Common use of Marketing Limitation in Piggyback Registration Clause in Contracts

Marketing Limitation in Piggyback Registration. If the Underwriter’s Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% of the securities included in such Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3.2 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2(b)(iii)) may: (iA) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; and (iiB) in the case of any Registered public offering subsequent to the initial registered public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% twenty five percent (25%) of the total number of securities included in such Registrationoffering.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3.2 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2.2(c)) may: (i) i. in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; provided that no other stockholder’s securities are included in such offering; and (ii) . in the case of any Registered public offering subsequent to the initial registered public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values); provided that no other stockholder’s securities are included in such offering.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c)8.2.3) may: (ia) in the case of the Company’s 's initial Registered public offering, exclude some or all limit the number of shares of Registrable Securities held by Holders that are not Registration Investors from to be included in such registration and underwritingunderwriting to not less than fifteen percent (15%) of the securities included in such Registration (based on aggregate market values); and (iib) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% 25 percent of the securities requested by such Holders to be included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3.2 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2.2(b)) may: (i) i. in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; and (ii) . in the case of any Registered public offering subsequent to the initial registered public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% twenty five percent (25%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders Investors seeking registration Registration of Registrable Securities pursuant to this Section 7 5.3 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c5.3.2(c)) may: (i) i. in the case of the Company’s initial first Registered public offeringoffering after the date hereof, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; and (ii) . in the case of any Registered public offering subsequent to the initial registered public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values); provided that the only securities included in such Registration are those offered by the Company and/or the Investors.

Marketing Limitation in Piggyback Registration. If the Underwriter’s Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwritingunderwriting subject to subsection (c) below; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 2025% of the securities included in such RegistrationRegistration subject to subsection (c) below.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3.2 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2.2(c)) may: (i) i. in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; and (ii) . in the case of any Registered public offering subsequent to the initial registered public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than twenty percent (20% %) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If the Underwriter’s Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 4 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c4.2(c)) may: (i) in the case of the Company’s initial Registered public offeringInitial Public Offering, exclude some or all of the Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offeringInitial Public Offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 2030% of the securities included in such Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s 's Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 2025% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event the ----------------------------------------------- Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 6 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c6.2(c)) may: (i) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% of the securities included in such Registration.

Marketing Limitation in Piggyback Registration. If In the event ---------------------------------------------- the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 in writing Company that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative and the Company (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than twenty percent (20% %) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the Underwriter’s event the Underwriters’ Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 4 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Underwriters’ Representative (subject to the allocation priority set forth in Section 7.2(c4.2(c)) may: (i) in the case of the Company’s initial a Registered public offeringInitial Public Offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering Public Offering subsequent to the initial public offeringInitial Public Offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% thirty (30%) of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (iI) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (iiII) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 2030% of the securities included in such Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 5 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c5.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% 25 percent of the securities requested by such Holders to be included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the Underwriter’s event the Underwriters’ Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 4 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Underwriters’ Representative (subject to the allocation priority set forth in Section 7.2(c4.2(c)) may: (i) in the case of the Company’s initial Registered public offeringan Initial Public Offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering Public Offering subsequent to the initial public offeringInitial Public Offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% thirty (30%) of the securities Registrable Securities requested to be included in such Registrationthe Registration pursuant to this Section 4.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s 's Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in In the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in In the case of any Registered public offering subsequent to the initial public offering, exclude some or all Registrable Securities held by the Existing Shareholders from Registration and underwriting and limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less more than 2025% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 10 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Shares requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of limits the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c10.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, exclude some or all Registrable Securities held by the Existing Shareholders from Registration and underwriting and limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 2025% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% 50 per cent. of the securities requested by such Holders to be included in such the Registration.

Marketing Limitation in Piggyback Registration. If Notwithstanding any other provision of this Section 3, in the event the Underwriter’s Representative advises (i) the Company in the case of the Company’s initial Registered public offering or (ii) the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3.2 in the case of any subsequent Registered public offering, in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2.2(c)) maymay in its sole discretion: (i) i. in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration Registration and underwriting; and (ii) . in the case of any subsequent Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If the Underwriter’s Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 3 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c3.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 2025% of the securities included in such Registration.

Marketing Limitation in Piggyback Registration. If In the Underwriter’s event the Underwriters' Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 4 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Underwriters' Representative (subject to the allocation priority set forth in Section 7.2(c4.2(c)) may: (i) in the case of the Company’s initial a Registered public offeringInitial Public Offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering Public Offering subsequent to the initial public offeringInitial Public Offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% thirty (30%) of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event ---------------------------------------------- the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 in writing Company that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative and the Company (subject to the allocation priority set forth in Section 7.2(c)5.2.3) may: (i) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 2025% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the Underwriter’s event the Underwriters’ Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 3 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Underwriters’ Representative (subject to the allocation priority set forth in Section 7.2(c3.2(c)) may: (i) in the case of the Company’s initial a Registered public offeringInitial Public Offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering Public Offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event ---------------------------------------------- the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c7(b)(iii)) may: (iA) in the case of the Company’s 's initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not Registration Investors from such registration and underwriting; and (iiB) in the case of any the Registered public offering offerings subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% thirty percent (30%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s 's Representative advises the Holders seeking registration of Registrable Securities pursuant to this Section 7 6 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s 's Representative (subject to the allocation priority set forth in Section 7.2(c)6.2.3) may: (ia) in the case of the Company’s 's initial Registered public offering, exclude some or all limit the number of shares of Registrable Securities held by Holders that are not Registration Investors from to be included in such registration and underwritingunderwriting to zero; and (iib) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such Registration and underwriting to not less than 20% fifty percent (50%) of the securities included in such RegistrationRegistration (based on aggregate market values).

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 9 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Shares requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c9.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the Company’s initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting to so that the number of Registrable Securities so included is not less than 2030% of the securities included in such the Registration.

Marketing Limitation in Piggyback Registration. If In the event the Underwriter’s Representative advises the Holders seeking registration Registration of Registrable Securities pursuant to this Section 7 8 in writing that market factors (including, without limitation, the aggregate number of shares of Common Stock Ordinary Shares requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 7.2(c8.2(c)) may: (i) in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities held by Holders that are not from the Registration Investors from such registration and underwriting; and (ii) in the case of any Registered public offering subsequent to the initial public offering, limit the number of shares of Registrable Securities to be included in such the Registration and underwriting underwriting, to not less than 20% 25 percent of the securities requested by such Holders to be included in such the Registration.