API Competitors definition
API Competitors shall include any given entity satisfying all of the three conditions as follows: (a) the foregoing entity is the single largest shareholder of such given entity, (b) the foregoing entity directly or indirectly holds 30% or more of the voting securities of such given entity, and (c) the foregoing entity is entitled to control the composition of the board of directors or similar governing body of such given entity. API shall have the right to modify the trade names mentioned the list above in the first paragraph (the “API Competitor List”) once per calendar year by sending a written notice to the Company within thirty (30) days prior to the end of each calendar year, provided that: (a) the number of the trade names listed in the modified API Competitor List shall under no circumstances be more than six (6); (b) the trade names listed in the modified API Competitor List shall be divided into no more than three (3) groups and each group contains no more than two (2) trade names; and (c) the trade names listed in the same group shall be owned or lawfully used by one (1) entity, its Affiliate and/or other entities on which the foregoing entity and/or its Affiliates have Significant Influence.
API Competitors means any entity which uses any of the following trade names lawfully in the conduct of its business and each such entity’s respective Affiliates, and any successors in title of any of the foregoing entities:
API Competitors has the meaning set forth in Exhibit C.