Surrender and Cancellation of Shares. (a) In the event the over-allotment option (the “Over-Allotment Option”) granted to the representative(s) of the underwriters of the Company’s IPO is not exercised in full, the Buyer acknowledges and agrees that it shall surrender for cancellation any and all rights to such number of Shares (up to an aggregate of 937,500 Shares and pro rata based upon the percentage of the Over-Allotment Option exercised) such that immediately following such surrender, the Buyer (and all other initial shareholders prior to the IPO, if any) will own an aggregate number of Shares (not including ordinary shares issuable upon exercise of any warrants or any ordinary shares purchased by the Buyer in the Company’s IPO or in the aftermarket) equal to 20% of the issued and outstanding ordinary shares of the Company immediately following the IPO.
Surrender and Cancellation of Shares. 3.1. Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Subscriber acknowledges and agrees that it shall surrender for cancellation any and all rights to such number of Shares (up to an aggregate of 375,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such surrender and cancellation, the Subscriber (and all other initial shareholders prior to the IPO, if any) will own an aggregate number of Class B ordinary shares (not including Ordinary Shares issuable upon exercise of any warrants or any Ordinary Shares subscribed for or purchased by the Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following the IPO.
Surrender and Cancellation of Shares. Within ten (10) days of the determination of the FMV Loss as provided herein, the Licensee shall have the right and option to accept the surrender of and cancel the number of Consideration Shares equal to the FMV Loss divided by the deemed value of $0.05 CAD per Consideration Share (the “Surrendered Shares”). The Surrendered Shares shall be cancelled in proportion to the allocation set forth in Appendix A of the License Agreement.
Surrender and Cancellation of Shares. The Shareholder hereby surrenders the Shares for cancellation, and the Company hereby accepts such surrender and cancellation, effective as of the Effective Date. By execution of this Agreement, the Shareholder hereby waives, relinquishes and disclaims in all respects any and all claims/and or rights to record or beneficial ownership of the Shares. All of the Shares shall be delivered to the Company’s transfer agent as instructed by the Company, together with executed stock powers promptly following the execution of this Agreement. Notwithstanding the obligation to deliver such Shares, the Secretary of Company shall record such cancellations and shall have the full power and authority to direct the transfer agent for the Company to cancel such Shares on the books and records of the Company as attorney-in-fact for the holders of such Shares cancelled hereby.
Surrender and Cancellation of Shares. 1.1 Xxxxxxxx hereby contributes 554,025 shares of common stock of the Company to the Company, such shares to be cancelled by the Company (the "Xxxxxxxx Cancellation Shares"); provided, however, that if requested by the Company, Xxxxxxxx shall effect such contribution by transferring the Xxxxxxxx Cancellation Shares to the Depository Trust Company (or its nominee) (the "DTC") concurrently with the transfer by DTC, to the Company for cancellation, of share certificates representing 554,025 of the Shares. Xxxxxxxx hereby delivers or agrees to promptly deliver (and in any event within ten business days from the date hereof) to the Company Stock Certificate No. 65 along with an executed stock power with a signature guarantee for the purpose of effecting such contribution or transfer. The Company shall cause a new stock certificate to be issued and returned to Xxxxxxxx for the amount by which the share certificates exceed the number of Xxxxxxxx Cancellation Shares.
Surrender and Cancellation of Shares
