Sponsor Forfeiture. The Sponsor hereby acknowledges and agrees that, immediately prior to the Merger Effective Time, the Sponsor shall automatically be deemed to irrevocably transfer to Parent, surrender and forfeit for no consideration 760,000 Founder Shares (such Founder Shares, the “Forfeited Securities”) and that from and after such time such Founder Shares shall be deemed to be cancelled and no longer outstanding.
Appears in 3 contracts
Samples: Sponsor Support Agreement (HighPeak Energy, Inc.), Sponsor Support Agreement (Pure Acquisition Corp.), Sponsor Support Agreement (HighPeak Energy, Inc.)
Sponsor Forfeiture. The Sponsor hereby acknowledges and agrees that, immediately prior to the Merger Effective Time, the Sponsor shall automatically be deemed to irrevocably transfer without further consideration to ParentSPAC, and surrender and forfeit for no consideration 760,000 consideration, 2,000,000 Founder Shares (such Founder Shares, the “Forfeited Securities”) and that from and after such time such Founder Shares the Forfeited Securities shall be deemed to be cancelled and no longer outstanding.
Appears in 2 contracts
Samples: Merger Agreement (FAST Acquisition Corp.), Sponsor Agreement (FAST Acquisition Corp.)
