Common use of Exchange of Shares Clause in Contracts

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 4 contracts

Samples: Merger Agreement (Ace Comm Corp), Merger Agreement (I3 Mobile Inc), Merger Agreement (Ace Comm Corp)

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Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than three business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates who theretofore has not submitted such holder’s Certificate or Certificates with a properly completed Election Form, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. The Company shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to the Effective Time and provide reasonable comments thereon. After completion of the allocation procedure set forth in Section 2.2(b). Upon 1.5 and upon surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittaltransmittal or Election Form, duly executedas the case may be, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become became entitled to receive pursuant to the provisions of Article I hereof (with such legends as may be required), and/or (y) a check representing the aggregate Per Share Cash Consideration and/or the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Per Share Cash Consideration, the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock or cash or both, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive a fractional share of Parent Common Stock an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the NASDAQ Stock Market as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six 12 months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, the cash in lieu of fractional shares and and/or the unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Susquehanna Bancshares Inc), Merger Agreement (Community Banks Inc /Pa/), Merger Agreement (Susquehanna Bancshares Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than ten business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent), an Exchange Certificate (as defined below) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the Merger Consideration with respect to the number of shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 HCI Common Stock represented by such Certificates. The Exchange Agent shall obtain an express representation (the "Exchange Certificate") from each holder of a Certificate or Certificates shall have been converted that the respective Certificates are delivered to the Exchange Agent free and any dividends clear of all liens and that no liens or distributions pursuant security interests exist which continue to Section 2.2(b)encumber the Certificates upon surrender of the Certificates to the Exchange Agent. A form of the Exchange Certificate is attached as Exhibit B. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, and a completed and signed Exchange Certificate, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that the Merger Consideration with respect to the number of whole shares of ACE*COMM HCI Common Stock to which represented by such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledCertificates. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesMerger Consideration. (b) No dividends or other distributions declared after the Effective Time with respect If any cash is to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends person or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in entity having a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment of such cash that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange cash shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance payment of cash to a certificate representing shares of ACE*COMM Common Stock in any person or entity having a name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (dc) After All Merger Consideration paid upon the close surrender of business on Certificates in accordance with the day immediately prior terms of this Article II shall be deemed to have been paid in full satisfaction of all rights pertaining to the shares of HCI Common Stock theretofore represented by such Certificates (subject, however, to the obligation to pay a $2.50 per share distribution that has been or will be effected by HCI and payable in the form of cash, cancellation of indebtedness (including interest thereon) or issuance of indebtedness). At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 HCI of the shares of i3 HCI Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock Merger Consideration as provided in this Article II. (ed) Any portion of the Exchange Cash Fund that remains unclaimed by the stockholders of i3 HCI for six twelve months after the Effective Time may shall be returned paid to ACE*COMMALC. Any stockholders of i3 HCI who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM ALC for payment of their the Merger Consideration with respect to such stockholders' shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM HCI Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMALC, i3Newco, Merger SubHCI, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 HCI Common Stock for any amount properly delivered to a any public official pursuant to applicable abandoned property, escheat or similar laws. (fe) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMALC, the posting by such person of a bond in such amount as ACE*COMM ALC may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (f) ALC or the Exchange Agent shall be entitled to deduct and withhold from the Merger Consideration otherwise payable pursuant to this Agreement to any holder of shares of HCI Common Stock such amounts as ALC or the Exchange Agent is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld by ALC or the Exchange Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the shares in respect of which such deduction and withholding was made.

Appears in 3 contracts

Samples: Merger Agreement (Assisted Living Concepts Inc), Merger Agreement (LTC Properties Inc), Merger Agreement (LTC Properties Inc)

Exchange of Shares. (a) As soon as practicable after Each holder of shares of Company Common Stock that have been converted into a right to receive the Effective TimeMerger Consideration, upon surrender to the Exchange Agent shall mail to each holder of record of a Certificate or Certificates Certificate, together with a form properly completed letter of transmittal transmittal, will be entitled to receive (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange AgentA) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the one or more shares of ACE*COMM Parent Common Stock representing, in the aggregate, the whole number of shares of Parent Common Stock, if any, that such holder has the right to receive pursuant to Section 1.6 and (B) a check in the amount equal to the Cash Consideration, if any, that such holder has the right to receive pursuant to Section 1.6 and this Article II, including cash payable in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted pursuant to Section 2.2(e) and any dividends or and other distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will shall be paid or accrued on the any Merger Consideration, cash in lieu of fractional shares and or on any unpaid dividends and distributions, if any, distributions payable to holders of Certificates. Until so surrendered, each such Certificate shall, after the Effective Time, represent for all purposes only the right to receive such Merger Consideration. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such (i) the amount of dividends or other distributionsdistributions with a record date after the Effective Time theretofore paid, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder , and (ii) at the appropriate payment date, the amount of an unsurrendered Certificate shall be entitleddividends or other distributions with a record date after the Effective Time but prior to surrender and a payment date subsequent to surrender, until the surrender with respect to shares of Parent Common Stock represented by such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in in, or any cash is paid to, a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of to the issuance or payment thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the payment or issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time other than to settle transfers of Company Common Stock that occurred prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration as provided in this Article II. (e) Notwithstanding anything to the contrary contained in this Agreement, no certificates or scrips representing fractional shares of Parent Common Stock shall be issued upon the surrender of Certificates for exchange, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the Parent Closing Price by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.6. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 for six months after the Company as of the first anniversary of the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders former shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM Common Stock deliverable payable in accordance with Section 2.2(b) in respect of each share of i3 Company Common Stock Stock, as the case may be, such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3Parent, Merger Sub, the Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if reasonably required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, Merger Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (h) To the extent that any shares of Company Common Stock are in book-entry form, references in this Agreement to Certificates or certificated shares shall be deemed to also refer to such book entry shares.

Appears in 3 contracts

Samples: Merger Agreement (Rock-Tenn CO), Merger Agreement (SMURFIT-STONE CONTAINER Corp), Merger Agreement (Rock-Tenn CO)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent Target shall mail send or cause to be sent to each holder of record Outstanding Target Shares as of a Certificate or Certificates the Record Date a form of letter of transmittal (which shall specify that delivery shall be effected, and risk the “Letter of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange AgentTransmittal”) and instructions for use in effecting exchanging Old Certificates for cash and certificates representing Purchaser Common Stock which shall be deposited with the Exchange Agent by Purchaser as of the Effective Time. The Letter of Transmittal shall be mailed within ten (10) business days following the date of the Shareholders’ Meeting. The Letter of Transmittal will contain instructions with respect to the surrender of Old Certificates and the Certificates in exchange distribution of the Cash Consideration and certificates evidencing the Stock Consideration, which shall be deposited with the Exchange Agent by Purchaser as of the Effective Time. If any certificates for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Purchaser Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is are to be issued in a name other than that in for which the an Old Certificate surrendered in exchange therefor or exchanged is registeredissued, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange shall pay affix any requisite stock transfer tax stamps to the Exchange Agent in advance any transfer Old Certificate surrendered or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, provide funds for their purchase or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is taxes are not payable. . Unless and until Old Certificates or evidence that such certificates have been lost, stolen or destroyed (d) After the close of business on the day immediately prior to the Effective Time, there accompanied by such security or indemnity as shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares requested by Purchaser) are presented for transfer to the Exchange Agent, they the holder thereof shall not be canceled and exchanged for certificates representing shares of ACE*COMM entitled to receive the consideration to be paid in exchange therefor pursuant to the Company Merger or any dividends payable on any Purchaser Common Stock to which he or she is entitled or to exercise any rights as a shareholder of Purchaser Common Stock, except as provided in this Article II. (e) Any portion of Section 3.5 below. Subject to applicable Law and to the Exchange Fund extent that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have same has not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered yet been paid to a public official pursuant to applicable abandoned property Laws, upon surrender of his or her Old Certificates, the holder thereof shall be paid the consideration to which he or she is entitled. All such property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact if held by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for payment or delivery to the holders of unsurrendered Old Certificates and unclaimed at the end of one (1) year from the Effective Time, shall at such losttime be paid or redelivered by the Exchange Agent to Purchaser, stolen or destroyed and after such time any holder of an Old Certificate who has not surrendered such certificate shall, subject to applicable Laws and to the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions extent that the same has not yet been paid to a public official pursuant to Section 2.2(b)applicable abandoned property Laws, look as a general creditor only to Purchaser for payment or delivery of such property. In no event will any holder of Target Common Stock exchanged in the Company Merger be entitled to receive any interest on any amounts held by the Exchange Agent or Purchaser.

Appears in 3 contracts

Samples: Merger Agreement (Ameris Bancorp), Merger Agreement (First National Banc Inc), Merger Agreement (Abc Bancorp)

Exchange of Shares. (a) As soon promptly as practicable after the Constellation-Polaris Merger Effective Time, New Polaris shall cause the Exchange Agent shall to mail or otherwise provide to each holder of record of a Certificate one or more Old Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares applicable New Certificates, and, solely in the case of ACE*COMM Common StockSirius Shares or Constellation Shares, the any cash in lieu of fractional shares into which the shares of i3 Common Stock Polaris Shares, Sirius Shares or Constellation Shares, as applicable, represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or other distributions to be paid pursuant to Section 2.2(b3.03(b). Upon From and after the Constellation-Polaris Merger Effective Time, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, executed (or upon proper delivery of an “agent’s message” with respect to book-entry shares) the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares New Polaris Common Shares or the applicable series of ACE*COMM Common Stock New Polaris Preferred Stock, as applicable, to which such holder of i3 Common Stock shall have become be entitled pursuant to the provisions of Article I hereof (with such legends as may be required)II, (yii) a check representing the amount of any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, III and (ziii) any dividends or other distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)3.03, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash portion of the Merger Consideration or the Preferred Merger Consideration, as applicable, or any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Old Certificates. Until surrendered as contemplated by this Section 3.03, each Old Certificate shall be deemed at any time after the Applicable Effective Time to represent only the right to receive, upon surrender, the Merger Consideration or the Preferred Merger Consideration, as applicable, and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 3.03. (b) No dividends or other distributions authorized and declared after the Effective Time with respect to ACE*COMM New Polaris Common Shares or the applicable series of New Polaris Preferred Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article IIIII. After the surrender of a an Old Certificate in accordance with this Article IIIII, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore following the Applicable Effective Time had become payable with respect to shares of ACE*COMM (i) the whole New Polaris Common Stock Shares which the Polaris Shares, Sirius Shares or Constellation Shares, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until have been converted into the surrender of such Certificate, right to vote receive or (ii) the shares of ACE*COMM Common the applicable series of New Polaris Preferred Stock into which the shares of the applicable series of Sirius Preferred Stock or Constellation Preferred Stock, as applicable, represented by such i3 Common Stock shall Old Certificate have been convertedconverted into the right to receive. The surrender of an Old Certificate shall not impact a holder’s right, to the extent applicable, to receive any declared but unpaid dividends on the Polaris Shares, Sirius Shares or Constellation Shares, as applicable, represented by such Old Certificate. (c) If any certificate New Certificate representing New Polaris Common Shares or shares of ACE*COMM Common the applicable series of New Polaris Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing New Polaris Common Shares or shares of ACE*COMM Common the applicable series of New Polaris Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Applicable Effective Time, there shall be no transfers on the stock transfer books of i3 Polaris, Sirius, Constellation or New Sirius of the Polaris Shares, Sirius Shares, Constellation Shares, New Sirius Shares, shares of i3 Common Sirius Preferred Stock which and shares of Constellation Preferred Stock, as applicable, that were issued and outstanding immediately prior to the Applicable Effective Time. If, after the Applicable Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares the Redomestication Merger Consideration, the Merger Consideration or the Preferred Merger Consideration, as applicable, cash in lieu of ACE*COMM fractional New Polaris Common Stock Shares (if applicable) and dividends or other distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article IIIII. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional New Polaris Common Shares shall be issued upon the surrender for exchange of Old Certificates, no dividend or other distribution with respect to New Polaris Common Shares shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of New Polaris. In lieu of the issuance of any such fractional share, New Polaris shall pay to each former stockholder of Sirius or Constellation, as applicable, who otherwise would be entitled to receive such fractional New Polaris Common Share at the Applicable Effective Time an amount in cash (rounded to the nearest cent) determined by multiplying (i) the volume weighted average price of Polaris Common Stock on the New York Stock Exchange (the “NYSE”) for the five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction (rounded to the nearest thousandth when expressed in decimal form) of a New Polaris Common Share which such holder would otherwise be entitled to receive pursuant to Section 2.05, Section 2.10 or Section 2.11, as applicable. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months Sirius or Constellation one (1) year after the Applicable Effective Time may shall be returned paid to ACE*COMMNew Polaris. Any former stockholders of i3 Polaris, Sirius or Constellation who have not complied with theretofore exchanged their Old Certificates pursuant to this Article II prior to such return III shall thereafter look only to ACE*COMM New Polaris for payment of their shares of ACE*COMM Common Stockthe Redomestication Merger Consideration, the Merger Consideration or the Preferred Merger Consideration, as applicable, cash in lieu of any fractional shares New Polaris Common Shares (if applicable) and any unpaid dividends and other distributions on ACE*COMM the New Polaris Common Stock Shares deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMPolaris, i3Sirius, Merger Constellation, New Polaris, New Sirius, Sirius LP, Sirius Sub. New Sirius Sub, the Exchange Agent or any other person shall be liable to any former holder stockholder of shares of i3 Common Stock Polaris, Sirius or Constellation, as applicable, for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fg) Each of the parties and each of their Subsidiaries shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any dividends or other distributions payable pursuant to this Section 3.03 or any consideration or amounts otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld and paid over to the appropriate Governmental Authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMNew Polaris, the posting by such person of a bond in such amount as ACE*COMM New Polaris may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common StockRedomestication Merger Consideration, the Merger Consideration or the Preferred Merger Consideration, as applicable, and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Merger Agreement (Northstar Realty Finance Corp.), Merger Agreement (Colony Capital, Inc.), Merger Agreement (Barrack Thomas Jr)

Exchange of Shares. (a) As soon On or prior to the Closing Date, Parent and the Company shall agree upon and select a reputable bank, transfer agent or trust company to act as practicable after exchange agent in the Merger (the “Exchange Agent”). At the First Effective Time, Parent shall deposit with the Exchange Agent shall mail to each holder certificates or evidence of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates book-entry shares representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Parent Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions Parent Convertible Preferred Stock issuable pursuant to Section 2.2(b1.6(a). Upon surrender of a Certificate for exchange The Parent Common Stock and cancellation to Parent Convertible Preferred Stock so deposited with the Exchange Agent, together with any dividends or distributions received by the Exchange Agent with respect to such letter of transmittalshares, duly executedare referred to collectively as the “Exchange Fund.” (b) As soon as reasonably practicable after the record date for the CVR, the holder of such Certificate Exchange Agent shall be entitled to receive issue book-entry shares representing the Merger Consideration (in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such and Parent Convertible Preferred Stock) that each holder of i3 Company Common Stock shall have become entitled has the right to receive pursuant to the provisions of Article I hereof (with such legends as may be required), (ySection 1.6(a) a check representing the amount of cash in lieu of fractional shares, if any, which and each Company Stock Certificate or Book-Entry Share formerly held by each such holder has shall be deemed, from and after the First Effective Time, to represent only the right to receive in respect book-entry shares of Parent Common Stock and Parent Convertible Preferred Stock representing the Certificate surrendered pursuant to Merger Consideration and, following issuance of book-entry shares representing the provisions of this Article IIMerger Consideration, shall be canceled. The Merger Consideration and (z) any dividends or other distributions as are payable pursuant to Section 2.2(b), and the Certificate so surrendered 1.8(d) shall forthwith be canceled. No interest will be paid deemed to have been in full satisfaction of all rights pertaining to Company Capital Stock formerly represented by such Company Stock Certificates or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesBook-Entry Shares. (bc) No dividends or other distributions declared after the Effective Time or made with respect to ACE*COMM Parent Common Stock and payable to or Parent Convertible Preferred Stock with a record date on or after the holders of record thereof First Effective Time shall be paid to the holder of any unsurrendered Company Stock Certificate or Book-Entry Shares with respect to the shares of Parent Common Stock and/or Parent Convertible Preferred Stock that such holder has the right to receive in the Merger until the such holder surrenders such Company Stock Certificate or transfers such Book-Entry Shares or provides an affidavit of loss or destruction in lieu thereof shall surrender such Certificate in accordance with this Article II. After Section 1.8 (at which time (or, if later, on the surrender applicable payment date) such holder shall be entitled, subject to the effect of a Certificate applicable abandoned property, escheat or similar Laws, to receive all such dividends and distributions, without interest); provided, however, that in accordance with this Article II, no event shall holders of Company Capital Stock receiving the record holder thereof shall Merger Consideration be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payableCVR. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by holders of shares of Company Capital Stock as of the stockholders of i3 for six months date that is one year after the Effective Time may Closing Date shall be returned delivered to ACE*COMM. Any stockholders Parent upon demand, and any holders of i3 Company Stock Certificates or Book-Entry Shares who have not complied theretofore surrendered their Company Stock Certificates or transferred their Book-Entry Shares in accordance with this Article II prior to such return Section 1.8 shall thereafter look only to ACE*COMM Parent as general creditors for payment satisfaction of their claims for Parent Common Stock and Parent Convertible Preferred Stock and any dividends or distributions with respect to shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Parent Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person and Parent Convertible Preferred Stock. (e) No Party shall be liable to any former holder of any shares of i3 Company Capital Stock or to any other Person with respect to any shares of Parent Common Stock or Parent Convertible Preferred Stock (or dividends or distributions with respect thereto) or for any amount properly cash amounts delivered to a any public official pursuant to any applicable abandoned propertyproperty Law, escheat Law or similar laws. Law. Any portion of the Exchange Fund that remains unclaimed by holders of shares of Company Capital Stock as of the date that is two years after the Closing Date (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect immediately prior to such Certificate, earlier date on which the related Exchange Agent will issue in exchange for such lost, stolen Funds (and all dividends or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable other distributions in respect thereof thereof) would otherwise escheat to or become the property of any Governmental Body) shall, to the extent permitted by applicable Law, become the property of the Surviving Entity, free and clear of all claims or interest of any dividends or distributions pursuant to Section 2.2(b)Person previously entitled thereto.

Appears in 3 contracts

Samples: Merger Agreement (Spyre Therapeutics, Inc.), Merger Agreement (Aeglea BioTherapeutics, Inc.), Merger Agreement (Aeglea BioTherapeutics, Inc.)

Exchange of Shares. All of the outstanding shares of common stock (athe ordinary shares hereinafter called the "Life Shares") As soon as practicable after owned by the Effective Time, the Exchange Agent shall mail to each holder Stockholders of record Life constituting an approximate total of a Certificate or Certificates a form letter of transmittal fifteen (which shall specify that delivery 15) million shares shall be effected, and risk exchanged solely for an approximate total of loss and title to the Certificates shall pass, only upon delivery fifteen (15) million shares of the Certificates to common stock of Health-Pak (the Exchange Agent"Shares") and instructions for use in effecting the surrender Life shall thereafter operate as a wholly owned subsidiary of the Certificates in exchange for certificates representing Company. All of the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the thereby exchanged shall be duly authorized and non-assessable shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted common stock of each corporation, free and any dividends or distributions clear of all liens and encumbrances. The exchange transaction is intended to be a tax free exchange pursuant to Section 2.2(b368(a)(1)(B) of the Internal Revenue Code. All of the outstanding shares of the class A preferred class stock owned by the Stockholders of Life constituting an approximate total of sixteen (16) million shares shall be exchanged solely for an approximate total of sixteen (16) million shares of the class A preferred class stock of Health-Pak. The shares intended to be issued to the Stockholders by Health-Pak are to be deemed "restricted securities" as defined by Rule 144 promulgated under the Securities Act of 1933, as amended, (the "Act"). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executedFurthermore, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing Parties confirm and acknowledge that number of whole as restricted shares the Health-Pak shares of ACE*COMM Common Stock common stock to which be exchanged hereunder will be subject to restrictions against the further sale or transfer thereof unless subsequently registered under the Act or an exemption from such holder registration becomes available, such as is provided by Rule 144. There is no present intent to register the shares to be issued. However, in the event the Company elects to file a registration statement with the Securities and Exchange Commission and/or any state securities commission in connection with a public offering of i3 Common Stock its securities and further seeks to register any then issued and outstanding shares, Life Shareholders shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect request registration of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), their shares and the Certificate so surrendered Company shall forthwith be canceled. No interest will be paid or accrued on prepare and file with the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable appropriate regulatory agency all documents necessary to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender facilitate registration of such Certificate, shares. The Company shall notify the Life Shareholders of its intent to vote the file a registration statement regarding issued and outstanding shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately at least sixty days prior to the Effective Time, there anticipated date of filing. Life Shareholders shall be no transfers on have twenty days from their respective receipt of such notice from the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior Company to provide written notice to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment Company of their respective request(s) to have their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawsregistered. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 3 contracts

Samples: Agreement and Plan of Reorganization (Health Pak Inc), Agreement and Plan of Reorganization (Life Energy & Technology Holdings Inc), Agreement and Plan of Reorganization (Life Energy & Technology Holdings Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than three business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Buyer Common Stock, Stock and the cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Buyer Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Buyer Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Buyer Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Buyer Common Stock into which such i3 his Company Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Buyer Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Buyer Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Buyer Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Buyer Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Buyer Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Buyer. In lieu of the issuance of any such fractional share, Buyer shall pay to each former stockholder of the Company who otherwise would be entitled to receive a fractional share of Buyer Common Stock an amount in cash determined by multiplying (i) the average of the closing sale prices of Buyer Common Stock on the New York Stock Exchange (the "NYSE") as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Buyer Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six months after the Effective Time may shall be returned paid to ACE*COMMBuyer. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Buyer for payment of their shares of ACE*COMM Buyer Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM the Buyer Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBuyer, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMBuyer, the posting by such person of a bond in such amount as ACE*COMM Buyer may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Buyer Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Merger Agreement (North Fork Bancorporation Inc), Merger Agreement (Reliance Bancorp Inc), Agreement and Plan of Merger (North Fork Bancorporation Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) days thereafter, Capital One shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Discover Common Stock or Discover Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time or the Second Effective Time, as applicable, into the right to receive Capital One Common Stock or New Capital One Preferred Stock, as applicable, pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM Capital One Common Stock, the Stock and any cash in lieu of fractional shares into or shares of New Capital One Preferred Stock, as applicable, which the shares of i3 Discover Common Stock or Discover Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM Capital One Common Stock to which such holder of i3 Discover Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b) or (ii) (A) a New Certificate representing that number of shares of New Capital One Preferred Stock to which such holder of Discover Preferred Stock shall have become entitled pursuant to the provisions of Article I, and (B) a check representing the amount of any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time or the Second Effective Time, as applicable, to represent only the right to receive, upon surrender, the number of whole shares of Capital One Common Stock or shares of New Capital One Preferred Stock which the shares of Discover Common Stock or Discover Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Capital One Common Stock and payable to the holders of record thereof or New Capital One Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Capital One Common Stock or shares of New Capital One Preferred Stock that the shares of Discover Common Stock or Discover Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM Capital One Common Stock or New Capital One Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Capital One Common Stock or New Capital One Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on Effective Time or the day immediately prior to the Second Effective Time, as applicable, there shall be no transfers on the stock transfer books of i3 Discover of the shares of i3 Discover Common Stock which or Discover Preferred Stock that were issued and outstanding immediately prior to the Effective Timethereto. If, after the Effective Time or Second Effective Time, as applicable, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM Capital One Common Stock or New Capital One Preferred Stock, as applicable, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Capital One Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Capital One Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Capital One. In lieu of the issuance of any such fractional share, Capital One shall pay to each former holder of Discover Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing sale prices of Capital One Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of Discover Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of Capital One Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Discover for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Entity. Any stockholders former holders of i3 Discover Common Stock or Discover Preferred Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Entity for payment of their the shares of ACE*COMM Capital One Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Capital One Common Stock deliverable in respect of each former share of i3 Discover Common Stock such stockholder holder holds as determined pursuant to this Agreement, or the shares of New Capital One Preferred Stock and any unpaid dividends and distributions on the New Capital One Preferred Stock deliverable in respect of each former share of Discover Preferred Stock such holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMCapital One, i3Discover, Merger Subthe Surviving Entity, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Discover Common Stock or Discover Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Capital One shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Capital One Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of Discover Common Stock, Discover Preferred Stock or Discover Equity Awards, such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Capital One or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Discover Common Stock, Discover Preferred Stock or Discover Equity Awards in respect of which the deduction and withholding was made by Capital One or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMCapital One or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Capital One or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Capital One Common Stock, Stock and any cash in lieu of fractional shares, or the shares of New Capital One Preferred Stock, as applicable, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Merger Agreement (Capital One Financial Corp), Merger Agreement (Discover Financial Services), Merger Agreement

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, SVB Financial shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Boston Private Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the number of whole shares of ACE*COMM SVB Financial Common Stock, the any cash in lieu of fractional shares into and the cash portion of the Merger Consideration which the shares of i3 Boston Private Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon From and after the Effective Time, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM SVB Financial Common Stock to which such holder of i3 Boston Private Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) the cash in lieu portion of fractional shares, if any, the Merger Consideration which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, (B) any cash in lieu of fractional shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II and (zC) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash portion of the Merger Consideration or any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time (if any) with respect to ACE*COMM SVB Financial Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM SVB Financial Common Stock which the shares of Boston Private Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM SVB Financial Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM SVB Financial Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Boston Private of the shares of i3 Boston Private Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the Merger Consideration, cash in lieu of fractional shares of ACE*COMM Common Stock and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of SVB Financial Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to SVB Financial Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of SVB Financial. In lieu of the issuance of any such fractional share, SVB Financial shall pay to each former shareholder of Boston Private who otherwise would be entitled to receive such fractional share an amount in cash (rounded up to the nearest whole cent) determined by multiplying (i) the average of the closing-sale prices of SVB Financial Common Stock on the NASDAQ Stock Market (the “NASDAQ”) as reported by The Wall Street Journal for the five (5) full trading days ending on the day preceding the Closing Date (the “SVB Financial Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of SVB Financial Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Boston Private for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 Boston Private who have not complied with theretofore exchanged their Old Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the SVB Financial Common Stock deliverable in respect of each former share of i3 Boston Private Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMSVB Financial, i3Boston Private, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Boston Private Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. SVB Financial and the Exchange Agent shall be entitled to rely upon the stock transfer books and records of Boston Private to establish the identity of those entitled to receive shares of SVB Financial Common Stock or any other amounts issuable or payable in accordance with this Agreement, which books and records shall be conclusive with respect thereto. (fg) SVB Financial shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the cash portion of the Merger Consideration, any cash in lieu of fractional shares of SVB Financial Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other cash amounts otherwise payable pursuant to this Agreement to any holder of Boston Private Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by SVB Financial or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Boston Private Common Stock in respect of which the deduction and withholding was made by SVB Financial or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSVB Financial, the posting by such person of a bond in such amount as ACE*COMM SVB Financial may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, Merger Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Merger Agreement (Boston Private Financial Holdings Inc), Merger Agreement (SVB Financial Group), Merger Agreement (Boston Private Financial Holdings Inc)

Exchange of Shares. (a) Prior to the Effective Time, Parent shall appoint an exchange agent reasonably satisfactory to the Company (the “Exchange Agent”) for the purpose of exchanging Certificates for the Merger Consideration. As soon as reasonably practicable after the Effective Time, Parent will cause the Exchange Agent shall mail to send to each holder of record of shares of Company Common Stock as of the Effective Time whose shares of Company Common Stock were converted into the right to receive the Merger Consideration pursuant to Section 2.11, a Certificate or Certificates a form letter of transmittal (which shall specify that the delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and ), including instructions for use in effecting the surrender of Certificates to the Certificates Exchange Agent in exchange for certificates representing the Merger Consideration. Immediately after the Effective Time, Parent shall cause to be deposited with the Exchange Agent (i) the number of duly authorized, fully paid and nonassessable shares of ACE*COMM Parent Common Stock (which shall be in non-certificated book-entry form) payable as Merger Consideration upon due surrender of the Certificates pursuant to the provisions of this ARTICLE II and (ii) cash in U.S. dollars sufficient to pay the aggregate cash portion of the Merger Consideration payable upon due surrender of the Certificates pursuant to the provisions of this ARTICLE II, in each case in trust for each holder of shares of Company Common Stock. Following the Effective Time, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant Parent agrees to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation make available to the Exchange Agent, from time to time as needed, cash in U.S. dollars sufficient to pay any dividends and other distributions pursuant to Section 2.14(f). All cash and book-entry shares representing Parent Common Stock deposited with the Exchange Agent shall be referred to in this Agreement as the “Exchange Fund.” The Exchange Agent shall, pursuant to irrevocable instructions, deliver the Merger Consideration contemplated to be issued and paid pursuant to Section 2.11 and Section 2.14(g) out of the Exchange Fund. The Exchange Fund shall not be used for any other purpose. The Exchange Agent shall invest the cash included in the Exchange Fund as directed by Parent. Any interest and other income resulting from such investments shall be the property of, and paid to, Parent. (b) Each holder of shares of Company Common Stock that have been converted into the right to receive the Merger Consideration, upon surrender to the Exchange Agent of a Certificate, together with such a properly completed letter of transmittal, duly executedexecuted and completed in accordance with the instructions thereto, and such other documents as may reasonably be required by Parent or the holder of such Certificate shall Exchange Agent, will be entitled to receive in exchange therefor (xi) one or more duly authorized, fully paid and nonassessable shares of Parent Common Stock (which shall be in non-certificated book-entry form unless a physical certificate representing that is requested) representing, in the aggregate, the whole number of whole shares of ACE*COMM Parent Common Stock to which that such holder of i3 Common Stock shall have become entitled pursuant has the right to the provisions of Article I hereof (with such legends as may be required)receive, (yii) a check representing drawn by the Exchange Agent or a bank cashier’s check in the amount of cash in lieu of fractional shares, if any, which that such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article ARTICLE II, including the cash portion of the Merger Consideration and (z) any dividends or and other distributions payable pursuant to Section 2.2(b2.14(f), and . The Merger Consideration shall be paid as promptly as practicable after receipt by the Exchange Agent of the Certificate so surrendered shall forthwith be canceledand letter of transmittal in accordance with the foregoing. No interest will shall be paid or accrued on the cash in lieu of fractional shares and any Merger Consideration or on any unpaid dividends and distributions, if any, distributions payable to holders of Certificates. (b) No dividends or other distributions declared . Until so surrendered, each such Certificate shall, after the Effective Time with respect to ACE*COMM Common Stock and payable to Time, represent for all purposes only the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled right to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedMerger Consideration. (c) If any certificate representing shares portion of ACE*COMM Common Stock the Merger Consideration is to be issued registered in the name of or paid to a name Person other than that the Person in which whose name the applicable surrendered Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the surrendered Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise be in proper form for transfer, transfer and that the person Person requesting such exchange delivery of the Merger Consideration shall pay to the Exchange Agent in advance any required transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, similar Taxes or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no further registration of transfers on the stock transfer books of i3 of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. From and after the Effective Time, the holders of Certificates representing shares of Company Common Stock outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such shares of Company Common Stock except as otherwise provided in this Agreement or by applicable Law. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange AgentAgent or Parent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock as the consideration provided for, and in accordance with the procedures set forth, in this Article ARTICLE II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 for six months shares of Company Common Stock one (1) year after the Effective Time may shall be returned to ACE*COMM. Any stockholders Parent, upon demand, and any such holder who has not exchanged his or her shares of i3 who have not complied Company Common Stock for the Merger Consideration in accordance with this Article II Section 2.14 prior to such return that time shall thereafter look only to ACE*COMM Parent for payment delivery of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable the Merger Consideration in respect of each share such holder’s shares of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereonStock. Notwithstanding the foregoing, none of ACE*COMM, i3Parent, Merger Sub, Sub or the Exchange Agent or any other person Company shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly Merger Consideration delivered to a public official pursuant to applicable abandoned propertyproperty Laws. Any Merger Consideration remaining unclaimed by holders of shares of Company Common Stock immediately prior to such time as such amounts would otherwise escheat to or become property of any Governmental Entity shall, escheat to the extent permitted by applicable Law, become the property of Parent free and clear of any claims or similar lawsinterest of any Person previously entitled thereto. (f) No dividends or other distributions with respect to shares of Parent Common Stock issued in the Merger shall be paid to the holder of any unsurrendered Certificates until such Certificates are surrendered as provided in this Section 2.14. Following such surrender, subject to the effect of escheat, Tax or other applicable Law, there shall be paid, without interest, to the record holder of the shares of Parent Common Stock issued in exchange therefor (i) at the time of such surrender, all dividends and other distributions payable in respect of such shares of Parent Common Stock with a record date after the Effective Time and a payment date on or prior to the date of such surrender and not previously paid and (ii) at the appropriate payment date, the dividends or other distributions payable with respect to such shares of Parent Common Stock with a record date after the Effective Time but with a payment date subsequent to such surrender. For purposes of dividends or other distributions in respect of shares of Parent Common Stock, all shares of Parent Common Stock to be issued pursuant to the Merger shall be entitled to dividends pursuant to the immediately-preceding sentence as if issued and outstanding as of the Effective Time. (g) No certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates to the Exchange Agent for the Merger Consideration, no dividends or other distributions of Parent shall relate to such fractional share interests and such fractional share interests shall not entitle the owner thereof to vote or to any rights of a stockholder of Parent. In lieu of such fractional share interests, Parent shall pay to each holder of a Certificate an amount in cash equal to the event product obtained by multiplying (i) the fractional share interest to which such holder (after taking into account all shares of Company Common Stock formerly represented by all Certificates surrendered by such holder) would otherwise be entitled by (ii) the Parent Common Stock Cash Value. (h) If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person Person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person Person of a bond bond, in such reasonable amount as ACE*COMM Parent may reasonably direct direct, as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the Merger Consideration to be paid in respect of the shares of ACE*COMM Company Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)Stock represented by such Certificate as contemplated by this ARTICLE II.

