Effective Time of the Plan of Conversion. At the Closing, NORCAL shall deliver a certified copy of the Plan of Conversion and Articles of Incorporation to the Department. Upon receipt of the certified copy of the Plan of Conversion and Articles of Incorporation, the Commissioner shall issue a new certificate of authority (the “Certificate of Authority”) for NORCAL stating the effective date of the Conversion and deliver the Articles of Incorporation to the office of the California Secretary of State for filing in accordance with CA Insurance Code Section 4097.11. The effective time of the Plan of Conversion (the “Conversion Effective Time”) shall be at such time as the Commissioner provides in the Certificate of Authority. At the Conversion Effective Time, NORCAL shall cause the Exchange Agent to issue or pay (i) the Contribution Certificates to all Certificate Subscribers in accordance with the Plan of Conversion; (ii) cash to all Cash Subscribers in accordance with the Plan of Conversion; and (iii) uncertificated shares of NORCAL Common Stock to all of the Stock Subscribers in accordance with the Plan of Conversion (collectively, the “Conversion Consideration”). The Conversion Consideration shall be payable by NORCAL by delivery of the same to the Exchange Agent.

Effective Time of the Plan of Conversion. The Effective Time of the Plan of Conversion (the “Effective Time”) shall be at such time on the Closing Date as determined by the parties to this Agreement, subject to any required consent of the Commissioner, after all of the following have been completed: (a) the Plan of Conversion shall have been approved by the Commissioner in accordance with the Conversion Statute and the change of control filing referred to in Section 1.3 hereof shall have been approved by the Commissioner; (b) the Plan of Conversion shall have been approved by the Eligible Members in accordance with the Conversion Statute; (c) the Amended and Restated Articles of Incorporation of Medmarc shall have been filed in accordance with 8 V.S.A. § 3446; and (d) such additional documents are filed with the Commissioner as may be required by applicable law.

Effective Time of the Plan of Conversion. The “Effective Time” of the Plan of Conversion shall be 12:01 a.m. Illinois time, on the date and time as of which all of the following steps have been completed: (i) the Plan of Conversion has been approved by the Director, (ii) the Eligible Members have approved the Plan of Conversion by the requisite vote in accordance with the Plan of Conversion, (iii) the Amended and Restated Articles of Incorporation have been duly adopted and (iv) the Effective Date Filing shall have been made by PICA.

Related to Effective Time of the Plan of Conversion

Casual Conversion A casual Employee, who has been engaged by the Employer on a regular and systematic basis for a period in excess of six-weeks, thereafter, will have their contract of employment converted to permanent employment unless otherwise agreed in writing between the parties. Regular and systematic shall be defined as an average of 4 days or more, per week, over 6 weeks. Eligible current employees will be transitioned to full time no later than 6 weeks from the date of approval of this agreement.

Effective Time of the Plan of Conversion Sample Clauses