Common use of Lock-up; Transfer Restrictions Clause in Contracts

Lock-up; Transfer Restrictions. (a) The Sponsor and the Insiders agree that they shall not Transfer (the “Founder Shares Lock-up”) (i) 50% of the Founder Shares until the earliest to occur of: (x) the six-month anniversary of the date of the consummation of the Company’s initial Business Combination and (y) the date on which the closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day person following the consummation of the Company’s initial business combination; and (ii) with respect to the remaining 50% of the Founder Shares until the six-month anniversary of the date of the consummation of the Company’s initial Business Combination, or in either case of clause (i) or (ii), earlier if, subsequent to an initial Business Combination, the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-Up Period”).