Appears in 3 contracts

Samples: Merger Agreement (CF Industries Holdings, Inc.), Merger Agreement (Terra Industries Inc), Agreement and Plan of Merger (CF Industries Holdings, Inc.)

Exchange of Shares. (a) Raritan and United hereby appoint The Bank of New York, or such other bank as United (with the consent of Raritan, which consent shall not be unreasonably withheld) shall designate, as the exchange agent (the "Exchange Agent") for purposes of effecting the conversion of Raritan Common Stock and Raritan Options. As soon as practicable after the Effective Time, but no later than five business days after the Effective Time, the Exchange Agent shall mail to each holder of record (a "Record Holder") of a Certificate Certificates or Certificates which, immediately prior to the Effective Time represented outstanding shares of Raritan Common Stock (the "Certificates"), a form mutually agreed upon letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM United Common Stock, the Stock (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to shares) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock for such Certificates the consideration as provided in Section 2.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any Record Holder the consideration to which such holder Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in default thereof, an appropriate Affidavit of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends Loss and Indemnity Agreement and/or a bond as may be required), (y) a check representing reasonably required in each case by United. Notwithstanding the amount time of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect surrender of the Certificate surrendered pursuant to the provisions Certificates, Record Holders shall be deemed stockholders of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after United for all purposes from the Effective Time with respect to ACE*COMM Time, except that United shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for United Common Stock and payable to the holders of record thereof Stock. (Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange.) (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Raritan of the shares of ACE*COMM Raritan Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (de) After With respect to each outstanding Raritan Option the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. IfExchange Agent shall, after the Effective Time, Certificates representing such shares are presented for transfer distribute to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares Optionee an amendment to the option grant evidencing the conversion of ACE*COMM the grant to an option to purchase United Common Stock as provided in this Article IIaccordance with Section 2.7 hereof. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 3 contracts

Samples: Merger Agreement (United National Bancorp), Merger Agreement (Raritan Bancorp Inc), Agreement and Plan of Merger (United National Bancorp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than 5 Business Days thereafter, Buyer shall cause the Exchange Agent shall to mail to each holder of record of one or more CFC Stock Certificates representing shares of CFC Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the CFC Stock Certificates shall pass, only upon proper delivery of the CFC Stock Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the CFC Stock Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Buyer Common Stock, the Stock and any cash in lieu of fractional shares into which that the shares of i3 CFC Common Stock represented by such CFC Stock Certificate or CFC Stock Certificates shall have been converted and into the right to receive pursuant to this Agreement, as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon From and after the Effective Time, upon proper surrender of a CFC Stock Certificate or CFC Stock Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such CFC Stock Certificate or CFC Stock Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate book-entry shares representing that number of whole shares of ACE*COMM Buyer Common Stock to which such holder of i3 CFC Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the CFC Stock Certificate or CFC Stock Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the CFC Stock Certificate or CFC Stock Certificates so surrendered shall forthwith be canceledcancelled. No interest will Until surrendered as contemplated by this Section 2.2, each CFC Stock Certificate shall be paid or accrued on deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration, any cash in lieu of fractional shares payable pursuant to Section 2.2(e), and unpaid any cash in respect of dividends and distributions, if any, payable to holders of Certificatesor distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Buyer Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered un-surrendered CFC Stock Certificate until the holder thereof shall surrender has surrendered such CFC Stock Certificate in accordance with this Article II. After the surrender of a CFC Stock Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Buyer Common Stock that the shares of CFC Common Stock represented by such Certificate. No holder of an unsurrendered CFC Stock Certificate shall be entitled, until have been converted into (i) with a record date and a payment date on or after the surrender Effective Time and on or prior to the date of such Certificatesurrender, and (ii) at the appropriate payment date, with a record date on or after the Effective Time but prior to vote the shares date of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedsurrender and a payment date subsequent to the date of such surrender. (c) If any certificate Buyer Certificate representing shares of ACE*COMM Buyer Common Stock is to be issued in a name other than that in which the CFC Stock Certificate or CFC Stock Certificates surrendered in exchange therefor is or are registered, it shall be a condition of to the issuance thereof that the CFC Stock Certificate or CFC Stock Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other similar taxes required by reason of the issuance of a certificate Buyer Certificate representing shares of ACE*COMM Buyer Common Stock in any name other than that of the registered holder of the CFC Stock Certificate or CFC Stock Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 CFC of the shares of i3 CFC Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, CFC Stock Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares the Merger Consideration, cash in lieu of ACE*COMM Common fractional shares, and dividends or distributions that the holder presenting such CFC Stock Certificates is entitled to, as provided in this Article II. (e) Any portion Notwithstanding anything to the contrary contained herein, no Buyer Certificates or scrip representing fractional shares of Buyer Common Stock shall be issued upon the surrender for exchange of CFC Stock Certificates, no dividend or distribution with respect to Buyer Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a Stockholder of Buyer. In lieu of the Exchange Fund that remains unclaimed issuance of any such fractional share, Buyer shall pay to each former Stockholder of CFC who otherwise would be entitled to receive such fractional share an amount in cash (rounded up to the nearest cent), without any interest thereon, equal to the product of (i) the Buyer Closing Price multiplied by (ii) the stockholders fraction of i3 for six months after a share (rounded to the Effective Time may nearest thousandth when expressed in decimal form) of Buyer Common Stock which such holder would otherwise be returned entitled to ACE*COMM. receive pursuant to Section 1.4. (f) Any stockholders former holders of i3 CFC Common Stock who have not complied with exchanged their CFC Stock Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Exchange Agent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares shares, and any unpaid dividends and distributions on ACE*COMM the Buyer Common Stock deliverable in respect of each former share of i3 CFC Common Stock such stockholder Stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBuyer, i3CFC, Merger Subthe Surviving Corporation, the Exchange Agent or any other person Person shall be liable to any former holder of shares of i3 CFC Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat escheat, or similar laws. (fg) Buyer shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the Merger Consideration, any cash in lieu of fractional shares of Buyer Common Stock, cash dividends or distributions payable pursuant to this Section 2.2, or any other cash amounts otherwise payable pursuant to this Agreement to any holder of CFC Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld by Buyer or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of CFC Common Stock in respect of which the deduction and withholding was made by Buyer or the Exchange Agent, as the case may be. (h) In the event any CFC Stock Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person Person claiming such CFC Stock Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, and the posting by such person Person of a bond in such amount as ACE*COMM may the Exchange Agent reasonably direct determines as indemnity against any claim that may be made against it with respect to such CFC Stock Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed CFC Stock Certificate the shares of ACE*COMM Common StockMerger Consideration, any cash in lieu of fractional shares deliverable in respect thereof thereof, and any dividends or distributions that the holder presenting such CFC Stock Certificates is entitled to, each as provided pursuant to Section 2.2(b)this Agreement.

Appears in 3 contracts

Samples: Merger Agreement (United Bankshares Inc/Wv), Merger Agreement (Carolina Financial Corp), Merger Agreement (Carolina Financial Corp)

Exchange of Shares. (a) As soon Prior to the Effective Time, Orion shall designate a bank or trust company reasonably acceptable to the Company to act as practicable Exchange Agent in connection with the Merger (the "Exchange Agent") pursuant to an exchange agency agreement providing for the matters set forth in this Section 3.02 and otherwise reasonably satisfactory to the Company. At the Effective Time, Orion will provide the Exchange Agent with the funds necessary to make the payments contemplated by Section 2.05 (the "Exchange Fund"). (b) Promptly after the Effective Time, the Exchange Agent shall mail to each holder record holder, as of record the Effective Time, of a Certificate an outstanding certificate or Certificates certificates which immediately prior to the Effective Time represented Shares (the "Certificates") a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)payment therefor. Upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a Certificate, together with such a duly executed letter of transmittal, duly executedtransmittal and any other required documents, the holder of such Certificate shall be entitled to receive in exchange therefor (xas promptly as practicable) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash consideration set forth in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions2.05, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by and such Certificate. No holder of an unsurrendered Certificate shall forthwith be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) canceled. If any certificate representing shares of ACE*COMM Common Stock payment is to be issued in made to a name person other than that the person in which the whose name a Certificate so surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, so surrendered or shall establish to the satisfaction of the Exchange Agent Surviving Corporation that such tax has been paid or is not payableapplicable. Until surrendered in accordance with the provisions of this Section 3.02, each Certificate (other than Certificates representing Shares held in the Company's treasury or by Orion or any wholly owned subsidiary of Orion and other than Certificates representing Dissenting Shares) shall represent for all purposes only the right to receive for each Share represented thereby the consideration set forth in Section 2.05, without any interest thereon. (dc) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Surviving Corporation of the shares of i3 Common Stock Shares which were issued and outstanding immediately prior to the Effective TimeTime (other than Certificates representing Shares owned by Orion or any of its wholly owned subsidiaries). If, after the Effective Time, Certificates (other than Certificates representing such shares Shares owned by Orion or any of its wholly owned subsidiaries) are presented for transfer to the Exchange AgentSurviving Corporation, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock as the consideration provided for, and in accordance with the procedures set forth, in this Article IIIII. (d) From and after the Effective Time, the holders of Certificates evidencing ownership of Shares (other than Shares owned by Orion or any of its wholly owned subsidiaries) outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such Shares except as otherwise provided herein or by applicable law. (e) Any portion of the Exchange Fund (including the proceeds of any investments thereof) that remains unclaimed by the stockholders shareholders of i3 the Company for six months after the Effective Time may shall be returned repaid to ACE*COMMOrion. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return III shall thereafter look only to ACE*COMM Orion for payment of their shares of ACE*COMM Common Stock, cash claim for the consideration set forth in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of Section 2.05 for each share of i3 Common Stock Share such stockholder holds as determined pursuant to this Agreement, in each caseshareholder holds, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In Notwithstanding anything to the event any Certificate contrary in this Section 3.02, none of the Exchange Agent, Orion or the Surviving Corporation shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate be liable to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person a holder of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Orion Capital Corp), Merger Agreement (Orion Capital Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Camber shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Viking Common Stock and Viking Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive Camber Common Stock and Viking Preferred Stock, as applicable, pursuant to ARTICLE I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing (i) the number of shares of ACE*COMM Camber Common Stock (rounded up to the nearest whole share of Camber Common Stock, the cash in lieu of fractional shares into ) which the shares of i3 Viking Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b); and (ii) the number of shares of New Camber Preferred (rounded up to the nearest whole share of New Camber Preferred) which the shares of Viking Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted into the right to receive pursuant to this Agreement. Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Camber Common Stock or New Camber Preferred to which such holder of i3 shares of Viking Common Stock or Viking Preferred Stock, as applicable, shall have become entitled pursuant to the provisions of Article ARTICLE I hereof (with such legends as may be requiredrounded up to the nearest whole share of Camber Common Stock and New Camber Preferred), and (yii) a check representing the amount of cash in lieu of fractional shares, if any, any dividends or distributions which such the holder thereof has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid any dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Camber Common Stock or New Camber Preferred which the shares of Viking Common Stock and Viking Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Camber Common Stock and payable to the holders of record thereof or New Camber Preferred shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article ARTICLE II. After the surrender of a an Old Certificate in accordance with this Article ARTICLE II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Camber Common Stock or New Camber Preferred that the shares of Viking Common Stock or Viking Preferred Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted.converted into the right to receive. February 2021 - Agreement and Plan of Merger (c) If any certificate New Certificate representing shares of ACE*COMM Camber Common Stock or New Camber Preferred is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Camber Common Stock or New Camber Preferred in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Viking of the shares of i3 Viking Common Stock which or Viking Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM Camber Common Stock or New Camber Preferred as provided in this Article ARTICLE II. (e) [Intentionally Deleted]. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Viking for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Combined Company. Any stockholders former holders of i3 shares of Viking Common Stock or Viking Preferred Stock who have not theretofore complied with this Article ARTICLE II prior to such return shall thereafter look only to ACE*COMM the Combined Company for payment of their the shares of ACE*COMM Camber Common StockStock or New Camber Preferred, cash in lieu of fractional shares as applicable, and any unpaid dividends and distributions on ACE*COMM the Camber Common Stock or New Camber Preferred deliverable in respect of each former share of i3 Viking Common Stock or Viking Preferred Stock such stockholder holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMViking, i3Camber, Merger Sub, the Surviving Entity, the Combined Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Viking Common Stock or Viking Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fg) Each of Viking, Camber, Merger Sub, the Surviving Entity and the Combined Company, and any other person that has any withholding obligation with respect to any payment made pursuant to this Agreement shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any payment made pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under applicable Law. To the extent that amounts are so withheld and paid over to the appropriate governmental authority, such amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMCamber, the Combined Company or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Camber, the Combined Company or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Camber Common StockStock or New Camber Preferred, as applicable, and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).this Agreement. February 2021 - Agreement and Plan of Merger

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Camber Energy, Inc.), Agreement and Plan of Merger (Viking Energy Group, Inc.)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, HRB shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Xenith Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive HRB Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM HRB Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Xenith Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM HRB Common Stock to which such holder of i3 Xenith Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any Merger Consideration, dividends or distributions or cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of HRB Common Stock which the shares of Xenith Common Stock represented by such Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM HRB Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the such holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM HRB Common Stock that the shares of Xenith Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM HRB Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM HRB Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Xenith of the shares of i3 Xenith Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM HRB Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of HRB Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to HRB Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of HRB. In lieu of the issuance of any such fractional share, HRB shall pay to each former shareholder of Xenith who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of HRB Common Stock on the Nasdaq Global Select Market (the “NASDAQ”) as reported by The Wall Street Journal for the five (5) full trading days ending on the day preceding the Closing Date (or, if not reported therein, in another authoritative source mutually agreed upon by Xenith and HRB) (the “HRB Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of HRB Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Xenith for six (6) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 Xenith who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM HRB Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the HRB Common Stock deliverable in respect of each former share of i3 Xenith Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMHRB, i3Xenith, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Xenith Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) HRB shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any Merger Consideration, cash in lieu of fractional shares of HRB Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of Xenith Common Stock or Xenith Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by HRB or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Xenith Common Stock or Xenith Equity Awards in respect of which the deduction and withholding was made by HRB or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMHRB, the posting by such person of a bond in such amount as ACE*COMM HRB may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM HRB Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to this Agreement. (i) In accordance with Section 2.2(b)13.1-730 of the VSCA, no appraisal rights shall be available to the holders of Xenith Common Stock in connection with the Merger or the other transactions contemplated by this Agreement.

Appears in 2 contracts

Samples: Agreement and Plan of Reorganization (Hampton Roads Bankshares Inc), Merger Agreement (Xenith Bankshares, Inc.)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, HRB shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Xenith Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive HRB Common Stock pursuant to Section 4, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM HRB Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Xenith Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to the Merger Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b6(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM HRB Common Stock to which such holder of i3 Xenith Common Stock shall have become entitled pursuant to the provisions of Article I hereof Section 4 and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of Section 5 and this Article II, Section 6 and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)6, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any Merger Consideration, dividends or distributions or cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 6, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of HRB Common Stock which the shares of Xenith Common Stock represented by such Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 6. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM HRB Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the such holder thereof shall surrender such Certificate in accordance with Section 5 and this Article IISection 6. After the surrender of a Certificate in accordance with Section 5 and this Article IISection 6, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM HRB Common Stock that the shares of Xenith Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM HRB Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM HRB Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Xenith of the shares of i3 Xenith Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM HRB Common Stock as provided in Section 5 and this Article IISection 6. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of HRB Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to HRB Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of HRB. In lieu of the issuance of any such fractional share, HRB shall pay to each former shareholder of Xenith who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of HRB Common Stock on the NASDAQ Global Select Market as reported by The Wall Street Journal for the five (5) full trading days ending on the day preceding the Closing Date (or, if not reported therein, in another authoritative source mutually agreed upon by Xenith and HRB) (the “HRB Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of HRB Common Stock which such holder would otherwise be entitled to receive pursuant to Section 4(b). (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Xenith for six (6) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 Xenith who have not theretofore complied with this Article II prior to such return Section 6 shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM HRB Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the HRB Common Stock deliverable in respect of each former share of i3 Xenith Common Stock such stockholder shareholder holds as determined pursuant to this the Merger Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMHRB, i3Xenith, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Xenith Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) HRB shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any Merger Consideration, cash in lieu of fractional shares of HRB Common Stock, cash dividends or distributions payable pursuant to this Section 6 or any other amounts otherwise payable pursuant to the Merger Agreement to any holder of Xenith Common Stock or Xenith Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by HRB or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of the Merger Agreement as having been paid to the holder of Xenith Common Stock or Xenith Equity Awards in respect of which the deduction and withholding was made by HRB or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMHRB, the posting by such person of a bond in such amount as ACE*COMM HRB may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM HRB Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to the Merger Agreement. (i) In accordance with Section 2.2(b)13.1-730 of the VSCA, no appraisal rights shall be available to the holders of Xenith Common Stock in connection with the Merger or any other transactions contemplated by the Merger Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Xenith Bankshares, Inc.), Agreement and Plan of Reorganization (Hampton Roads Bankshares Inc)

Exchange of Shares. (a) Prior to the Effective Time, the Buyer shall appoint the Exchange Agent to effect the exchange for the Initial Shares and the Additional Shares of certificates that, immediately prior to the Effective Time, represented Common Shares converted into Merger Shares pursuant to Section 1.5 (including any Common Shares referred to in the last sentence of Section 1.6(a)) ("Certificates"). On the Closing Date, the Buyer shall deliver to the Exchange Agent, in trust for the benefit of holders of Certificates, stock certificates (issued in the name of the Company Stockholders) representing the Initial Shares, as described in Section 1.5. As soon as practicable after the Effective Time, the Buyer shall cause the Exchange Agent shall mail to send a notice and a transmittal form to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery advising such holder of the Certificates effectiveness of the Merger and the procedure for surrendering to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates Agent such Certificate in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions Initial Shares issuable pursuant to Section 2.2(b)1.5. Upon surrender Each holder of a Certificate for exchange and cancellation Certificate, upon proper surrender thereof to the Exchange AgentAgent in accordance with the instructions in such notice, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (xsubject to any taxes required to be withheld) the Initial Shares issuable pursuant to Section 1.5. Following determination of the Total Merger Consideration, the Buyer shall deliver to the Exchange Agent stock certificates representing the Additional Shares and each holder of a Certificate, upon proper surrender thereto, shall be entitled to receive the Additional Shares issuable pursuant to Section 1.5. Until properly surrendered, each such Certificate shall be deemed for all purposes to evidence only the right to receive a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled for the Initial Shares or Additional Shares, if any, issuable pursuant to the provisions of Article I hereof Section 1.5 (with such legends as may be required), (y) a check representing the amount of and cash in lieu of any fractional sharesshare of Buyer Common Stock, provided that such cash shall be paid following the end of the Measurement Period, as contemplated in Section 1.8 below). Holders of Certificates shall not be entitled to receive certificates for the Initial Shares or Additional Shares, if any, to which they would otherwise be entitled until such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesCertificates are properly surrendered. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is Initial Shares or Additional Shares, if any, are to be issued in the name of a name person other than that the person in which whose name the Certificate surrendered in exchange therefor is registered, it shall be a condition of to the issuance thereof of such Initial Shares or Additional Shares, if any, that (i) the Certificate so surrendered shall be transferable, and shall be properly assigned, endorsed (or accompanied by an appropriate instrument of transferstock powers, (ii) such transfer shall otherwise be proper and otherwise in proper form for transfer, and that (iii) the person requesting such exchange transfer shall pay to the Exchange Agent in advance any transfer or other taxes required payable by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, foregoing or shall establish to the satisfaction of the Exchange Agent that such tax has taxes have been paid or is are not payable. (d) After the close of business on the day immediately prior required to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereonpaid. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, neither the Exchange Agent or nor any other person Party shall be liable to any former a holder of shares of i3 Common Stock Shares for any amount properly Initial Shares or Additional Shares, if any, issuable to such holder pursuant to Section 1.5 that are delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fc) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMdestroyed, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will Buyer shall issue in exchange for such lost, stolen or destroyed Certificate the shares Initial Shares issuable in exchange therefor pursuant to Section 1.5. The Board of ACE*COMM Directors of the Buyer may, in its reasonable discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed Certificate to give the Buyer an appropriate affidavit and/or a bond in such sum as it may direct as indemnity against any claim that may be made against the Buyer with respect to the Certificate alleged to have been lost, stolen or destroyed. (d) No dividends or other distributions that are payable to the holders of record of Buyer Common StockStock as of a date on or after the Closing Date shall be paid to former Company Stockholders entitled by reason of the Merger to receive Initial Shares or Additional Shares, cash if any, until such holders surrender their Certificates for certificates representing the Merger Shares. Upon such surrender, the Buyer shall pay or deliver to the persons in lieu of fractional shares deliverable in respect thereof and whose name the certificates representing such Initial Shares or Additional Shares, if any, are issued any dividends or other distributions pursuant that are payable to the holders of record of Buyer Common Stock as of a date on or after the Closing Date and which were paid or delivered between the Effective Time and the time of such surrender; provided that no such person shall be entitled to receive any interest on such dividends or other distributions. (e) Certificates representing the Merger Shares may be legended to reflect the lock-up agreements contemplated by Section 2.2(b5.2(j).

Appears in 2 contracts

Samples: Merger Agreement (Unisphere Networks Inc), Merger Agreement (Unisphere Networks Inc)

Exchange of Shares. (a) At the Effective Time, East West shall deposit or cause to be deposited in trust with an exchange agent mutually agreed upon by East West and MetroCorp (the “Exchange Agent”) (i) certificates representing East West Common Shares, and (ii) cash in an aggregate amount sufficient to make the appropriate payments (A) of the Per Share Cash Consideration, as may be adjusted pursuant to Section 2.1, (B) to holders of Dissenting Shares pursuant to Section 2.5, if any, and (C) to holders of a fraction of a share of East West Common Shares pursuant to Section 2.1(c) (such certificates and cash being referred to as the “Exchange Fund”). The Exchange Fund shall not be used for any other purpose, except as provided in this Agreement. MetroCorp shall notify East West in writing prior to the Effective Time of the number of MetroCorp Shares and Excluded Shares outstanding immediately prior to the Effective Time. (b) As soon as practicable after the Effective Time, with the intent to be within ten (10) business days after the Effective Time, the Surviving Corporation shall cause the Exchange Agent shall to mail (or in the case of the Depository Trust Company on behalf of “street name” holders, to deliver) to each record holder of record an outstanding certificate or certificates which, as of the Effective Time, represented MetroCorp Shares (the “Certificates”) (other than Excluded Shares) or book-entry shares which immediately prior to the Effective Time represented MetroCorp Shares (“Book-Entry Shares”) as of that date a Certificate or Certificates a form letter of transmittal (which shall that will specify that delivery shall be effected, and risk of loss and title to the Certificates Certificate(s) or Book-Entry Shares shall pass, only upon delivery of the Certificates to the Exchange AgentCertificate(s) (or affidavit(s) of loss in lieu of such Certificate(s)) or Book-Entry Shares and instructions for use in effecting the surrender of surrendering the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation Book-Entry Shares to the Exchange Agent, in exchange for the Merger Consideration into which MetroCorp Shares represented by such Certificate(s) or Book-Entry Shares will have been converted pursuant to this Agreement (collectively, the “Transmittal Materials”). The form and substance of the Transmittal Materials are to be acceptable to East West and MetroCorp before they are mailed to the holders of the Certificates or delivered to the holders of Book-Entry Shares. Upon surrender to the Exchange Agent of the Certificate(s) or Book-Entry Shares, together with such letter of transmittal, the Transmittal Materials duly executed, the holder of such Certificate Certificate(s) or Book-Entry Shares shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash and number of East West Common Shares provided in lieu of fractional sharesSection 2.1, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions as may be adjusted pursuant to Section 2.2(b)2.2, and the Certificate so surrendered such Certificate(s) or Book-Entry Shares shall forthwith be canceledcancelled. East West shall provide the Exchange Agent with certificates for East West Common Shares, as requested by the Exchange Agent, for the number of certificated shares provided in Section 2.1, as may be adjusted. No interest will be paid or accrued on with respect to the East West Common Shares or cash payable upon surrender of the Certificate(s) or Book-Entry Shares. Until surrendered in lieu accordance with the provisions of fractional shares and unpaid dividends and distributionsthis Section 2.6, if anyafter the Effective Time, payable each Certificate (other than Certificates representing Excluded Shares) shall represent for all purposes the right to holders of Certificatesreceive the Merger Consideration without any interest thereon. (bc) Promptly after receipt of such Transmittal Materials, East West will cause the Exchange Agent to review the Transmittal Materials in order to verify proper completion and execution thereof. As soon as practicable after the Effective Time or within five (5) calendar days after surrender of a Certificate or Book-Entry Shares to the Exchange Agent, together with properly completed and executed Transmittal Materials, East West will cause the Exchange Agent to pay to the former stockholder of MetroCorp the Per Share Cash Consideration multiplied by the number of MetroCorp Shares represented by such Certificate or Book-Entry Shares and issue certificates or shares in book-entry form for East West Common Shares equal to the Per Share Stock Consideration multiplied by the number of MetroCorp Shares represented by such Certificate or Book-Entry Shares. (d) Former shareholders of record of MetroCorp shall not be entitled to vote after the Effective Time at any meeting of East West stockholders until such holders have exchanged their certificates representing MetroCorp Common Shares for certificates representing East West Common Shares in accordance with the provisions of this Agreement. No dividends or other distributions declared after the Effective Time with respect to ACE*COMM East West Common Stock Shares and payable to the holders of record thereof shall be paid to the holder of any unsurrendered a Certificate or Book-Entry Shares until the such holder thereof shall surrender surrenders such Certificate or Book-Entry Shares and duly executed Transmittal Materials to the Exchange Agent in accordance with this Article IISection 2.6. After the surrender of a Certificate or Book-Entry Shares and duly executed Transmittal Materials in accordance with this Article IISection 2.6, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable after the Effective Time with respect to shares of ACE*COMM the East West Common Stock Shares represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedor Book-Entry Shares. (ce) After the Effective Time, the share transfer ledger of MetroCorp shall be closed and there shall be no transfers on the share transfer books of MetroCorp for MetroCorp Shares which were outstanding immediately before the Effective Time. If, after the Effective Time, Certificates or Book-Entry Shares are presented to East West, they shall be promptly presented to the Exchange Agent and exchanged as provided in this Section 2.6. (f) Any portion of the Exchange Fund (including the proceeds of any investments thereof) that remains unclaimed by the stockholders of MetroCorp for six months after the Exchange Agent mails the Transmittal Materials pursuant to this Section 2.6 shall be returned to East West upon demand, and any stockholders of MetroCorp who have not theretofore complied with the exchange procedures in this Article II shall look to East West only, and not the Exchange Agent, for the payment of any Merger Consideration in respect of such shares. (g) If any certificate Certificate or Book-Entry Shares representing shares of ACE*COMM East West Common Stock is Shares are to be issued in a name other than that in which the Certificate or Book-Entry Shares surrendered in exchange therefor is are registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly appropriately endorsed (or accompanied by an appropriate instrument of transfer) and or otherwise be in proper form (reasonably satisfactory to East West) for transfer, and that the person Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM East West Common Stock Shares in any name other than that of the registered holder of the Certificate or Book-Entry Shares surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (dh) After the close None of business on the day immediately prior to the Effective TimeEast West, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger SubMetroCorp, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock MetroCorp Shares for any amount East West Common Shares (or dividends or distributions with respect thereto) or cash properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fi) In the event If any Certificate shall have been is lost, stolen or destroyed, then upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMEast West or the Exchange Agent, the posting by such person of a bond in such amount (not to exceed the amount of Merger Consideration relating to the relevant missing Certificate) as ACE*COMM East West or the Exchange Agent may reasonably direct as indemnity against any claim that may be made against it East West with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (East West Bancorp Inc), Merger Agreement (MetroCorp Bancshares, Inc.)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in any event within five (5) business days after the Effective Time, or otherwise as may be agreed upon by the parties, the Exchange Agent shall mail to each holder of record of a Certificate or FLBK Stock Certificates at the Effective Time, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the FLBK Stock Certificates shall pass, only upon delivery of the Certificates FLBK Stock Certificates, to the Exchange Agent) and instructions for use in effecting the surrender of the FLBK Stock Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. FLBK shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to Section 2.2(b)the Effective Time and provide reasonable comments thereon. Upon surrender of a Certificate FLBK Stock Certificates for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittal, duly executed, the holder of such Certificate FLBK Stock Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM TSFG Common Stock to which such holder of i3 FLBK Common Stock shall have become became entitled to receive pursuant to the provisions of Article I II hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article IIFLBK Stock Certificates, and (z) any dividends or distributions pursuant to as provided in Section 2.2(b2.9(e), and the Certificate FLBK Stock Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of FLBK Stock Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM TSFG Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered FLBK Stock Certificate until the holder thereof shall surrender such FLBK Stock Certificate in accordance with this Article II. After the surrender of a FLBK Stock Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM TSFG Common Stock represented by such FLBK Stock Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM TSFG Common Stock is to be issued in a name other than that in which the FLBK Stock Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the FLBK Stock Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM TSFG Common Stock in any name other than that of the registered holder of the FLBK Stock Certificate surrendered, or required for any other reason, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 FLBK of the shares of i3 FLBK Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, FLBK Stock Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM TSFG Common Stock Stock, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of TSFG Common Stock shall be issued upon the surrender for exchange of FLBK Stock Certificates, no dividend or distribution with respect to TSFG Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of TSFG. In lieu of the issuance of any such fractional share, TSFG shall pay to each former shareholder of FLBK who otherwise would be entitled to receive a fractional share of TSFG Common Stock an amount in cash determined by multiplying (i) the Fair Market Value by (ii) the fraction of a share of TSFG Common Stock which such holder would otherwise be entitled to receive pursuant to Section 2.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 FLBK for six twelve months after the Effective Time may shall be returned paid to ACE*COMMTSFG. Any stockholders shareholders of i3 FLBK who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM TSFG for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and the Per Share Merger Consideration and/or the unpaid dividends and distributions on ACE*COMM the TSFG Common Stock deliverable in respect of each share of i3 FLBK Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMTSFG, i3, Merger SubFLBK, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 FLBK Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any FLBK Stock Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such FLBK Stock Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, and the posting by such person of a bond in such amount as ACE*COMM the Exchange Agent may reasonably direct as indemnity against any claim that may be made against it with respect to such FLBK Stock Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed FLBK Stock Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Per Share Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Florida Banks Inc), Merger Agreement (South Financial Group Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Paying Agent shall mail to each holder of record of one or more certificates of Company Common Stock whose shares are being converted into the Merger Consideration pursuant to Section 1.4 a Certificate or Certificates a form letter of transmittal (which shall be in customary form, and shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates of Company Common Stock shall pass, only upon delivery of the Certificates certificates of Company Common Stock to the Exchange AgentPaying Agent or delivery of a lost stock affidavit and indemnity (the “Lost Stock Affidavit”) in form as approved by Parent, in its sole discretion) and instructions for use in effecting the surrender of the Certificates certificates of Company Common Stock in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration. Upon proper surrender of a Certificate certificate of Company Common Stock for exchange and cancellation or delivery of a Lost Stock Affidavit, as appropriate, to the Exchange Paying Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate certificate of Company Common Stock shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash Merger Consideration provided in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)1.4, and the Certificate certificate of Company Common Stock so surrendered shall forthwith be canceledcancelled. No interest will shall be paid or accrued on the any cash in lieu of fractional shares and or on any unpaid dividends and distributions, if any, or distributions payable to holders of Certificatescertificates of Company Common Stock. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates any certificates of Company Common Stock representing such shares are presented for transfer to the Exchange Paying Agent, they each such share shall be canceled cancelled and exchanged for certificates representing shares the Merger Consideration provided in Section 1.4. In the event of ACE*COMM a transfer of ownership of any share of Company Common Stock as provided prior to the Effective Time that has not been registered in this Article IIthe transfer records of the Company, the Merger Consideration payable in respect of such share of Company Common Stock shall be paid to the transferee of such share if the certificate that previously represented such share is presented to the Paying Agent accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid. (ec) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six 12 months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return I shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock the Merger Consideration deliverable in respect of each share of i3 Company Common Stock formerly held by such stockholder holds as determined pursuant to this Agreement, in each case, Agreement without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMneither the Company, i3, Merger SubParent, the Exchange Paying Agent or nor any other person Person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fd) In the event any Certificate certificate of Company Common Stock shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact a Lost Stock Affidavit by the person Person claiming such Certificate certificate of Company Common Stock to be lost, stolen or destroyed and, if reasonably required by ACE*COMMParent, the posting by such person Person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificatecertificate of Company Common Stock, the Exchange Paying Agent will shall issue in exchange for such lost, stolen or destroyed Certificate certificate of Company Common Stock the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions Merger Consideration such holder has a right to receive pursuant to Section 2.2(b).this Article I.

