WARRANT TERMS AND CONDITIONSWarrant Terms and Conditions • May 11th, 2019
Aqualis will issue the Warrants on the terms and conditions set out in this document. Aqualis and Braemar agree that pursuant to the Share Purchase Agreement, Braemar shall be entitled to receive Warrants to subscribe for 5,973,556 shares in Aqualis as part of the consideration referred to in the Share Purchase Agreement. Further, Aqualis and Braemar agree that if any Warrants issued to Braemar automatically vest in order to satisfy any Buyer Claim or any Buyer Tax Claim (as such phrases are defined in the Share Purchase Agreement), Aqualis shall, as expeditiously as possible, convene an extraordinary general meeting of the shareholders of Aqualis (or any further extraordinary general meeting(s) of the shareholders of Aqualis) to create and/or issue the further Warrants so that the outstanding Warrants thereafter in issue again represent 5,973,556 shares in Aqualis (as adjusted as necessary pursuant to section (xi) of Part III).
