Common use of Initial Registration Statement Clause in Contracts

Initial Registration Statement. At the election of each Holder, the Company shall be required to include up to all Piggyback Shares held by such Holder for resale and offer on a continuous basis pursuant to Rule 415 in the first Registration Statement filed after the date that it becomes a Reporting Company (the “Initial Registration Statement”); provided, however, that if all of the Piggyback Shares of the Holders cannot be so included due to Commission Comments, Commission Guidance or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section 1(c) hereof, the number of Piggyback Shares included in such Registration Statement required to comply with such Commission Comments, Commission Guidance or Underwriter Cutbacks.