Grandfathered Shareholders

Grandfathered Shareholders. Shall mean each of F. William Schmidt and Rolf D. Schmidt together with their Affiliates or Associates; provided, however, that the Grandfathered Shareholders shall cease to be Grandfathered Shareholders if (A) the total number of shares of common stock of the Company beneficially owned by the Grandfathered Shareholders in the aggregate (other than shares of common stock of the Company acquired by the Grandfathered Shareholders after the date hereof upon exercise or conversion of any securities... of the Company owned by such Grandfathered Shareholder as of the date hereof) exceeds 49% of the Outstanding Company Common Stock or the Outstanding Company Voting Securities, or (B) at any time after the date hereof the number of shares of common stock of the Company beneficially owned by any Grandfathered Shareholder equals 15% or less of the Outstanding Company Common Stock. View More