Common use of Demand Right Clause in Contracts

Demand Right. For a period of one (1) year commencing no later than ninety (90) days after the Closing, Licensor shall have the right to make one demand for Issuer to file a registration statement under the Securities Act of 1933 (the “Securities Act”) on Form SB-2 (or such other form as is available to Issuer) (a “Registration Statement”), as amended covering the resale of no more than five hundred thousand (500,000) (the “Registrable Shares”) of the Shares in the open market and shall maintain such Registration Statement as effective for a continuous period lasting until the earlier of (i) twelve (12) months from the date of effectiveness of such registration or (ii) such time as all the Registrable Shares desired to be registered by Licensor have been sold (the “Effectiveness Period”).

Demand Right. For a period of one (1) year commencing no later than ninety (90) days after the Closing, Licensor shall have the right to make one demand for Issuer to file a registration statement under the Securities Act of 1933 (the “"Securities Act”") on Form SB-2 (or such other form as is available to Issuer) (a “"Registration Statement”"), as amended covering the resale of no more than five hundred thousand (500,000) (the “"Registrable Shares”") of the Shares in the open market and shall maintain such Registration Statement as effective for a continuous period lasting until the earlier of (i) twelve (12) months from the date of effectiveness of such registration or (ii) such time as all the Registrable Shares desired to be registered by Licensor have been sold (the “"Effectiveness Period”").