against receipt of the Shares Purchase Price, which shall be paid by a drawing under the Letter of Credit (as defined below) or, in the event that the Letter of Credit Agreement (as defined below) is not entered into, by wire transfer of immediately available funds from the Escrow (as defined below). In the latter case, Glazer may instruct the Escrow Agent (as defined below) to release from the Escrow on the Shares Closing Date for Glazer’s use without restriction an amount equal to the Shares Purchase Price.
2.Representations and Warranties of Glazer. Glazer represents and warrants to GigCapital as follows, as of the date hereof:
a.Organization and Power. Glazer is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.
b.Authorization. Glazer has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by Glazer will constitute the valid and legally binding obligation of Glazer enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
c.Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of Glazer in connection with the consummation of the transactions contemplated by this Agreement other than disclosure reports regarding such transactions that Glazer is required to file in accordance with the terms of the Exchange Act (as defined below).
d.Compliance with Other Instruments. The execution, delivery and performance by Glazer of this Agreement and the consummation by Glazer of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to Glazer, in each case (other than clause (i)), which would have a material adverse effect on Glazer or its ability to consummate the transactions contemplated by this Agreement.
e.Share-Holdings. As of November 11, 2019, Glazer held 922,933 Shares, none of which have been sold, offered or contracted to be sold, pledged, transferred, assigned or otherwise disposed of, directly or indirectly, or hedged, since such date.
f.Disclosure of Information. Glazer has had an opportunity to discuss GigCapital’s and the Company’s business, management, financial affairs and the terms and conditions of this Agreement, as well as the terms of the Business Combination, with GigCapital’s management.
g.No Other Representations and Warranties;Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, neither Glazer or any person acting on behalf of Glazer nor any of Glazer’s affiliates (the “Glazer Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to Glazer, and the Glazer Parties disclaim any such representation or warranty.
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