Appears in 2 contracts

Samples: Merger Agreement (Gerdau Ameristeel Corp), Merger Agreement (Chaparral Steel CO)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common StockMerger Consideration, the and any cash in lieu of fractional shares into shares, which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the shares of Company Common Stock represented by the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock which the shares of Company Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the Merger Consideration and cash in lieu of fractional shares of ACE*COMM Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Parent Common Stock on the Nasdaq Stock Exchange as reported by the Wall Street Journal for the five (5) full trading days ending on the trading day immediately preceding the Closing Date (“Parent Common Stock Closing Price”) by (ii) the fraction of a share (rounded to the nearest one-thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for-consideration, but merely represents a mechanical rounding off for the purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of such fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders former shareholder of i3 who have the Company that has not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Common Stock such stockholder former shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of Parent and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, such withheld amounts (i) will be paid over by Parent or the Exchange Act to the appropriate governmental authority and (ii) will be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common StockMerger Consideration, and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (CapStar Financial Holdings, Inc.), Merger Agreement (Old National Bancorp /In/)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM BCB Common Stock, Stock and the cash in lieu of fractional shares into which the shares of i3 Pamrapo Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Pamrapo shall have the right to review both the letter of transmittal and the instructions prior to the Effective Time and provide reasonable comments thereon. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM BCB Common Stock to which such holder of i3 Pamrapo Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM BCB Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM BCB Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM BCB Common Stock into which such i3 his Pamrapo Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM BCB Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM BCB Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Pamrapo of the shares of i3 Pamrapo Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM BCB Common Stock as provided in this Article II. (e) Any portion of Notwithstanding anything to the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their contrary contained herein, no certificates or scrip representing fractional shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM BCB Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, issued upon the making surrender for exchange of an affidavit of that fact by the person claiming such Certificate to be lostCertificates, stolen no dividend or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it distribution with respect to BCB Common Stock shall be payable on or with respect to any fractional share, and such Certificate, fractional share interests shall not entitle the Exchange Agent will issue in exchange for such lost, stolen owner thereof to vote or destroyed Certificate the shares to any other rights of ACE*COMM Common Stock, cash in a stockholder of BCB. In lieu of the issuance of any such fractional shares deliverable share, BCB shall pay to each former stockholder of Pamrapo who otherwise would be entitled to receive a fractional share of BCB Common Stock (after taking into account all certificates delivered by such holder) an amount in respect thereof and any dividends or distributions cash determined by multiplying (i) the Average Closing Price by (ii) the fraction of a share of BCB Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 2.2(b1.4 hereof. As used herein, the term “Average Closing Price” means the average of the last reported daily sales price (or if no sale on such date, then the mean of the closing bid/ask price) per share of BCB Common Stock on the NASDAQ Global Market (“Nasdaq”), for the 10 consecutive trading days (the “Valuation Period”) ending on the fifth business day prior to the date of the Effective Time.

Appears in 2 contracts

Samples: Merger Agreement (Pamrapo Bancorp Inc), Merger Agreement (BCB Bancorp Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than three business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate Certificates or Certificates Book-Entry Shares, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares shall pass, only upon delivery of the Certificates or Book-Entry Shares to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates or Book-Entry Shares in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. The Company shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to Section 2.2(b)the Effective Time and provide reasonable comments thereon. Upon surrender of a Certificate or Book-Entry Share for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittal, duly executed, the holder of such Certificate or Book-Entry Share shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become became entitled to receive pursuant to the provisions of Article I hereof (with such legends as may be required), and/or (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate or Book-Entry Share surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate or Book-Entry Shares so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of CertificatesCertificates or Book-Entry Shares. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate or Book-Entry Shares until the holder thereof shall surrender such Certificate or Book-Entry Shares in accordance with this Article II. After the surrender of a Certificate or Book-Entry Shares in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedor Book-Entry Shares. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate or Book-Entry Shares surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate or Book-Entry Shares so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate or Book-Entry Shares surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates or Book-Entry Shares representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock or cash or both, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates or Book-Entry Shares, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive a fractional share of Parent Common Stock an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the NASDAQ Stock Market as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six 12 months after the Effective Time may shall be returned to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, the cash in lieu of fractional shares and and/or the unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Abington Bancorp, Inc./Pa), Merger Agreement (Susquehanna Bancshares Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than ten business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing representing, as the case may be, the shares of ACE*COMM Parent Common Stock, Stock or Parent New Preferred and the cash in lieu of fractional shares shares, if any, into which the shares of i3 Common Subject Company Capital Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock Stock, if any, to which such holder of i3 Subject Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required)hereof, (yii) certificates representing that number of shares of Parent 9.875% Preferred and Parent 9.0% Preferred, if any, to which such holder of Subject Company Preferred Stock shall have become entitled pursuant to the provisions of Article I hereof and (iii) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof or Parent New Preferred shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock or Parent New Preferred represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock or Parent New Preferred is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock or Parent New Preferred in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 Subject Company of the shares of i3 Common Subject Company Capital Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Parent Capital Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Common Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of Subject Company who otherwise would be entitled to receive such fractional share an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the New York Stock Exchange (the "NYSE") as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time occurs by (ii) the fraction of a share of Parent Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereto. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Subject Company for six twelve months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders of i3 Subject Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their the shares of ACE*COMM Parent Common StockStock or Parent New Preferred, cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM the Parent Common Stock or Parent New Preferred deliverable in respect of each share of i3 Subject Company Common Stock or Subject Company Preferred Stock, as the case may be, such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMParent, i3, Merger SubSubject Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Subject Company Common Stock or Subject Company Preferred Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Parent Common Stock, Stock and cash in lieu of fractional shares or Parent New Preferred, as the case may be, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Wells Fargo & Co), Merger Agreement (First Interstate Bancorp /De/)

Exchange of Shares. Prior to the Effective Time, PURCHASER ------------------ shall select a bank or trust company reasonably acceptable to TARGET to act as exchange agent (athe "Exchange Agent") As soon as practicable after to effectuate the delivery of the Merger Consideration to holders of TARGET Common Stock. Promptly following the Effective Time, the Exchange Agent shall mail send to each holder of record of a Certificate or Certificates Outstanding TARGET Shares immediately prior to the Effective Time a form of letter of transmittal (which shall specify that delivery shall be effected, and risk the "Letter of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange AgentTransmittal") and instructions for use in effecting exchanging certificates previously evidencing shares of TARGET Common Stock ("Old Certificates"). The Letter of Transmittal will contain instructions with respect to the surrender of Old Certificates and the Certificates in exchange for distribution of any cash and certificates representing the shares of ACE*COMM PURCHASER Common Stock, which certificates shall be deposited with the cash in lieu Exchange Agent by PURCHASER as of fractional shares into which the Effective Time. If any certificates for shares of i3 PURCHASER Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is are to be issued in a name other than that in for which the an Old Certificate surrendered in exchange therefor or exchanged is registeredissued, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange shall pay affix any requisite stock transfer tax stamps to the Exchange Agent in advance any transfer Old Certificate surrendered or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, provide funds for their purchase or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is taxes are not payable. (d) After the close of business on the day immediately prior to the Effective Time. Unless and until Old Certificates or evidence that such certificates have been lost, there stolen or destroyed accompanied by such security or indemnity as shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares requested by TARGET) are presented for transfer to the Exchange Agent, they the holder thereof shall not be canceled and exchanged for certificates representing shares of ACE*COMM entitled to the consideration to be paid in exchange therefor pursuant to the Merger, to any dividends payable on any PURCHASER Common Stock to which he or she is entitled, or to exercise any rights as provided in this Article II. (e) Any portion a shareholder of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM PURCHASER Common Stock, cash in lieu of fractional shares . Subject to applicable law and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, extent that the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered same has not yet been paid to a public official pursuant to applicable abandoned property laws, upon surrender of his or her Old Certificates, the holder thereof shall be paid the consideration to which he or she is entitled. All such property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact if held by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for payment or delivery to the holders of unsurrendered Old Certificates and unclaimed at the end of one (1) year from the Effective Time, shall at such losttime be paid or redelivered by the Exchange Agent to PURCHASER, stolen or destroyed and after such time any holder of an Old Certificate who has not surrendered such certificate shall, subject to applicable laws and to the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions extent that the same has not yet been paid to a public official pursuant to Section 2.2(b)applicable abandoned property laws, look as a general creditor only to PURCHASER for payment or delivery of such property. In no event will any holder of TARGET Common Stock exchanged in the Merger be entitled to receive any interest on any amounts held by the Exchange Agent or PURCHASER.

Appears in 2 contracts

Samples: Merger Agreement (Abc Bancorp), Merger Agreement (Golden Isles Financial Holdings Inc)

Exchange of Shares. (a) As soon Oritani and Valley hereby appoint American Stock Transfer and Trust Company as practicable the exchange agent (the “Exchange Agent”) for purposes of effecting the conversion of Oritani Common Stock. Not later than five (5) business days after the Effective Time, Valley shall cause the Exchange Agent shall to mail to each holder of record of Oritani Common Stock as of the Effective Time (a Certificate or Certificates “Record Holder”) a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash Merger Consideration as provided in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly completed and executed, the holder of such Certificate Record Holder shall be entitled to promptly, but in no event later than five (5) business days, receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to for such Certificates the Merger Consideration which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder Record Holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate 2.1 hereof. Certificates so surrendered shall forthwith be canceled. No interest will As soon as practicable, but no later than five (5) business days following receipt of the properly completed letter of transmittal and any necessary accompanying documentation, Valley shall cause the Exchange Agent to distribute the Merger Consideration. The Exchange Agent shall not be paid obligated to deliver or accrued on cause to be delivered to any Record Holder the cash consideration to which such Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in lieu default thereof, an appropriate Affidavit of fractional shares Loss and unpaid dividends Indemnity Agreement and distributionsbond in such reasonable amount as may be required in each case by Valley. Notwithstanding the time of surrender of the Certificates, if any, payable to holders Record Holders shall be deemed shareholders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Stock. Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange. (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Oritani of the shares of ACE*COMM Oritani Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (de) After Valley and the close Exchange Agent shall be entitled to rely upon Oritani’s stock transfer books to establish the identity of business on those persons entitled to receive the day immediately Merger Consideration, which books shall be conclusive with respect thereto. In the event of a dispute with respect to ownership of stock represented by any Certificate, Valley and the Exchange Agent shall be entitled to deposit any Merger Consideration or dividends or distributions thereon represented thereby in escrow with an independent third party and thereafter be relieved with respect to any claims thereto. (f) Immediately prior to the Effective Time, there Valley shall deposit, or shall cause to be no transfers on deposited, with the stock transfer books Exchange Agent for the benefit of i3 the holders of Oritani Common Stock, for exchange in accordance with this Section 2.2, certificates (or other electronic evidence) representing the shares of i3 Valley Common Stock which were to be issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock Oritani shareholders as provided in this Article II. (e) Any portion part of the Exchange Fund that remains unclaimed by Aggregate Merger Consideration plus the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Valley Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement, Merger Agreement (Oritani Financial Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Parent shall cause the Exchange Agent shall to mail or otherwise deliver to each holder of record of one or more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the applicable Merger Consideration pursuant to Article I and that has not theretofore submitted its Old Certificates with a Certificate or Certificates Form of Election, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares of ACE*COMM Common StockMerger Consideration which such holder shall have become entitled to receive in accordance with, the and subject to, Sections 1.6, 2.1 and 2.2, and any cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b2.4(b) (or, in the case of book-entry shares, such other transmittal instructions as applicable to effective delivery and surrender of Old Certificate in book entry form). Upon From and after the Effective Time and the completion of the allocation procedures set forth in Section 2.1, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittaltransmittal or Form of Election, as applicable, duly executedexecuted (or upon proper delivery of an “agent’s message” with respect to book-entry shares), the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Common the Stock Consideration to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof receive in accordance with, and subject to, Sections 1.6, 2.1 and 2.2 and (with such legends as may be required), (yii) a check representing the amount of cash in lieu of fractional shares, if any, (A) Cash Consideration which such holder has the right to receive in respect of the surrendered Old Certificate surrendered pursuant to the provisions of this Article IIor Old Certificates in accordance with, and subject to, Sections 1.6, 2.1 and 2.2, (zB) any cash in lieu of fractional shares which such holder has the right to receive in respect of the surrendered Old Certificate or Old Certificates pursuant Section 2.4(e) and (C) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b2.4(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Cash Consideration or any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Old Certificates. Until surrendered as contemplated by Sections 2.2 and 2.4, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the applicable Merger Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.4. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the Stock Consideration which the shares of ACE*COMM Company Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive (after giving effect to Section 6.11). (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the applicable Merger Consideration, cash in lieu of fractional shares of ACE*COMM Common Stock and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) No New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the ten (10) full trading days ending on the day preceding the Closing Date (the “Parent Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5 and subject to Section 2.1. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Company for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any former stockholders of i3 Company who have not complied with theretofore exchanged their Old Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Parent shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the cash portion of the Merger Consideration, any cash in lieu of fractional shares of Parent Common Stock, cash dividends or distributions payable pursuant to this Section 2.4 and any other cash amounts otherwise payable pursuant to this Agreement to any holder of Company Common Stock or Company Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Company Common Stock in respect of which the deduction and withholding was made by Parent or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stockapplicable Merger Consideration, any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions deliverable in respect thereof pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (First Horizon National Corp), Merger Agreement (Capital Bank Financial Corp.)

Exchange of Shares. (a) As soon Prior to the Effective Time, Buyer shall appoint an agent (the "Exchange Agent") for the purpose of exchanging certificates representing Shares for the Merger Consideration. Buyer will make available to the Exchange Agent, as practicable needed, the Merger Consideration to be paid in respect of the Shares. For purposes of determining the Merger Consideration to be made available, Buyer shall assume that no shareholder of the Company will perfect his right to appraisal of his Shares. Promptly after the Effective Time, Buyer will send, or will cause the Exchange Agent shall mail to send, to each holder of record of Shares at the Effective Time a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificatesexchange. (b) No dividends or other distributions declared after Each holder of Shares that have been converted into a right to receive the Effective Time with respect to ACE*COMM Common Stock and payable Merger Consideration, upon surrender to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender Exchange Agent of a Certificate in accordance certificate or certificates representing such Shares, together with this Article IIa properly completed letter of transmittal covering such Shares, the record holder thereof shall will be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become the Merger Consideration payable with in respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such CertificateShares. Until so surrendered, each such certificate shall, after the Effective Time, represent for all purposes only the right to vote the shares of ACE*COMM Common Stock into which receive such i3 Common Stock shall have been convertedMerger Consideration. (c) If any certificate representing shares portion of ACE*COMM Common Stock the Merger Consideration payable in respect of any Share is to be issued in paid to a name person other than that in which the Certificate surrendered in exchange therefor is registeredregistered holder of the Shares represented by the certificate or certificates surrendered, it shall be a condition of the issuance thereof to such payment that the Certificate certificate or certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise be in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason as a result of the issuance of such payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, such Shares or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no further registration of transfers on the of shares of capital stock transfer books of i3 of the shares of i3 Common Stock Company which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Until the Merger Consideration is paid in respect of the Shares, the Exchange Agent may invest portions thereof as Buyer directs, provided that all such investments shall be in obligations of or guaranteed by the United States of America, in commercial paper obligations receiving the highest rating from either Xxxxx'x Investors Service, Inc. or Standard & Poor's Corporation, or in certificates of deposit, bank repurchase agreements or bankers' acceptances of commercial banks with capital exceeding $250,000,000 (collectively, "Permitted Investments") or in money market funds which are invested solely in Permitted Investments. Any net profit resulting from, or interest or income produced by, such investments shall be payable to the Surviving Corporation or Buyer. Any portion of the Merger Consideration made available to the Exchange Fund Agent pursuant to subsection (a) of this Section that remains unclaimed by the stockholders holders of i3 for Shares entitled thereto six months after the Effective Time may shall be returned to ACE*COMMBuyer, upon demand. Any stockholders of i3 who have Buyer shall not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder shareholder of shares of i3 Common Stock the Company for any amount properly delivered paid to a public official pursuant to applicable abandoned propertyproperty laws. Any amounts remaining unclaimed by holders of Shares who would otherwise be entitled thereto six months after the Effective Time (or such earlier date immediately prior to such time as such amounts would otherwise escheat to or become property of any governmental entity) shall, escheat to the extent permitted by applicable law, become the property of Buyer free and clear of any claims or similar lawsinterest of any person previously entitled thereto. (f) In Any portion of the event any Certificate Merger Consideration made available to the Exchange Agent pursuant to paragraph (a) of this Section 2.03 to pay for Shares for which appraisal rights shall have been lost, stolen or destroyedperfected shall be returned to Buyer, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)demand.

Appears in 2 contracts

Samples: Merger Agreement (Davel Communications Group Inc), Merger Agreement (Communications Central Inc)

Exchange of Shares. (a) As soon Prior to the Effective Time, Parent shall designate a bank or trust company to act as practicable exchange agent in the Merger (the "EXCHANGE AGENT"). Immediately prior to the Effective Time, Parent will take all steps necessary to enable and cause the Company to deposit with the Exchange Agent the funds necessary to make the payments contemplated by Section 2.7 on a timely basis. (b) Promptly after the Effective Time, the Exchange Agent shall mail to each holder record holder, as of record the Effective Time, of a Certificate an outstanding certificate or Certificates certificates which immediately prior to the Effective Time represented Shares (the "CERTIFICATES") a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)payment therefor. Upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a Certificate, together with such letter of transmittal, transmittal duly executed, and any other required documents, the holder of such Certificate shall be entitled to receive in exchange therefor (xthe consideration set forth in Section 2.7(a) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article IIhereof, and (z) any dividends or distributions pursuant to Section 2.2(b), and the such Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After upon the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such CertificateCertificates. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock payment is to be issued in made to a name person other than that the person in which whose name the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, surrendered or shall establish to the satisfaction of the Exchange Agent Surviving Corporation that such tax has been paid or is not payableapplicable. Until surrendered in accordance with the provisions of this Section 3.2, each Certificate (other than Certificates representing Shares held by Parent or any subsidiary of Parent, Shares held in the treasury of the Company or held by any subsidiary of the Company and Dissenting Shares) shall represent for all purposes only the right to receive the consideration set forth in Section 2.7(a) hereof, without any interest thereon. (dc) After the close of business on the day immediately prior to the Effective Time, Time there shall be no transfers on the stock transfer books of i3 the Surviving Corporation of the shares of i3 Common Stock Shares which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange AgentSurviving Corporation, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock as the consideration provided in Article II hereof in accordance with the procedures set forth in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMMIII. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).6

Appears in 2 contracts

Samples: Merger Agreement (Lockheed Martin Corp), Agreement and Plan of Merger (Loral Corp /Ny/)

Exchange of Shares. (a) As soon as reasonably practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Seagate Common Stock, the Stock and cash in lieu of fractional shares of Seagate Common Stock, if any, into which the shares of i3 Maxtor Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate or evidence of shares in book-entry form representing that number of whole shares of ACE*COMM Seagate Common Stock (if any) to which such former holder of i3 Maxtor Common Stock shall have become entitled pursuant to the provisions of Article I hereof Section 2 hereof, and (with such legends as may be required), (yii) a check representing the amount of cash (if any) payable in lieu of fractional shares, if anyshares of Seagate Common Stock, which such former holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)3, and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash payable in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificatesshares. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Seagate Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article IISection 3. After the surrender of a Certificate in accordance with this Article IISection 3, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Seagate Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until and pursuant to any and all record dates set by Seagate and occurring at or after the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedEffective Time. (c) If any certificate representing shares of ACE*COMM Seagate Common Stock is to be issued in a the name of any person other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance thereof of such Seagate Common Stock that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Seagate Common Stock in the name of and payment of cash to any name person other than that of the registered holder of the Certificate surrendered, or required for any other reason relating to such holder or requesting person, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At and after the Effective Time, there shall be no transfers on the stock transfer books of i3 Maxtor of the shares of i3 Maxtor Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the shares of ACE*COMM Seagate Common Stock as provided and cash in lieu of fractional shares deliverable in respect thereof pursuant to this Article IIAgreement. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Maxtor for six months after the Effective Time may shall be returned paid or delivered, at the request of Seagate, to ACE*COMMSeagate. Any stockholders of i3 Maxtor who have not theretofore complied with this Article II prior to such return Section 3 shall thereafter look only to ACE*COMM Seagate for payment issuance of their the shares of ACE*COMM Seagate Common Stock, payment of cash in lieu of any fractional shares shares, and payment of unpaid dividends and distributions on ACE*COMM the Seagate Common Stock deliverable in respect of each share of i3 Maxtor Common Stock held by such stockholder holds at the Effective Time, as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMSeagate, i3Maxtor, Merger Subthe Surviving Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Maxtor Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSeagate or the Exchange Agent, the posting by such person of a bond in such reasonable and customary amount as ACE*COMM Seagate or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Seagate Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (g) Seagate or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement or the transactions contemplated hereby to any holder of Maxtor Common Stock such amounts as Seagate (or any affiliate thereof) or the Exchange Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of U.S. federal, state, local or non-U.S. tax law. To the extent that such amounts are properly withheld by Seagate or the Exchange Agent, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the holder of the Maxtor Common Stock in respect of whom such deduction and withholding were made by Seagate or the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Seagate Technology), Merger Agreement (Maxtor Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, the Surviving Corporation shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of SASR Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive AUB Common Stock pursuant to ‎Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the number of whole shares of ACE*COMM AUB Common Stock, the Stock and any cash in lieu of fractional shares into shares, which the shares of i3 SASR Common Stock represented by such Old Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b‎2.2(b) (such materials and instructions to include customary provisions with respect to delivery of an “agent’s message” with respect to book-entry shares). Upon proper surrender of a an Old Certificate for exchange and cancellation to the Exchange AgentAgent (it being understood that no certificates shall be required to be delivered for shares of SASR Common Stock held in book-entry at the Effective Time), together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate shall be entitled to receive in exchange therefor therefor, (xi) a certificate representing that number of whole shares of ACE*COMM AUB Common Stock to which such holder of i3 SASR Common Stock shall have become entitled pursuant to the provisions of Article I hereof Section ‎1.5(a) and (with such legends as may be required), (yii) a check or other method of payment representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate surrendered pursuant to the provisions of this Article II, ‎Article II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b‎2.2(b), and the Old Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section ‎2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of AUB Common Stock which the shares of SASR Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section ‎2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM AUB Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article ‎Article II. After the surrender of a an Old Certificate in accordance with this Article ‎Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the shares of ACE*COMM AUB Common Stock that the shares of SASR Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares share of ACE*COMM AUB Common Stock is to be issued in a name other than that in which the Old Certificate surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing the shares of ACE*COMM AUB Common Stock in any name other than that of the registered holder of the Old Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 SASR of the shares of i3 SASR Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM AUB Common Stock Stock, cash in lieu of fractional shares and dividends or distributions as provided in this Article ‎Article II, as applicable. (e) Notwithstanding anything to the contrary contained herein, no fractional shares of AUB Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to AUB Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of AUB. In lieu of the issuance of any such fractional share, the Surviving Corporation shall pay to each former holder of SASR Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of AUB Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the trading day immediately preceding the Closing Date (or, if not reported therein, in another authoritative source mutually agreed upon by AUB and SASR) by (ii) the fraction of a share (after taking into account all shares of SASR Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of AUB Common Stock which such holder would otherwise be entitled to receive pursuant to Section ‎1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 SASR for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 SASR Common Stock who have not theretofore complied with this Article ‎Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM AUB Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the AUB Common Stock deliverable in respect of each former share of i3 SASR Common Stock such stockholder holder holds as determined pursuant to this Agreement, in each case, Agreement without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMAUB, i3SASR, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 SASR Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. Any amounts remaining unclaimed by former holders of shares of SASR Common Stock immediately prior to the time at which such amounts would otherwise escheat to, or become property of, any Governmental Entity shall, to the extent permitted by applicable law, become the property of the Surviving Corporation, free and clear of any claims or interest of any such holders or their successors, assigns or personal representatives previously entitled thereto. (fg) The Surviving Corporation shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of AUB Common Stock, cash dividends or distributions payable pursuant to this Section ‎2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of SASR Common Stock or SASR Equity Awards, such amounts as it is required to deduct and withhold with respect to the making of such payment or distribution under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so deducted or withheld by the Surviving Corporation or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of SASR Common Stock or SASR Equity Awards in respect of which the deduction and withholding was made by the Surviving Corporation or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Surviving Corporation or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM the Surviving Corporation or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM AUB Common Stock, Stock and any cash in lieu of fractional shares shares, and dividends or distributions, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Atlantic Union Bankshares Corp), Merger Agreement (Sandy Spring Bancorp Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) days thereafter, the Surviving Entity shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of CenterState Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive South State Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM South State Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 CenterState Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b) (such materials and instructions to include customary provisions with respect to delivery of an “agent’s message” with respect to book-entry shares). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange AgentAgent (it being understood that no certificates shall be required to be delivered for shares of CenterState Common Stock held in book-entry at the Effective Time), together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM South State Common Stock to which such holder of i3 CenterState Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of South State Common Stock which the shares of CenterState Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM South State Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM South State Common Stock that the shares of CenterState Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM South State Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM South State Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 CenterState of the shares of i3 CenterState Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM South State Common Stock and any cash in lieu of fractional shares as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of South State Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to South State Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of South State. In lieu of the issuance of any such fractional share, the Surviving Entity shall pay to each former holder of CenterState Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of South State Common Stock on NASDAQ as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of CenterState Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of South State Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 CenterState for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Entity. Any stockholders former holders of i3 CenterState Common Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Entity for payment of their the shares of ACE*COMM South State Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the South State Common Stock deliverable in respect of each former share of i3 CenterState Common Stock such stockholder holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMSouth State, i3CenterState, Merger Subthe Surviving Entity, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 CenterState Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. Any amounts remaining unclaimed by former holders of shares of CenterState Common Stock immediately prior to the time at which such amounts would otherwise escheat to, or become property of, any Governmental Entity shall, to the extent permitted by applicable law, become the property of the Surviving Entity, free and clear of any claims or interest of any such holders or their successors, assigns or personal representatives previously entitled thereto. (fg) The Surviving Entity shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of South State Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of CenterState Common Stock or CenterState Equity Awards, such amounts as it is required to deduct and withhold with respect to the making of such payment or distribution under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so deducted or withheld by the Surviving Entity or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of CenterState Common Stock or CenterState Equity Awards in respect of which the deduction and withholding was made by the Surviving Entity or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Surviving Entity or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM the Surviving Entity or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM South State Common Stock, Stock and any cash in lieu of fractional shares shares, as applicable, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (CenterState Bank Corp), Merger Agreement (CenterState Bank Corp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate Certificates or Certificates Book-Entry Shares, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares shall pass, only upon delivery of the Certificates or Book-Entry Shares to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates or Book-Entry Shares in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. The Company shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to Section 2.2(b)the Effective Time and provide reasonable comments thereon. Upon surrender of a Certificate or Book-Entry Share for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittal, duly executed, the holder of such Certificate or Book-Entry Share shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate or Book-Entry Share surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate or Book-Entry Shares so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable Merger Consideration to holders of CertificatesCompany Common Stock. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate check representing shares of ACE*COMM Common Stock Merger Consideration is to be issued in a name other than that in which the Certificate or Book-Entry Shares surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate or Book-Entry Shares so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) ), with signature guaranteed as the letter of transmittal shall specify, and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate check representing shares of ACE*COMM Common Stock Merger Consideration in any name other than that of the registered holder of the Certificate or Book-Entry Shares surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (dc) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates or Book-Entry Shares representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock cash, as provided in this Article II. (ed) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six 12 months after the Effective Time may shall be returned to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to Parent or a public official pursuant to applicable abandoned property, escheat or similar laws. (fe) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct (not exceeding the Merger Consideration deliverable with respect to such Certificate) as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent or Parent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to this Agreement, subject to the last sentence of Section 2.2(b2.2(d). (f) Each of Parent and the Exchange Agent shall be entitled to deduct and withhold from the Merger Consideration otherwise payable to any holder of shares of Company Common Stock or otherwise pursuant to this Agreement such amounts as Parent or the Exchange Agent is required to deduct and withhold with respect to the making of such payment under the United States Internal Revenue Code of 1986, as amended (the “Code”), or any provision of state, local or foreign tax law. Any amounts that are so deducted and withheld shall be paid over to the appropriate taxing authority by Parent or the Exchange Agent and shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made. Notwithstanding the foregoing, (i) each holder that is to receive a payment pursuant to this Agreement will have the sole and exclusive responsibility for the satisfaction and payment of any such withholding tax obligations imposed on Parent by any governmental entity on account of such payment and (ii) no distribution will be made to or on behalf of such holder pursuant to this Agreement unless and until such holder has made arrangements satisfactory to the Parent and the Exchange Agent for the payment and satisfaction of such withholding tax obligations.

