interpretation of an article
<blockquote>
  <p>The term "Common Stock" as used in this Appendix B means the Company's
  Common Stock without par value, <strong><em>as the same exists</em></strong> at the date
  of filing of the Amendment to the Company's Amended Articles of
  Incorporation first <strong><em>designating</em></strong> Series B Preferred Stock, or any other
  class of stock resulting from successive changes or reclassifications
  of such Common Stock consisting solely of changes in par value, or
  from par value to without par value, or from without par value to par
  value.</p>
</blockquote>

<p>what do "as the same exists" and "designating" mean in this context? Please offer a simplified explanation of what this article means.</p>

<p><em>as the same exists</em> in this context means that the common stock that is owned by shareholders when the Amended Articles of Incorporation are filed is the common stock that is being referred to, and not canceled shares or pre-stock split shares or repurchased shares.</p>

<p><em>designating</em> is used in this context to distinguish the Amended Articles of Incorporation that is referred to in the first clause about "as the same exists". The Amendment they are referring to is one that created new Preferred Stock, or changed the par value in existing common stock or changes the classification of common stock (e.g. breaking Class A stock into Class A1 held by one group of people and Class A2 held by another group of people). "Designating" means that this was the subject matter of what the Amended Articles did.</p>

legal-terms finance shareholders interpretation