Common use of Release of Escrow Securities Clause in Contracts

Release of Escrow Securities. (1) When an emerging issuer becomes an established issuer, the release schedule for its escrow securities changes provided that the Issuer’s Board of Directors must approve such change to the release schedule in order for it to become applicable. (2) If an emerging issuer becomes an established issuer 18 months or more after its listing date, all escrow securities will be released immediately (subject to the Issuer’s Board of Directors’ approval). (3) If an emerging issuer becomes an established issuer within 18 months after its listing date, all escrow securities that would have been released to that time, if the Issuer was an established issuer on its listing date, will be released immediately (subject to the Issuer’s Board of Directors’ approval).. Remaining escrow securities will be released in equal installments on the day that is 6 months, 12 months and 18 months after the listing date (subject to the Issuer’s Board of Directors’ approval).