Founder Warrants Clause Samples
The Founder Warrants clause defines the terms under which company founders are granted warrants, which are rights to purchase company shares at a predetermined price. Typically, these warrants are issued as part of the founders' compensation or incentive package and may be subject to vesting schedules or performance milestones. This clause ensures that founders have a clear, contractual right to acquire equity in the company under specified conditions, aligning their interests with the company's long-term success and providing a mechanism to reward their ongoing contributions.
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Founder Warrants. The Founders will receive warrants to purchase shares of stock at the initial offering price. These warrants would be issued when the respective Proposed Bank opens for business and, to the extent permitted by the Regulators, would be exercisable upon issuance and would expire ten years following the date that such Proposed Bank opened for business. It is anticipated that each Founder would receive one warrant for every $10.00 dollars advanced to the Company by the Founder or guaranteed (on a pro rata portion of the indebtedness basis without any consideration of any portion of the guaranty above 100%) by the Founder for the benefit of the Company or the Proposed Banks; provided such Founder purchases a number of shares of Company common stock equal to the warrants to be received. Each Founder acknowledges and understands that they must purchase at least the number of shares of stock of the Company or the Proposed Banks as they will receive warrants. The board of directors of the Company shall be empowered to determine the amount of warrants to be issued within the prescribed range, and may amend the range upon a determination that such range would impair the ability of the Proposed Banks to receive all required regulatory approvals or is otherwise not in the best interests of the Proposed Banks. This grant of warrants is contingent upon the approval of the applicable Regulators and may be reduced as necessary to such level as may be required to obtain such regulatory approval.
Founder Warrants. Each of the Founder Warrants shall be identical to the Private Placement Warrants for purposes of this Agreement.
Founder Warrants. The Founder Warrants shall have the same terms and be in the same form as the Public Warrants, except that (i) the Founder Warrants will have an exercise price of $7.50 per share, (ii) the Founder Warrants will become exercisable after the consummation of a Business Combination if and when the last sales price of the Common Stock exceeds $13.50 per share for any 20 trading days within any 30-trading day period beginning 90 days following the consummation of a Business Combination, (iii) the Founder Warrants are not redeemable by the Company as long as they are held by Lazard or the Company’s directors, or their permitted transferees, other than as part of a redemption of Founder Units to the extent the over-allotment option is not exercised in full by the underwriters, (iv) Lazard and our directors have agreed that the Founder Warrants will not be sold or transferred by them (except to permitted transferees) until one year following the consummation of a Business Combination, (v) the Founder Warrants do not expire until the fifth anniversary of the effective date of the Registration Statement and (vi) and the Founder Warrants will be exercisable even in the absence of an effective registration statement registering the Founder Warrants and the underlying shares of Common Stock.
Founder Warrants. All of the closing conditions in the Warrant Purchase Agreement shall have been satisfied.
Founder Warrants. The Founder Warrants shall have the same terms and be in the same form as the Public Warrants, except that (i) the Founder Warrants will become exercisable after the consummation of a Business Combination if and when the last sales price of the Common Stock exceeds $13.50 per share for any 20 trading days within any 30-trading day period beginning 90 days following the consummation of a Business Combination, (ii) the Founder Warrants are not redeemable by the Company as long as they are held by Lazard or the Company’s directors, or their permitted transferees, other than as part of a redemption of Founder Units to the extent the over-allotment option is not exercised in full by the underwriters, (iii) Lazard and our directors have agreed that the Founder Warrants will not be sold or transferred by them (except to permitted transferees) until one year following the consummation of a Business Combination, and (iv) the Founder Warrants do not expire until the fifth anniversary of the effective date of the Registration Statement.
Founder Warrants. KaylaRe hereby acknowledges that the Founder Warrants shall be cancelled as of the completion of the Closing.
Founder Warrants. The Founder Warrants will be issued in the same form as the Public Warrants but they (i) will not be transferable or salable until after the consummation of a business combination except for transfers to persons or entities controlling, controlled by, or under common control with such entity, or to any stockholder, member, partner or limited partner of such entity, which will be subject to the same transfer restrictions until after we complete a business combination, (ii) will be exercisable on a cashless basis and will not be redeemable by us if they are still held by the Insiders or their affiliates and (iii) may be exercised for unregistered shares if a registration statement relating to the common stock issuable upon exercise of the warrants is not effective and current.
Founder Warrants