Common use of Outstanding Warrants Only Clause in Contracts

Outstanding Warrants Only. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. Notwithstanding the foregoing, the Founding Director Warrants will not be transferable or saleable by the officer and directors holding such Founding Director Warrants until the Company completes a merger, share capital exchange, asset acquisition or other similar business combination with an operating business and will be non-redeemable so long as such officers and directors hold the Founding Director Warrants. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the Representative.

Outstanding Warrants Only. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is are met. Notwithstanding the foregoing, the Founding Director Private Warrants will not be transferable or saleable by the officer and directors holding such Founding Director Private Warrants until the Company completes a merger, share capital exchange, asset acquisition or other similar business combination with an operating business and will be non-redeemable so long as such officers and directors hold the Founding Director Warrants. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the RepresentativeUnderwriters.