It's a well worded way of saying "let's cut off those people who aren't active enough to read this and vote no"

Out of principle we should be against things like this that alter the terms after the fact. Imagine if you bought high dividend stock in a company and didn't attend their annual meeting and they decided at the annual meeting that anyone who wasn't present at the meeting would not be eligible to collect dividends. This is no different. Pure shady and dishonest insider schenanagins.