Appears in 2 contracts

Samples: Merger Agreement (Home Bancorp, Inc.), Merger Agreement (Gs Financial Corp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than three (3) business days thereafter, the Exchange Agent shall (and Parent shall cause the Exchange Agent to so) mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing cash equal to the Per Share Price multiplied by the number of shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Certificate or Certificates Certificates. Such letter of transmittal and instructions shall have been converted be in the form agreed to by Parent and any dividends or distributions pursuant the Company prior to Section 2.2(b)the Closing. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate so surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and paid for the Company Common Stock, unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (ec) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six (6) months after the Effective Time may shall be returned transferred to ACE*COMMthe Surviving Corporation. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent and the Surviving Corporation for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each caseMerger Consideration, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMthe Surviving Corporation, i3the Company, Merger Parent, Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fd) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate Certificate, the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Saratoga Beverage Group Inc), Merger Agreement (Saratoga Beverage Group Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate one or more Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Newco Common Stock, the Newco New Preferred Stock and any cash in lieu of fractional shares into which the shares of i3 FCN Common Stock or FCN Preferred Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock to which such holder of i3 FCN Common Stock or FCN Preferred Stock shall have become entitled pursuant to the provisions of Article I hereof II and (with such legends as may be required), (yii) a check representing the amount of any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)III, and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and or on any unpaid dividends and distributions, if any, distributions payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Newco Common Stock and payable to the holders of record thereof or Newco New Preferred Stock shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article IIIII. After the surrender of a Certificate in accordance with this Article IIIII, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 FCN of the shares of i3 FCN Common Stock or FCN Preferred Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock as provided in this Article IIIII. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Newco Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Newco Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Newco. In lieu of the issuance of any such fractional share, Newco shall pay to each former stockholder of FCN who otherwise would be entitled to receive such fractional share an amount in cash determined by multiplying (i) the average of the closing-sale prices of BANC ONE Common Stock on the New York Stock Exchange, Inc. (the "NYSE") as reported by The Wall Street Journal for the five trading days immediately preceding the date of the Effective Time by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Newco Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 FCN for six 12 months after the Effective Time may shall be returned paid to ACE*COMMNewco. Any former stockholders of i3 FCN who have not theretofore complied with this Article II prior to such return III shall thereafter look only to ACE*COMM Newco for payment of their the shares of ACE*COMM Newco Common Stock or Newco New Preferred Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Newco Common Stock or Newco New Preferred Stock deliverable in respect of each share of i3 FCN Common Stock or FCN Preferred Stock, as the case may be, such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBANC ONE, i3Newco, Merger SubFCN, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 FCN Common Stock or FCN Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if reasonably required by ACE*COMMNewco, the posting by such person of a bond in such amount as ACE*COMM Newco may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, Newco Capital Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Agreement and Plan of Reorganization (First Chicago NBD Corp), Agreement and Plan of Reorganization (Banc One Corp /Oh/)

Exchange of Shares. (a) As soon as practicable after the Effective Time, Parent’s transfer agent (the Exchange Agent “Transfer Agent”) shall mail to each holder of record of one or more Certificates or Book Entry Shares whose Shares are being converted into the Merger Consideration pursuant to Section 2.1 a Certificate or Certificates a form letter of transmittal (which shall be in customary form, and shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book Entry Shares shall pass, only upon delivery of the Certificates or Book Entry Shares to the Exchange Transfer Agent) and instructions for use in effecting the surrender of the Certificates or Book Entry Shares in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration. Upon proper surrender of a Certificate or Book Entry Share for exchange and cancellation to the Exchange Transfer Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Book Entry Share shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash Merger Consideration provided in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)2.1, and the Certificate or Book Entry Share so surrendered shall forthwith be canceledcancelled. No interest will shall be paid or accrued on the any cash in lieu of fractional shares and or on any unpaid dividends and distributions, if any, or distributions payable to holders of CertificatesCertificates or Book Entry Shares. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, any Certificates representing such shares or Book Entry Shares are presented for transfer to the Exchange Transfer Agent, they each such Certificate shall be canceled cancelled and exchanged for certificates representing shares the Merger Consideration provided in Section 2.1. In the event of ACE*COMM a transfer of ownership of any share of Company Common Stock as provided prior to the Effective Time that has not been registered in this Article IIthe transfer records of the Company, the Merger Consideration payable in respect of such share of Company Common Stock shall be paid to the transferee of such share of Company Common Stock if the Certificate or Book Entry Share that previously represented such share is presented to the Transfer Agent accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer taxes have been paid. (ec) Any portion None of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common StockCompany, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger SubParent, the Exchange Transfer Agent or any other person Person shall be liable to any former holder of shares of i3 Common Stock Company Stockholder for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fd) In the event any Certificate shall have has been lost, stolen or destroyed, upon the making of an affidavit affidavit, in form and substance reasonably acceptable to Parent, of that fact by the person Person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Transfer Agent to comply with Regulations to which the Transfer Agent is subject, the posting by such person Person of a bond in such amount as ACE*COMM the Transfer Agent may determine is reasonably direct necessary to comply with such regulations as indemnity against any claim that may be made against it or the Surviving Company with respect to such Certificate, or, if no bond is required, an indemnification agreement reasonably acceptable to Parent and Transfer Agent, the Exchange Transfer Agent will issue deliver in exchange for such lost, stolen or destroyed Certificate the Merger Consideration such Company Stockholder has a right to receive pursuant to this Article II. (e) No certificates or scrip evidencing fractional shares of ACE*COMM Parent Common StockStock shall be issued in the Merger, cash in and such fractional share interests will not entitle the owner thereof to any rights as a shareholder of Parent. In lieu of a fractional share, Parent will pay any holder of shares deliverable of Company Common Stock who would otherwise have been entitled to a fraction of a share of Parent Common Stock upon surrender of the certificates therefor an amount of cash (without interest) determined by multiplying (a) the average of the closing sale prices for a share of Parent Common Stock (as adjusted for stock splits, dividends, and the like) as reported on NASDAQ for the five (5) consecutive trading days ending with, and including, the trading day immediately prior to the Closing Date by (b) the fractional share interest in respect Parent Common Stock to which such holder would otherwise be entitled. The provisions of this Section 2.4(e) will apply to the aggregate number of shares of Company Common Stock held by each holder thereof and each such holder will be required to simultaneously surrender all Certificates or Book Entry Shares relating to shares of Company Common Stock held by such holder in accordance with the provisions of Section 2.4 in order to surrender any dividends such Certificate or distributions pursuant to Section 2.2(b)Book Entry Share.

Appears in 2 contracts

Samples: Merger Agreement (Zygo Corp), Merger Agreement (Electro Scientific Industries Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate one or more Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Firstar Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Mercantile Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Firstar Common Stock to which such holder of i3 Mercantile Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of any cash in lieu of fractional shares, if any, which shares that such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and or on any unpaid dividends and distributions, if any, distributions payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Firstar Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which that theretofore had become payable with respect to shares of ACE*COMM Firstar Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Mercantile Bancorporation Inc), Merger Agreement (Firstar Corp /New/)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in any event within seven business days after the Effective Time, or otherwise as may be agreed upon by the parties, the Exchange Agent shall mail to each holder of record of a Certificate or PFC Stock Certificates at the Effective Time, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the PFC Stock Certificates shall pass, only upon delivery of the Certificates PFC Stock Certificates, to the Exchange Agent, and (ii) shall be subject to the reasonable approval of PFC) and instructions for use in effecting the surrender of the PFC Stock Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration. Upon surrender of a Certificate PFC Stock Certificates for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittal, duly executed, the holder of such Certificate PFC Stock Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM TSFG Common Stock to which such holder of i3 PFC Common Stock shall have become became entitled to receive pursuant to the provisions of Article I II hereof (with such legends as may be required), and (y) a check representing the aggregate Per Share Cash Consideration and/or the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate PFC Stock Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I hereof, and the Certificate PFC Stock Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Per Share Cash Consideration, on the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of PFC Stock Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM TSFG Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered PFC Stock Certificate until the holder thereof shall surrender such PFC Stock Certificate in accordance with this Article II. After the surrender of a PFC Stock Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM TSFG Common Stock represented by such PFC Stock Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM TSFG Common Stock is to be issued in a name other than that in which the PFC Stock Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the PFC Stock Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM TSFG Common Stock in any name other than that of the registered holder of the PFC Stock Certificate surrendered, or required for any other reason connected to such transfer, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 PFC of the shares of i3 PFC Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, PFC Stock Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM TSFG Common Stock Stock, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of TSFG Common Stock shall be issued upon the surrender for exchange of PFC Stock Certificates, no dividend or distribution with respect to TSFG Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of TSFG. In lieu of the issuance of any such fractional share, TSFG shall pay to each former stockholder of PFC who otherwise would be entitled to receive a fractional share of TSFG Common Stock an amount in cash determined by multiplying (i) the Fair Market Value by (ii) the fraction of a share of TSFG Common Stock which such holder would otherwise be entitled to receive pursuant to Section 2.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 PFC for six twelve months after the Effective Time may shall be returned paid to ACE*COMMTSFG. Any stockholders of i3 PFC who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM TSFG for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and the Per Share Consideration and/or the unpaid dividends and distributions on ACE*COMM the TSFG Common Stock deliverable in respect of each share of i3 PFC Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMTSFG, i3, Merger SubPFC, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 PFC Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any PFC Stock Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such PFC Stock Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, and the posting by such person of a bond in such amount as ACE*COMM the Exchange Agent may reasonably direct as indemnity against any claim that may be made against it with respect to such PFC Stock Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed PFC Stock Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Per Share Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Pointe Financial Corp), Merger Agreement (South Financial Group Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates certificate formerly representing shares of Dime Common Stock (a "Certificate") a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing representing, as the case may be, the shares of ACE*COMM Washington Mutual Common Stock, cash in respect of the Cash Election Price and cash in lieu of fractional shares of Washington Mutual Common Stock, if any, into which the shares of i3 Common Dime Capital Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Washington Mutual Common Stock (if any) to which such former holder of i3 Dime Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required)Section 2 hereof, (yii) a check representing that amount of cash (if any) to which such former holder of Dime Common Stock shall have become entitled in respect of the Cash Election Price pursuant to the provisions of Section 2 hereof and (iii) a check representing the amount of cash (if any) payable in lieu of fractional shares, if anyshares of Washington Mutual Common Stock, which such former holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)3, and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash payable in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificatesshares. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Washington Mutual Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article IISection 3. After the surrender of a Certificate in accordance with this Article IISection 3, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Washington Mutual Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Washington Mutual Common Stock is to be issued in a the name of other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Washington Mutual Common Stock in the name of and payment of cash to any name person other than that of the registered holder of the Certificate surrendered, or required for any other reason relating to such holder or requesting person, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 Dime of the shares of i3 Common Dime Capital Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Washington Mutual Common Stock or payment of cash as provided in this Article IISection 3. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Dime for six months after the Effective Time may shall be returned paid, at the request of Washington Mutual, to ACE*COMMWashington Mutual. Any stockholders of i3 Dime who have not theretofore complied with this Article II prior to such return Section 3 shall thereafter look only to ACE*COMM Washington Mutual for payment of their the shares of ACE*COMM Washington Mutual Common Stock, cash, cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM the Washington Mutual Common Stock deliverable in respect of each share of i3 Dime Common Stock held by such stockholder holds at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMWashington Mutual, i3, Merger SubDime, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Dime Common Stock Stock, for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMWashington Mutual, the posting by such person of a bond in such amount as ACE*COMM Washington Mutual may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Washington Mutual Common Stock, cash and cash in lieu of fractional shares deliverable in respect thereof pursuant to this Agreement. (g) As soon as practicable after the Election Deadline, the Exchange Agent shall deliver to each Warrant Holder (i) a certificate representing that number of shares of Washington Mutual Common Stock (if any) and any dividends or distributions a check representing the amount of cash (if any) in respect of the Cash Election Price to which each Warrant Holder would have become entitled pursuant to Section 2.2(b)2 hereof with respect to the Deemed Shares if the Deemed Shares were outstanding shares of Dime Common Stock as of the Effective Time, and (ii) a check representing the amount of cash (if any) payable in lieu of fractional shares of Washington Mutual Common Stock to which each Warrant Holder would have become entitled pursuant to Section 2.7 with respect to the Deemed Shares if the Deemed Shares were outstanding shares of Dime Common Stock as of the Effective Time. (h) Washington Mutual or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement or the transactions contemplated hereby to any holder of Dime Common Stock or to any Warrant Holder such amounts as Washington Mutual (or any Affiliate thereof) or the Exchange Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of U.S. federal, state, local or non-U.S. tax law. To the extent that such amounts are properly withheld by Washington Mutual or the Exchange Agent, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the holder of the Dime Common Stock or to any Warrant Holder in respect of whom such deduction and withholding were made by Washington Mutual or the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Dime Bancorp Inc), Merger Agreement (Washington Mutual Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM First Place Common Stock, Stock and the cash in lieu of fractional shares into which the shares of i3 FFY Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. FFY shall have the right to review both the letter of transmittal and the instructions prior to the Effective Time and provide reasonable comments thereon. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM First Place Common Stock to which such holder of i3 FFY Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM First Place Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM First Place Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM First Place Common Stock into which such i3 his FFY Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM First Place Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM First Place Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 FFY of the shares of i3 FFY Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM First Place Common Stock as provided in this Article II. (e) Any portion of Notwithstanding anything to the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their contrary contained herein, no certificates or scrip representing fractional shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM First Place Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, issued upon the making surrender for exchange of an affidavit of that fact by the person claiming such Certificate to be lostCertificates, stolen no dividend or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it distribution with respect to First Place Common Stock shall be payable on or with respect to any fractional share, and such Certificate, fractional share interests shall not entitle the Exchange Agent will issue in exchange for such lost, stolen owner thereof to vote or destroyed Certificate the shares to any other rights of ACE*COMM Common Stock, cash in a shareholder of First Place. In lieu of the issuance of any such fractional shares deliverable share, First Place shall pay to each former stockholder of FFY who otherwise would be entitled to receive a fractional share of First Place Common Stock (after taking into account all certificates delivered by such holder) an amount in respect thereof and any dividends or distributions cash determined by multiplying (i) the Average Closing Price by (ii) the fraction of a share of First Place Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 2.2(b1.4 hereof. As used herein, the term "Average Closing Price" means the average of the last reported daily sales price (or if no sale on such date, then the mean of the closing bid/ask price) per share of First Place Common Stock on the Nasdaq Stock Market ("Nasdaq"), for the 10 consecutive trading days (the "Valuation Period") ending on the fifth business day prior to the date of the Effective Time.

Appears in 2 contracts

Samples: Merger Agreement (First Place Financial Corp /De/), Merger Agreement (Ffy Financial Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Parent Common Stock, the and any cash in lieu of fractional shares into shares, which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Parent Common Stock which the shares of Company Common Stock represented by such Certificate have been converted into the right to receive, and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock which the shares of Company Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until had been converted into the surrender of such Certificate, right to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedreceive. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock and cash in lieu of fractional shares as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Parent Common Stock on The New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the five (5) full trading days ending on the trading day preceding the Closing Date by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholder of i3 who have the Company that has not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Parent Common Stock, cash in lieu of fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Common Stock such stockholder former shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of Parent and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made . (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Parent Common Stock, and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (State Bank Financial Corp), Merger Agreement (Cadence Bancorporation)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than ten business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing representing, as the case may be, the shares of ACE*COMM Parent Common Stock, Stock or Parent New Preferred and the cash in lieu of fractional shares shares, if any, into which the shares of i3 Common Subject Company Capital Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock Stock, if any, to which such holder of i3 Subject Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required)hereof, (yii) certificates representing that number of shares of Parent 9.875% Preferred and Parent 9.0% Preferred, if any, to which such holder of Subject Company Preferred Stock shall have become entitled pursuant to the provisions of Article I hereof and (iii) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof or Parent New Preferred shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock or Parent New Preferred represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock or Parent New Preferred is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock or Parent New Preferred in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 Subject Company of the shares of i3 Common Subject Company Capital Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Parent Capital Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Common Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of Subject Company who otherwise would be entitled to receive such fractional share an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the New York Stock Exchange (the "NYSE") as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time occurs by (ii) the fraction of a share of Parent Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereto. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Subject Company for six twelve months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders of i3 Subject Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their the shares of ACE*COMM Parent Common StockStock or Parent New Preferred, cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM the Parent Common Stock or Parent New Preferred deliverable in respect of each share of i3 Subject Company Common Stock or Subject Company Preferred Stock, as the case may be, such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMParent, i3, Merger SubSubject Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Subject Company Common Stock or Subject Company Preferred for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Parent Common Stock, Stock and cash in lieu of fractional shares or Parent New Preferred, as the case may be, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (First Interstate Bancorp /De/), Merger Agreement (First Interstate Bancorp /De/)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Xxxxxxx and Sterling shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Sterling Common Stock or Sterling Series A Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration or shares of New Xxxxxxx Preferred Stock, as applicable, pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM Xxxxxxx Common Stock, the Stock and any cash in lieu of fractional shares into or shares of New Xxxxxxx Preferred Stock, as applicable, which the shares of i3 Sterling Common Stock or Sterling Series A Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM Xxxxxxx Common Stock to which such holder of i3 Sterling Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), or (ii) (A) a New Certificate representing the number of shares of New Xxxxxxx Preferred Stock to which such holder of Sterling Series A Preferred Stock shall have become entitled pursuant to the provisions of Article I and (B) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Xxxxxxx Common Stock or shares of New Xxxxxxx Preferred Stock which the shares of Sterling Common Stock or Sterling Series A Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Xxxxxxx Common Stock and payable to the holders of record thereof or New Xxxxxxx Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Xxxxxxx Common Stock or shares of New Xxxxxxx Preferred Stock which the shares of Sterling Common Stock or Sterling Series A Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM Xxxxxxx Common Stock or New Xxxxxxx Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Xxxxxxx Common Stock or New Xxxxxxx Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Sterling of the shares of i3 Sterling Common Stock which or Sterling Series A Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM Xxxxxxx Common Stock or New Xxxxxxx Preferred Stock, as applicable, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Xxxxxxx Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Xxxxxxx Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Xxxxxxx. In lieu of the issuance of any such fractional share, Xxxxxxx shall pay to each former holder of Sterling Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Xxxxxxx Common Stock on The New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of Sterling Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest thousandth when expressed in decimal form) of Xxxxxxx Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 Sterling Common stock and Sterling Series A Preferred Stock for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 Sterling Common Stock and Sterling Series A Preferred Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Xxxxxxx Common Stock, Stock and cash in lieu of any fractional shares or shares of New Xxxxxxx Preferred Stock, as applicable, and any unpaid dividends and distributions on ACE*COMM the Xxxxxxx Common Stock or New Xxxxxxx Preferred Stock deliverable in respect of each former share of i3 Sterling Common Stock or Sterling Series A Preferred Stock, as applicable, that such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMWebster, i3Sterling, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Sterling Common Stock or Sterling Series A Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Xxxxxxx shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Xxxxxxx Common Stock, any dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of Sterling Common Stock, Sterling Series A Preferred Stock or Sterling Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of Tax law. To the extent that amounts are so withheld by Xxxxxxx or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Sterling Common Stock, Sterling Series A Preferred Stock or Sterling Equity Awards in respect of which the deduction and withholding was made by Xxxxxxx or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMXxxxxxx or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Xxxxxxx or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Xxxxxxx Common Stock, Stock and any cash in lieu of fractional shares, or the shares of New Xxxxxxx Preferred Stock deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Webster Financial Corp), Merger Agreement (Webster Financial Corp)

Exchange of Shares. (a) As soon as practicable At or after the Effective TimeDate, each holder of a certificate or certificates theretofore evidencing issued and outstanding shares of the Bank Common Stock, upon surrender of the same to an agent, duly appointed by the Holding Company ("Exchange Agent"), shall be entitled to receive in exchange therefor a certificate or certificates representing the number of full shares of Holding Company Common Stock determined in accordance with the Exchange Ratio provided in Section 3 hereof. The Exchange Agent shall will mail to each holder of record of a Certificate or Certificates an outstanding certificate which immediately prior to the Effective Date evidenced shares of the Bank Common Stock, and which is to be exchanged for Holding Company Common Stock as provided in Section 3 hereof, a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates such certificate shall pass, only upon delivery of the Certificates such certificate to the Exchange Agent) and instructions for use in effecting the surrender advising such holder of the Certificates terms of the exchange effected by the Reorganization and of the procedure for surrendering to the Exchange Agent such certificate in exchange for a certificate or certificates representing the shares of ACE*COMM evidencing Holding Company Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM holder of a certificate thereto representing shares of Bank Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any dividends in respect of the Holding Company Common Stock into which such shares shall have been converted by virtue of the Conversion and Reorganization until the certificate representing such shares of Bank Common Stock is surrendered in exchange for certificates representing shares of Holding Company Common Stock. In the event that dividends are declared and paid by the Holding Company in respect of Holding Company Common Stock after the consummation of the Conversion and Reorganization but prior to surrender of certificates representing shares of Bank Common Stock, dividends payable in respect of shares of Bank Common Stock not then issued shall accrue (without interest). Any such dividends or other distributions, shall be paid (without any interest thereon, which theretofore had become payable with respect to interest) upon surrender of the certificates representing such shares of ACE*COMM Bank Common Stock. The Holding Company shall be entitled, after the consummation of the Conversion and Reorganization, to treat certificates representing shares of Bank Common Stock as evidencing ownership of the number of full shares of Holding Company Common Stock into which the shares of Bank Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock certificates shall have been converted, notwithstanding the failure on the part of the holder thereof to surrender such certificates. (c) If any certificate representing evidencing shares of ACE*COMM Company Common Stock is to be issued in a name other than that in which the Certificate certificate evidencing the Bank Common Stock surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes tax required by reason of the issuance of a certificate representing for shares of ACE*COMM Holding Company Common Stock in any name other than that of the registered holder of the Certificate surrendered, certificate surrendered or shall otherwise establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After If, between the close of business on the day immediately prior to date hereof and the Effective TimeDate, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Bank Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing changed into a different number or class of shares by reason of ACE*COMM Common Stock as provided in this Article II. (e) Any portion any reclassifica- tion, recapitalization, split-up, combination, exchange of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may shares or readjustment, or a stock dividend thereon shall be returned to ACE*COMM. Any stockholders of i3 who have not complied declared with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Suba record date within said period, the Exchange Agent or any other person Ratio specified in Section 3(a) hereof shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawsadjusted accordingly. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Plan of Conversion and Reorganization (Guaranty Federal Bancshares Inc), Plan of Conversion and Reorganization (Guaranty Federal Bancshares Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares Merger Consideration into which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon The Company shall have the right to review both the letter of transmittal and the instructions prior to the Effective Time and provide reasonable comments thereon. After the Effective Time, upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock the Merger Consideration to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the any cash constituting Merger Consideration (including cash to be paid in lieu of fractional shares and shares) or on any unpaid dividends and or distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock Stock, if any, represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares Merger Consideration as determined in accordance with Article I of ACE*COMM Common Stock as provided in this Agreement and this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive a fractional share of Parent Common Stock an amount in cash determined by multiplying such fractional interest by the Parent Common Stock Average Price. All shares of Company Common Stock held by any such former shareholder immediately prior to the Effective Time shall be aggregated before determining the need to pay cash in lieu of fractional shares to such former shareholder. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their the cash, shares of ACE*COMM Parent Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. If outstanding Certificates are not surrendered or the payment for them is not claimed prior to the date on which such payments would otherwise escheat to or become the property of any governmental unit or agency, the unclaimed items shall, to the extent permitted by abandoned property Laws, escheat Laws and any other applicable Law, become the property of Parent (and to the extent not in its possession shall be paid over to it), free and clear of all claims or interest of any person previously entitled to such claims. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue issue, in exchange for such lost, stolen or destroyed Certificate Certificate, the cash and/or shares of ACE*COMM Parent Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Lakeland Bancorp Inc), Merger Agreement (Somerset Hills Bancorp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than three business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates who theretofore has not submitted such holder’s Certificate or Certificates with a properly completed Election Form, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. The Company shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to the Effective Time and provide reasonable comments thereon. After completion of the allocation procedure set forth in Section 2.2(b). Upon 1.5 and upon surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittaltransmittal or Election Form, duly executedas the case may be, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become became entitled to receive pursuant to the provisions of Article I hereof (with such legends as may be required), and/or (y) a check representing the aggregate Per Share Cash Consideration and/or the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Per Share Cash Consideration, the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock or cash or both, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of the Company who otherwise would be entitled to receive a fractional share of Parent Common Stock an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the NASDAQ/NMS as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six 12 months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, the cash in lieu of fractional shares and and/or the unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Susquehanna Bancshares Inc), Merger Agreement (Susquehanna Bancshares Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of one or more Certificates (except to the extent representing Dissenting Shares) a Certificate or Certificates a form letter of transmittal in customary form as prepared by Huntington and reasonably acceptable to Sky (which shall specify specify, among other things, that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the Merger Consideration and any cash in lieu of fractional shares into which the shares of i3 Sky Common Stock represented by such Certificate or Certificates shall have been converted pursuant to this Agreement and any dividends or distributions to which such holder is entitled pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that the number of whole shares of ACE*COMM Huntington Common Stock to which such holder of i3 Sky Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required)I, (yii) a check representing the amount of the aggregate Cash Consideration (rounded up to the nearest whole cent) and any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (ziii) a check representing the amount of any dividends or distributions then payable pursuant to Section 2.2(b2.2(b)(i), and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on any cash in lieu of fractional shares or on any unpaid dividends and distributions payable to holders of Certificates. Until so surrendered, each Certificate shall represent after the Effective Time for all purposes only the right to receive the Merger Consideration, together with any cash in lieu of fractional shares and unpaid any dividends and distributions, if any, payable to holders of Certificatesor distributions as contemplated by Section 2.2(b). (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Huntington Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive (i) the amount of any such dividends or distributions with a record date prior to the Effective Time which have been declared by Sky in respect of the shares of Sky Common Stock after the date of this Agreement in accordance with the terms of this Agreement and which remain unpaid at the Effective Time, (ii) the amount of dividends or other distributionsdistributions with a record date after the Effective Time theretofore paid, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Huntington Common Stock represented by such Certificate. No holder , and (iii), at the appropriate payment date, the amount of an unsurrendered Certificate shall be entitleddividends or other distributions with a record date after the Effective Time but prior to surrender and a payment date subsequent to surrender, until the surrender with respect to shares of Huntington Common Stock represented by such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Huntington Common Stock is to be issued in in, or any cash is paid to, a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of to the issuance or payment thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the payment or issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Sky of the shares of i3 Sky Common Stock which that were issued and outstanding immediately prior to the Effective Time other than to settle transfers of Sky Common Stock that occurred prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration as provided in this Article II. (e) Notwithstanding anything to the contrary contained in this Agreement, no certificates or scrip representing fractional shares of Huntington Common Stock shall be issued upon the surrender of Certificates for exchange, no dividend or distribution with respect to Huntington Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Huntington. In lieu of the issuance of any such fractional share, Huntington shall pay to each former shareholder of Sky who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) Huntington Closing Price by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Huntington Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 for six months after Sky as of the first anniversary of the Effective Time may shall be returned paid to ACE*COMMHuntington. Any stockholders former shareholders of i3 Sky who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Huntington for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM Common Stock deliverable payable in accordance with Section 2.2(b) in respect of each share of i3 Sky Common Stock Stock, as the case may be, such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3Huntington, Merger Sub, Sky, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Sky Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if reasonably required by ACE*COMMHuntington, the posting by such person of a bond in such amount as ACE*COMM Huntington may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, Merger Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Huntington Bancshares Inc/Md), Merger Agreement (Sky Financial Group Inc)

Exchange of Shares. (a) As soon as practicable Prior to the Effective Time, Buyer shall appoint an agent (the “Exchange Agent”) reasonably acceptable to the Company for the purposes of exchanging certificates representing Shares for the Merger Consideration in accordance with this SECTION 2.03 and exchanging certificates representing certain Warrants for Warrant Consideration in accordance with SECTION 2.06. Buyer will, at the Effective Time, deposit with the Exchange Agent, the full amount of the Merger Consideration to be paid in respect of Shares. For purposes of determining the Merger Consideration to be so deposited, Buyer shall assume that no stockholder of the Company will perfect his right to appraisal of his, her or its Shares. Promptly after the Effective Time, Buyer will send, or will cause the Exchange Agent shall mail to send, to each holder of record of Shares at the Effective Time a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and related instructions for use in effecting the surrender such exchange. (b) Each holder of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall Shares that have been converted and any dividends or distributions pursuant into a right to Section 2.2(b). Upon receive the Merger Consideration, upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a certificate or certificates representing such Shares (or evidence of loss in lieu thereof), together with such a properly completed letter of transmittaltransmittal covering such Shares, duly executed, the holder of such Certificate shall will be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive Merger Consideration payable in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), such Shares and the Certificate certificate or certificates so surrendered shall forthwith be canceled. No interest cancelled; provided that in no event will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the a holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall certificate or certificates be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable the Merger Consideration if the Merger Consideration was already paid with respect to shares the Shares underlying such certificate or certificates in connection with an affidavit of ACE*COMM Common Stock represented by loss. Until so surrendered, each such Certificate. No holder of an unsurrendered Certificate shall be entitledcertificate shall, until after the surrender of Effective Time, represent for all purposes only the right to receive such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedMerger Consideration. (c) If any certificate representing shares portion of ACE*COMM Common Stock the Merger Consideration payable in respect of any Share is to be issued in paid to a name person other than that in which the Certificate surrendered in exchange therefor is registeredregistered holder of the Shares represented by the certificate or certificates surrendered, it shall be a condition of the issuance thereof to such payment that the Certificate certificate or certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise be in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason as a result of the issuance of such payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, such Shares or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no further registration of transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and Shares outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Merger Consideration made available to the Exchange Fund Agent pursuant to SECTION 2.03(a) that remains unclaimed by the stockholders holders of i3 for Shares entitled thereto six months after the Effective Time may shall be returned to ACE*COMM. Any stockholders Buyer, upon demand, and any stockholder of i3 the Company who have has not complied exchanged his Shares for the Merger Consideration in accordance with this Article II SECTION 2.03 prior to such return that time shall thereafter look only to ACE*COMM Buyer for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable the Merger Consideration in respect of each share his Shares. None of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3Buyer, Merger Sub, Subsidiary or the Exchange Agent or any other person Company shall be liable to any former holder of shares of i3 Common Stock the Shares for any amount properly Merger Consideration delivered to a public official pursuant to any applicable abandoned property, escheat or similar lawslaw. (f) Any portion of the Merger Consideration made available to the Exchange Agent pursuant to SECTION 2.03(a) to pay for Shares for which appraisal rights shall have been perfected shall be returned to Buyer, upon demand. (g) In the event that any Certificate certificate representing Shares shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate certificate to be lost, stolen or destroyed and, if required by ACE*COMMBuyer, the posting by such person of a bond in such reasonable amount as ACE*COMM Buyer may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificatecertificate (provided that, if such person is a financial institution or other institutional investor, its own agreement shall be satisfactory), the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate certificate the shares of ACE*COMM Common StockMerger Consideration with respect to such certificate, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions to which such person is entitled pursuant to Section 2.2(b)hereto.

