It's interesting that it says the quantities of shares held by the various investors "may not exceed 4.999%" of the outstanding shares, since these quantities far exceed 5% of the outstanding shares.

15MM = ~20% if we say 75MM after the div and misc shares
11MM = ~15% on 75MM shares

So that would mean a portion of the shares would be issued, and the investors would divest those shares (presumably in the open market?) to lower their ownership %, then GNBT could put more shares to them as long as that put quantity kept their ownership below 5%.

Presumably a defensive move to keep them from buying up and trying to build a large % interest in the co. But if they were to choose not to sell shares to dip below 5% ownership, Generex could not put more to them to raise more funds...