I might not always agree with John but he does have a point here. If the formal option agreement is not signed (assuming no cash or other consideration has been accepted by SPQ et al) by the date agreed upon in the letter of understanding then there is no deal and no option obtained by UC.

Now it's not that likely that SPQ et al would not wish to do this deal and allow an extention to the letter of agreement but they likely could back out now if UC haven't signed.

It could get messy and that doesn't help anyone.