THE LION ELECTRIC COMPANY Units UNDERWRITING AGREEMENTUnderwriting Agreement • December 14th, 2022 • Lion Electric Co • Motor vehicles & passenger car bodies • New York
The Warrants shall be created and issued pursuant to a warrant indenture (the “Warrant Indenture”) to be dated as of the Closing Date (as defined below) between the Company and TSX Trust Company, in its capacity as warrant agent thereunder. Each whole Warrant will entitle the holder thereof to acquire one common share of the Company (each a “Warrant Share” and collectively, the “Warrant Shares”), subject to certain adjustments set forth in the Warrant Indenture, at a price of $2.80 per Warrant Share, for a period of five years from the Closing Date. If in the event adjustments are made, Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares. Any fractional Common Shares shall be rounded down to the nearest whole number and the holder of such Warrants shall not be entitled to any compensation in respect of any fractional Common Share which is not issued.
