Excess Shares

Excess Shares. Shall mean that portion of the Shares which equals or exceeds 4.90% of the shares of Common Stock then outstanding. For example, if the Shares constitute 7.5% of the shares of Common Stock outstanding, then the Excess Shares at that time shall constitute 2.60% (i.e., 7.5% minus 4.90%) of the shares of Common Stock outstanding.

Excess Shares. Shall have the meaning ascribed to such term in Section 5 of this Article EIGHTH.