Key managers are frequently encouraged to increase the value of the company's stock through the use of stock options.
In the Underwriting Agreement, "Firm Shares" refers to the number of newly issued shares of Class A Common Stock that are a part of the Public Offering. Except upon tender of payment by the Underwriters for all the Firm Shares, the Company shall not be required to sell or deliver the Firm Shares.
The Underwriters consent to buying Firm Shares from the Company. The term "Closing Date" refers to the time and date of delivery of the Firm Shares and Additional Shares if the Option Closing Date occurs at the same time as the Closing Date but not earlier than the Closing Date.
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