Common use of Priority in Cutback Registrations Clause in Contracts

Priority in Cutback Registrations. If a Piggyback Registration becomes a Cutback Registration, the Company shall include in such registration, to the extent of the amount of the shares of capital stock which the managing underwriter advises the Company can be sold in such offering, first, the shares of capital stock proposed by the Company to be sold for its own account, and second, any shares of capital stock requested to be included in the registration by holders of such shares, pro rata on the basis of the total number of such shares held by holders thereof. Any shares of capital stock so excluded shall be withdrawn from and shall not be included in such Piggyback Registration.