Common use of Termination of Information and Observer Rights Clause in Contracts

Termination of Information and Observer Rights. The covenants set forth in Subsections 3.1, 3.2 and 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation; provided, that, with respect to (iii), the covenants set forth in Subsections 3.1 and 3.2 shall only terminate if the consideration received by the Holders in such Deemed Liquidation Event is in the form of cash and/or marketable securities unless the Holders receive financial information and inspection rights from the acquiring company or other successor to the Company comparable to those set forth in Subsections 3.1 and 3.2, whichever event occurs first.