{"component": "clause", "props": {"groups": [{"samples": [{"hash": "3INl7lQj9RQ", "uri": "/contracts/3INl7lQj9RQ#excess-shares", "label": "Stock Option Agreement (Intrusion Inc)", "score": 28.2347698212, "published": true}, {"hash": "8X3cNvPRkN8", "uri": "/contracts/8X3cNvPRkN8#excess-shares", "label": "Stock Option Agreement (Xo Group Inc.)", "score": 26.8302536011, "published": true}, {"hash": "g1SZLGE7Lsr", "uri": "/contracts/g1SZLGE7Lsr#excess-shares", "label": "Stock Option Agreement (Xo Group Inc.)", "score": 24.1950721741, "published": true}], "snippet": "If the Option Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which may without stockholder approval be issued under the Plan, then this option shall be void with respect to those excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan.", "size": 198, "snippet_links": [{"key": "shares-covered-by-this-agreement", "type": "clause", "offset": [14, 46]}, {"key": "grant-date", "type": "definition", "offset": [65, 75]}, {"key": "number-of-shares-of-common-stock", "type": "clause", "offset": [81, 113]}, {"key": "stockholder-approval", "type": "definition", "offset": [132, 152]}, {"key": "with-respect-to", "type": "clause", "offset": [210, 225]}, {"key": "approval-of", "type": "definition", "offset": [266, 277]}, {"key": "stock-issuable", "type": "clause", "offset": [346, 360]}, {"key": "in-accordance-with", "type": "definition", "offset": [388, 406]}, {"key": "provisions-of-the-plan", "type": "clause", "offset": [411, 433]}], "hash": "e0e702dfa3391a7e1c3e4ec5f0412a49", "id": 1}, {"samples": [{"hash": "cHkqsXnm307", "uri": "/contracts/cHkqsXnm307#excess-shares", "label": "Advisory Agreement (Macquarie CNL Global Income Trust, Inc.)", "score": 19.2491436005, "published": true}, {"hash": "kGThB7eMZf1", "uri": "/contracts/kGThB7eMZf1#excess-shares", "label": "Advisory Agreement (Macquarie CNL Global Income Trust, Inc.)", "score": 19.1505813599, "published": true}, {"hash": "krP4oZIkXfu", "uri": "/contracts/krP4oZIkXfu#excess-shares", "label": "Advisory Agreement (CNL Macquarie Global Income Trust, Inc.)", "score": 19.0, "published": true}], "snippet": "Equity Shares that have been designated as \u201cExcess Shares\u201d pursuant to the Company\u2019s Articles of Incorporation. Expense Year. Expense Year shall have the meaning set forth in Section 12 of this Agreement.", "size": 10, "snippet_links": [{"key": "equity-shares", "type": "definition", "offset": [0, 13]}, {"key": "pursuant-to-the-company", "type": "clause", "offset": [59, 82]}, {"key": "articles-of-incorporation", "type": "clause", "offset": [85, 110]}, {"key": "expense-year", "type": "definition", "offset": [112, 124]}, {"key": "section-12", "type": "definition", "offset": [175, 185]}, {"key": "this-agreement", "type": "clause", "offset": [189, 203]}], "hash": "711f32749b23c175392cfff2f7c9bc57", "id": 4}, {"samples": [{"hash": "dTPfAJEvJae", "uri": "/contracts/dTPfAJEvJae#excess-shares", "label": "Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)", "score": 21.0, "published": true}, {"hash": "8eg5TRo0onn", "uri": "/contracts/8eg5TRo0onn#excess-shares", "label": "Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)", "score": 21.0, "published": true}, {"hash": "20uoDcVkbUX", "uri": "/contracts/20uoDcVkbUX#excess-shares", "label": "Limited Liability Company Agreement (TIAA-CREF U.S. Real Estate Fund I, L.P.)", "score": 21.0, "published": true}], "snippet": "(a) If, notwithstanding the other provisions contained in this Article 6, at any time, until the Restriction Termination Date, there is a purported Transfer or other change in the capital structure of the REIT such that any Person would Beneficially Own Units in excess of the applicable Ownership Limit or Existing Holder Limit (as applicable), then, except as otherwise provided in Sections 6.9 and 6.12, the Units Beneficially Owned in excess of such Ownership Limit or Existing Holder Limit (rounded up to the nearest whole Unit) shall constitute \u201cExcess Shares\u201d and shall be treated as provided in this Article 6. Such designation and treatment shall be effective as of the close of business on the business day prior to the date of the purported Transfer or change in capital structure.