Dilution Below 16% Clause Samples

Dilution Below 16%. Within two business days of the first date hereafter on which the Bandera Parties become aware that their beneficial ownership of the Company’s Voting Securities has fallen below 16% of the then outstanding Voting Securities, the Bandera Parties shall (A) provide written notice thereof to the Company and (B) cause one of the Bandera Directors to resign from the Board; provided, that the Nominating and Corporate Governance Committee, by a majority vote of all Committee members other than the Bandera Director appointed to such Committee, shall have the right, in its sole discretion, to waive the resignation requirement set forth in the foregoing clause (B).