Appears in 2 contracts

Samples: Merger Agreement (Chart Industries Inc), Merger Agreement (Chart Industries Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Parent Common Stock, the Cash Consideration and any cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, (B) the Cash Consideration and (zC) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Parent Common Stock which the shares of Company Common Stock represented by such Certificate have been converted into the right to receive, the Cash Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock which the shares of Company Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Parent Common Stock on The New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the five (5) full trading days ending on the day preceding the Closing Date (the “Parent Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any former stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Parent Common Stock, the Cash Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Parent shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the Cash Consideration, any cash in lieu of fractional shares of Parent Common Stock, any dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of Company Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Company Common Stock in respect of which the deduction and withholding was made by Parent or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Parent Common Stock, the Cash Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Astoria Financial Corp), Merger Agreement (New York Community Bancorp Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Company Class A Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Parent Common Stock, the and any cash in lieu of fractional shares into shares, which the shares of i3 Company Class A Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Class A Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Parent Common Stock which the shares of Company Class A Common Stock represented by such Certificate have been converted into the right to receive, and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock which the shares of Company Class A Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until had been converted into the surrender of such Certificate, right to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedreceive. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Class A Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock and cash in lieu of fractional shares as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Parent Common Stock on the New York Stock Exchange as reported by The Wall Street Journal for the five (5) full trading days ending on the trading day preceding the Closing Date (the “Parent Common Stock Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders former stockholder of i3 who have the Company that has not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their the shares of ACE*COMM Parent Common Stock, cash in lieu of fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Class A Common Stock such former stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Class A Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of Parent and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Parent Common Stock, and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Synovus Financial Corp), Merger Agreement (FCB Financial Holdings, Inc.)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than 10 days thereafter, Green shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Patriot Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive Green Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Green Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Patriot Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b), if any. Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Green Common Stock to which such holder of i3 Patriot Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Subject to applicable law in the case of shares held by Dissenting Shareholders, until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Green Common Stock which the shares of Patriot Common Stock represented by such Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Green Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Green Common Stock which the shares of Patriot Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM Green Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Green Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Patriot of the shares of i3 Patriot Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Green Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Green Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Green Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Green. In lieu of the issuance of any such fractional share, after aggregating all shares converted with respect to such former shareholder of Patriot, Green shall pay to each former shareholder of Patriot who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing sale prices of Green Common Stock on the NASDAQ as reported in The Wall Street Journal for the ten (10) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Green Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Patriot for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 Patriot who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Green Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Green Common Stock deliverable in respect of each former share of i3 Patriot Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMGreen, i3Patriot, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Patriot Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of Green and Merger Sub shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Green Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement (including Patriot Equity Awards) to any person such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld (which may be withheld through withholding of shares of Green Common Stock) by Green, Merger Sub or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to such person in respect of which the deduction and withholding was made by Green, Merger Sub or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMGreen, the posting by such person of a bond in such amount as ACE*COMM Green may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Green Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Green Bancorp, Inc.), Merger Agreement (Green Bancorp, Inc.)

Exchange of Shares. (a) As soon as practicable but not later than five (5) Business Days after the Effective Time, TriCo shall cause the Exchange Agent shall to mail to each holder of record of a Certificate or Certificates a form letter of transmittal transmittal, in form and substance reasonably acceptable to TriCo and North Valley, (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and plus instructions for use of the letter of transmittal in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM TriCo Common Stock, Stock and the cash in lieu of fractional shares into which the shares of i3 North Valley Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive promptly in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM TriCo Common Stock to which such holder of i3 North Valley Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of a fractional sharesshare, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, which certificate for shares of TriCo Common Stock and check representing cash in lieu of fractional shares shall be mailed to each such holder not later than ten (z10) any dividends days following receipt by the Exchange Agent of the Certificate or distributions pursuant to Section 2.2(b)Certificates and a duly executed letter of transmittal, and the Certificate or Certificates so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and shares, unpaid dividends dividends, and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM TriCo Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate or Certificates in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM TriCo Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM TriCo Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes or applicable fees required by reason of the issuance of a certificate representing shares of ACE*COMM TriCo Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers entered on the stock transfer books of i3 North Valley or otherwise of the shares of i3 North Valley Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM TriCo Common Stock and cash in lieu of fractional shares as provided in this Article II. (e) Any portion Each of TriCo and the Exchange Agent shall be entitled to deduct and withhold from any consideration payable from the Exchange Fund that remains unclaimed by the stockholders pursuant to this Agreement to any holder of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM North Valley Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds amounts as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or TriCo, as the case may be, is required to deduct and withhold under the Code, or any other person provision of state, local or foreign tax Law, with respect to the making of such payment. To the extent the amounts are so withheld by TriCo or the Exchange Agent, as the case may be, such withheld amounts shall be liable treated for all purposes of this Agreement as having been paid to any former the holder of shares of i3 North Valley Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned propertyin respect of whom such deduction and withholding was made by TriCo or the Exchange Agent, escheat or similar lawsas the case may be. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMTriCo, the posting by such person of a bond in such amount as ACE*COMM TriCo may reasonably direct as indemnity against any claim that may be made against it with respect to such CertificateCertificate at such person’s expense and such person’s payment of any related fees of the Exchange Agent, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM TriCo Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (g) Any portion of the Exchange Fund that remains unclaimed by the shareholders of North Valley for twelve (12) months after the Effective Time shall be returned to TriCo. Any shareholders of North Valley who have not theretofore complied with this Article II shall thereafter look only to TriCo or TriCo’s designated representative for payment of their shares of TriCo Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on TriCo Common Stock deliverable in respect of each share of North Valley Common Stock such shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of TriCo, North Valley, the Exchange Agent or any other person shall be liable to any former holder of shares of North Valley Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws.

Appears in 2 contracts

Samples: Merger Agreement (North Valley Bancorp), Merger Agreement (Trico Bancshares /)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Chemical shall cause the Exchange Agent shall to mail to each holder of record of one or more Talmer Certificates representing shares of Talmer Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Talmer Certificates shall pass, only upon proper delivery of the Talmer Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Talmer Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Chemical Common Stock, the any cash in lieu of fractional shares into which shares, and the Cash Consideration that the shares of i3 Talmer Common Stock represented by such Talmer Certificate or Talmer Certificates shall have been converted and into the right to receive pursuant to this Agreement, as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon From and after the Effective Time, upon proper surrender of a Talmer Certificate or Talmer Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Talmer Certificate or Talmer Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate book-entry shares representing that number of whole shares of ACE*COMM Chemical Common Stock to which such holder of i3 Talmer Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of cash in lieu of fractional shares, if any, (A) the Cash Consideration which such holder has the right to receive in respect of the Talmer Certificate or Talmer Certificates surrendered pursuant to the provisions of this Article II, (B) any cash in lieu of fractional shares which such holder has the right to receive in respect of the Talmer Certificate or Talmer Certificates surrendered pursuant to the provisions of this Article II, and (zC) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Talmer Certificate or Talmer Certificates so surrendered shall forthwith be canceledcancelled. No interest will Until surrendered as contemplated by this Section 2.2, each Talmer Certificate shall be paid or accrued on deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration, any cash in lieu of fractional shares payable pursuant to Section 2.2(e), and unpaid any cash in respect of dividends and distributions, if any, payable to holders of Certificatesor distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Chemical Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Talmer Certificate until the holder thereof shall surrender has surrendered such Talmer Certificate in accordance with this Article II. After the surrender of a Talmer Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Chemical Common Stock that the shares of Talmer Common Stock represented by such Certificate. No holder of an unsurrendered Talmer Certificate shall be entitled, until have been converted into (i) with a record date and a payment date on or after the surrender Effective Time and on or prior to the date of such Certificatesurrender, and (ii) at the appropriate payment date, with a record date on or after the Effective Time but prior to vote the shares date of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedsurrender and a payment date subsequent to the date of such surrender. (c) If any certificate Chemical Certificate representing shares of ACE*COMM Chemical Common Stock is to be issued in a name other than that in which the Talmer Certificate or Talmer Certificates surrendered in exchange therefor is or are registered, it shall be a condition of to the issuance thereof that the Talmer Certificate or Talmer Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other similar taxes required by reason of the issuance of a certificate Chemical Certificate representing shares of ACE*COMM Chemical Common Stock in any name other than that of the registered holder of the Talmer Certificate or Talmer Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Talmer of the shares of i3 Talmer Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Talmer Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares the Merger Consideration, cash in lieu of ACE*COMM Common Stock fractional shares, and dividends or distributions that the holder presenting such Talmer Certificates is entitled to, as provided in this Article II. (e) Any portion Notwithstanding anything to the contrary contained herein, no Chemical Certificates or scrip representing fractional shares of Chemical Common Stock shall be issued upon the surrender for exchange of Talmer Certificates, no dividend or distribution with respect to Chemical Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Chemical. In lieu of the Exchange Fund that remains unclaimed issuance of any such fractional share, Chemical shall pay to each former shareholder of Talmer who otherwise would be entitled to receive such fractional share an amount in cash (rounded up to the nearest cent), without any interest thereon, equal to the product of (i) the Chemical Closing Price multiplied by (ii) the stockholders fraction of i3 for six months after a share (rounded to the Effective Time may nearest thousandth when expressed in decimal form) of Chemical Common Stock which such holder would otherwise be returned entitled to ACE*COMM. receive pursuant to Section 1.4. (f) Any stockholders former holders of i3 Talmer Common Stock who have not complied with exchanged their Talmer Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Exchange Agent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares shares, and any unpaid dividends and distributions on ACE*COMM the Chemical Common Stock deliverable in respect of each former share of i3 Talmer Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMChemical, i3Talmer, Merger Subthe Surviving Corporation, the Exchange Agent or any other person Person shall be liable to any former holder of shares of i3 Talmer Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat escheat, or similar laws. (fg) Chemical shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the Merger Consideration, any cash in lieu of fractional shares of Chemical Common Stock, cash dividends or distributions payable pursuant to this Section 2.2, or any other cash amounts otherwise payable pursuant to this Agreement to any holder of Talmer Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld by Chemical or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Talmer Common Stock in respect of which the deduction and withholding was made by Chemical or the Exchange Agent, as the case may be. (h) In the event any Talmer Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person Person claiming such Talmer Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, and the posting by such person Person of a bond in such amount as ACE*COMM may reasonably direct the Exchange Agent would charge other similarly situated holders of Chemical Common Stock as indemnity against any claim that may be made against it with respect to such Talmer Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Talmer Certificate the shares of ACE*COMM Common StockMerger Consideration, any cash in lieu of fractional shares deliverable in respect thereof thereof, and any dividends or distributions that the holder presenting such Talmer Certificates is entitled to, each as provided pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Talmer Bancorp, Inc.), Merger Agreement (Chemical Financial Corp)

Exchange of Shares. (a) As soon State Bancorp and Valley hereby appoint American Stock Transfer and Trust Company as practicable the exchange agent (the “Exchange Agent”) for purposes of effecting the conversion of State Bancorp Common Stock. Not later than five (5) business days after the Effective Time, Valley shall cause the Exchange Agent shall to mail to each holder of record as of the Effective Time (a “Record Holder”) a Certificate or Certificates Certificates, a form letter of transmittal in form mutually agreed upon by Valley and State Bancorp (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Valley Common Stock, the Stock (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to shares) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly completed and executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor for such Certificates (xi) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof Merger Consideration and (with such legends as may be required), (yii) a check representing in the amount of equal to the cash in lieu of fractional shares, if any, which such holder Record Holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate 2.1 hereof. Certificates so surrendered shall forthwith be canceled. No interest will As soon as practicable, but no later than ten (10) business days following receipt of the properly completed letter of transmittal and any necessary accompanying documentation, Valley shall cause the Exchange Agent to distribute the Merger Consideration and cash as provided herein. The Exchange Agent shall not be paid obligated to deliver or accrued on cause to be delivered to any Record Holder the cash consideration to which such Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in lieu default thereof, an appropriate Affidavit of fractional shares Loss and unpaid dividends and distributionsIndemnity Agreement and/or bond as may be reasonably required in each case by Valley. Notwithstanding the time of surrender of the Certificates, if any, payable to holders Record Holders shall be deemed shareholders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Stock. Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange. (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of State Bancorp of the shares of ACE*COMM State Bancorp Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (de) After Valley and the close of business on the day immediately prior to the Effective Time, there Exchange Agent shall be no transfers on the entitled to rely upon State Bancorp’s stock transfer books to establish the identity of i3 of those persons entitled to receive the shares of i3 Common Stock Merger Consideration, which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they books shall be canceled conclusive with respect thereto. In the event of a dispute with respect to ownership of stock represented by any Certificate, Valley and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable entitled to deposit any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat Merger Consideration or similar laws. (f) In the event any Certificate shall have been lost, stolen dividends or destroyed, upon the making of distributions thereon represented thereby in escrow with an affidavit of that fact by the person claiming such Certificate to independent third party and thereafter be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it relieved with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)claims thereto.

Appears in 2 contracts

Samples: Merger Agreement (Valley National Bancorp), Merger Agreement (State Bancorp Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the Upon proper surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a an Old Certificate for exchange and cancellation to the Exchange AgentAgent (it being understood that no certificates shall be required to be delivered for shares of SASR Common Stock held in book-entry at the Effective Time), together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate shall be entitled to receive in exchange therefor therefor, (xi) a certificate representing that number of whole shares of ACE*COMM AUB Common Stock to which such holder of i3 SASR Common Stock shall have become entitled pursuant to the provisions of Article I hereof 1 and (with such legends as may be required), (yii) a check or other method of payment representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate surrendered pursuant to the provisions of this Article II, 2 and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b2.3(b), and the Old Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.3, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of AUB Common Stock which the shares of SASR Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.3. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM AUB Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II2. After the surrender of a an Old Certificate in accordance with this Article II2, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the shares of ACE*COMM AUB Common Stock that the shares of SASR Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares share of ACE*COMM AUB Common Stock is to be issued in a name other than that in which the Old Certificate surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing the shares of ACE*COMM AUB Common Stock in any name other than that of the registered holder of the Old Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 SASR for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 SASR Common Stock who have not theretofore complied with this Article II prior to such return 2 shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM AUB Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the AUB Common Stock deliverable in respect of each former share of i3 SASR Common Stock such stockholder holder holds as determined pursuant to this Agreement, in each case, Plan of Merger without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMAUB, i3SASR, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 SASR Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. Any amounts remaining unclaimed by former holders of shares of SASR Common Stock immediately prior to the time at which such amounts would otherwise escheat to, or become property of, any Governmental Entity shall, to the extent permitted by applicable law, become the property of the Surviving Corporation, free and clear of any claims or interest of any such holders or their successors, assigns or personal representatives previously entitled thereto. (fe) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Surviving Corporation or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM the Surviving Corporation or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM AUB Common Stock, Stock and any cash in lieu of fractional shares shares, and dividends or distributions, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Plan of Merger.

Appears in 2 contracts

Samples: Merger Agreement (Atlantic Union Bankshares Corp), Merger Agreement (Sandy Spring Bancorp Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than five business days after receipt from CBI or its transfer agent of a list of shareholders of record of CBI as of the Effective Time, the Exchange Agent shall mail to each holder of record of a CBI Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the CBI Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the CBI Certificates in exchange for certificates representing the shares of ACE*COMM Bancorp Common Stock, Stock and the cash in lieu of fractional shares shares, if any, into which the shares of i3 CBI Common Stock represented by such the CBI Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a CBI Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such CBI Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Bancorp Common Stock to into which such holder the shares of i3 CBI Common Stock theretofore represented by the CBI Certificate so surrendered shall have become entitled been converted pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of cash in lieu of fractional shares, if any, which that such holder has the right to receive in respect of the CBI Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the CBI Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CBI Certificates. Notwithstanding anything to the contrary contained herein, no certificate representing Bancorp Common Stock or cash in lieu of a fractional share interest shall be delivered to a person who is an Affiliate (as defined in Section 6.5) of CBI unless such Affiliate has theretofore executed and delivered to Bancorp the agreement referred to in Section 6.5. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Bancorp Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered CBI Certificate until the holder thereof shall surrender such CBI Certificate in accordance with this Article II. After the surrender of a CBI Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which that theretofore had become payable with respect to shares of ACE*COMM Bancorp Common Stock represented by such CBI Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Bancorp Common Stock is to be issued in a name other than that in which the CBI Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the CBI Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Bancorp Common Stock in any name other than that of the registered holder of the CBI Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 CBI of the shares of i3 CBI Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, CBI Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Bancorp Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Bancorp Common Stock shall be issued upon the surrender for exchange of CBI Certificates, no dividend or distribution with respect to Bancorp Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of CBI. In lieu of the issuance of any such fractional share, Bancorp shall pay to each former shareholder of CBI who otherwise would be entitled to receive such fractional share an amount in cash determined by multiplying (i) the average of the closing-sale prices of Bancorp Common Stock on the NASDAQ Stock Market National Market System as reported by The Wall Street Journal for the five trading days immediately preceding the date of the Effective Time by (ii) the fraction of a share of Bancorp Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 CBI for six twelve months after the Effective Time may shall be returned paid to ACE*COMMBancorp. Any stockholders shareholders of i3 CBI who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Bancorp for payment of their the shares of ACE*COMM Bancorp Common Stock, cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM the Bancorp Common Stock deliverable in respect of each share of i3 CBI Common Stock that such stockholder holds as determined shareholder is entitled to receive pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBancorp, i3, Merger SubCBI, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common CBI Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any CBI Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such CBI Certificate to be lost, stolen or destroyed and, if required by ACE*COMMBancorp, the posting by such person of a bond in such amount as ACE*COMM Bancorp may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such CBI Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed CBI Certificate the shares of ACE*COMM Bancorp Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Us Bancorp /Or/), Merger Agreement (Us Bancorp /Or/)

Exchange of Shares. (a) As soon as reasonably practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing payment or issuance of the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Washington Mutual Common Stock (if any) to which such former holder of i3 Providian Common Stock shall have become entitled pursuant to the provisions of Article I hereof Section 2 hereof, and (with such legends as may be required), (yii) a check representing the amount of cash (including the Cash Consideration and cash payable in lieu of fractional shares, if anyshares of Washington Mutual Common Stock), which such former holder has the right to receive pursuant to the provisions of Section 2 hereof, in each case, in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)3, and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Cash Consideration or the cash payable in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificatesshares. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Washington Mutual Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article IISection 3. After the surrender of a Certificate in accordance with this Article IISection 3, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Washington Mutual Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares payment or issuance of ACE*COMM Common Stock the Merger Consideration is to be issued in a name made to any person other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the payment or issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other similar taxes required by reason of the payment or issuance of a certificate representing shares of ACE*COMM Common Stock in the Merger Consideration to any name person other than that of the registered holder of the Certificate surrendered, or required for any other reason relating to such holder or requesting person, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 Providian of the shares of i3 Providian Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration as provided in this Article IISection 3. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Providian for six months after the Effective Time may shall be returned paid, at the request of Washington Mutual, to ACE*COMMWashington Mutual. Any stockholders of i3 Providian who have not theretofore complied with this Article II prior to such return Section 3 shall thereafter look only to ACE*COMM Washington Mutual for payment or issuance of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares the Merger Consideration and unpaid dividends and distributions on ACE*COMM the Washington Mutual Common Stock deliverable in respect of each share of i3 Providian Common Stock held by such stockholder holds at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMWashington Mutual, i3, Merger SubProvidian, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Providian Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMWashington Mutual, the posting by such person of a bond in such amount as ACE*COMM Washington Mutual may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (g) Washington Mutual or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement or the transactions contemplated hereby to any holder of Providian Common Stock such amounts as Washington Mutual (or any affiliate thereof) or the Exchange Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of U.S. federal, state, local or non-U.S. tax law. To the extent that such amounts are properly withheld by Washington Mutual or the Exchange Agent and paid over to the appropriate taxing authority, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the holder of the Providian Common Stock in respect of whom such deduction and withholding were made by Washington Mutual or the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Washington Mutual Inc), Merger Agreement (Providian Financial Corp)

Exchange of Shares. (a) As soon Prior to the Effective Time, the ------------------ Purchaser shall, and the Parent shall cause the Purchaser to, deposit in trust with the depositary for the Offer, or with a bank or trust company in the United States, designated by the Purchaser and reasonably acceptable to the Company (the "Exchange Agent"), cash in an aggregate amount equal to the product of (i) - the number of Shares issued and outstanding immediately prior to the Effective Time (other than any such Shares owned beneficially or of record by the Parent or the Purchaser or any other subsidiary of the Parent and other than Dissenting Shares), and (ii) the Merger Consideration (such amount being -- hereinafter referred to as practicable the "Exchange Fund"). The Exchange Agent shall, pursuant to irrevocable instructions, make the payments provided for in Section 3.1(a) of this Agreement out of the Exchange Fund. The Exchange Agent shall invest the Exchange Fund as the Parent directs, in direct obligations of the United States of America, obligations for which the full faith and credit of the United States of America is pledged to provide for the payment of all principal and interest, commercial paper obligations receiving the highest rating from either Xxxxx'x Investors Services, Inc. or Standard & Poor's Corporation, or certificates of deposit, bank repurchase agreements or banker's acceptances of commercial banks with capital exceeding $10,000,000,000. If for any reason (including losses) the Exchange Fund is inadequate to pay the amounts to which holders of shares of Company Common Stock shall be entitled under this Section 3.4, Parent shall take all steps necessary to enable or cause the Surviving Corporation promptly to deposit in trust additional cash with the Exchange Agent sufficient to make all payments required under this Agreement, and Parent and the Surviving Corporation shall in any event be liable for payment thereof. The Exchange Fund shall not be used for any purpose except as expressly provided in this Agreement. (b) Promptly after the Effective Time, but in no event later than five (5) business days following such date, the Surviving Corporation shall cause the Exchange Agent shall to mail to each record holder (other than the Parent, the Purchaser or any other subsidiary of record the Parent) as of a Certificate the Effective Time of an outstanding certificate or Certificates certificates which immediately prior to the Effective Time represented Shares (the "Certificates"), a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)payment therefor. Upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a Certificate, together with such letter of transmittal duly executed and completed in accordance with the instructions thereon, and any other items specified by the letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that cash in an amount equal to the product of the number of whole shares of ACE*COMM Common Stock to which Shares represented by such holder of i3 Common Stock shall have become entitled pursuant to Certificate and the provisions of Article I hereof (with such legends as may be required)Merger Consideration, (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article IIless any applicable withholding tax, and (z) any dividends or distributions pursuant to Section 2.2(b), and the such Certificate so surrendered shall forthwith be canceledcancelled. No interest will shall be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After upon the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such CertificateCertificates. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock payment is to be issued in made to a name person other than that the person in which whose name the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange payment shall pay any tax required by reason of the payment to a person other than the registered holder of the Certificate surrendered or establish to the satisfaction of the Exchange Agent and the Surviving Corporation that such tax has been paid or is not applicable. Until surrendered in advance accordance with the provisions of this Section 3.4, each Certificate (other than Certificates representing Shares owned beneficially or of record by the Parent, the Purchaser or any other subsidiary of the Parent and other than Certificates representing Dissenting Shares in respect of which appraisal rights are perfected) shall be deemed to represent, for all purposes, only the right to receive the Merger Consideration in cash multiplied by the number of Shares evidenced by such Certificate less any applicable withholding tax, without any interest thereon. If any holder of Shares shall be unable to surrender such holder's Certificates because such Certificates have been lost, mutilated or destroyed, such holder may deliver in lieu thereof an affidavit and indemnity bond in form and substance and with surety reasonably satisfactory to the Surviving Corporation. If payment is to be made to a person other than the person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or otherwise in proper form for transfer and that the person requesting such payment shall pay any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the surrendered Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent Surviving Corporation that such tax has been paid or is not payableapplicable. (dc) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Surviving Corporation of the shares of i3 Common Stock Shares which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates (other than Certificates representing such shares Shares owned beneficially or of record by the Parent, the Purchaser or any other subsidiary of the Parent and other than Dissenting Shares) are presented for transfer to the Exchange AgentSurviving Corporation, they shall be canceled delivered to the Exchange Agent and cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock cash as provided in this Article IIIII. At the close of business on the day of the Effective Time the stock ledger of the Company with respect to Company Common Stock shall be closed. (ed) Any All cash, certificates and other instruments in the possession of the Exchange Agent that constitute any portion of the Exchange Fund that (other than net earnings on the Exchange Fund which shall be paid to the Parent) which remains unclaimed by the stockholders of i3 the Company for six (6) months after the Effective Time may (including any interest received with respect thereto) shall be returned repaid promptly to ACE*COMMthe Surviving Corporation, upon demand. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return Section 3.4(b) shall thereafter look only to ACE*COMM the Surviving Corporation (subject to applicable abandoned property, escheat or other similar laws) for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each caseclaim for the Merger Consideration, without any interest thereonthereon and less any applicable withholding taxes, but shall have no greater rights against the Surviving Corporation than may be accorded to general creditors of the Surviving Corporation under applicable law. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, neither the Exchange Agent or nor any other person party hereto shall be liable to any former a holder of shares of i3 Company Common Stock for any amount properly Merger Consideration delivered to a public official pursuant to applicable abandoned property, escheat or and similar laws. (fe) In the event any Certificate The Surviving Corporation shall have been lostpay all charges and expenses, stolen or destroyed, upon the making including those of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue Agent, in connection with the exchange of cash for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)Shares.

