Common use of Disbursement of the Escrow Shares Clause in Contracts

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 2,700,000 Units of the Company within 30 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsors agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares held by each Sponsor determined by multiplying (a) the product of (i) 675,000, multiplied by (ii) a fraction, (x) the numerator of which is the number of shares held by each Sponsor, and (y) the denominator of which is the total number of shares, by (b) a fraction, (i) the numerator of which is 2,700,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 2,700,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise in full their over-allotment option to purchase all or a portion of the up to an additional 2,700,000 1,500,000 Units of the Company within 30 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsors Union Group, Union Associates and Xxx Xxxxxx agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the a number of shares held by each Sponsor determined by multiplying (a) the product of (i) 675,000375,000, multiplied by (ii) a fraction, (x) the numerator of which is the number of shares Ordinary Shares held by each Sponsor, such holder and (y) the denominator of which is the total number of shares, 2,875,000 by (b) a fraction, (i) the numerator of which is 2,700,000 1,500,000 minus the number of shares of Common Stock Units, if any, purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 2,700,0001,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 2,700,000 5,250,000 Units of the Company within 30 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsors agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares held by each Sponsor determined by multiplying (a) the product of (i) 675,0001,312,500, multiplied by (ii) a fraction, (x) the numerator of which is the number of shares held by each Sponsor, and (y) the denominator of which is the total number of shares, by (b) a fraction, (i) the numerator of which is 2,700,000 5,250,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 2,700,0005,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

Disbursement of the Escrow Shares. 3.1 If the Underwriters do not exercise their over-allotment option to purchase all or a portion of the additional 2,700,000 2,250,000 Units of the Company within 30 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsors agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares held by each Sponsor determined by multiplying (a) the product of (i) 675,000562,500, multiplied by (ii) a fraction, (x) the numerator of which is the number of shares held by each Sponsor, and (y) the denominator of which is the total number of shares, by (b) a fraction, (i) the numerator of which is 2,700,000 2,250,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 2,700,0002,250,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.