Common use of Forfeiture of Founder Shares Clause in Contracts

Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional Units within forty-five (45) days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal twenty percent (20%) of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, further agree that, to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at twenty percent (20%) of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.

Forfeiture of Founder Shares. To the extent that the Underwriters do Underwriter does not exercise their its option to purchase additional Units within forty-five (45) 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor and each Insider agrees to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares Shares, on a pro rata basis, so that the number of Founder Shares will equal twenty percent (20%) % of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and each Insider, with respect to itself, herself or himself, as applicable, further agree that, to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at twenty percent (20%) % of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.