Common use of XXXX OPTION Clause in Contracts

XXXX OPTION. In the event St. Xxxx transfers the St. Xxxx Option to one or more transferees pursuant to Section 5(c) of the Option Agreement, following execution by any such transferee and delivery to the Company of an instrument reasonably acceptable to the Company acknowledging that such transferee has become a party to this Agreement and assumed its rights and obligations hereunder, all references herein to St. Xxxx with respect to Registrable Shares consisting of Common Shares issuable pursuant to the Option Agreement shall be deemed to apply (i) in the case of a transfer of the St. Xxxx Option in whole, solely to the transferee of the St. Xxxx Option and (ii) in the case of a transfer of the St. Xxxx Option in part, collectively either to the transferees of the St. Xxxx Option or, if St. Xxxx has retained a portion of the St. Xxxx Option, to St. Xxxx and such transferee(s). The Company shall be entitled to rely solely upon the instructions of St. Xxxx or the transferee of the St. Xxxx Option designated in writing by St. Xxxx with respect to any rights granted hereunder to the holders of Registrable Option Shares. The number of demand and piggy back registration rights afforded St. Xxxx hereunder shall apply in aggregate to St. Xxxx and any and all said transferees, without any increase in the number of said demand and piggy back registration rights. There are no registration rights with respect to the St. Xxxx Option itself.