiplying 375,000 (a) 562,500, by (b) a fraction, (i) the numerator of which is 1,500,000 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 3.1. If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders Initial Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Ordinary Shares determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock Ordinary Shares included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus Registration Statement (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 500,000 by a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 1,650,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Sponsor agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock Founder Shares held by the Sponsor determined by multiplying 375,000 412,500 by a fraction, (i) the numerator of which is 1,500,000 1,650,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0001,650,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the over-allotment option to purchase all or a portion of the additional 1,500,000 3,600,000 Units of the Company is not exercised in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree Tuscan Holdings Acquisition LLC agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by multiplying 375,000 900,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 3,600,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,0003,600,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.