Appears in 2 contracts

Samples: Merger Agreement (Prudential Mortgage Capital Co LLC), Merger Agreement (Prudential Mortgage Capital Co LLC)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates who has not previously surrendered such Certificate or Certificates with a Form of Election a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares Merger Consideration into which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon The Company shall have the right to review both the letter of transmittal and the instructions prior to the Effective Time and provide reasonable comments thereon. After the Effective Time, upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock the Merger Consideration to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the any cash constituting Merger Consideration (including cash to be paid in lieu of fractional shares and shares) or on any unpaid dividends and or distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Buyer Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Buyer Common Stock Stock, if any, represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Buyer Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Buyer Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock Merger Consideration as provided determined in accordance with Article I and this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Buyer Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Buyer Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Buyer. In lieu of the issuance of any such fractional share, Buyer shall pay to each former shareholder of the Company who otherwise would be entitled to receive a fractional share of Buyer Common Stock an amount in cash determined by multiplying (i) the closing sale price of one share of Buyer Common Stock on the Nasdaq/National Market System on the Closing Date by (ii) the fraction of a share of Buyer Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six months after the Effective Time may shall be returned paid to ACE*COMMBuyer. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Buyer for payment of their the cash, shares of ACE*COMM Buyer Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM the Buyer Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding None of Buyer, the foregoing, none of ACE*COMM, i3, Merger SubCompany, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMBuyer, the posting by such person of a bond in such amount as ACE*COMM Buyer may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the cash and/or shares of ACE*COMM Buyer Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Center Bancorp Inc), Merger Agreement (Center Bancorp Inc)

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Exchange of Shares. (a) Immediately following the Effective Time and the consummation of the transaction provided for in the Plan of Complete Liquidation and Dissolution included as Exhibit C to the Merger Agreement, Sound Federal shall make available in its role as exchange agent ("Exchange Agent") cash in an amount equal to the aggregate Purchase Price. (b) As soon as practicable after the Effective Time, the Exchange Agent shall mail will send to each holder of record of a Certificate certificate or Certificates certificates (other than holders of Dissenting Shares) which, immediately prior to the Effective Time represented outstanding shares of Company Common Stock ("Certificates"), a form letter of transmittal (which for use in exchanging such Certificates for the Purchase Price. The letter of transmittal shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number the Purchase Price as provided in Section 3.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any holder of whole shares of ACE*COMM Company Common Stock the Purchase Price to which such holder of i3 Company Common Stock shall have become would otherwise be entitled pursuant to until such holder surrenders the provisions Certificate for exchange or, in default thereof, an appropriate Affidavit of Article I hereof (with such legends Loss and Indemnity Agreement and/or a bond as may be required), (y) required in each case by the Surviving Corporation. Neither the Exchange Agent nor any party hereto shall be liable to any holder of Certificates for any amount paid to a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered public official pursuant to the provisions of this Article IIany applicable abandoned property, and (z) any dividends escheat or distributions pursuant to Section 2.2(b)similar law. Except as required by law, and the Certificate so surrendered shall forthwith be canceled. No no interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the Purchase Price payable for the outstanding shares of ACE*COMM Company Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted.Stock (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of the Company of the shares of ACE*COMM Company Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer to the Company, they shall be canceled and exchanged for the Purchase Price provided for in Section 3.1 hereof. (d) If payment of the Purchase Price pursuant to Section 3.1 hereof for shares of Company Common Stock is to be issued made in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, surrendered or required for any other reason or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Peekskill Financial Corp), Merger Agreement (Sound Federal Bancorp)

Exchange of Shares. (a) As soon as reasonably practicable after the Effective Time, and in no event more than five Business Days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate who has not previously surrendered such Certificate or Certificates with the Election Form a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing payment of the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration therefor. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a letter of transmittal, duly executedcompleted and validly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which the Merger Consideration for each share formerly represented by such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with Certificate and such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued for the benefit of holders of the Certifications on the cash in lieu Merger Consideration payable upon the surrender of fractional shares and unpaid dividends and distributions, if any, payable to holders of the Certificates. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM ICBC Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate with respect to shares of ICBC Common Stock that such holder would be entitled to receive upon surrender of such Certificate and no cash payment in lieu of fractional shares shall be paid to any such holder pursuant to Section 2.4 until the such holder thereof shall surrender such Certificate in accordance with this Article IIIII. After the surrender of a Certificate in accordance with this Article IIIII, the record such holder thereof entitled to receive ICBC Common Stock shall be entitled to receive any such dividends or other distributions, without any interest thereon, with a record date after the Effective Time and which theretofore had become payable with respect to whole shares of ACE*COMM ICBC Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares the payment of ACE*COMM Common Stock the Merger Consideration is to be issued in made to a name person other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any applicable stock transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, Taxes or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has Taxes have been paid or is are not payable. (d) After the close of business on the day immediately prior to At and after the Effective Time, there shall be no transfers on the stock transfer books of i3 SIB of the shares of i3 SIB Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration as provided in this Article IIIII. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 SIB for six months after the Effective Time may shall be returned paid, at the request of ICBC, to ACE*COMMICBC. Any stockholders of i3 SIB who have not theretofore complied with this Article II prior to such return III shall thereafter look only to ACE*COMM ICBC for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares the Merger Consideration and unpaid dividends and distributions on ACE*COMM the ICBC Common Stock deliverable in respect of each share of i3 SIB Common Stock held by such stockholder holds at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMICBC, i3, Merger SubSIB, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 SIB Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMICBC, the posting by such person of a bond in such amount as ACE*COMM ICBC may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (g) ICBC or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of SIB Common Stock such amounts as ICBC or the Exchange Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of any other U.S. federal, state, local or non-U.S. tax law. To the extent that such amounts are properly withheld by ICBC or the Exchange Agent, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the holder of the SIB Common Stock in respect of whom such deduction and withholding were made by ICBC or the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Staten Island Bancorp Inc), Merger Agreement (Independence Community Bank Corp)

Exchange of Shares. (a) Wayne and Valley hereby appoint Valley National Bank, Trust Department as the exchange agent (the "Exchange Agent") for purposes of effecting the conversion of Wayne Common Stock and Wayne Options. As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record (a "Record Holder") of a Certificate Certificates or Certificates which, immediately prior to the Effective Time represented outstanding shares of Wayne Common Stock (the "Certificates"), a form mutually agreed upon letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Valley Common Stock, the Stock (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to shares) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock for such Certificates the consideration as provided in Section 2.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any Record Holder the consideration to which such holder Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in default thereof, an appropriate Affidavit of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends Loss and Indemnity Agreement and/or a bond as may be required), (y) a check representing reasonably required in each case by Valley. Notwithstanding the amount time of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect surrender of the Certificate surrendered pursuant to the provisions Certificates, Record Holders shall be deemed stockholders of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Stock. (Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange.) (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Wayne of the shares of ACE*COMM Wayne Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (de) After With respect to each outstanding Wayne Option the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. IfExchange Agent shall, after the Effective Time, Certificates representing such shares are presented for transfer distribute to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares Optionee an amendment to the option grant evidencing the conversion of ACE*COMM the grant to an option to purchase Valley Common Stock as provided in this Article IIaccordance with Section 2.7 hereof. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Wayne Bancorp Inc /De/), Merger Agreement (Valley National Bancorp)

Exchange of Shares. (a) As Regis shall instruct the Exchange Agent to, as soon as practicable after the Effective Time, the Exchange Agent shall mail deliver to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery Xxxxxxx-Xxxxxx Common Stock as of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) Xxxxxxx-Xxxxxx Record Date a certificate representing that the number of whole shares of ACE*COMM Regis Common Stock to into which such holder holder’s shares of i3 Spinco Common Stock shall have become entitled been converted pursuant to the provisions of Article I hereof (with such legends as may be required), (y) II and a check representing the amount of cash in lieu of fractional shares, if any, which that such holder has the right Person shall have become entitled to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, Articles II and (z) any dividends or distributions pursuant to Section 2.2(b), III and the Spinco Certificate so surrendered as converted shall forthwith be canceled. (b) Promptly following the delivery of the certificates representing Regis Common Stock, there shall be paid to the holder of shares of Xxxxxxx-Xxxxxx Common Stock as of the Xxxxxxx-Xxxxxx Record Date, without interest, the amount of dividends or other distributions with a record date therefor after the Effective Time payable with respect to shares of Regis Common Stock into which such holder’s Spinco Common Stock shall have been converted and not paid. No interest will be paid or accrued on the cash in lieu of fractional shares and any unpaid dividends and distributions, if any, distributions payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM record of Xxxxxxx-Xxxxxx Common Stock and payable to as of the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedXxxxxxx-Xxxxxx Record Date. (c) If any certificate representing All shares of ACE*COMM Regis Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition upon conversion of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Spinco Common Stock in accordance with the terms of this Article III (and any name other than that of the registered holder of the Certificate surrendered, or cash paid pursuant to Section 3.2(d)) shall establish be deemed to the have been issued (and paid) in full satisfaction of all rights pertaining to shares of Spinco Common Stock converted in the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to Merger in accordance with Section 2.5. At the Effective Time, there shall be no further transfers on the stock transfer books of i3 Spinco of the shares of i3 Spinco Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after Immediately following the Effective Time, the Spinco Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled by Regis or the Surviving Corporation or, on the instructions of Regis or the Surviving Corporation, by the Exchange Agent and exchanged for certificates representing shares of ACE*COMM Regis Common Stock as provided in this Article IIIII. (d) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Regis Common Stock or book-entry credit of the same shall be issued in exchange for Spinco Certificates, no dividend or distribution with respect to Regis Common Stock shall be payable on or with respect to any such fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Regis. In lieu of the issuance of any such fractional share, cash adjustments will be paid to holders in respect of any fractional share of Regis Common Stock that would otherwise be issuable, and the amount of such cash adjustment shall be equal to the product obtained by multiplying such stockholder’s fractional share of Regis Common Stock that would otherwise be issuable by the closing price per share of Regis Common Stock on the NYSE Composite Tape on the Closing Date. (e) Any portion of the Exchange Fund that remains unclaimed by holders of record of Xxxxxxx-Xxxxxx Common Stock as of the stockholders of i3 Xxxxxxx-Xxxxxx Record Date for six twelve months after the Effective Time may shall be returned delivered to ACE*COMM. Any stockholders Regis, and any holders of i3 record of Xxxxxxx-Xxxxxx Common Stock as of the Xxxxxxx-Xxxxxx Record Date who have not theretofore complied with this Article II prior to such return III shall thereafter look only to ACE*COMM Regis for payment of their the shares of ACE*COMM Regis Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on the Regis Common Stock deliverable in respect of each share of Spinco Common Stock formerly evidenced by such Spinco Certificates as determined pursuant to this Agreement, without any interest thereon, and Regis shall not charge such holders in connection with the delivery of such shares of Regis Common Stock and cash. Any such portion of the Exchange Fund remaining unclaimed by holders of record of Xxxxxxx-Xxxxxx Common Stock as of the Xxxxxxx-Xxxxxx Record Date five years after the Effective Time (or such earlier date immediately prior to such time as such amounts would otherwise escheat to or become property of any Governmental Entity) shall, to the extent permitted by Applicable Laws, become the property of Regis free and clear of any claims or interest of any Person previously entitled thereto. (f) None of Xxxxxxx-Xxxxxx, Spinco, Regis, Merger Sub, the Surviving Corporation, the Exchange Agent or any other Person shall be liable to any holder of Xxxxxxx-Xxxxxx Common Stock as of the Xxxxxxx-Xxxxxx Record Date for any shares of Regis Common Stock, cash in lieu of fractional shares thereof and unpaid dividends and distributions on ACE*COMM Common Stock deliverable any dividend or other distribution with respect thereto delivered in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsApplicable Laws. (fg) In The Exchange Agent shall invest any cash included in the event Exchange Fund, as directed by Regis, on a daily basis. Any interest and other income resulting from such investments shall become a part of the Exchange Fund, and any Certificate amounts in excess of the amounts payable pursuant to this Article III shall have been lostbe paid to Regis promptly upon request by Regis. If for any reason (including losses) the cash in the Exchange Fund shall be insufficient to fully satisfy all of the payment obligations to be made by the Exchange Agent hereunder, stolen Regis shall promptly deposit cash into the Exchange Fund in an amount which is equal to the deficiency in the amount of cash required to fully satisfy such payment obligations. (h) Regis or destroyed, upon the Exchange Agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of Xxxxxxx-Xxxxxx Common Stock as of the Xxxxxxx-Xxxxxx Record Date such amounts as Regis or the Exchange Agent is required to deduct and withhold with respect to the making of an affidavit such payment under the Code, or any provision of state, local or foreign Tax law. To the extent that fact amounts are so withheld by the person claiming such Certificate to be lost, stolen Regis or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange Agent, such withheld amounts shall be treated for such lost, stolen or destroyed Certificate all purposes of this Agreement as having been paid to the shares holder of ACE*COMM Xxxxxxx-Xxxxxx Common Stock, cash in lieu Stock as of fractional shares deliverable the Xxxxxxx-Xxxxxx Record Date in respect thereof of which such deduction and any dividends withholding was made by Regis or distributions pursuant to Section 2.2(b)the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Regis Corp), Merger Agreement (Alberto Culver Co)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of National Penn Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the applicable Merger Consideration pursuant to Article I and that has not theretofore submitted its Old Certificates with a Certificate or Certificates Form of Election, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares of ACE*COMM Common StockStock Consideration and/or the Cash Consideration which such holder shall have become entitled to receive in accordance with, the and subject to, Sections 1.6(a), 2.1 and 2.2, and any cash in lieu of fractional shares into which the shares of i3 National Penn Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b2.4(b). Upon From and after the Effective Time and the completion of the allocation procedure set forth in Section 2.1, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittaltransmittal or Form of Election, as applicable, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Common the Stock Consideration to which such holder of i3 National Penn Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be requiredreceive in accordance with, and subject to, Sections 1.6(a), 2.1 and 2.2 and/or (yii) a check representing the amount of cash in lieu of fractional shares, if any, (A) the Cash Consideration which such holder has the right to receive in respect of the surrendered Old Certificate or Old Certificates in accordance with, and subject to, Sections 1.6(a), 2.1 and 2.2, (B) any cash in lieu of fractional shares which such holder has the right to receive in respect of the surrendered Old Certificate or Old Certificates pursuant to the provisions of this Article II, Section 2.4(e) and (zC) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b2.4(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Cash Consideration or any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Old Certificates. Until surrendered as contemplated by this Sections 2.4 and 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the applicable Merger Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.4. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the Stock Consideration which the shares of ACE*COMM National Penn Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive (after giving effect to Section 6.10). (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 National Penn of the shares of i3 National Penn Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the applicable Merger Consideration, cash in lieu of fractional shares of ACE*COMM Common Stock and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former shareholder of National Penn who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Parent Common Stock on the New York Stock Exchange LLC (the “NYSE”) (as reported by The Wall Street Journal) for the five (5) full trading days ending on the day preceding the Closing Date (the “Parent Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.6 and subject to Section 2.1. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 National Penn for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 National Penn who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 National Penn Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3National Penn, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 National Penn Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Parent shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the applicable Merger Consideration, any cash in lieu of fractional shares of Parent Common Stock, cash dividends or distributions payable pursuant to this Section 2.4 or any other amounts otherwise payable pursuant to this Agreement to any holder of National Penn Common Stock or National Penn Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of National Penn Common Stock or National Penn Equity Award in respect of which the deduction and withholding was made by Parent or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent or Parent, as applicable, will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, applicable Merger Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (National Penn Bancshares Inc), Merger Agreement (Bb&t Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Columbia and Umpqua shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Umpqua Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM Columbia Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Umpqua Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Columbia Common Stock to which such holder of i3 Umpqua Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Columbia Common Stock which the shares of Umpqua Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Columbia Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Columbia Common Stock which the shares of Umpqua Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM Columbia Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Columbia Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Umpqua of the shares of i3 Umpqua Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM Columbia Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Columbia Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Columbia Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Columbia. In lieu of the issuance of any such fractional share, Columbia shall pay to each former holder of Umpqua Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Columbia Common Stock on the Nasdaq Global Select Market (the “NASDAQ”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of Umpqua Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest thousandth when expressed in decimal form) of Columbia Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 Umpqua Common Stock for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 Umpqua Common Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Columbia Common Stock, Stock and cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Columbia Common Stock deliverable in respect of each former share of i3 Umpqua Common Stock that such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMColumbia, i3Umpqua, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Umpqua Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Columbia shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Columbia Common Stock, any cash dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of Umpqua Common Stock or Umpqua Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of Tax law. To the extent that amounts are so withheld by Columbia or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Umpqua Common Stock or Umpqua Equity Awards in respect of which the deduction and withholding was made by Columbia or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Exchange Agent, the posting by such person of a bond in such amount and on such terms as ACE*COMM the Exchange Agent, in consultation with the Surviving Corporation, may reasonably direct determine is necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Columbia Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Umpqua Holdings Corp), Merger Agreement (Columbia Banking System, Inc.)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor If (x) the closing of the Company's Initial Offering does not occur on or before April 15, 2009, (y) the Board of Directors of the Company determines not to proceed with the Company's Initial Offering; or (z) the Board of Directors of the Company determines to delay the closing of the Company's Initial Offering past April 15, 2009 (the earliest of such dates, the "IPO Deadline Date"), each Holder of Subject Common Shares shall have the right, at its option, to exchange such Subject Common Shares for shares of the Company's Series D Preferred Stock (the "Series D Stock") such that one Subject Common Share shall become one share of Series D Stock (the "Common Share Exchange"). Such a Holder may exercise this right at any time after the IPO Deadline Date by delivering written notice to the Company of such exercise and surrendering the certificate or certificates for the Subject Common Shares being exchanged, duly endorsed, at the office of the Company or any transfer agent for the Common Stock. Such notice shall state the number of Subject Common Shares being exchanged. Thereupon, the Company shall promptly issue and deliver at such office to such Holder a certificate representing that or certificates for the number of whole shares of ACE*COMM Common Series D Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledHolder is entitled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof Such exchange shall be paid deemed to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After made at the close of business on the day immediately prior date of such surrender of the certificates representing the Subject Common Shares to be exchanged, and the Effective Time, there shall be no transfers on the stock transfer books of i3 of Holder entitled to receive the shares of i3 Common Series D Stock which were issued and outstanding immediately prior to issuable upon such exchange shall be treated for all purposes as the Effective Time. If, after the Effective Time, Certificates representing record holder of such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Series D Stock as provided in this Article IIon such date. (eb) Any portion The Company shall ensure that the Series D Stock is on parity with, equivalent to, and have the same rights as, the Series C Stock with the following exceptions: (i) The Original Issue Price (as such term is used in the Charter) of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Series D Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawsthe Purchase Price Per Share (as defined in the Purchase Agreement). (fii) For so long as at least 25% of the Series D Stock are outstanding, (A) the Series D Stock will vote together with the Series A Stock and the Series C Stock with respect to the items set forth in Section D.2(b) of Article IV of the Charter and (B) the vote of the Series Preferred (as defined in the Charter), voting together as a class, will be required with respect to the items set forth in Section D.2(d) of Article IV of the Charter. The Series D will always vote together as a class with the Series A Stock and the Series C Stock or with the Series Preferred, as applicable, and will not vote as a separate series. (iii) In the event of any Certificate shall have been lost, stolen or destroyed, upon the making liquidation (including all events of an affidavit of that fact by the person claiming such Certificate liquidation deemed to be lostsuch in the Charter), stolen dissolution, or destroyed andwinding up of the Company, if required by ACE*COMMwhether voluntary or involuntary (each, a "Liquidation Event") holders of such Series D Stock shall be entitled to receive an amount per share equal to the posting by such person greater of a bond in such amount (A) the Purchase Price Per Share plus all declared and unpaid dividends (as ACE*COMM may reasonably direct as indemnity against adjusted for any claim that may be made against it stock dividends, combinations, splits, recapitalizations and the like with respect to such Certificateshares) on a pari passu basis with the holders of the Series C Stock in accordance with the terms of the Charter and (B) the amount that would be payable upon such Liquidation Event to the holder of that number of shares of the Company's Common Stock into which each such share of Series D Stock would then be convertible if such share of Series D Stock were converted into such Common Stock immediately prior to such Liquidation Event. (iv) The Series Preferred Conversion Price (as defined in the Charter) for the Series D Stock shall be the Original Issue Price of the Series D Stock as set forth above; provided, that if any event occurs prior to the IPO Deadline Date that would, pursuant to the Charter, result in an adjustment to the Series Preferred Conversion Price if the Series D were then outstanding, then the Series Preferred Conversion Price for the Series D Stock will be adjusted accordingly. (c) Prior to the IPO Deadline Date, the Exchange Agent will Company shall not take any action that would adversely affect its ability to issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Series D Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Investor Rights Agreement (Epocrates Inc), Investor Rights Agreement (Epocrates Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, LINK and Partners shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Partners Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM LINK Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Partners Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM LINK Common Stock to which such holder of i3 Partners Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of LINK Common Stock which the shares of Partners Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM LINK Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM LINK Common Stock which the shares of Partners Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM LINK Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM LINK Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Partners of the shares of i3 Partners Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM LINK Common Stock Stock, cash in lieu of fractional shares and dividends or distributions as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of LINK Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to LINK Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of LINK. In lieu of the issuance of any such fractional share, LINK shall pay to each former holder of Partners Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of LINK Common Stock on the NASDAQ Capital Market (the “NASDAQ”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of Partners Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest thousandth when expressed in decimal form) of LINK Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 Partners Common Stock for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 Partners Common Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM LINK Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the LINK Common Stock deliverable in respect of each former share of i3 Partners Common Stock that such stockholder holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMLINK, i3Partners, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Partners Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) LINK shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of LINK Common Stock, any dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of Partners Common Stock or Partners Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of Tax law. To the extent that amounts are so withheld by LINK or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Partners Common Stock or Partners Equity Awards in respect of which the deduction and withholding was made by LINK or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMLINK or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM LINK or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM LINK Common Stock, Stock and any cash in lieu of fractional shares shares, and dividends of distributions, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (LINKBANCORP, Inc.), Merger Agreement (Partners Bancorp)

Exchange of Shares. (a) As soon as reasonably practicable after the Effective Time, and in no event more than five Business Days thereafter, Sovereign shall cause the Exchange Agent shall to mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing payment of the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration therefor. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends plus any dividend amount payable as may be requireddescribed in Section 2.1(b), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the such Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued for the benefit of holders of Certificates on the cash Merger Consideration payable upon the surrender of the Certificates. Until surrendered as contemplated by this Article III, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by Section 2.1 (plus any dividend amount payable as described in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesSection 2.1(b)). (b) No dividends or other distributions declared after If the Effective Time with respect to ACE*COMM Common Stock and payable to payment of the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock Merger Consideration is to be issued in made to a name person other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any applicable stock transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, Taxes or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has Taxes have been paid or is are not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (ec) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 ICBC for six twelve months after the Effective Time may shall be returned paid, at the request of Sovereign, to ACE*COMMSovereign. Any stockholders of i3 ICBC who have not theretofore complied with this Article II prior to such return III shall thereafter look only to ACE*COMM Sovereign for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock the Merger Consideration deliverable in respect of each share of i3 ICBC Common Stock held by such stockholder holds at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMSovereign, i3, Merger SubICBC, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 ICBC Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. Any amounts remaining unclaimed by holders of shares of ICBC Common Stock immediately prior to such time when the amounts would, pursuant to applicable law, otherwise escheat to or become property of any Governmental Entity shall become, to the extent permitted by applicable law, the property of Sovereign free and clear of any claims or interest of any person previously entitled thereto. (fd) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSovereign, the posting by such person of a bond in such amount as ACE*COMM Sovereign may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (e) Sovereign or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of ICBC Common Stock such amounts as Sovereign or the Exchange Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of any other U.S. federal, state, local or non-U.S. tax law. To the extent that such amounts are properly withheld by Sovereign or the Exchange Agent, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the holder of the ICBC Common Stock in respect of whom such deduction and withholding were made by Sovereign or the Exchange Agent.

Appears in 2 contracts

Samples: Merger Agreement (Independence Community Bank Corp), Merger Agreement (Sovereign Bancorp Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, BB&T and SunTrust shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of SunTrust Common Stock or SunTrust Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive BB&T Common Stock or New BB&T Preferred Stock, as applicable, pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM BB&T Common Stock, the Stock and any cash in lieu of fractional shares into or shares of New BB&T Preferred Stock, as applicable, which the shares of i3 SunTrust Common Stock or SunTrust Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM BB&T Common Stock to which such holder of i3 SunTrust Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b) or (ii) (A) a New Certificate representing that number of shares of New BB&T Preferred Stock to which such holder of SunTrust Preferred Stock shall have become entitled pursuant to the provisions of Article I, and (B) a check representing the amount of any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of BB&T Common Stock or shares of New BB&T Preferred Stock which the shares of SunTrust Common Stock or SunTrust Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM BB&T Common Stock and payable to the holders of record thereof or New BB&T Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM BB&T Common Stock or shares of New BB&T Preferred Stock that the shares of SunTrust Common Stock or SunTrust Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM BB&T Common Stock or New BB&T Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM BB&T Common Stock or New BB&T Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 SunTrust of the shares of i3 SunTrust Common Stock which or SunTrust Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM BB&T Common Stock or New BB&T Common Stock, as applicable, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of BB&T Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to BB&T Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of BB&T. In lieu of the issuance of any such fractional share, BB&T shall pay to each former holder of SunTrust Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of BB&T Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of SunTrust Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of BB&T Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 SunTrust for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Entity. Any stockholders former holders of i3 SunTrust Common Stock or SunTrust Preferred Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Entity for payment of their the shares of ACE*COMM BB&T Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the BB&T Common Stock deliverable in respect of each former share of i3 SunTrust Common Stock such stockholder holder holds as determined pursuant to this Agreement, or the shares of New BB&T Preferred Stock and any unpaid dividends and distributions on the New BB&T Preferred Stock deliverable in respect of each former share of SunTrust Preferred Stock such holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBB&T, i3SunTrust, Merger Subthe Surviving Entity, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 SunTrust Common Stock or SunTrust Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) BB&T shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of BB&T Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of SunTrust Common Stock, SunTrust Preferred Stock or SunTrust Equity Awards, such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by BB&T or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of SunTrust Common Stock, SunTrust Preferred Stock or SunTrust Equity Awards in respect of which the deduction and withholding was made by BB&T or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMBB&T or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM BB&T or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM BB&T Common Stock, Stock and any cash in lieu of fractional shares, or the shares of New BB&T Preferred Stock, as applicable, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Suntrust Banks Inc), Merger Agreement (Bb&t Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, the Exchange Agent but in no event later than three (3) business days thereafter, Old National shall mail to each holder of record of one or more Old Certificates representing shares of Anchor Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the applicable Merger Consideration pursuant to Article I and that has not theretofore submitted its Old Certificates with a Certificate or Certificates Form of Election, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange AgentOld National) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, Stock Consideration and/or the cash in lieu of fractional shares into Cash Consideration which the shares of i3 Common Stock represented by such Certificate or Certificates holder shall have been converted become entitled to receive in accordance with, and subject to, Sections 1.5(a), 2.1 and 2.2 as well as any dividends or distributions to be paid pursuant to Section 2.2(b2.5(c). Upon From and after the Effective Time and the completion of the allocation procedure set forth in Section 2.1, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange AgentOld National, together with such properly completed letter of transmittaltransmittal or Form of Election, as applicable, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Common the Stock Consideration to which such holder of i3 Anchor Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be requiredreceive in accordance with, and subject to, Sections 1.5(a), 2.1 and 2.2 and/or (yii) a check representing the amount of cash in lieu of fractional shares, if any, (A) the Cash Consideration which such holder has the right to receive in respect of the surrendered Old Certificate surrendered pursuant to the provisions of this Article IIor Old Certificates in accordance with, and subject to, Sections 1.5(a), 2.1 and 2.2 and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b2.5(c), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash Cash Consideration payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.5 and Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the applicable Merger Consideration or in lieu respect of fractional shares dividends or distributions as contemplated by this Section 2.5. (b) Unless the properly completed Form of Election provides otherwise, for all purposes of this Section 2.5 and unpaid dividends and distributionsin accordance with Treasury Regulation Section 1.358-2(a)(2)(ii), (i) a Holder will be treated as having surrendered, in exchange for the total Cash Consideration, if any, payable to holders be paid to such Holder under Article I (with respect to a Holder, the “Cash Portion”), the number of shares of Anchor Common Stock of such Holder as to which such Holder has a right to receive Cash Consideration pursuant to Sections 1.5 and 2.1; and (ii) for purposes of clause (i), the Old Certificates surrendered by a Holder in exchange for such Holder’s Cash Portion will be deemed to be: (A) first, of those Old Certificates evidencing shares held by such Holder for more than one year before the Merger within the meaning of Section 1223 of the Code, if any, those Old Certificates with the highest federal income tax basis, in descending order until such Old Certificates are exhausted or the Cash Portion for such Holder is fully paid, then (B) of all other of such Holder’s Old Certificates, those Old Certificates with the highest federal income tax basis, in descending order until the Cash Portion for such Holder is fully paid. (bc) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Old National Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the Stock Consideration which the shares of ACE*COMM Anchor Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (cd) If any certificate New Certificate representing shares of ACE*COMM Old National Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent Old National in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Old National Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent Old National that such tax Tax has been paid or is not payable. (de) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Anchor of the shares of i3 Anchor Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange AgentOld National, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the applicable Merger Consideration and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (ef) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Anchor for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 Anchor who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares the Merger Consideration and any unpaid dividends and distributions on ACE*COMM the Old National Common Stock deliverable in respect of each former share of i3 Anchor Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMOld National, i3, Merger SubAnchor, the Exchange Agent Surviving Corporation or any other person shall be liable to any former holder of shares of i3 Anchor Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Old National shall be entitled to deduct and withhold from the applicable Merger Consideration, cash dividends or distributions payable pursuant to this Section 2.5 or any other amounts otherwise payable pursuant to this Agreement to any holder of Anchor Common Stock or Anchor Restricted Stock Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Old National and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Anchor Common Stock or Anchor Restricted Stock Awards in respect of which the deduction and withholding was made by Old National. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMdestroyed, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent Old National will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares applicable Merger Consideration deliverable in respect thereof pursuant to this Agreement. Old National in its discretion and as a condition precedent to the payment of the Merger Consideration and any dividends or other distributions payable pursuant to this Section 2.2(b)2.5, may require the owner of such lost, stolen or destroyed Old Certificate to deliver a bond in such amount as Old National may reasonably direct (which amount shall be consistent with Old National’s customary procedure for Old National’s existing shareholders) as indemnity against any claim that may be made against Old National with respect to such Old Certificate.

