Common use of Election of Form of Consideration Clause in Contracts

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 AgreementPlan of Merger, 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 Plan of Merger 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.