Common use of Form 10 Clause in Contracts

Form 10. The Company shall use its reasonable best efforts to file with the SEC a Form 10 registration statement as soon as practicable but in any event within thirty (30) days following the closing of the sale of shares of Series B Preferred Stock pursuant to the Purchase Agreement. Notwithstanding the foregoing, the Company may withdraw the Form 10 registration statement prior to the 60th day after the filing of the Form 10 registration statement if the SEC Clearance Date is not expected to occur within sixty-five (65) days after the filing of the Form 10 registration statement and the Board of Directors, including at least two of the Designees, for so long as two of the Major Investors remain eligible to designate Designees, determines that it would be detrimental to the Company and its stockholders for the Form 10 registration statement to become effective prior to the SEC Clearance Date. In such event, the Company shall re-file the Form 10 registration statement as soon as practicable after any such withdrawal.