Common use of Basic Right Clause in Contracts

Basic Right. If, at any time prior to February 15, 1997, the Company proposes to register for sale by it or for the account of others, any of its equity securities under the Act, other than in connection with a merger, acquisition or exchange offer, and other than an offering on Form S-8 or any successor form on which the Holder's securities may be registered, and provided further that any person to which the Company has granted or may in the future grant a registration right does not object in writing to the exercise of the Holder's registration rights hereunder in connection with any registration rights of theirs, the Company shall at least fifteen (15) days prior to the filing of such registration statement with the Securities and Exchange Commission (the "Commission") , give notice of its intention to do so to the Holder. If the Holder notifies the Company within ten (10) days after the giving of such notice by the Company of its desire to include any shares of Common Stock received on exercise of this option in such proposed registration statement (which notice must state the number of shares to be included and the proposed plan of disposition thereof), the Company shall, subject to the provisions of subparagraph (b) below, include the shares of Common Stock designated by said Holder in such registration statement. The "piggyback" registration rights described herein shall be available for exercise by the Holder on two occasions only, and after the exercise thereof, the Company shall be under no further obligation to give to the Holder the notice described in this subparagraph (a) or to include any of the Holder's Common Stock received on exercise of this option in any subsequent registration statement pursuant to this subparagraph (a). (b)

Basic Right. If, at any time prior to February 15, 19971996, the Company proposes to register for sale by it or for the account of others, any of its equity securities under the Act, other than in connection with a merger, acquisition or exchange offer, and other than an offering on Form S-8 or any successor form on which the Holder's securities may be registered, and provided further that any person to which the Company has granted or may in the future grant a registration right does not object in writing to the exercise of the Holder's registration rights hereunder in connection with any registration rights of theirs, the Company shall at least fifteen (15) days prior to the filing of such registration statement with the Securities and Exchange Commission (the "Commission") ), give notice of its intention to do so to the Holder. If the Holder notifies the Company within ten (10) days after the giving of such notice by the Company of its desire to include any shares of Common Stock received on exercise of this option in such proposed registration statement (which notice must state the number of shares to be included and the proposed plan of disposition thereof), the Company shall, subject to the provisions of subparagraph (b) below, include the shares of Common Stock designated by said Holder in such registration statement. The "piggyback" registration rights described herein shall be available for exercise by the Holder on two occasions only, and after the exercise thereof, the Company shall be under no further obligation to give to the Holder the notice described in this subparagraph (a) or to include any of the Holder's Common Stock received on exercise of this option in any subsequent registration statement pursuant to this subparagraph (a). (b)