\n(b) If, notwithstanding the other provisions contained in this Article 6, at any time, until the Restriction Termination Date, there is a purported Transfer or other change in the capital structure of the REIT (as a result of a direct or indirect Transfer or otherwise) which, if effective, would cause the REIT to (i) be beneficially owned (as provided in Section 856(a) of the Code) by less than 100 Persons, (ii) become \u201cclosely held\u201d within the meaning of Section 856(h) of the Code, or (iii) otherwise fail to qualify as real estate investment trust under the Code, then the Units that are the subject of such Transfer or other event which would cause the REIT to fail such requirement shall constitute \u201cExcess Shares\u201d and shall be treated as provided in this Article 6. Such designation and treatment shall be effective as of the close of business on the business day prior to the date of the purported Transfer or change in capital structure.\n(c) If, at any time prior to the Restriction Termination Date, notwithstanding the other provisions contained in this Article 6, there is an event (a \u201cProhibited Owner Event\u201d) which would result in the disqualification of the REIT as a real estate investment trust under the Code by virtue of actual, Beneficial or constructive ownership of Units, then Units which result in such disqualification shall be automatically exchanged for an equal number of Excess Shares to the extent necessary to avoid such disqualification. Such exchange shall be effective as of the close of business on the business day prior to the date of the Prohibited Owner Event. In determining which Units are exchanged, Units owned directly or indirectly by any Person who caused the Prohibited Owner Event to occur shall be exchanged before any Units not so held are exchanged. If similarly situated Persons exist, such exchange shall be pro rata. If the REIT is still so disqualified as a real estate investment trust under the Code, Units owned directly or indirectly by Persons who did not cause the Prohibited Owner Event to occur shall be chosen by random lot and exchanged for Excess Shares until the REIT is no longer so disqualified as a real estate investment trust under the Code.", "size": 12, "snippet_links": [{"key": "notwithstanding-the", "type": "definition", "offset": [8, 27]}, {"key": "other-provisions", "type": "definition", "offset": [28, 44]}, {"key": "contained-in", "type": "definition", "offset": [45, 57]}, {"key": "article-6", "type": "definition", "offset": [63, 72]}, {"key": "at-any-time", "type": "clause", "offset": [74, 85]}, {"key": "restriction-termination-date", "type": "definition", "offset": [97, 125]}, {"key": "other-change", "type": "definition", "offset": [160, 172]}, {"key": "the-capital", "type": "clause", "offset": [176, 187]}, {"key": "the-reit", "type": "clause", "offset": [201, 209]}, {"key": "any-person", "type": "clause", "offset": [220, 230]}, {"key": "the-applicable", "type": "clause", "offset": [273, 287]}, {"key": "ownership-limit", "type": "definition", "offset": [288, 303]}, {"key": "existing-holder-limit", "type": "definition", "offset": [307, 328]}, {"key": "except-as-otherwise-provided", "type": "clause", "offset": [352, 380]}, {"key": "the-units", "type": "clause", "offset": [407, 416]}, {"key": "beneficially-owned", "type": "definition", "offset": [417, 435]}, {"key": "whole-unit", "type": "definition", "offset": [522, 532]}, {"key": "effective-as-of-the", "type": "clause", "offset": [659, 678]}, {"key": "close-of-business", "type": "definition", "offset": [679, 696]}, {"key": "business-day", "type": "definition", "offset": [704, 716]}, {"key": "prior-to-the", "type": "clause", "offset": [717, 729]}, {"key": "date-of", "type": "clause", "offset": [730, 737]}, {"key": "change-in-capital-structure", "type": "definition", "offset": [764, 791]}, {"key": "indirect-transfer", "type": "definition", "offset": [1031, 1048]}, {"key": "the-code", "type": "clause", "offset": [1168, 1176]}, {"key": "closely-held", "type": "definition", "offset": [1217, 1229]}, {"key": "meaning-of", "type": "clause", "offset": [1242, 