Dividends; Other Distributions. Make, declare, pay or set aside for payment of dividends payable in cash, stock or property on or in respect of, or declare or make any distribution on, any shares of its capital stock, except for (i) dividends from CharterBank to Charter, consistent with past practice, and (ii) distributions payable to service Charter’s outstanding subordinated notes; provided that Charter may (to the extent legally and contractually permitted to do so), but shall not be obligated to, declare and pay regular cash dividends on the shares of Charter Common Stock, with increases in the amount of such dividends not to exceed $0.005 per share per quarter from the amount of the dividend per share in the immediately preceding quarter; provided further, that the Parties shall cooperate in selecting the Effective Time to ensure that, with respect to the period in which the Effective Time occurs, the Holders of Charter Common Stock do not become entitled to receive both a dividend in respect of their Charter Common Stock and a dividend in respect of CenterState Common Stock or fail to be entitled to receive any dividend.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (Charter Financial Corp), Agreement and Plan of Merger (CenterState Bank Corp), Agreement and Plan of Merger (CenterState Bank Corp)
