Common use of Excluded Holder Clause in Contracts

Excluded Holder. Excluded Holder means any Person who at the time this Agreement was executed by Kaydon was the beneficial owner of 20% or more of the outstanding common stock of Kaydon; or Kaydon, a Subsidiary or any Employee Benefit Plan of Kaydon or a Subsidiary or any trust holding such common stock or other securities pursuant to the terms of an Employee Benefit Plan.