1252]}, {"key": "to-qualify", "type": "clause", "offset": [1305, 1315]}, {"key": "real-estate-investment-trust", "type": "definition", "offset": [1319, 1347]}, {"key": "subject-of", "type": "clause", "offset": [1392, 1402]}, {"key": "other-event", "type": "definition", "offset": [1420, 1431]}, {"key": "an-event", "type": "clause", "offset": [1881, 1889]}, {"key": "prohibited-owner-event", "type": "definition", "offset": [1894, 1916]}, {"key": "ownership-of-units", "type": "clause", "offset": [2071, 2089]}, {"key": "number-of", "type": "clause", "offset": [2186, 2195]}, {"key": "to-the-extent", "type": "clause", "offset": [2210, 2223]}, {"key": "owned-directly-or-indirectly", "type": "definition", "offset": [2444, 2472]}, {"key": "similarly-situated", "type": "definition", "offset": [2600, 2618]}, {"key": "pro-rata", "type": "clause", "offset": [2657, 2665]}, {"key": "chosen-by", "type": "clause", "offset": [2863, 2872]}, {"key": "random-lot", "type": "definition", "offset": [2873, 2883]}], "hash": "3d5fb23dd83ae3c3c1d343440bcf58da", "id": 2}, {"samples": [{"hash": "gZwBscO7sIk", "uri": "/contracts/gZwBscO7sIk#excess-shares", "label": "Performance Based Restricted Stock Unit Award Agreement (Symantec Corp)", "score": 25.5927448273, "published": true}, {"hash": "ichjZp2c3s3", "uri": "/contracts/ichjZp2c3s3#excess-shares", "label": "Performance Based Restricted Stock Unit Award Agreement (Symantec Corp)", "score": 24.5893230438, "published": true}, {"hash": "6QlwmeFcUiH", "uri": "/contracts/6QlwmeFcUiH#excess-shares", "label": "Performance Based Restricted Stock Unit Award Agreement (Symantec Corp)", "score": 24.5893230438, "published": true}], "snippet": "If the Shares covered by this Agreement exceed, as of the date the PRU is granted, the number of shares of Common Stock which may without stockholder approval be issued under the Plan, then the Award shall be void with respect to those excess Shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan.", "size": 11, "snippet_links": [{"key": "shares-covered-by-this-agreement", "type": "clause", "offset": [7, 39]}, {"key": "number-of-shares-of-common-stock", "type": "clause", "offset": [87, 119]}, {"key": "stockholder-approval", "type": "definition", "offset": [138, 158]}, {"key": "the-award", "type": "clause", "offset": [190, 199]}, {"key": "with-respect-to", "type": "clause", "offset": [214, 229]}, {"key": "approval-of", "type": "definition", "offset": [270, 281]}, {"key": "stock-issuable", "type": "clause", "offset": [350, 364]}, {"key": "in-accordance-with", "type": "definition", "offset": [392, 410]}, {"key": "provisions-of-the-plan", "type": "clause", "offset": [415, 437]}], "hash": "9bb015ef3c23d9dc9fab80e9e76e35f4", "id": 3}, {"samples": [{"hash": "cOiyc2lj3He", "uri": "/contracts/cOiyc2lj3He#excess-shares", "label": "Stock Option Grant Agreement (Silicon Laboratories Inc)", "score": 26.0855579376, "published": true}, {"hash": "8IUKlvM4XJe", "uri": "/contracts/8IUKlvM4XJe#excess-shares", "label": "Stock Option Grant Agreement (Silicon Laboratories Inc)", "score": 23.2874736786, "published": true}, {"hash": "exvIIz5xO5s", "uri": "/contracts/exvIIz5xO5s#excess-shares", "label": "Stock Option Agreement (Silicon Laboratories Inc)", "score": 19.0, "published": true}], "snippet": "If the Shares covered by this Award Agreement exceed, as of the Grant Date, the number of Shares which may without stockholder approval be issued under the Plan, then the Option shall be void with respect to those excess Shares, unless stockholder approval of an amendment sufficiently increasing the number of Shares issuable under the Plan is obtained in accordance with the provisions of the Plan.", "size": 8, "snippet_links": [{"key": "covered-by", "type": "definition", "offset": [14, 24]}, {"key": "award-agreement", "type": "clause", "offset": [30, 45]}, {"key": "grant-date", "type": "definition", "offset": [64, 74]}, {"key": "stockholder-approval", "type": "definition", "offset": [115, 135]}, {"key": "the-option", "type": "clause", "offset": [167, 177]}, {"key": "with-respect-to", "type": "clause", "offset": [192, 207]}, {"key": "approval-of", "type": "definition", "offset": [248, 259]}, {"key": "number-of-shares-issuable", "type": "clause", "offset": [301, 