Representatives Unit Purchase Option. The Company hereby agrees to issue to the Representative (and /or its designees) on the Closing Date a unit purchase option (the “Representative’s Unit Purchase Option”) for the purchase of the number of Securities equal to 4% of the number of Securities issued in the Offering (excluding the Over-Allotment Option), pursuant to a unit purchase option agreement in the form attached hereto as Exhibit C (the “Representative’s Unit Purchase Option Agreement”), at an initial exercise price of $[●], which is equal to 120% of the public offering price for one Unit. The Representative’s Unit Purchase Option, the shares of Common Stock and the Warrants comprising the Representative’s Unit Purchase Option, and the shares of Common Stock issuable upon exercise of the Warrants included in the Representative’s Unit Purchase Option are hereinafter referred to together as the “Representative’s Securities.” The Representative understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Representative’s Unit Purchase Option and the underlying securities during the one hundred eighty (180) days after the Effective Date and by its acceptance thereof shall agree that it will not sell, transfer, assign, pledge or hypothecate the Representative’s Unit Purchase Option, or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities for a period of one hundred eighty (180) days following the Effective Date to anyone other than (i) an Underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such Underwriter or selected dealer; or as otherwise expressly permitted by Rule 5110(g), and only if any such transferee agrees to the foregoing lock-up restrictions.
Representatives Unit Purchase Option. The Company hereby agrees to issue to the Representative (and/or its designees) at the Closing a unit purchase option to purchase up to an aggregate of seven percent (7%) of the shares of Common Stock, Class A Warrants and Class B Warrants underlying the Units issued at each such Closing (the “UPO”). The UPO shall be exercisable, in whole or in part, commencing 270 days from the Effective Date and expiring on the five-year anniversary of the Effective Date at an initial exercise price of $[—] per Unit, which is equal to one hundred and twenty-five percent (125%) of the initial public offering price per Firm Unit. The UPO will be in the form filed as Exhibit [—] to the Registration Statement. The UPO, the Common Stock, Class A Warrants and Class B Warrants issuable upon exercise of the UPO, and the Common Stock issuable upon exercise of the Class A Warrants and Class B Warrants issuable of the UPO are hereinafter referred to collectively as the “Representative’s Securities.”
Representatives Unit Purchase Option. We agreed to issue to the representative of the underwriters’ in this offering a Unit Purchase Option to purchase a number of our Units equal to an aggregate of 5% of the Units sold in this offering. The representative’s Unit Purchase Option will have an exercise price equal to 125% of the public offering price of the Units and may be exercised on a cashless basis. The representative’s Unit Purchase Option is not redeemable by us.
Representatives Unit Purchase Option
