Election of Form of Consideration. Subject to the limitations described in this Agreement, each FNB shareholder shall have the right to elect the following forms of Consideration into which his or her shares of FNB Stock will be converted. Each shareholder’s election must be made in writing in a form prescribed by ACB (an “Election of Consideration”). ACB shall forward the Election of Consideration to all shareholders of FNB at a reasonable date prior to the estimated Closing Date (as defined below), but not less than twenty days prior to the Closing Date. To be valid, an Election of Consideration must be signed by the shareholder and delivered to ACB within twenty-five (25) business days following the mailing date of the Election of Consideration, or such other time and date as FNB and ACB may mutually agree (“Election Deadline”). Shareholders of FNB who do not return a properly completed Election of Consideration, or whose Elections of Consideration are received by ACB after the time prescribed, will be deemed to have made no election (“Non-Election”). ACB shall have the discretion, which it may delegate in whole or in part to its Exchange Agent, to determine whether any Election of Consideration has been properly completed, signed and submitted or changed or revoked and to disregard immaterial defects in any Election of Consideration. The decision of ACB (or its Exchange Agent) in such matters shall be conclusive and binding and without any liability whatsoever to FNB. Neither ACB nor its Exchange Agent will be under any obligation to notify any person of any defect in any Election of Consideration submitted to the Exchange Agent.
Election of Form of Consideration. Subject to the limitations described in this Agreement, each CNB shareholder shall have the right to elect the form of consideration into which his or her shares of CNB Stock will be converted and may elect to receive a combination of cash and MFC Common Stock by having a portion of his or her shares converted into one form of consideration and the remaining shares converted into the other form of consideration. Each shareholder's election must be made in writing in a form prescribed by MFC (an "Election of Consideration") which must be signed by the shareholder and delivered to MFC within 15 days following the approval of this Agreement by CNB's shareholders. Each shareholder of CNB who does not return an Election of Consideration, or whose Election of Consideration is received by MFC after the time prescribed, shall be deemed by MFC to have elected for 50% his or her shares of CNB Stock to be converted into MFC Common Stock and for the other 50% of those shares to be converted into cash.
Election of Form of Consideration. Subject to the limitations --------------------------------- described in this Agreement, each HC Financial shareholder shall have the right to elect the following forms of Merger Consideration into which his or her shares of HC Financial Common Stock will be converted: (i) all Cash Consideration, (ii) all Stock Consideration, or (iii) a combination of 10% Cash Consideration and 90% Stock Consideration. Each shareholder's election must be made in writing in a form prescribed by Yadkin (an "Election of Consideration"). Yadkin shall forward the Election of Consideration to all shareholders of HC Financial at a reasonable date prior to the High Country Shareholders Meeting (as such term is defined in Paragraph 4.01(a) hereof). To be valid, an Election of Consideration must be signed by the shareholder and delivered to Yadkin within 10 business days following the High Country Shareholders Meeting. Shareholders of HC Financial who do not return a properly completed Election of Consideration, or whose Elections of Consideration are received by Yadkin after the time prescribed, will be deemed to have made no election. Yadkin shall have the discretion, which it may delegate in whole or in part to an exchange agent appointed by Yadkin ("Exchange Agent"), to determine whether the Elections of Consideration have been properly completed, signed and submitted or changed or revoked and to disregard immaterial defects in Elections of Consideration. The decision of Yadkin (or the Exchange Agent) in such matters shall be conclusive and binding and without any liability whatsoever to HC Financial. Neither Yadkin nor its Exchange Agent will be under any obligation to notify any person of any defect in Elections of Consideration submitted to the Exchange Agent.
Election of Form of Consideration. Subject to the limitations described in this Agreement, each PARA shareholder shall have the right to elect the following forms of Merger Consideration into which such shareholder’s shares of PARA Common Stock will be converted. Each shareholder’s election must be made in writing in a form prescribed by SLCT (an “Election of Consideration”). SLCT shall forward the Election of Consideration to all shareholders of PARA at or as soon as reasonably practical following the Closing Date (as defined in Section 1.10 below), but not less than twenty (20) Business Days following the Closing Date. To be valid, an Election of Consideration must be signed by the shareholder and delivered to SLCT within twenty-five (25) Business Days following the mailing date of the Election of Consideration, or such other time and date as SLCT and PARA may mutually agree (the “Election Deadline”). Shares of PARA Common Stock for which shareholders of PARA properly return a valid Election of Consideration requesting that such shares be exchanged for shares of SLCT Common Stock at the Exchange Ratio are referred to herein as “Stock Election Shares”, and shares of PARA Common Stock for which shareholders of PARA properly return a valid signed Election of Consideration requesting that such shares be exchanged for cash at the Cash Election Price are referred to herein as “Cash Election Shares.” Shareholders of PARA who do not return a properly completed Election of Consideration, or whose Elections of Consideration are received after the Election Deadline, will be deemed to have made no election (“Non-Election”). SLCT shall have the discretion, which it may delegate in whole or in part to its Exchange Agent, to determine whether any Election of Consideration has been properly completed, signed and submitted or changed or revoked and to disregard immaterial defects in any Election of Consideration. The decision of SLCT (or its Exchange Agent) in such matters shall be conclusive and binding and without any liability whatsoever to SLCT or PARA. Neither SLCT nor its Exchange Agent will be under any obligation to notify any person of any defect in any Election of Consideration submitted to the Exchange Agent.
Election of Form of Consideration. Subject to the limitations described in this Agreement, each Main Street shareholder shall have the right to elect the form of consideration into which his or her shares of Main Street Common Stock will be converted. Each shareholder's election must be made in writing in a form prescribed by Yadkin (an "Election of Consideration"), which must be signed by the shareholder and delivered to Yadkin within 15 days following the approval of this Agreement by Main Street's shareholders. Shareholders of Main Street who do not return an Election of Consideration, or whose Elections of Consideration are received by Yadkin after the time prescribed, will be deemed to have elected to receive cash. The Election of Consideration shall be forwarded to all shareholders of Main Street with the notice of meeting utilized to call the Main Street Shareholders' Meeting (as such term is defined in Paragraph 4.01(a) hereof).