326]}, {"key": "in-accordance-with", "type": "definition", "offset": [354, 372]}, {"key": "provisions-of-the-plan", "type": "clause", "offset": [377, 399]}], "hash": "074eb6e9cc093b69724ffa736b83802c", "id": 5}, {"samples": [{"hash": "MlaF8GCzs4", "uri": "/contracts/MlaF8GCzs4#excess-shares", "label": "Advisory Agreement (Global Growth Trust, Inc.)", "score": 21.2614650726, "published": true}, {"hash": "hw9aNegW2hx", "uri": "/contracts/hw9aNegW2hx#excess-shares", "label": "Advisory Agreement (Global Income Trust, Inc.)", "score": 21.1984939575, "published": true}, {"hash": "ioX4tKTfu1e", "uri": "/contracts/ioX4tKTfu1e#excess-shares", "label": "Advisory Agreement (Global Income Trust, Inc.)", "score": 20.6810398102, "published": true}], "snippet": "Equity Shares that have been designated as \u201cExcess Shares\u201d pursuant to the Company\u2019s Articles of Incorporation. Expense Year. Expense Year shall have the meaning set forth in Section 12 of this Agreement. Financing Coordination Fee. Financing Coordination Fee shall have the meaning set forth in Section 9(g) of this Agreement.", "size": 7, "snippet_links": [{"key": "equity-shares", "type": "definition", "offset": [0, 13]}, {"key": "pursuant-to-the-company", "type": "clause", "offset": [59, 82]}, {"key": "articles-of-incorporation", "type": "clause", "offset": [85, 110]}, {"key": "expense-year", "type": "definition", "offset": [112, 124]}, {"key": "section-12", "type": "definition", "offset": [175, 185]}, {"key": "this-agreement", "type": "clause", "offset": [189, 203]}, {"key": "financing-coordination-fee", "type": "definition", "offset": [205, 231]}], "hash": "0a7e26415acab1219b9fb21789aaafa0", "id": 6}, {"samples": [{"hash": "3hWVUf4JJAO", "uri": "/contracts/3hWVUf4JJAO#excess-shares", "label": "Merger Agreement (NRC Group Holdings Corp.)", "score": 30.4757022858, "published": true}], "snippet": "If on any date, including, without limitation, any record date (each, an \u201cExcess Share Date\u201d), the number of shares of any class or series of capital stock of the Corporation beneficially owned by Non-U.S. Citizens in the aggregate exceeds the Permitted Percentage with respect to such class or series of capital stock, irrespective of the date on which such event becomes known to the Corporation (such shares in excess of the Permitted Percentage, the \u201cExcess Shares\u201d), then the shares of such class or series of capital stock of the Corporation that constitute Excess Shares for purposes of this Article EIGHTH shall be (x) those shares that have been acquired by or become beneficially owned by Non-U.S. Citizens, starting with the most recent acquisition of beneficial ownership of such shares by a Non-U.S. Citizen and including, in reverse chronological order of acquisition, all other acquisitions of beneficial ownership of such shares by Non-U.S. Citizens from and after the acquisition of beneficial ownership of such shares by a Non-U.S. Citizen that first caused such Permitted Percentage to be exceeded, or (y) those shares beneficially owned by Non-U.S. Citizens that exceed the Permitted Percentage as the result of any repurchase or redemption by the Corporation of shares of its capital stock, starting with the most recent acquisition of beneficial ownership of such shares by a Non-U.S. Citizen and going in reverse chronological order of acquisition\u037e provided, however, that: (a) the Corporation shall have the sole power to determine, in the exercise of its reasonable judgment, those shares of such class or series that constitute Excess Shares in accordance with the provisions of this Article EIGHTH; (b) the Corporation may in its reasonable discretion rely on any reasonable documentation provided by Non-U.S. Citizens with respect to the date and time of their acquisition of beneficial ownership of Excess Shares\u037e (c) if the acquisition of beneficial ownership of more than one Excess Share occurs on the same date and the time of acquisition is not definitively established, then the order in which such acquisitions shall be deemed to have occurred on such date shall be determined by lot or by such other method as the Corporation may, in its