Common use of Conversion of PFSL Common Stock Clause in Contracts

Conversion of PFSL Common Stock. (a) Except as otherwise provided herein, at the Effective Date each outstanding share of PFSL Common Stock will be converted into shares of IBKC Common Stock equal to the sum of (i) the PFSL Common Stock held by each PFSL stockholder multiplied by the Exchange Ratio; plus (ii) a cash payment for fractional shares pursuant to Section 2.2(d) (collectively, the “Merger Consideration”).

Conversion of PFSL Common Stock. (a) Except as otherwise provided herein, at the Effective Date each outstanding share shares of PFSL Common Stock will be converted into a number of shares of IBKC Common Stock equal to the sum of (i) the PFSL Common Stock held by each PFSL stockholder multiplied by the Exchange Ratio.2781; plus (ii) a cash payment for fractional shares pursuant to Section 2.2(d) (collectively, the “Merger Consideration”).