Common use of Additional Ordinary Shares Clause in Contracts

Additional Ordinary Shares. In addition, upon the basis of the representations and warranties and other terms and conditions and agreements herein set forth, at the purchase price per Ordinary Share set forth in paragraph (a) above less an amount equal to any dividend or distribution payable on Initial Ordinary Shares that is not also payable on the Additional Ordinary Shares, the Company hereby grants an option to the Underwriters, acting severally and not jointly, to purchase and subscribe for from the Company, all or any part of the Additional Ordinary Shares, plus any additional number of Additional Ordinary Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 8 hereof. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part from time to time upon notice by the Representatives to the Company, which may be given at any time within 30 days from the date of the Prospectus, setting forth the number of Additional Ordinary Shares as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Additional Ordinary Shares. Any such time and date of delivery (an “Option Closing Time”) shall be determined by the Representatives, but shall not be later than five full business days (or earlier, without the consent of the Company, than two full business days) after the exercise of such option, nor in any event prior to the Closing Time, as hereinafter defined. If the option is exercised as to all or any portion of the Additional Ordinary Shares, the Company will sell, issue and allot that number of Additional Ordinary Shares then being purchased and each of the Underwriters, acting severally and not jointly, will purchase and subscribe for that proportion of the total number of Additional Ordinary Shares then being purchased which the number of Initial Ordinary Shares set forth in Schedule I opposite the name of such Underwriter bears to the total number of Initial Ordinary Shares, subject in each case to such adjustments among the Underwriters as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. The Representatives may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.