The Preferred Stock will vote with CARROLS RESTAURANT GROUP , INC . 's common stock on an as converted basis and provides for the right of BKC to elect ( a ) two members to CARROLS RESTAURANT GROUP , INC . 's board of directors until the date on which the number of shares of common stock into which the outstanding shares of the Preferred Stock held by BKC are then convertible constitutes less than 14.5 % of the total number of outstanding shares of common stock and ( b ) one member to CARROLS RESTAURANT GROUP , INC . 's board of directors until BKC owns Preferred Stock ( on an as converted basis to common stock ) which equals less than 10.0 % of the total number of outstanding shares of common stock .