Block Limit definition

Block Limit means that number of Current Management Shares equal to four and one-half percent (4.5%) of the total shares of Common Stock outstanding (assuming conversion into Common Stock of all outstanding Common Stock Equivalents) on the date of the proposed sale or the date of the Offering Notice, as applicable.
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Block Limit has the meaning assigned to such term in Section 3.2.1 of this Agreement.
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Examples of Block Limit in a sentence

  • The sale of shares by the Shareholder and each Permitted Transferee that continues to be subject to this Agreement shall be aggregated for purposes of the Monthly Limit and the Block Limit Percentage.

  • Subject to Section 3.2.3 through Section 3.2.5, a Current Manager may freely sell, transfer, assign or otherwise convey any number of Current Management Shares owned thereby at any time; provided, however, that the number of Current Management Shares sold, transferred, assigned or otherwise conveyed on any given day by such Current Manager does not exceed the higher of the Volume Limit or the Block Limit.

  • The sale of shares by the shareholder and each Permitted Transferee that continues to be subject to this Agreement shall be aggregated for purposes of the Monthly Limit and the Block Limit Percentage.