Common use of Forfeiture Agreement Clause in Contracts

Forfeiture Agreement. The Company has caused the holders of the Founder Shares to enter into a forfeiture agreement (the “Forfeiture Agreement”) with the Company substantially in the form filed as an exhibit to the Registration Statement whereby such holders will agree that up to 562,500 of the Founder Shares shall be forfeited in an amount necessary to maintain the holders of Founder Shares’ 20% ownership interest in the issued and outstanding shares of the Company after giving effect to the Offering and exercise, if any, of the Underwriters’ Over-Allotment Option (excluding any shares purchased in the Offering and any Private Shares purchased in the Private Placement by the Insiders.