Common use of Initial Subscription Clause in Contracts

Initial Subscription. Subject to the terms and conditions herein, HSC hereby subscribes for, and New Pubco hereby agrees to issue and allot to HSC, 814,029 duly authorized, validly issued, fully paid and non-assessable Ordinary Shares, representing approximately 2.6% of the Ordinary Shares outstanding immediately following Closing (the “Initial Subscription”). The Parties acknowledge and agree that such shares are being issued at a subscription price per share reflecting the equity value of New Pubco as implied by the Business Combination Agreement and the transactions contemplated thereby. The aggregate subscription price for such shares shall be deemed fully satisfied by amounts previously contributed, funded or committed by HSC in connection with the Original Agreement and the Business Combination Agreement, and no further cash payment shall be required from HSC in respect of such shares, other than nominal cash consideration of $0.0001 per share for legal and administrative purposes.