Appears in 2 contracts

Samples: Merger Agreement (Old National Bancorp /In/), Merger Agreement (Anchor Bancorp Wisconsin Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares of ACE*COMM Common StockMerger Consideration that such holder shall have become entitled to receive in accordance with, the and subject to, Section 1.5, and any cash in lieu of fractional shares into which that the shares of i3 Company Common Stock represented by such Old Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b2.4(b), in the case of each of the foregoing, subject to all applicable withholding of Tax in accordance with Section 2.5. Upon From and after the Effective Time, upon proper surrender of a an Old Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, transmittal duly executed, the holder of such Old Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing the Stock Consideration that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof receive in accordance with, and subject to, Section 1.5, and (with such legends as may be required), (yii) a check representing the amount of any (1) Cash Consideration that the holder thereof has the right to receive in respect of the surrendered Old Certificate in accordance with, and subject to, Section 1.5, (2) cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the surrendered Old Certificate surrendered pursuant to the provisions of this Article II, Section 2.4(e) and (z3) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b2.4(b), and the Old Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued accrue on the Cash Consideration, any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesOld Certificates or any dividends payable under Section 2.4(b). Until each Old Certificate is surrendered as contemplated by this Section 2.4, such Old Certificate shall be deemed at all times after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration (together with any dividends or distributions with respect thereto and cash in lieu of fractional shares issued in consideration therefor), subject to all applicable withholding of Tax in accordance with Section 2.5. (b) No dividends or other distributions declared with respect to Parent Common Stock with a record date after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the any holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionsdistributions having a record date after the Effective Time, without any interest thereon, which theretofore which, following the Effective Time and prior to the time such Old Certificate is so surrendered, had become payable with respect to the Stock Consideration that the shares of ACE*COMM Company Common Stock represented by such CertificateOld Certificate have been converted into the right to receive (after giving effect to Section 6.11). No holder Any Old Certificate that is submitted to the Exchange Agent with a Form of an unsurrendered Certificate Election, together with such properly completed letter of transmittal duly executed, that was accepted by the Exchange Agent shall be entitled, until the surrender of such Certificate, deemed to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedproperly submitted to the Exchange Agent for purposes of this Section 2.4. (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing the Merger Consideration (together with any dividends or distributions payable with respect thereto in accordance with Section 2.4(b), subject to all applicable withholding of Tax in accordance with Section 2.5, and cash in lieu of fractional shares of ACE*COMM Common Stock issued in consideration therefor in accordance with Section 2.4(e), that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall, following the Effective Time, pay to each former stockholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the Parent Share Closing Price by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock that such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMParent. Any former stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stock, the Merger Consideration (together with any dividends or distributions payable with respect thereto in accordance with Section 2.4(b) and cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable issued in consideration therefor in accordance with Section 2.4(e)) in respect of each former share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM the Exchange Agent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificaterequire, the Exchange Agent or Parent, as applicable, will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, Merger Consideration (together with any dividends or distributions with respect thereto and any cash in lieu of fractional shares deliverable issued in consideration therefor) in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Partners Bancorp), Merger Agreement (Oceanfirst Financial Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Chemical shall cause the Exchange Agent shall to mail to (i) each holder of record of one or more Certificates representing shares of TCF Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Section 1.5(b), a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Chemical Common Stock, the and any cash in lieu of fractional shares into shares, which the shares of i3 TCF Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b2.2(c) and (ii) each holder of record of one or more Certificates representing shares of TCF Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive shares of New Chemical Preferred Stock pursuant to Section 1.5(a), a letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of shares of New Chemical Preferred Stock, which the shares of TCF Preferred Stock represented by such Certificate or Certificates shall have been converted into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(c). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Chemical Common Stock or that number of shares of New Chemical Preferred Stock, as applicable, to which such holder of i3 TCF Common Stock or TCF Preferred Stock, as applicable, shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates representing shares of TCF Common Stock surrendered pursuant to the provisions of this Article II, and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on any cash in lieu of fractional shares, or any dividends or distributions, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Chemical Common Stock or the number of shares of New Chemical Preferred Stock, as applicable, which the shares of TCF Common Stock or TCF Preferred Stock, as applicable, represented by such Certificate have been converted into the right to receive, and any cash in lieu of fractional shares and unpaid or in respect of dividends and distributions, if any, payable to holders of Certificatesor distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Chemical Common Stock and payable to the holders of record thereof or New Chemical Preferred Stock shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such unpaid dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Chemical Common Stock or the shares of New Chemical Preferred Stock which the shares of TCF Common Stock or TCF Preferred Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until had been converted into the surrender of such Certificate, right to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedreceive. (c) If any certificate representing shares of ACE*COMM Chemical Common Stock or New Chemical Preferred Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Chemical Common Stock or New Chemical Preferred Stock, as applicable, in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 TCF of the shares of i3 Common TCF Capital Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Chemical Common Stock, New Chemical Preferred Stock and cash in lieu of fractional shares as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Chemical Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Chemical Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Chemical. In lieu of the issuance of any such fractional share, Chemical shall pay to each former stockholder of TCF who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing sale prices of Chemical Common Stock on Nasdaq as reported by The Wall Street Journal for the five (5) full trading days ending on the trading day preceding the Closing Date (the “Chemical Common Stock Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Chemical Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 TCF for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMChemical. Any stockholders former stockholder of i3 who have TCF that has not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Chemical for payment of their the shares of ACE*COMM Chemical Common Stock, New Chemical Preferred Stock, cash in lieu of fractional shares and any unpaid dividends and distributions on ACE*COMM the Chemical Common Stock or New Chemical Preferred Stock, as applicable, deliverable in respect of each former share of i3 TCF Common Stock or TCF Preferred Stock such former stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMChemical, i3TCF, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common TCF Capital Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of Chemical and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Chemical or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMChemical, the posting by such person of a bond in such amount as ACE*COMM Chemical may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Chemical Common Stock or New Chemical Preferred Stock, as applicable, and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Chemical Financial Corp), Merger Agreement (TCF Financial Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) calendar days thereafter, First Financial shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of MainSource Common Stock at the Effective Time that have been converted at the Effective Time into the right to receive First Financial Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM First Financial Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 MainSource Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM First Financial Common Stock to which such holder of i3 MainSource Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of First Financial Common Stock which the shares of MainSource Common Stock represented by such Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM First Financial Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM First Financial Common Stock which the shares of MainSource Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM First Financial Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM First Financial Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 MainSource of the shares of i3 MainSource Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM First Financial Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of First Financial Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to First Financial Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of First Financial. In lieu of the issuance of any such fractional share, First Financial shall pay to each former shareholder of MainSource who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the daily closing-sale prices of First Financial Common Stock on the NASDAQ Stock Market LLC (“NASDAQ”) as reported by The Wall Street Journal for the twenty (20) consecutive trading days ending on the day immediately preceding the Closing Date by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of First Financial Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 MainSource for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former shareholders of i3 MainSource who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM First Financial Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the First Financial Common Stock deliverable in respect of each former share of i3 MainSource Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMFirst Financial, i3MainSource, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 MainSource Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) First Financial shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of First Financial Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other cash amounts otherwise payable pursuant to this Agreement to any holder of MainSource Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by First Financial or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of MainSource Common Stock in respect of which the deduction and withholding was made by First Financial or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMFirst Financial, the posting by such person of a bond in such amount as ACE*COMM First Financial may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM First Financial Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (First Financial Bancorp /Oh/), Merger Agreement (Mainsource Financial Group)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the shares of ACE*COMM Common StockMerger Consideration that such holder shall have become entitled to receive in accordance with, the and subject to, Section 1.5, and any cash in lieu of fractional shares into which that the shares of i3 Company Common Stock represented by such Old Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b), in the case of each of the foregoing, subject to all applicable withholding of Tax in accordance with Section 2.3. Upon From and after the Effective Time, upon proper surrender of a an Old Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, transmittal duly executed, the holder of such Old Certificate shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing the Stock Consideration that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof receive in accordance with, and subject to, Section 1.5, and (with such legends as may be required), (yii) a check representing the amount of (1) the Cash Consideration that the holder thereof has the right to receive in respect of the surrendered Old Certificate in accordance with, and subject to, Section 1.5, (2) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the surrendered Old Certificate surrendered pursuant to the provisions of this Article II, Section 2.2(e) and (z3) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued accrue on the Cash Consideration, any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of CertificatesOld Certificates or any dividends payable under Section 2.2(b). Until each Old Certificate is surrendered as contemplated by this Section 2.2, such Old Certificate shall be deemed at all times after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration (together with any dividends or distributions with respect thereto and cash in lieu of fractional shares issued in consideration therefor), subject to all applicable withholding of Tax in accordance with Section 2.3. (b) No dividends or other distributions declared with respect to Parent Common Stock with a record date after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the any holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionsdistributions having a record date after the Effective Time, without any interest thereon, which theretofore which, following the Effective Time and prior to the time such Old Certificate is so surrendered, had become payable with respect to the Stock Consideration that the shares of ACE*COMM Company Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive (after giving effect to Section 6.11). (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Old Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing the Merger Consideration (together with any dividends or distributions payable with respect thereto in accordance with Section 2.2(b), subject to all applicable withholding of Tax in accordance with Section 2.3, and cash in lieu of fractional shares of ACE*COMM Common Stock issued in consideration therefor in accordance with Section 2.2(e), that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall, following the Effective Time, pay to each former shareholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the VWAP of Parent Common Stock on the NASDAQ (as reported by Bloomberg L.P. (or, if such information is no longer reported by Bloomberg L.P., as reported by a comparable internationally recognized source mutually determined by Parent and the Company)) for the five (5) full trading days ending on the last trading day preceding the Closing Date by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock that such holder would otherwise be entitled to receive pursuant to Section 1.5. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders former shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stock, the Merger Consideration (together with any dividends or distributions payable with respect thereto in accordance with Section 2.2(b) and cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable issued in consideration therefor in accordance with Section 2.2(e)) in respect of each former share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3the Company, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM the Exchange Agent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificaterequire, the Exchange Agent or Parent, as applicable, will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, Merger Consideration (together with any dividends or distributions with respect thereto and any cash in lieu of fractional shares deliverable issued in consideration therefor) in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Two River Bancorp), Merger Agreement (Oceanfirst Financial Corp)

Exchange of Shares. In your capacity as Exchange Agent, you will receive Exchanges of shares. Subject to the terms and conditions of this Agreement, you are authorized to accept such Exchanges of shares in accordance with the first paragraph hereof and the Letter of Transmittal, and to act in accordance with the following instructions: (a) As soon Exchanges of Shares may be made only as practicable after set forth in Section ___ of the Effective TimeOffer to Exchange, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery and Shares shall be effected, and risk of loss and title considered validly Exchanged to you only if: (i) you receive prior to the Certificates shall passExpiration Date (x) certificates for such Shares, only upon delivery of the Certificates (or a Confirmation (as defined in paragraph (b) below) relating to the Exchange Agentsuch Shares) and instructions for use (y) a properly completed and duly executed Letter of Transmittal (or facsimile thereof) or an Agent's Message (as defined in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to paragraph (b) below) relating thereto; or (ii) you receive in exchange therefor (x) a certificate representing that number Notice of whole shares of ACE*COMM Common Stock Guaranteed Delivery (as defined in paragraph (b) below) relating to which such holder of i3 Common Stock shall have become entitled pursuant Shares from an Eligible Institution (as defined in paragraph (b) below) prior to the provisions of Article I hereof (with such legends as may be required), Expiration Date and (y) certificates for such Shares (or a check representing Confirmation relating to such Shares) and either a properly completed and duly executed Letter of Transmittal (or facsimile thereof) or an Agent's Message relating thereto at or prior to P.M., New York City time, on the amount third New York Stock Exchange, Inc. (the "NYSE") trading day after the date of cash execution of such Notice of Guaranteed Delivery; and (iii) in lieu the case of fractional shareseither clause (i) or (ii) above, if any, which such holder has the right to receive in respect a final determination of the Certificate surrendered pursuant to adequacy of the provisions of this Article IIitems received, and (z) any dividends or distributions pursuant to as provided in Section 2.2(b)4 hereof, and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificateshas been made by Purchaser. (b) No dividends or other distributions declared after For the Effective Time with respect to ACE*COMM Common Stock and payable to the holders purpose of record thereof this Agreement: (i) a "Confirmation" shall be paid a confirmation of book-entry transfer of Shares into your account at The Depository Trust Company (the "Book-Entry Transfer Facility") to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate be established and maintained by you in accordance with this Article II. After the surrender Section 3 hereof; (ii) a "Notice of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it Guaranteed Delivery" shall be a condition notice of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).guaranteed delivery substantially

Appears in 2 contracts

Samples: Exchange Agent Agreement (Trustco Bank Corp N Y), Exchange Agent Agreement (Trustco Bank Corp N Y)

Exchange of Shares. (a) As soon as reasonably practicable after the Effective Time, Parent shall cause the Exchange Paying Agent shall to mail to each holder of record of a Certificate or Certificates (i) a form letter of transmittal in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Paying Agent), and (ii) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted Merger Consideration issuable and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive payable in respect of the Certificate surrendered pursuant to the provisions of this Article II, and thereof (z) any dividends or distributions pursuant to in accordance with Section 2.2(b3.01(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates). (b) No dividends or other distributions declared after If payment of the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock Merger Consideration is to be issued in a name made to any Person other than that in which the registered holder of the Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance payment thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person Person requesting such exchange shall pay to the Exchange Paying Agent in advance of any transfer or other taxes similar Taxes required by reason of the issuance payment of a certificate representing shares of ACE*COMM Common Stock in the Merger Consideration to any name Person other than that of the registered holder of the Certificate surrenderedsurrendered or required for any other reason relating to such holder or requesting Person, or shall establish to the reasonable satisfaction of Parent and the Exchange Paying Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (ec) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Shareholders for six months after the Effective Time may shall be returned paid, at the request of Parent, to ACE*COMMParent. Any stockholders of i3 Shareholder who have has not theretofore complied with this Article II prior to such return Section 3.03 shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable the Merger Consideration payable in respect of each share of i3 Company Common Stock held by such stockholder holds Person at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMParent, i3the Company, the Surviving Corporation, the Paying Agent, Merger Sub, the Exchange Agent Sub or any other person Person shall be liable to any former holder of shares of i3 Common Stock Shareholder for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. Any amounts remaining unclaimed by former holders of Certificates five years after the Effective Time (or such earlier date immediately prior to such time when the amounts would otherwise escheat to or become property of any Governmental Entity) shall become, to the extent permitted by applicable Law, the property of Parent free and clear of any claims or interest of any person previously entitled thereto. (fd) In the event that any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person Person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent or the Paying Agent, the posting by such person Person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Paying Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (API Technologies Corp.), Merger Agreement (Spectrum Control Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of a Company Certificate or Certificates a form of letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates shall pass, only upon delivery of the Certificates certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Company Certificates in exchange for cash, certificates representing the shares of ACE*COMM Parent Common Stock, the Stock and cash in lieu of fractional shares of Parent Common Stock, if any, into which the shares of i3 Company Common Stock represented by such Certificate certificate or Certificates certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Company Certificate for exchange and cancellation to the Exchange Agent, together with such a properly completed letter of transmittal, duly executed, the holder of such Company Certificate shall be entitled to receive in exchange therefor therefor, (xi) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such former holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be requiredSection 3.1(b), (yii) a check representing that amount of cash to which such former holder of Company Common Stock shall have become entitled pursuant to Section 3.1(b), and (iii) a check representing the amount of cash (if any) payable in lieu of fractional shares, if anyshares of Parent Common Stock, which such former holder has the right to receive in respect of the Company Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)ARTICLE 4, and the Company Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash payable in lieu respect of fractional shares and unpaid dividends and distributions, if any, payable Company Common Stock pursuant to holders of CertificatesSection 3.1(b) or this ARTICLE 4. (b) No dividends or other distributions declared with a record date after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Company Certificate until the holder thereof shall surrender such Certificate certificate in accordance with this Article IIARTICLE 4. After the surrender of a Company Certificate in accordance with this Article IIARTICLE 4, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedcertificate. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a the name of other than that in which the registered holder of the Company Certificate surrendered in exchange therefor is registeredtherefor, it shall be a condition of the issuance thereof that the Company Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in the name of and payment of cash to any name person other than that of the registered holder of the Company Certificate surrendered, or required for any other reason relating to such holder or requesting person, or shall establish to the reasonable satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to At or after the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock and payment of cash as provided in this Article IIARTICLE 4. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six months after the Effective Time may shall be returned paid, at the request of Parent, to ACE*COMMParent. Any stockholders of i3 Parent who have not theretofore complied with this Article II prior to such return ARTICLE 4 shall thereafter look only to ACE*COMM Parent for payment of their the shares of ACE*COMM Parent Common Stock, cash, cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock held by such stockholder holds at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the foregoingcontrary contained herein, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Company Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Company Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Company Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Company Certificate the shares of ACE*COMM Parent Common Stock, cash, cash in lieu of fractional shares and unpaid dividends and distributions deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement. (g) Parent, Purchaser, the Company, the Surviving Corporation and the Exchange Agent will each be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement or the transactions contemplated hereby to any holder of Company Common Stock, Company Stock Options, Warrant, Company Restricted Stock Awards or Stock Units such amounts as such payors are required to deduct and withhold with respect to the making of such payment under the Code, or any applicable provision of Tax law. To the extent that such amounts are properly withheld by such payors, such withheld amounts will be treated for all purposes of this Agreement as having been paid to the relevant holder in respect of whom such deduction and withholding were made.

Appears in 2 contracts

Samples: Merger Agreement (Ndchealth Corp), Merger Agreement (Per Se Technologies Inc)

Exchange of Shares. (a) As soon Prior to the Effective Time, Parent shall designate a bank or trust company to act as practicable exchange agent in the Merger (the "EXCHANGE AGENT"). Immediately prior to the Effective Time, Parent will take all steps necessary to enable and cause the Company to deposit with the Exchange Agent the funds necessary to make the payments contemplated by Section 2.7 and, if applicable, the Bankruptcy Order (as defined in Section 6.5(b)) on a timely basis. (b) Promptly after the Effective Time, the Exchange Agent shall mail to each holder record holder, as of record the Effective Time, of a Certificate an outstanding certificate or Certificates certificates which immediately prior to the Effective Time represented Shares (the "CERTIFICATES") a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates for payment therefor, in exchange each case customary for certificates representing transactions such as the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger. Upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a Certificate, together with such letter of transmittal, transmittal duly executed, and any other required documents, the holder of such Certificate shall be entitled to receive in exchange therefor (xthe consideration set forth in Section 2.7(a) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article IIhereof, and (z) any dividends or distributions pursuant to Section 2.2(b), and the such Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After upon the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such CertificateCertificates. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock payment is to be issued in made to a name Person other than that the Person in which whose name the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person Person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name Person other than that of the registered holder of the Certificate surrendered, surrendered or shall establish to the satisfaction of the Exchange Agent Surviving Corporation that such tax has been paid or is not payableapplicable. Until surrendered in accordance with the provisions of this Section 3.2, each Certificate (other than Certificates representing Shares held by Parent or any wholly owned Subsidiary of Parent, Shares held in the treasury of the Company or held by any wholly owned Subsidiary of the Company and Dissenting Shares) shall represent for all purposes only the right to receive the consideration set forth in Section 2.7(a) hereof, without any interest thereon. (dc) After the close of business on the day immediately prior to the Effective Time, Time there shall be no transfers on the stock transfer books of i3 the Surviving Corporation of the shares of i3 Common Stock Shares which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange AgentSurviving Corporation, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock as the consideration provided in Section 2.7 hereof in accordance with the procedures set forth in this Article IIIII. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Marriott International Inc), Merger Agreement (Forum Group Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than three business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Buyer Common Stock, Stock and the cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. The Company shall have the right to review both the letter of transmittal and the instructions. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Buyer Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), and (y) a check representing the amount of cash in lieu of fractional sharesshare, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Buyer Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, thereon which theretofore had become payable with respect to the shares of ACE*COMM Buyer Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Buyer Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Buyer Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Buyer Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Buyer Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Buyer Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Buyer. In lieu of the issuance of any such fractional share, Buyer shall pay to each former stockholder of the Company who otherwise would be entitled to receive a fractional share of Buyer Common Stock an amount in cash determined by multiplying (i) the average of the closing sales prices of Buyer Common Stock on the Nasdaq National Market ("NASDAQ") as reported by The Wall Street Journal (or, if not reported thereby, another authoritative source) for the five consecutive trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Buyer Common Stock to which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six twelve months after the Effective Time may shall be returned paid to ACE*COMMBuyer. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Buyer for payment of their shares of ACE*COMM Buyer Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM the Buyer Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBuyer, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMBuyer, the posting by such person of a bond in such amount as ACE*COMM Buyer may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Buyer Common Stock, Stock and cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Provident Bankshares Corp), Merger Agreement (First Citizens Financial Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Parent and Company shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive Parent Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM Parent Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof I) and/or (with such legends as may be required), (yii) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Parent Common Stock which the shares of Company Common Stock represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Parent Common Stock that the shares of Company Common Stock represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained in this Agreement, no New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates (or in satisfaction of the obligations set forth in Section 1.5 in respect of Company RSUs or Company PSUs), no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former holder of Company Common Stock, Pre-2024 Company RSU or Pre-2024 Company PSU who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) $33.95 by (ii) the fraction of a share (after taking into account all shares of Company Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4 or Section 1.5. The Parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 Company for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Parent. Any stockholders former holders of i3 Company Common Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Parent for payment of their the shares of ACE*COMM Parent Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each former share of i3 Company Common Stock such stockholder holder holds as determined pursuant to this Agreement, in each case, Agreement without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger SubCompany, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Parent shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Parent Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of Company Common Stock, Company RSU or Company PSU, such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law, it being understood that any Taxes required to be withheld on the shares of Parent Common Stock payable in respect of Company RSUs or Company PSUs in accordance with Section 1.5(a) and Section 1.5(c) shall be satisfied by retaining from the number of shares of Parent Common Stock otherwise deliverable to the applicable holder of Company RSUs or Company PSUs a number of shares of Parent Common Stock having a fair market value (determined by reference to the closing price of a share of Parent Common Stock on the Closing Date) equal to the amount required to be withheld. To the extent that amounts are so withheld by Parent or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Company Common Stock or Company RSU or Company PSU in respect of which the deduction and withholding was made by Parent or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Parent or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Parent Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (HomeStreet, Inc.), Merger Agreement (Firstsun Capital Bancorp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than five business days thereafter, the Exchange Agent shall mail to each holder of record of Certificates, a Certificate or Certificates a form letter of transmittal mutually acceptable to Parent and the Company (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)Merger Consideration. Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable Merger Consideration to holders of CertificatesCompany Common Stock. Parent shall instruct the Exchange Agent to timely pay the Merger Consideration following the receipt of a properly submitted letter of transmittal or, in the case of a holder of Book-Entry Shares, as soon as reasonably practicable after the Effective Time. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate check representing shares of ACE*COMM Common Stock Merger Consideration is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) ), with signature guaranteed as the letter of transmittal shall specify, and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes Taxes (as hereinafter defined) required by reason of the issuance of a certificate check representing shares of ACE*COMM Common Stock Merger Consideration in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (dc) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration, as provided in this Article II. (ed) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 the Company for six 12 months after the Effective Time may shall be returned to ACE*COMMParent. Any stockholders shareholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to Parent or a public official pursuant to applicable abandoned property, escheat or similar laws. (fe) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct (not exceeding the Merger Consideration deliverable with respect to such Certificate) as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent or Parent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to this Agreement, subject to the last sentence of Section 2.2(b2.2(d). (f) Parent or the Exchange Agent shall be entitled to deduct and withhold (without duplication) from the Merger Consideration otherwise payable to any holder of shares of Company Common Stock or otherwise pursuant to this Agreement such amounts as Parent or the Exchange Agent is required to deduct and withhold with respect to the making of such payment under the United States Internal Revenue Code of 1986, as amended (the “Code”), or any provision of state, local or foreign tax law. Any amounts that are so deducted and withheld shall be paid over to the appropriate taxing authority by Parent or the Exchange Agent and shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made. Notwithstanding the foregoing, (i) each holder that is to receive a payment pursuant to this Agreement will have the sole and exclusive responsibility for the satisfaction and payment of any such withholding tax obligations imposed on Parent by any Governmental Entity (as hereinafter defined) on account of such payment and (ii) no distribution will be made to or on behalf of such holder pursuant to this Agreement unless and until such holder has made arrangements satisfactory to the Parent and the Exchange Agent for the payment and satisfaction of such withholding tax obligations.

Appears in 2 contracts

Samples: Merger Agreement (Home Bancorp, Inc.), Merger Agreement (Louisiana Bancorp Inc)

Exchange of Shares. (a) Merchants and Valley hereby appoint American Stock Transfer and Trust Company as the exchange agent (the "Exchange Agent") for purposes of effecting the conversion of Merchants Common Stock and Merchants Options. As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record (a "Record Holder") of a Certificate or Certificates which, immediately prior to the Effective Time represented outstanding shares of Merchants Common Stock (the "Certificates"), a form mutually agreed upon letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Valley Common Stock, the Stock (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to shares) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock for such Certificates the consideration as provided in Section 2.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any Record Holder the consideration to which such holder Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in default thereof, an appropriate Affidavit of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends Loss and Indemnity Agreement and/or a bond as may be required), (y) a check representing reasonably required in each case by Valley. Notwithstanding the amount time of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect surrender of the Certificate surrendered pursuant to the provisions Certificates, Record Holders shall be deemed stockholders of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Stock. (Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange.) (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Merchants of the shares of ACE*COMM Merchants Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (de) After the close of business on the day immediately prior With respect to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and each outstanding immediately prior to the Effective Time. IfMerchants Option Valley shall, after the Effective Time, Certificates representing such shares are presented for transfer distribute to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares Optionee an amendment to the option grant evidencing the conversion of ACE*COMM the grant to an option to purchase Valley Common Stock as provided in this Article IIaccordance with Section 2.7 hereof. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Valley National Bancorp), Merger Agreement (Merchants New York Bancorp Inc)

Exchange of Shares. (a) As soon as practicable after Prior to the Effective Acceptance Time, Buyer shall appoint a bank or trust company selected with the prior written approval of the Company (such approval not to be unreasonably withheld, delayed or conditioned) to act as exchange agent (such exchange agent, which, if practicable, shall also be the depositary pursuant to the Offer, the “Exchange Agent”) for the payment of the Offer Consideration and shall enter into an agreement (the “Exchange Agent shall mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates Agreement”) relating to the Exchange Agent) and instructions for use in effecting ’s responsibilities under this Agreement, including the surrender delivery, following the Expiration Time, of the Certificates Offer Consideration to the holders of Shares validly tendered and not properly withdrawn pursuant to the Offer as of the Acceptance Time, and the implementation of the Second Step Distribution. The Exchange Agent Agreement shall be in exchange form and substance reasonably satisfactory to the Company. (b) Buyer shall, and Parent shall cause Buyer to, deposit, or cause to be deposited, with the Exchange Agent, within two (2) Business Days after the Acceptance Time, in trust for the benefit of the holders of Shares validly tendered and not properly withdrawn pursuant to the Offer as of the Acceptance Time, the aggregate Fractional Share Cash Amount payable in the Offer to holders of Shares and shall deposit, and shall cause to be deposited, with the Exchange Agent, at such time, evidence of Parent Common Stock in book-entry form (or certificates representing the shares of ACE*COMM such Parent Common Stock, at Parent’s election) representing the cash in lieu number of fractional shares into which the shares of i3 Parent Common Stock represented by sufficient to deliver the aggregate Offer Consideration payable in the Offer (such Certificate or Certificates shall have been converted cash and Parent Common Stock, together with any dividends or distributions with respect thereto and the aggregate Fractional Share Cash Amount, the “Exchange Fund”). The Exchange Agent shall, pursuant to irrevocable instructions, deliver such whole shares of Parent Common Stock contemplated to be issued pursuant to Section 2.2(b2.01(b). Upon surrender of a Certificate for exchange . (c) In the event that the Post-Offer Reorganization is effectuated the Buyer shall, and cancellation Parent shall cause Buyer to, deposit, or cause to be deposited, with the Exchange Agent, together with such letter immediately after the effectuation of transmittal, duly executedthe Asset Sale, the holder Post-Demerger Share Sale or the Post-Merger Share Sale, as the case may be, in trust for the benefit of the Minority Shareholders, evidence of Parent Common Stock in book-entry form (or certificates representing such Certificate shall be entitled to receive in exchange therefor (xParent Common Stock, at Parent’s election) a certificate representing that the number of whole shares of ACE*COMM Parent Common Stock sufficient to deliver the number of shares in Parent Common Stock to which such holder of i3 Common Stock shall have the Minority Shareholders become entitled pursuant to the provisions of Article I hereof Second Step Distribution (together with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions with respect to such Parent Common Stock). The Exchange Agent shall, pursuant to irrevocable instructions of Buyer and the Company (or, if the Legal Merger is effectuated, the Allotting Entity), deliver such shares of Parent Common Stock contemplated to be issued pursuant to Section 2.2(b2.13(f), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close The Exchange Agent shall not be entitled to vote or exercise any rights of business on the day immediately prior ownership with respect to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Parent Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to held by the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article IIAgent from time to time hereunder. (e) Any None of Parent, the Company, Buyer or the Exchange Agent shall be liable to any Person in respect of any portion of the Exchange Fund that remains unclaimed by the stockholders (including for purposes of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their Section 2.13, any shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Parent Common Stock deliverable deposited pursuant to Section 2.13(c) and delivered pursuant to Section 2.13(f) and any cash received from the sale of shares in respect of each share of i3 Parent Common Stock such stockholder holds as determined pursuant to this Agreement, set forth in each case, without any interest thereon. Notwithstanding Section 2.13(f)) or the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly Offer Consideration delivered to a public official pursuant to any applicable abandoned property, escheat or similar lawsLaw. Notwithstanding any other provision of this Agreement, any portion of the Offer Consideration or the cash to be paid in accordance with this Article 2 remains undistributed to the holders of Shares, with respect to Shares validly tendered and not properly withdrawn pursuant to the Offer, as of the second (2nd) anniversary of the Acceptance Time (or immediately prior to such earlier date on which the Offer Consideration or such cash would otherwise escheat to or become the property of any Governmental Authority), shall, to the extent permitted by applicable Law, become the property of Parent, free and clear of all claims or interest of any Person previously entitled thereto. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon that the making of an affidavit of that fact by Post-Offer Reorganization is effectuated and the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSecond Step Distribution is implemented, the posting by such person of a bond Buyer and the Company shall jointly advise, in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it accordance with respect to such CertificateSection 5.07, the Exchange Agent will issue in exchange writing of (i) the number of shares in Parent Common Stock to which the Minority Shareholders of the Company (or, if the Legal Merger is effectuated, the Allotting Entity) become entitled pursuant to the Second Step Distribution (prior to giving effect to any Tax withholding) and (ii) the amount of Dutch dividend withholding Tax in respect of the Second Step Distribution that is required to be withheld and remitted to the competent Tax authority in Euros (the aggregate amount of such Dutch dividend withholding Tax in Euros, the “Aggregate Withholding Amount”). The Exchange Agent shall be authorized, acting as agent of the Company (or, if the Legal Merger is effectuated, the Allotting Entity) as withholding agent (inhoudingsplichtige) and for the account of the Minority Shareholders as taxpayers of the applicable Dutch dividend withholding Tax, to sell, in one or more transactions such lost, stolen or destroyed Certificate the number of shares of ACE*COMM Parent Common StockStock to which the shareholders would otherwise be entitled as is necessary to obtain in Dollars an amount in net cash proceeds that converted in Euros is as close as possible to, but no less than, the Aggregate Withholding Amount (the “Parent Common Stock Sale). From the net cash proceeds obtained pursuant to the Parent Common Stock Sale the Exchange Agent shall, as soon as possible, remit to the competent Tax authority the Aggregate Withholding Amount as agent of the Company (or, if the Legal Merger is effectuated, the Allotting Entity), as withholding agent (inhoudingsplichtige) or transfer to the Company (or, if the Legal Merger is effectuated, the Allotting Entity) the Aggregate Withholding Amount to enable the Company (or, if the Legal Merger is effectuated, the Allotting Entity) as withholding agent (inhoudingsplichtige) to remit the Aggregate Withholding Amount to the competent Tax authority. In the event that the net cash proceeds obtained by the Exchange Agent pursuant to the Parent Common Stock Sale exceed the Aggregate Withholding Amount, such surplus cash proceeds shall be paid to the Minority Shareholders consistent with the procedures for payment of cash in lieu of fractional shares; provided that the Buyer shall be entitled to any surplus if the amount thereof is de minimis. The Exchange Agent shall be instructed and authorized to sell, in one or more transactions, an additional number of shares deliverable of Parent Common Stock on behalf of and for the benefit of Minority Shareholders to the extent necessary to make payments to each individual Minority Shareholder in lieu of fractional shares of Parent Common Stock that such Minority Shareholders would otherwise be entitled to receive after withholding of applicable Taxes (including Dutch dividend withholding Tax), including through the Parent Common Stock Sale, whereby the net cash proceeds of such additional share sales shall determine the compensation for the relevant fractions of shares of Parent Common Stock. As a result the Exchange Agent shall (x) (A) in case neither the Conversion nor the Post-Merger Share Sale has been effectuated, deliver to each Minority Shareholder a number of shares of Parent Common Stock equal to (a) the product of (i) the Offer Consideration and (ii) the number of Shares held by such Minority Shareholder immediately before the Second Step Distribution minus (b) the number of Parent Common Stock sold by the Exchange Agent to satisfy the payment of the individual Dutch dividend withholding Tax liability minus (c) the number of Parent Common Stock sold by the Exchange Agent to make a cash compensation to such Minority Shareholder in lieu of its individual fractional shares (if any) in accordance with the previous sentence of this Section 2.13(f), (B) in case the Conversion has been effectuated, deliver to each Minority Shareholder a number of shares of Parent Common Stock equal to (a) the product of (i) the Offer Consideration and (ii) one-fifth (1/5th) of the number of Post-Conversion Shares held by such Minority Shareholder immediately before the Second Step Distribution minus (b) the number of Parent Common Stock sold by the Exchange Agent to satisfy the payment of the individual Dutch dividend withholding Tax liability of such Minority Shareholder minus (c) the number of Parent Common Stock sold by the Exchange Agent to make a cash compensation to such Minority Shareholder in lieu of its individual fractional shares (if any) in accordance with the previous sentence of this Section 2.13(f), or (C) in case the Post-Merger Share Sale has been effectuated, deliver to each Minority Shareholder a number of shares of Parent Common Stock equal to (a) the product of (i) the Offer Consideration and (ii) one-fifth (1/5th) of the number of shares in the capital of the Allotting Entity held by such Minority Shareholder immediately before the Second Step Distribution minus (b) the number of Parent Common Stock sold by the Exchange Agent to satisfy the payment of the individual Dutch dividend withholding Tax liability of such Minority Shareholder minus (c) the number of Parent Common Stock sold by the Exchange Agent to make a cash compensation to such Minority Shareholder in lieu of its individual fractional shares (if any) in accordance with the previous sentence of this Section 2.13(f) and (y) transfer to such Minority Shareholder the cash compensation to which such Minority Shareholder is entitled under (c) above. Banks and other financial institutions may charge administrative costs to Minority Shareholders in relation to the transfer of the Second Step Distribution to their accounts, for which no compensation will be paid to such Minority Shareholders. For the avoidance of doubt, no Minority Shareholder shall have a further right to Parent Common Stock, cash compensation or any other consideration in respect thereof of the Second Step Distribution other than the number of shares of Parent Common Stock and any dividends or distributions pursuant to cash compensation in lieu of its fractional shares (if any) in accordance with this Section 2.2(b2.13(f).