reasonable discretion, deem appropriate\u037e (d) Excess Shares that result from a determination that a beneficial owner has ceased to be a U.S. Citizen shall be deemed to have been acquired, for purposes of this Article EIGHTH, as of the date that such beneficial owner ceased to be a U.S. Citizen; and (e) the Corporation may adjust upward to the nearest whole share the number of shares of such class or series deemed to be Excess Shares. Any determination made by the Corporation pursuant to this Article EIGHTH, Section 5 as to which any shares of any class or series of the Corporation\u2019s capital stock constitute Excess Shares of such class or series shall be conclusive and shall be deemed effective as of the applicable Excess Share Date for such class or series.", "size": 5, "snippet_links": [{"key": "without-limitation", "type": "clause", "offset": [27, 45]}, {"key": "record-date", "type": "definition", "offset": [51, 62]}, {"key": "share-date", "type": "definition", "offset": [81, 91]}, {"key": "number-of-shares-of", "type": "clause", "offset": [99, 118]}, {"key": "class-or-series", "type": "clause", "offset": [123, 138]}, {"key": "stock-of-the-corporation", "type": "clause", "offset": [150, 174]}, {"key": "by-non", "type": "clause", "offset": [194, 200]}, {"key": "in-the-aggregate", "type": "definition", "offset": [215, 231]}, {"key": "permitted-percentage", "type": "definition", "offset": [244, 264]}, {"key": "with-respect-to", "type": "clause", "offset": [265, 280]}, {"key": "irrespective-of-the", "type": "clause", "offset": [320, 339]}, {"key": "to-the-corporation", "type": "clause", "offset": [379, 397]}, {"key": "the-shares", "type": "clause", "offset": [477, 487]}, {"key": "for-purposes-of-this", "type": "clause", "offset": [578, 598]}, {"key": "most-recent", "type": "definition", "offset": [736, 747]}, {"key": "ownership-of", "type": "clause", "offset": [774, 786]}, {"key": "a-non", "type": "clause", "offset": [802, 807]}, {"key": "order-of", "type": "clause", "offset": [861, 869]}, {"key": "other-acquisitions", "type": "clause", "offset": [887, 905]}, {"key": "the-acquisition", "type": "clause", "offset": [981, 996]}, {"key": "redemption-by-the-corporation", "type": "clause", "offset": [1250, 1279]}, {"key": "sole-power", "type": "clause", "offset": [1532, 1542]}, {"key": "to-determine", "type": "definition", "offset": [1543, 1555]}, {"key": "exercise-of", "type": "clause", "offset": [1564, 1575]}, {"key": "in-accordance-with", "type": "definition", "offset": [1668, 1686]}, {"key": "provisions-of-this-article", "type": "clause", "offset": [1691, 1717]}, {"key": "reasonable-discretion", "type": "definition", "offset": [1757, 1778]}, {"key": "documentation-provided", "type": "clause", "offset": [1802, 1824]}, {"key": "date-and-time", "type": "clause", "offset": [1866, 1879]}, {"key": "by-lot", "type": "definition", "offset": [2213, 2219]}, {"key": "other-method", "type": "clause", "offset": [2231, 2243]}, {"key": "a-us", "type": "clause", "offset": [2408, 2413]}, {"key": "pursuant-to", "type": "definition", "offset": [2754, 2765]}, {"key": "section-5", "type": "clause", "offset": [2787, 2796]}, {"key": "the-applicable", "type": "clause", "offset": [2983, 2997]}], "hash": "1dc1f1604a38f31b879964e1e46cad5d", "id": 7}, {"samples": [{"hash": "k3jyjXS4R6a", "uri": "/contracts/k3jyjXS4R6a#excess-shares", "label": "Exchange Agreement (BNP Residential Properties Inc)", "score": 18.0, "published": true}, {"hash": "jjQ2gvWlOJS", "uri": "/contracts/jjQ2gvWlOJS#excess-shares", "label": "Exchange Agreement (BNP Residential Properties Inc)", "score": 18.0, "published": true}, {"hash": "bIwmLSqmk8h", "uri": "/contracts/bIwmLSqmk8h#excess-shares", "label": "Exchange Agreement (BNP Residential Properties Inc)", "score": 18.0, "published": true}], "snippet": "If any Contributors are ever deemed to hold \"Excess Shares\" as defined in the Articles of Incorporation, the REIT will use reasonable efforts to try to enable such Contributors to keep such shares; provided that the REIT need not take any steps that would jeopardize its status as a REIT or that would require the REIT to issue additional securities.", "size": 4, "snippet_links": [{"key": "the-articles-of-incorporation", "type": "clause", "offset": [74, 103]}, {"key": "the-reit", "type": "clause", "offset": [105, 113]}, {"key": "reasonable-efforts", "type": "clause", "offset": [123, 141]}, {"key": "provided-that", "type": "definition", "offset": [198, 211]}, {"key": "status-as-a-reit", "type": "clause", "offset": [271, 287]}, {"key": "require-the", "type": "clause", "offset": [302, 313]}, {"key": "to-issue", "type": "clause", "offset": [319, 327]}, {"key": "additional-securities", "type": "clause", "offset": [328, 349]}], "hash": "8b667e9638e404f99942aafc7031b363", "id": 8}, {"samples": [{"hash": "hppugEei00n", "uri": "/contracts/hppugEei00n#excess-shares", "label": "Merger Agreement (FBR Asset Investment Corp/Va)", "score": 18.0, "published": true}, {"hash": "a3uO5ztmxNi", "uri": "/contracts/a3uO5ztmxNi#excess-shares", "label": "Merger Agreement (Friedman Billings Ramsey Group Inc)", "score": 18.0, "published": true}], "snippet": "Section 1.8 (e)...................... 7", "size": 4, "snippet_links": [], "hash": "93ad3d418862e2dc5a9162c4b495d512", "id": 9}, {"samples": [{"hash": "l9l1gPnGAlc", "uri": "/contracts/l9l1gPnGAlc#excess-shares", "label": "Merger Agreement (Cv Reit Inc)", "score": 18.0, "published": true}, {"hash": "hLom27ZIkhP", "uri": "/contracts/hLom27ZIkhP#excess-shares", "label": "Merger Agreement (Kranzco Realty Trust)", "score": 18.0, "published": true}], "snippet": "The term \"Excess Shares\" shall have the meaning set forth in Section 16.6(d).", "size": 4, "snippet_links": [{"key": "the-term", "type": "definition", "offset": [0, 8]}], "hash": "8ab33d17e00d72f883d33325c633645b", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZleGNlc3Mtc2hhcmVzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 324, "children": [["voting-rights", "Voting Rights"], ["purchase-right-in-excess-shares", "Purchase Right in Excess Shares"], ["rights-upon-liquidation", "Rights Upon Liquidation"], ["dividend-rights", "Dividend Rights"], ["ownership-in-trust", "Ownership in Trust"]], "title": "Excess Shares", "parents": [["restrictions-on-ownership-and-transfer-of-shares-exchange-for-excess-shares", "Restrictions on Ownership and Transfer of Shares Exchange for Excess Shares"], ["dividends", "Dividends"], ["excess-share-provisions", "Excess Share Provisions"], ["definitions", "Definitions"], ["miscellaneous", "Miscellaneous"]], "id": "excess-shares", "related": [["common-shares", "Common Shares", "Common Shares"], ["available-shares", "Available Shares", "Available Shares"], ["shares", "Shares", "Shares"], ["class-b-shares", "Class B Shares", "Class B Shares"], ["founder-shares", "Founder Shares", "Founder Shares"]], "related_snippets": [], "updated": "2026-04-26T05:39:20+00:00", "also_ask": ["What are the strategic advantages of including an Excess Shares clause in share purchase agreements?", "Which essential elements must be drafted to ensure the clause is enforceable and unambiguous?", "What are the primary legal risks or loopholes that could undermine the effectiveness of this clause?", "How does the treatment of Excess Shares differ across key jurisdictions or under different regulatory regimes?", "What standards do courts apply when determining the validity and enforceability of Excess Shares provisions?"], "drafting_tip": "Define 'Excess Shares' precisely to avoid ambiguity; specify procedures for handling such shares to ensure enforceability; clarify consequences for holders to deter non-compliance.", "explanation": "The \"excess-shares\" clause defines how shares that exceed a specified limit or threshold are handled within an agreement. Typically, this clause applies in contexts such as shareholder agreements or stock purchase arrangements, where a party may inadvertently or intentionally acquire more shares than permitted. The clause will outline the process for identifying, reallocating, or disposing of these excess shares, such as requiring their sale or transfer to maintain compliance with ownership caps. Its core practical function is to ensure that no party exceeds agreed-upon ownership limits, thereby maintaining balance and regulatory compliance within the organization."}, "json": true, "cursor": ""}}