Common use of Insiders For Reporting Purposes Clause in Contracts

Insiders For Reporting Purposes. Norsat, on advice of counsel, considers an Insider for reporting purposes, to be any member of the Board of Directors, a 10% or greater shareholder, or senior officer. The statutory requirements provide that a person must file a report, other than a nil report on becoming an Insider for reporting purposes, and must report when a change occurs in his or her direct or indirect beneficial ownership of securities of Norsat, including any transfer of any securities into the name of an agent, nominee or custodian, and RRSP.