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 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 FNB Community Bank shareholder shall have the right to elect the following forms of Consideration into which his or her shares of FNB Community Bank Stock will be converted. Each shareholder’s 's election must be made in writing in a form prescribed by ACB Financial Corporation (an “"Election of Consideration”"). ACB Financial Corporation shall forward the Election of Consideration to all shareholders of FNB Community Bank 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 Financial Corporation within twenty-five (25) 25 business days following the mailing date of the Election of Consideration, or such other time and date as FNB Community Bank and ACB Financial Corporation may mutually agree (“"Election Deadline”"). Shareholders of FNB Community Bank who do not return a properly completed Election of Consideration, or whose Elections of Consideration are received by ACB Financial Corporation after the time prescribed, will be deemed to have made no election (“"Non-Election”"). ACB Financial Corporation shall have the discretion, which it may delegate in whole or in part to its Exchange Agent, to determine whether any Election the Elections of Consideration has have been properly completed, signed and submitted or changed or revoked and to disregard immaterial defects in any Election Elections of Consideration. The decision of ACB Financial Corporation (or its Exchange Agent) in such matters shall be conclusive and binding and without any liability whatsoever to FNBCommunity Bank. Neither ACB Financial Corporation nor its Exchange Agent will be under any obligation to notify any person of any defect in any Election Elections of Consideration submitted to the Exchange Agent.

Election of Form of Consideration. Subject to the limitations described in this the Agreement, each FNB Community Bank shareholder shall have the right to elect the following forms of Consideration into which his or her shares of FNB Community Bank Stock will be converted. Each shareholder’s 's election must be made in writing in a form prescribed by ACB Financial Corporation (an “"Election of Consideration”"). ACB Financial Corporation shall forward the Election of Consideration to all shareholders of FNB Community Bank 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 Financial Corporation within twenty-five (25) 25 business days following the mailing date of the Election of Consideration, or such other time and date as FNB Community Bank and ACB Financial Corporation may mutually agree (“"Election Deadline”"). Shareholders of FNB Community Bank who do not return a properly completed Election of Consideration, or whose Elections of Consideration are received by ACB Financial Corporation after the time prescribed, will be deemed to have made no election (“"Non-Election”"). ACB Financial Corporation shall have the discretion, which it may delegate in whole or in part to its Exchange Agent, to determine whether any Election the Elections of Consideration has have been properly completed, signed and submitted or changed or revoked and to disregard immaterial defects in any Election Elections of Consideration. The decision of ACB Financial Corporation (or its Exchange Agent) in such matters shall be conclusive and binding and without any liability whatsoever to FNBCommunity Bank. Neither ACB Financial Corporation nor its Exchange Agent will be under any obligation to notify any person of any defect in any Election Elections of Consideration submitted to the Exchange Agent.