Examples of Grandfathered Time in a sentence
The definition of “ Grandfathered Person” in Section 1(s) of the Rights Agreement is deleted in its entirety and replaced with thefollowing: (s) “Grandfathered Person” shall mean any one or more of the following Persons: (A) Medarex, Inc., (B) Lorantis Holdings Limited, and (C) any other Person who or which, together with all Affiliates and Associates of such Person, is, as of the Grandfathered Time, the Beneficial Owner of 15% or more of the shares of Common Stock of the Company then outstanding.
Notwithstanding anything to the contrary provided in this Agreement, any Grandfathered Person who after the Grandfathered Time becomes the Beneficial Owner of less than 15% of the shares of Common Stock of the Company then outstanding shall cease to be a Grandfathered Person and shall be subject to all of the provisions of this Agreement in the same manner as any Person who is not and was not a Grandfathered Person.