Common use of Termination of Rights as Stockholder; Escrow Clause in Contracts

Termination of Rights as Stockholder; Escrow. If the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take such action as is appropriate to cancel such Shares. To effectuate the foregoing, all certificates representing the Shares shall be held in escrow by the Company’s legal counsel or an escrow agent until the earlier of forfeiture or the consummation of a Business Combination within the required time periods set forth in Section 3.1 above. In addition, the Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing.