{"component": "clause", "props": {"groups": [{"snippet": "As used herein, \u201cInitial Shares\u201d means 229,865 shares of the Class, subject to adjustment from time to time pursuant to the provisions of this Warrant.", "samples": [{"hash": "feAoaKdksFL", "uri": "/contracts/feAoaKdksFL#initial-shares", "label": "Warrant Agreement", "score": 29.3408622742, "published": true}, {"hash": "6HvZYyH1xtr", "uri": "/contracts/6HvZYyH1xtr#initial-shares", "label": "Warrant Agreement (Roku, Inc)", "score": 27.6659812927, "published": true}, {"hash": "1H4OQFMNcsA", "uri": "/contracts/1H4OQFMNcsA#initial-shares", "label": "Warrant Agreement (Roku, Inc)", "score": 27.6659812927, "published": true}], "snippet_links": [{"key": "shares-of", "type": "clause", "offset": [47, 56]}, {"key": "the-class", "type": "definition", "offset": [57, 66]}, {"key": "subject-to", "type": "clause", "offset": [68, 78]}, {"key": "from-time-to-time", "type": "clause", "offset": [90, 107]}, {"key": "this-warrant", "type": 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per Share set forth in Schedule A, that number of Initial Shares set forth in Schedule A opposite the name of such Underwriter, plus any additional number of Initial Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof, 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.", "samples": [{"hash": "iyoMSTmZH2C", "uri": "/contracts/iyoMSTmZH2C#initial-shares", "label": "Underwriting Agreement (Trevi Therapeutics, Inc.)", "score": 35.2902121834, "published": true}, {"hash": "84sZXm5gXsP", "uri": "/contracts/84sZXm5gXsP#initial-shares", "label": "Underwriting Agreement (Trevi Therapeutics, Inc.)", "score": 34.4223136902, "published": true}], "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [7, 15]}, {"key": "the-representations-and-warranties", "type": "clause", "offset": [16, 50]}, {"key": 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The Company will cause the certificates representing the Initial Shares to be made available for checking and packaging at least twenty-four (24) hours prior to the Closing Time (as defined below) with respect thereto at the office of \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Lynch, Pierce, \u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587 Incorporated, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, or at the office of DTC or its designated custodian, as the case may be (the \u201cDesignated Office\u201d). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on the third business day after the date hereof (unless another time and date shall be agreed to by the Representatives and the Company). The time at which such payment and delivery of the Shares are actually made is hereinafter sometimes called the \u201cClosing Time,\u201d and the date of delivery of both the Initial Shares and the Option Shares is hereinafter sometimes called the \u201cDate of Delivery.\u201d", "samples": [{"hash": "4waUOX2rk8", "uri": "/contracts/4waUOX2rk8#initial-shares", "label": "Underwriting Agreement (Ashford Hospitality Trust Inc)", "score": 23.2819976807, "published": true}, {"hash": "g8IKYdVCTWc", "uri": "/contracts/g8IKYdVCTWc#initial-shares", "label": "Underwriting Agreement (Ashford Hospitality Trust Inc)", "score": 22.4825458527, "published": true}], "snippet_links": [{"key": "shares-to-be-purchased", "type": "clause", "offset": [4, 26]}, {"key": "definitive-form", "type": "clause", "offset": [61, 76]}, {"key": "authorized-denominations", "type": "definition", "offset": [90, 114]}, {"key": "the-representatives", "type": "clause", "offset": [147, 166]}, {"key": "the-company-shall", 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additional number of Initial Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof.", "samples": [{"hash": "khj8e4PqNRK", "uri": "/contracts/khj8e4PqNRK#initial-shares", "label": "Purchase Agreement (MLP & Strategic Equity Fund Inc.)", "score": 17.0, "published": true}, {"hash": "jfd41dyEnKs", "uri": "/contracts/jfd41dyEnKs#initial-shares", "label": "Purchase Agreement (Defined Strategy Fund, Inc.)", "score": 17.0, "published": true}, {"hash": "i2ImQUfCvBx", "uri": "/contracts/i2ImQUfCvBx#initial-shares", "label": "Purchase Agreement (S&P 500 GEARED Fund Inc.)", "score": 17.0, "published": true}], "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [7, 15]}, {"key": "the-representations-and-warranties", "type": "clause", "offset": [16, 50]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [84, 108]}, {"key": "the-fund", "type": "clause", "offset": [127, 135]}, {"key": "to-sell", "type": "clause", 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Depository Trust Company (\u201cDTC\u201d) for the account of the Underwriters, against payment by or on behalf of the Underwriters of the purchase price therefor by wire transfer of Federal (same-day) funds to the accounts specified to the Representatives by the Company upon at least forty-eight (48) hours\u2019 prior notice. The time, date and place of such delivery and payment shall be 9:30 a.m., New York City time, on the third (fourth, if the determination of the purchase price of the Initial Shares occurs after 4:30 p.m., New York City time) business day after the date hereof (unless another time and date shall be agreed to by the Representatives and the Company) at the office of Hunton & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 LLP, counsel for the Underwriters, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587. The time and date at which such delivery and payment are actually made is hereinafter called the \u201cClosing Time.\u201d", "samples": [{"hash": "ajdb0mKy05", "uri": "/contracts/ajdb0mKy05#initial-shares", "label": "Underwriting Agreement (Northstar Realty Finance Corp.)", "score": 24.9589328766, "published": true}, {"hash": "Y8wdQnv8AD", "uri": "/contracts/Y8wdQnv8AD#initial-shares", "label": "Underwriting Agreement (Northstar Realty Finance Corp.)", "score": 24.603012085, "published": true}, {"hash": "7lqEf62ALKp", "uri": "/contracts/7lqEf62ALKp#initial-shares", "label": "Underwriting Agreement (Northstar Realty Finance Corp.)", "score": 23.9596176147, "published": true}], "snippet_links": [{"key": "shares-to-be-purchased", "type": "clause", "offset": [12, 34]}, {"key": "by-the-underwriters", "type": "clause", "offset": [35, 54]}, {"key": "definitive-form", "type": "clause", "offset": [69, 84]}, {"key": "authorized-denominations", "type": "definition", "offset": [98, 122]}, {"key": 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paragraph of this Agreement, plus any additional number of Initial Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 9 hereof.", "samples": [{"hash": "8RCOtrnf1Tv", "uri": "/contracts/8RCOtrnf1Tv#initial-shares", "label": "Underwriting Agreement (Rithm Property Trust Inc.)", "score": 36.1704330444, "published": true}, {"hash": "8i2LVnjBCRU", "uri": "/contracts/8i2LVnjBCRU#initial-shares", "label": "Underwriting Agreement (New Residential Investment Corp.)", "score": 30.29637146, "published": true}, {"hash": "2INstdZbeEt", "uri": "/contracts/2INstdZbeEt#initial-shares", "label": "Underwriting Agreement (New Residential Investment Corp.)", "score": 28.0910339355, "published": true}], "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [7, 15]}, {"key": "warranties-and-agreements", "type": "clause", "offset": [37, 62]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [79, 103]}, {"key": "to-sell", "type": 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Representative, including, at the option of the Representative, through the facilities of The Depository Trust Company (\u201cDTC\u201d) for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified to the Representative by the Company upon at least forty-eight hours\u2019 prior notice. The Company will cause the certificates representing the Initial Shares to be made available for checking and packaging not later than 1:00 p.m. New York City time on the business day prior to the Closing Time (as defined below) with respect thereto at the office of the Representative, \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, or at the office of DTC or its designated custodian, as the case may be (the \u201cDesignated Office\u201d). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on the third (fourth, if the determination of the purchase price of the Initial Shares occurs after 4:30 p.m., New York City time) business day after the date hereof (unless another time and date shall be agreed to by the Representative and the Company). The time and date at which such delivery and payment are actually made is hereinafter called the \u201cClosing Time.\u201d", "samples": [{"hash": "3tjcfmqI17u", "uri": "/contracts/3tjcfmqI17u#initial-shares", "label": "Underwriting Agreement (HomeStreet, Inc.)", "score": 23.1081447601, "published": true}, {"hash": "QzoOk7VYGF", "uri": "/contracts/QzoOk7VYGF#initial-shares", "label": "Underwriting Agreement (HomeStreet, Inc.)", "score": 22.6016426086, "published": true}, {"hash": "kTfyE2RWYPH", "uri": "/contracts/kTfyE2RWYPH#initial-shares", "label": "Underwriting Agreement (Anworth Mortgage Asset Corp)", "score": 19.0, "published": true}], "snippet_links": [{"key": "shares-to-be-purchased", "type": "clause", "offset": [12, 34]}, {"key": "definitive-form", "type": "clause", "offset": [69, 84]}, {"key": "authorized-denominations", "type": "definition", "offset": [98, 122]}, {"key": "the-representative", "type": "clause", "offset": [155, 173]}, {"key": "the-company-shall", "type": "clause", "offset": [235, 252]}, {"key": "behalf-of-the-company", "type": "clause", "offset": [275, 296]}, {"key": "the-option", "type": "clause", "offset": [334, 344]}, {"key": "the-facilities", "type": "clause", "offset": [376, 390]}, {"key": "the-depository-trust-company", "type": "definition", "offset": [394, 422]}, {"key": "the-account", "type": "clause", "offset": [435, 446]}, {"key": "such-underwriter", "type": "clause", "offset": [450, 466]}, {"key": "payment-by", "type": "clause", "offset": [476, 486]}, {"key": "transfer-of", "type": "definition", "offset": [559, 570]}, {"key": "by-the-company", "type": "clause", "offset": [643, 657]}, {"key": "the-company-will", "type": "clause", "offset": [705, 721]}, {"key": "the-certificates", "type": "clause", "offset": [728, 744]}, {"key": "made-available", "type": "clause", "offset": [783, 797]}, {"key": "new-york-city-time", "type": "definition", "offset": [850, 868]}, {"key": "business-day", "type": "definition", "offset": [876, 888]}, {"key": "the-closing-time", "type": "clause", "offset": [898, 914]}, {"key": "office-of-the", "type": "definition", "offset": [962, 975]}, {"key": "designated-custodian", "type": "clause", "offset": [1074, 1094]}, {"key": "the-case", "type": "definition", "offset": [1099, 1107]}, {"key": "designated-office", "type": "clause", "offset": [1121, 1138]}, {"key": "date-of", "type": "clause", "offset": [1155, 1162]}, {"key": "delivery-and-payment", "type": "clause", "offset": [1168, 1188]}, {"key": "price-of-the", "type": "clause", "offset": [1288, 1300]}, {"key": "date-hereof", "type": "clause", "offset": [1383, 1394]}, {"key": "agreed-to-by-the", "type": "definition", "offset": [1434, 1450]}, {"key": "and-the-company", "type": "clause", "offset": [1466, 1481]}], "size": 21, "hash": "e00beaafd704a536285d76f094b572bb", "id": 9}, {"snippet": "The Initial Shares to be purchased by each Underwriter hereunder, registered in such names and amounts as the Representative may request upon at least forty-eight hours\u2019 prior notice to the Company, shall be delivered by or on behalf of the Company to the Representative through the facilities of The Depository Trust Company (\u201cDTC\u201d) for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified to the Representative by the Company and each of the Selling Stockholders, upon at least forty-eight hours\u2019 prior notice. To the extent the Initial Shares exist in certificated form, the Company will cause the certificates representing the Initial Shares to be made available for checking and packaging not later than 1:00 p.m. New York City time on the business day prior to the Closing Time (as defined below) with respect thereto at the office of FBR, 1\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, or at the office of DTC or its designated custodian, as the case may be (the \u201cDesignated Office\u201d). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on the third (fourth, if the determination of the purchase price of the Initial Shares occurs after 4:30 p.m., New York City time) business day after the date hereof (unless another time and date shall be agreed to by the Representative and the Company). The time and date at which such delivery and payment are actually made is hereinafter called the \u201cClosing Time.\u201d", "samples": [{"hash": "k6QWLqex6hK", "uri": "/contracts/k6QWLqex6hK#initial-shares", "label": "Underwriting Agreement (Great Ajax Corp.)", "score": 24.1334705353, "published": true}, {"hash": "j1AkYy4XRvc", "uri": "/contracts/j1AkYy4XRvc#initial-shares", "label": "Underwriting Agreement (Great Ajax Corp.)", "score": 24.1143054962, "published": true}], "snippet_links": [{"key": "shares-to-be-purchased", "type": "clause", "offset": [12, 34]}, {"key": "the-representative", "type": "clause", "offset": [106, 124]}, {"key": "notice-to-the-company", "type": "clause", "offset": [176, 197]}, {"key": "behalf-of-the-company", "type": "clause", "offset": [227, 248]}, {"key": "the-facilities", "type": "clause", "offset": [279, 293]}, {"key": "the-depository-trust-company", "type": "definition", "offset": [297, 325]}, {"key": "the-account", "type": "clause", "offset": [338, 349]}, {"key": "such-underwriter", "type": "clause", "offset": [353, 369]}, {"key": "payment-by", "type": "clause", "offset": [379, 389]}, {"key": "transfer-of", "type": "definition", "offset": [462, 473]}, {"key": "by-the-company", "type": "clause", "offset": [546, 560]}, {"key": "of-the-selling-stockholders", "type": "clause", "offset": [570, 597]}, {"key": "to-the-extent", "type": "clause", "offset": [646, 659]}, {"key": "certificated-form", "type": "clause", "offset": [688, 705]}, {"key": "the-company-will", "type": "clause", "offset": [707, 723]}, {"key": "the-certificates", "type": "clause", "offset": [730, 746]}, {"key": "made-available", "type": "clause", "offset": [785, 799]}, {"key": "new-york-city-time", "type": "definition", "offset": [852, 870]}, {"key": "business-day", "type": "definition", "offset": [878, 890]}, {"key": "the-closing-time", "type": "clause", "offset": [900, 916]}, {"key": "the-office", "type": "clause", "offset": [960, 970]}, {"key": "designated-custodian", "type": "clause", "offset": [1073, 1093]}, {"key": "the-case", "type": "definition", "offset": [1098, 1106]}, {"key": "designated-office", "type": "clause", "offset": [1120, 1137]}, {"key": "date-of", "type": "clause", "offset": [1154, 1161]}, {"key": "delivery-and-payment", "type": "clause", "offset": [1167, 1187]}, {"key": "price-of-the", "type": "clause", "offset": [1287, 1299]}, {"key": "date-hereof", "type": "clause", "offset": [1382, 1393]}, {"key": "agreed-to-by-the", "type": "definition", "offset": [1433, 1449]}, {"key": "and-the-company", "type": "clause", "offset": [1465, 1480]}], "size": 21, "hash": "5c8c7c5bff68007eaabf2c3ceff35fd1", "id": 10}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ihdpbml0aWFsLXNoYXJlcyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["purchase", "Purchase"], ["initial-settlement", "Initial Settlement"], ["first-shares", "First  Shares"], ["second-shares", "Second Shares"], ["third-shares", "Third  Shares"]], "parents": [["sale-and-purchase", "Sale and Purchase"], ["payment-and-delivery", "Payment and Delivery"], ["number-of-shares", "Number of Shares"], ["sale-and-delivery-to-the-underwriters-closing", "Sale and Delivery to the Underwriters Closing"], ["sale-and-delivery-to-underwriters-closing", "Sale and Delivery to Underwriters Closing"]], "title": "Initial Shares", "size": 596, "id": "initial-shares", "related": [["founder-shares", "Founder Shares", "Founder Shares"], ["additional-shares", "Additional Shares", "Additional Shares"], ["consideration-shares", "Consideration Shares", "Consideration Shares"], ["option-shares", "Option Shares", "Option Shares"], ["common-shares", "Common Shares", "Common Shares"]], "related_snippets": [], "updated": "2026-04-19T04:24:51+00:00", "also_ask": ["What are the key negotiation levers when determining the number and class of Initial Shares?", "Which essential terms must be included to prevent dilution or loss of control regarding Initial Shares?", "What are the most common legal pitfalls or ambiguities in Initial Shares clauses that could be exploited?", "How do Initial Shares provisions compare across different jurisdictions or standard investment agreements?", "What factors most influence a court\u2019s willingness to enforce or interpret Initial Shares allocations in disputes?"], "drafting_tip": "Specify the number and class of initial shares to prevent disputes; identify recipients to ensure proper allocation; state issuance conditions to clarify obligations.", "explanation": "The 'Initial Shares' clause defines the specific number and type of shares that are issued to founders, investors, or other stakeholders at the formation of a company. Typically, this clause outlines the allocation of shares among the initial shareholders, specifying details such as class of shares, ownership percentages, and any special rights attached to those shares. By clearly establishing the initial ownership structure, this clause ensures transparency and prevents future disputes regarding equity distribution."}, "json": true, "cursor": ""}}