Examples of Permitted Limit in a sentence
In calculating the Permitted Limit as of any date, shares of the Company’s common stock that are not treated as outstanding for U.S. federal income purposes as of such date shall be disregarded.
Accordingly, any increase in the Permitted Limit under this paragraph shall be limited solely to the minimum amount necessary to avoid a violation of the Permitted Limit.
In the case of repurchases by the Company, the Permitted Limit shall be deemed automatically increased temporarily and only to the extent necessary so that the Otto Family’s increased Beneficial Ownership percentage resulting from any repurchase does not exceed the revised and temporary Permitted Limit.
The Otto Family’s Beneficial Ownership of Company common stock may temporarily exceed the Permitted Limit solely as a result of redemptions by the Company of shares of the Company’s common stock and/or similar Company transactions that reduce (or have the effect of reducing) the outstanding shares of Company common stock (collectively referred to as “repurchases”).
Any such temporary increase in the Permitted Limit above 22.0% shall automatically terminate to the extent that subsequent share issuances or other similar transactions increase (or have the effect of increasing) the outstanding shares of Company common stock as needed to restore the Permitted Limit to 22.0% or lower, as the case may be.