Common use of Terms of the Private Placement Warrants Clause in Contracts

Terms of the Private Placement Warrants. 8.1 The Private Placement Warrants are substantially identical to the warrants included in the units to be offered in the IPO except that: (i) the Private Placement Warrants and Warrant Shares are subject to the transfer restrictions described in Section 7 hereof, (ii) the Private Placement Warrants will be non-redeemable and may be exercisable on a “cashless” basis if held by a Subscriber or its permitted transferees, as further described in the Warrant Agreement, and (iii) the Private Placement Warrants and Warrant Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement or an exemption from registration is available, and the restrictions described above in clause (i) have expired.