Appears in 2 contracts

Samples: Purchase Agreement (InterXion Holding N.V.), Purchase Agreement (Digital Realty Trust, Inc.)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than ten (10) days thereafter, Huntington shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of TCF Common Stock or TCF Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration or shares of New Huntington Preferred Stock, as applicable, pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Huntington Common Stock, the Stock and any cash in lieu of fractional shares into or shares of New Huntington Preferred Stock, as applicable, which the shares of i3 TCF Common Stock or TCF Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon From and after the Effective Time, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM Huntington Common Stock to which such holder of i3 TCF Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of a fractional shares, if any, share which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, II and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2 or (ii) (A) a New Certificate representing the number of shares of New Huntington Preferred Stock to which such holder of TCF Preferred Stock shall have become entitled pursuant to the provisions of Article I and (B) a check representing the amount of any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2, as applicable, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Huntington Common Stock, New Huntington Preferred Stock or any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Huntington Common Stock or shares of New Huntington Preferred Stock which the shares of TCF Common Stock or TCF Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Huntington Common Stock and payable to the holders of record thereof or New Huntington Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Huntington Common Stock or shares of New Huntington Preferred Stock which the shares of TCF Common Stock or TCF Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive (after giving effect to Section 6.11). (c) If any certificate New Certificate representing shares of ACE*COMM Huntington Common Stock or New Huntington Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Huntington Common Stock or New Huntington Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 TCF of the shares of i3 TCF Common Stock which or TCF Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM Huntington Common Stock or New Huntington Preferred Stock, as applicable, cash in lieu of fractional shares and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Huntington Common Stock shall be issued upon the surrender for exchange of Old Certificates or otherwise pursuant to this Agreement, no dividend or distribution with respect to Huntington Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Huntington. In lieu of the issuance of any such fractional share, Huntington shall pay to each former holder who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing sale prices of Huntington Common Stock on the NASDAQ Stock Market (the “NASDAQ”) as reported by The Wall Street Journal for the five (5) consecutive full trading days ending on the day preceding the Closing Date (the “Huntington Share Closing Price”) by (ii) the fraction of a share (after taking into account all shares of TCF Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest thousandth when expressed in decimal form) of Huntington Common Stock which such holder would otherwise be entitled to receive pursuant to Article I. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 TCF Common Stock and TCF Preferred Stock for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 TCF Common Stock and TCF Preferred Stock who have not complied with theretofore exchanged their Old Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Huntington Common Stock, Stock and cash in lieu of any fractional shares or shares of New Huntington Preferred Stock, as applicable, and any unpaid dividends and distributions on ACE*COMM the Huntington Common Stock or New Huntington Preferred Stock deliverable in respect of each former share of i3 TCF Common Stock or TCF Preferred Stock, as applicable that such stockholder holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMHuntington, i3TCF, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 TCF Common Stock or TCF Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Huntington shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Huntington Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of TCF Common Stock, TCF Preferred Stock or TCF Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Huntington or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of TCF Common Stock, TCF Preferred Stock or TCF Equity Awards in respect of which the deduction and withholding was made by Huntington or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMHuntington or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Huntington or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Huntington Common Stock, Stock and any cash in lieu of fractional shares, or the shares of New Huntington Preferred Stock, as applicable, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Huntington Bancshares Inc/Md), Merger Agreement (TCF Financial Corp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event more than five business days thereafter, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates who theretofore has not submitted such holder's Certificate or Certificates with an Election Form, a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates Merger Consideration. The Company shall have been converted the right to review both the letter of transmittal and any dividends or distributions pursuant the instructions prior to the Effective Time and provide reasonable comments thereon. After completion of the allocation procedure set forth in Section 2.2(b). Upon 1.5 and upon surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such a properly executed letter of transmittaltransmittal or Election Form, duly executedas the case may be, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become became entitled to receive pursuant to the provisions of Article I hereof (with such legends as may be required), and/or (y) a check representing the aggregate Per Share Cash Consideration and/or the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)I, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Per Share Cash Consideration, the cash in lieu of fractional shares and or the unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Parent Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Parent Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Parent Common Stock or cash or both, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Parent Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of the Company who otherwise would be entitled to receive a fractional share of Parent Common Stock an amount in cash determined by multiplying (i) the average of the closing sale prices of Parent Common Stock on the NASDAQ/NMS as reported by The Wall Street Journal for the five trading days immediately preceding the date on which the Effective Time shall occur by (ii) the fraction of a share of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4 hereof. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six twelve months after the Effective Time may shall be returned paid to ACE*COMMParent. Any stockholders of i3 the Company who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM Parent for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, the cash in lieu of fractional shares and and/or the unpaid dividends and distributions on ACE*COMM the Parent Common Stock deliverable in respect of each share of i3 Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMParent, i3, Merger Subthe Company, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent, the posting by such person of a bond in such amount as ACE*COMM Parent may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares Merger Consideration deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (South Financial Group Inc), Merger Agreement (Gulf West Banks Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, First Horizon shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of IBKC Common Stock or IBKC Preferred Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive First Horizon Common Stock or New First Horizon Preferred Stock, as applicable, pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM First Horizon Common Stock, the Stock and any cash in lieu of fractional shares into or shares of New First Horizon Preferred Stock, as applicable, which the shares of i3 IBKC Common Stock or IBKC Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM First Horizon Common Stock to which such holder of i3 IBKC Common Stock shall have become entitled pursuant to the provisions of Article I hereof I, and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), or (ii) (A) a New Certificate representing that number of shares of New First Horizon Preferred Stock to which such holder of IBKC Preferred Stock shall have become entitled pursuant to the provisions of Article I, and (B) a check representing the amount of any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of First Horizon Common Stock or shares of New First Horizon Preferred Stock which the shares of IBKC Common Stock or IBKC Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM First Horizon Common Stock and payable to the holders of record thereof or New First Horizon Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM First Horizon Common Stock or shares of New First Horizon Preferred Stock that the shares of IBKC Common Stock or IBKC Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM First Horizon Common Stock or New First Horizon Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM First Horizon Common Stock or New First Horizon Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 IBKC of the shares of i3 IBKC Common Stock which or IBKC Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM First Horizon Common Stock or New First Horizon Preferred Stock, cash in lieu of fractional shares and dividends or distributions as provided in contemplated by this Article IISection 2.2, as applicable. (e) Notwithstanding anything to the contrary contained in this Agreement, no New Certificates or scrip representing fractional shares of First Horizon Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to First Horizon Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of First Horizon. In lieu of the issuance of any such fractional share, First Horizon shall pay to each former holder of IBKC Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of First Horizon Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the day preceding the Closing Date by (ii) the fraction of a share (after taking into account all shares of IBKC Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest one-thousandth when expressed in decimal form) of First Horizon Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 IBKC for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Entity. Any stockholders former holders of i3 IBKC Common Stock or IBKC Preferred Stock who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Entity for payment of their the shares of ACE*COMM First Horizon Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the First Horizon Common Stock deliverable in respect of each former share of i3 IBKC Common Stock such stockholder holder holds as determined pursuant to this Agreement, or the shares of New First Horizon Preferred Stock and any unpaid dividends and distributions on the New First Horizon Preferred Stock deliverable in respect of each former share of IBKC Preferred Stock such holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMFirst Horizon, i3IBKC, Merger Subthe Surviving Entity, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 IBKC Common Stock or IBKC Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) First Horizon shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of First Horizon Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other amounts otherwise payable pursuant to this Agreement to any holder of IBKC Common Stock, IBKC Preferred Stock or IBKC Equity Awards, such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by First Horizon or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of IBKC Common Stock, IBKC Preferred Stock or IBKC Equity Awards in respect of which the deduction and withholding was made by First Horizon or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMFirst Horizon or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM First Horizon or the Exchange Agent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM First Horizon Common Stock, Stock and any cash in lieu of fractional shares, or the shares of New First Horizon Preferred Stock, as applicable, and dividends or distributions, deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (First Horizon National Corp), Merger Agreement (Iberiabank Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, Parent shall cause the Exchange Agent shall to mail to each holder of record of one (1) or more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates (or affidavits of loss in lieu thereof and, if required by Parent or the Exchange Agent, the posting of a bond in a reasonable and customary amount as indemnity pursuant to Section 2.2(g)) to the Exchange AgentAgent and which shall be in a form reasonably acceptable to Parent and the Company) and instructions for use in effecting the surrender of the Old Certificates (or affidavits of loss in lieu thereof and, if required by Parent or the Exchange Agent, the posting of a bond in a reasonable and customary amount as indemnity pursuant to Section 2.2(g)) in exchange for certificates representing the number of whole shares of ACE*COMM Parent Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Company Common Stock represented by such Old Certificate or Old Certificates shall have been converted and any dividends or distributions into the right to receive pursuant to Section 2.2(b)this Agreement. Upon From and after the Effective Time, upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates, shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate New Certificate representing that number of whole shares of ACE*COMM Parent Common Stock to which such holder of i3 Company Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of any cash in lieu of a fractional shares, if any, share which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, and (z) any dividends the Old Certificate or distributions pursuant to Section 2.2(b), and the Certificate Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration and any cash in lieu of fractional shares. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate New Certificate representing shares of ACE*COMM Parent Common Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM Parent Common Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (dc) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Company of the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares the Merger Consideration and cash in lieu of ACE*COMM Common Stock fractional shares, as provided in this Article II. (d) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Old Certificates, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Parent. In lieu of the issuance of any such fractional share, Parent shall pay to each former stockholder of the Company who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the volume-weighted average price per share of Parent Common Stock on the NASDAQ Stock Market (the “NASDAQ”) as such daily volume-weighted average price per share is reported by Bloomberg L.P. (or, if such information is no longer reported by Bloomberg L.P., as reported by a comparable internationally recognized source mutually determined by Parent and the Company) calculated for the five (5) consecutive trading days immediately preceding (but not including) the Closing Date by (ii) the fraction of a share (with the result rounded to the nearest thousandth when expressed in decimal form) of Parent Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 the Company for six months one (1) year after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any former stockholders of i3 the Company who have not complied with theretofore exchanged their Old Certificates pursuant to this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their shares of ACE*COMM Common Stock, the Merger Consideration and cash in lieu of any fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreementshares, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3Parent, Merger Sub, the Company, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Company Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (f) Each of Parent and the Surviving Corporation shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Parent Common Stock or any other amounts otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the extent that amounts are so withheld by Parent, the Surviving Corporation or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made by Parent, the Surviving Corporation or the Exchange Agent, as the case may be. (g) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by ACE*COMMParent or the Exchange Agent, the posting by such person of a bond in such amount as ACE*COMM Parent may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Old Certificate the shares of ACE*COMM Common Stock, Merger Consideration and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Fiserv Inc), Merger Agreement (First Data Corp)

Exchange of Shares. 3.3.1 CUNB and FENB hereby agree to appoint an Exchange Agent designated by CUNB as the exchange agent (athe “Exchange Agent”) pursuant to the terms of an agreement to be entered into by and among CUNB and the Exchange Agent (the “Exchange Agreement”) for purposes of effecting the conversion of FENB Common Stock into CUNB Common Stock and the conversion of FENB Preferred Stock into CUNB Preferred Stock. As soon as reasonably practicable after the later of the receipt of information from FENB’s transfer agent or the Effective Time, CUNB shall cause the Exchange Agent shall to mail to each holder of record as of the Effective Time (a “Record Holder”) of a Certificate or Certificates certificate representing FENB Common Stock and/or FENB Preferred Stock a form letter of transmittal in such form as is mutually agreed upon by CUNB and FENB (which shall specify that delivery shall be effected, and risk of loss and title to the FENB Certificates shall pass, only upon delivery of the FENB Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the FENB Certificates in exchange for certificates representing the shares of ACE*COMM CUNB Common Stock, the Stock (and cash in lieu of fractional shares into which shares) as provided in Section 3.1 hereof or the shares of i3 Common CUNB Preferred Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to as provided in Section 2.2(b). 3.2 hereof. (i) Upon surrender of a Certificate FENB Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly completed and executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor for such FENB Certificates: (xA) a certificate representing that number of whole shares of ACE*COMM with respect to FENB Common Stock to which represented by such holder of i3 Common FENB Certificates, (i) the Per Share Stock shall have become entitled pursuant Consideration rounded down to the provisions of Article I hereof closest whole number; and (with such legends as may be required), (yii) a check representing in the amount of equal to the cash in lieu of fractional shares, if any, which such holder Record Holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)3.1 hereof; and (B) with respect to FENB Preferred Stock represented by such FENB Certificates, and the Certificate CUNB Preferred Stock which the Record Holder has the right to receive pursuant to Section 3.2 hereof. FENB Certificates so surrendered shall forthwith be canceled. No interest will be paid or accrued on Promptly following receipt of the properly completed letter of transmittal and any necessary accompanying documentation, CUNB shall cause the Exchange Agent to distribute the Per Share Stock Consideration and cash as provided herein in lieu consideration for the cancellation of fractional shares the FENB Common Stock as provided in Section 3.1 hereof and unpaid dividends and distributions, if any, payable to holders distribute the CUNB Preferred Stock in exchange for the cancellation of Certificatesthe FENB Preferred Stock as provided in Section 3.2 hereof. (bii) No dividends The Exchange Agent shall not be obligated to deliver or other distributions declared after cause to be delivered to any Record Holder the consideration to which such Record Holder would otherwise be entitled until such Record Holder surrenders the FENB Certificates for exchange or, in default thereof, an appropriate Affidavit of Loss and Indemnity Agreement and/or bond as may be reasonably required in each case by CUNB. Notwithstanding the time of surrender of the FENB Certificates, Record Holders shall be deemed shareholders of CUNB for all purposes from the Effective Time with respect to ACE*COMM Common Stock and payable Time. (iii) Subject to the holders effect of record thereof shall be paid to the holder applicable abandoned property, escheat or similar Laws, following surrender of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article IISection 3.3, the record holder Record Holder thereof shall be entitled to receive any such receive, without interest: (i) the amount of dividends or other distributions, without any interest thereon, which distributions with a record date after the Effective Time theretofore had become payable with respect to the whole shares of ACE*COMM CUNB Common Stock or CUNB Preferred Stock represented by such Certificate and not paid; and/or (ii) at the appropriate payment date, the amount of dividends or other distributions payable with respect to whole shares of CUNB Common Stock or CUNB Preferred Stock represented by such Certificate with a record date after the Effective Time (but before such surrender date) and with a payment date subsequent to the issuance of the CUNB Common Stock or CUNB Preferred Stock issuable with respect to such Certificate. No holder of an unsurrendered Certificate ; provided, however, that notwithstanding the immediately foregoing, CUNB shall be entitledentitled to withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for CUNB Common Stock and/or CUNB Preferred Stock, until as applicable. Such Record Holder shall receive such withheld dividends, without interest, upon affecting the surrender share exchange. 3.3.2 After the Effective Time, there shall be no transfers on the stock transfer books of such Certificate, to vote FENB of the shares of ACE*COMM FENB Common Stock into and FENB Preferred Stock which were outstanding immediately prior to the Effective Time and, if any FENB Certificates representing such i3 Common Stock shares are presented for transfer, they shall have been convertedbe canceled and exchanged for the consideration as provided in Section 3.1 or Section 3.2, as applicable. (c) 3.3.3 If any certificate representing shares payment of ACE*COMM Common Stock the consideration pursuant to Section 3.1 hereof is to be issued made in a name other than that in which the Certificate FENB Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate FENB Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes Taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate FENB Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (CU Bancorp), Merger Agreement (CU Bancorp)

Exchange of Shares. (a) As soon Prior to the Effective Time, Parent shall designate a bank or trust company or similar entity reasonably acceptable to the Company that is authorized to exercise corporate trust or stock powers to act as practicable Exchange Agent in the Merger (the “Exchange Agent”). At the Effective Time, Parent will provide the Exchange Agent the funds necessary to make the cash payments contemplated by Section 1.07. (b) Promptly after the Effective Time, Parent shall cause the Exchange Agent shall to mail to each record holder of record shares of Company Common Stock at the Effective Time, one or more forms of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates such shares shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)payment therefor. Upon surrender of a Certificate for exchange and cancellation to the Exchange AgentAgent of a Certificate, together with such letter of transmittal, transmittal duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that therefor, and Parent shall cause the Exchange Agent to promptly so pay, cash in an amount equal to the number of whole (i) shares of ACE*COMM Common Stock to which represented by such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof Certificate, multiplied by (with such legends as may be required), (yii) a check representing the amount of cash in lieu of fractional the Merger Consideration with respect to such shares. Until so surrendered, if any, which each such holder has Certificate shall represent after the Effective Time for all purposes only the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledsuch Merger Consideration. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After upon the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock payment is to be issued in made to a name person other than that the person in which whose name the surrendered Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, surrendered or shall establish to the satisfaction of the Exchange Agent Surviving Corporation that such tax has been paid or is not payableapplicable. Any funds remaining with the Exchange Agent one year following the Effective Time shall be returned to Parent after which time former stockholders of the Company, subject to applicable law, shall look only to Parent for payment of amounts due hereunder, without interest thereon. (dc) After All cash paid upon the surrender of a Certificate in accordance with the terms of this ARTICLE II shall be deemed to have been paid in full satisfaction of all rights pertaining to the shares of Company Common Stock formerly represented by such Certificate. On the close of business on the day immediately prior to on which the Effective TimeTime occurs the stock transfer books of the Company shall be closed, and there shall be no further registration of transfers on the stock transfer books of i3 of the Surviving Corporation or the shares of i3 Company Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented to the Surviving Corporation or the Exchange Agent for transfer to the Exchange Agentor any other reason, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article ARTICLE II. (ed) Any portion None of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3Parent, Merger Sub, the Company or the Exchange Agent or any other person shall be liable to any former holder person in respect of shares of i3 Common Stock for any amount properly cash delivered to a public official pursuant to any applicable abandoned property, escheat or similar lawslaw. If any Certificates shall not have been surrendered prior to one year after the Effective Time (or immediately prior to such earlier date on which any Merger Consideration would otherwise escheat to or become the property of any Governmental Entity (as defined in Section 3.08)), any Merger Consideration in respect thereof shall, to the extent permitted by applicable law, become the property of the Surviving Corporation, free and clear of all claims or interest of any person previously entitled thereto. (fe) In the event If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Surviving Corporation, the posting by such person of a bond in such reasonable amount as ACE*COMM the Surviving Corporation may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue shall pay in exchange for respect of such lost, stolen or destroyed Certificate the Merger Consideration. (f) Parent, the Surviving Corporation or the Exchange Agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of Options, Warrants or shares of ACE*COMM Company Common Stock such amounts as Parent, the Surviving Corporation or the Exchange Agent is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986 (the “Code”) or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate taxing authority by Parent, the Surviving Corporation or the Exchange Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the shares of Company Common Stock, cash in lieu of fractional shares deliverable in respect thereof of such deduction and any dividends withholding was made by Parent, the Surviving Corporation or distributions the Exchange Agent. (g) Any portion of the Merger Consideration made available to the Exchange Agent pursuant to Section 2.2(b)2.02 to pay for shares of Company Common Stock for which appraisal rights have been perfected shall be returned to Parent, upon demand; provided, however, that if the holder of any such shares shall have effectively withdrawn or lost such right to appraisal, Parent shall immediately thereafter provide the Exchange Agent with the funds necessary to make the cash payments contemplated by Section 1.07(c) in respect of such shares.

Appears in 2 contracts

Samples: Merger Agreement (Opinion Research Corp), Merger Agreement (Infousa Inc)

Exchange of Shares. (a) As soon as practicable after the Effective Time, and in no event later than two business days thereafter, the Buyer shall cause the Exchange Agent shall to mail to each holder of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares Merger Consideration into which the shares of i3 Seller Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b)this Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which such holder of i3 Common Stock shall have become entitled pursuant to therefor, the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b)Merger Consideration, and the Certificate so surrendered shall forthwith be canceled. No interest will shall accrue or be paid or accrued on the cash in lieu Merger Consideration payable upon the surrender of fractional shares and unpaid dividends and distributions, if any, payable to holders any Certificate for the benefit of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder If payment of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock Merger Consideration is to be issued in made to a name person other than that the person in which whose name the surrendered Certificate surrendered in exchange therefor is registeredregistered on the stock transfer books of the Seller, it shall be a condition of the issuance thereof payment that the Certificate so surrendered shall be endorsed properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise be in proper form for transfer, transfer and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any have paid all transfer or and other taxes required by reason of the issuance payment of the Merger Consideration to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate surrendered, surrendered or shall establish have established to the satisfaction of the Exchange Agent Surviving Corporation that such tax has taxes either have been paid or is are not payableapplicable. (db) At any time following the sixth month after the Effective Time, the Buyer or the Surviving Corporation shall be entitled to require the Exchange Agent to deliver to it any funds which had been made available to the Exchange Agent and not disbursed to holders of shares of Seller Common Stock (including, without limitation, all interest and other income received by the Exchange Agent in respect of all funds made available to it), and thereafter such holders shall be entitled to look to the Buyer and the Surviving Corporation only as general creditors thereof with respect to any Merger Consideration that may be payable upon due surrender of the Certificates held by them. (c) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 the Seller of the shares of i3 Seller Common Stock which were issued and outstanding immediately prior to the Effective Time. From and after the Effective Time, the holders of shares of Seller Common Stock outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such shares except as otherwise provided herein or by applicable law. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock the Merger Consideration as provided in this Article II. (ed) Any portion of Neither the Exchange Fund that remains unclaimed by Buyer nor the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or Seller nor any other person shall be liable to any former holder of shares of i3 Seller Common Stock for any amount shares or any dividends or distributions with respect thereto or any Merger Consideration delivered in respect of any such shares properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (fe) In the event any Certificate shall have been lost, stolen or destroyed, upon receipt of appropriate evidence as to such loss, theft or destruction and to the making ownership of an affidavit of that fact such Certificate by the person claiming such Certificate to be lost, stolen or destroyed anddestroyed, if required and the receipt by ACE*COMMthe Buyer of appropriate and customary indemnification, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent Buyer will issue in exchange for such lost, stolen or destroyed Certificate Certificate, the shares of ACE*COMM Common StockMerger Consideration, cash as determined in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)accordance with this Article II.

Appears in 2 contracts

Samples: Merger Agreement (Ust Corp /Ma/), Merger Agreement (Citizens Financial Group Inc/De)

Exchange of Shares. (a) As soon as practicable after the Effective Time, Each holder of an outstanding share of ANCX Common Stock who has properly surrendered their Certificates or Book-Entry Shares to the Exchange Agent shall mail to each holder (or has complied with Section 2.3(d)), together with a Letter of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery Transmittal duly completed and validly executed in accordance with the instructions thereto and such other documentation as the Exchange Agent and UBSH may require, shall be effected, entitled to receive the Merger Consideration with respect to such share of ANCX Common Stock in non-certificated book-entry form and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the any cash in lieu of fractional shares into which such holder has the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions right to receive pursuant to Section 2.2(b). Upon surrender 2.6 in respect of a the Certificate for exchange and cancellation or Book-Entry Share surrendered pursuant to the Exchange Agentprovisions of this Article 2, together in accordance with such letter of transmittal, duly executed, the Section 2.3(b). (b) Whenever a holder of an outstanding share of ANCX Common Stock shall become entitled to receive the Merger Consideration pursuant to Section 2.3(a), in addition to the rights of such Certificate holder set forth in Section 2.4, any such holder shall be entitled to receive receive: (i) evidence of issuance in exchange therefor (x) a certificate representing that non-certificated book-entry form the number of whole shares of ACE*COMM Continuing Corporation Common Stock to into which such holder the aggregate number of i3 shares of ANCX Common Stock previously represented by such Certificates or Book-Entry Shares surrendered shall have become entitled been converted pursuant to the provisions of Article I hereof this Agreement; and (with such legends as may be required), (yii) a check representing the amount of cash for fractional shares, if any, into which the aggregate number of shares of ANCX Common Stock previously represented by such Certificates or Book-Entry Shares surrendered shall have been converted pursuant to Section 2.6 of this Agreement. For the avoidance of doubt, the Exchange Agent shall not be obligated to deliver the Merger Consideration or any cash in lieu of fractional shares to which any holder of ANCX Common Stock is entitled as a result of the Merger until such holder surrenders his, her or its Certificates or Book-Entry Shares, or otherwise complies with Section 2.3(d), for exchange as provided in Section 2.3(a). Whenever a holder of an outstanding share of ANCX Common Stock shall become entitled to receive any Merger Consideration and any cash in lieu of fractional shares, if any, which such holder has the right Continuing Corporation shall use its reasonable best efforts to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to cause the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that deliver such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior Merger Consideration to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar lawswithin two (2) business days thereafter. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Agreement and Plan of Reorganization (Union Bankshares Corp), Agreement and Plan of Reorganization (Access National Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than 10 days thereafter, Sterling shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of Xxxxxx Valley Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive Sterling Common Stock pursuant to Article I, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the number of whole shares of ACE*COMM Sterling Common Stock, the Stock and any cash in lieu of fractional shares into which the shares of i3 Xxxxxx Valley Common Stock represented by such Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM Sterling Common Stock to which such holder of i3 Xxxxxx Valley Common Stock shall have become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Certificate or Certificates surrendered pursuant to the provisions of this Article II, II and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of Sterling Common Stock which the shares of Xxxxxx Valley Common Stock represented by such Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Sterling Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM Sterling Common Stock which the shares of Xxxxxx Valley Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM Sterling Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Sterling Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 Xxxxxx Valley of the shares of i3 Xxxxxx Valley Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing shares of ACE*COMM Sterling Common Stock as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of Sterling Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to Sterling Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Sterling. In lieu of the issuance of any such fractional share, Sterling shall pay to each former stockholder of Xxxxxx Valley who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Sterling Common Stock on the New York Stock Exchange, Inc. (the “NYSE”) as reported by The Wall Street Journal for the five (5) full trading days ending on the day preceding the Closing Date (the “Sterling Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest thousandth when expressed in decimal form) of Sterling Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.4. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 Xxxxxx Valley for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any former stockholders of i3 Xxxxxx Valley who have not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM Sterling Common Stock, cash in lieu of any fractional shares and any unpaid dividends and distributions on ACE*COMM the Sterling Common Stock deliverable in respect of each former share of i3 Xxxxxx Valley Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMSterling, i3Xxxxxx Valley, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Xxxxxx Valley Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Sterling shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of Sterling Common Stock, cash dividends or distributions payable pursuant to this Section 2.2 or any other cash amounts otherwise payable pursuant to this Agreement to any holder of Xxxxxx Valley Common Stock such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by Sterling or the Exchange Agent, as the case may be, and paid over to the appropriate governmental authority, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Xxxxxx Valley Common Stock in respect of which the deduction and withholding was made by Sterling or the Exchange Agent, as the case may be. (h) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSterling, the posting by such person of a bond in such amount as ACE*COMM Sterling may determine is reasonably direct necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Sterling Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Sterling Bancorp), Merger Agreement (Hudson Valley Holding Corp)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, SYBT shall cause the Exchange Agent shall to mail to each holder of record of one or more Certificates representing shares of KTYB Common Stock immediately prior to the Effective Time that have been converted at the Effective Time into the right to receive the Merger Consideration pursuant to Article I, a Certificate or Certificates a form letter of transmittal in a form reasonably acceptable to SYBT and KTYB (which shall specify that delivery shall be effected, and risk the “Letter of loss and title to the Certificates shall pass, only upon delivery Transmittal”). The Letter of the Certificates to the Exchange Agent) and Transmittal will contain instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the Merger Consideration (and any cash in lieu of fractional shares into shares) which the shares of i3 KTYB Common Stock represented by such the Certificate or Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon Except with respect to Dissenting Shares, upon proper surrender of a Certificate or Certificates for exchange and cancellation to the Exchange Agent, together with such letter the properly completed Letter of transmittalTransmittal, duly executed, the holder of such the Certificate or Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) a certificate representing that number of whole shares of ACE*COMM SYBT Common Stock to which such the holder of i3 KTYB Common Stock shall have has become entitled pursuant to the provisions of Article I hereof and (with such legends as may be required), (yii) a check representing the amount of (A) the Per Share Cash Consideration and any cash in lieu of fractional shares, if any, shares which such the holder has the right to receive in respect of the shares of KTYB Common Stock represented by the Certificate or Certificates surrendered pursuant to the provisions of this Article II, and (zB) any dividends or distributions which the holder thereof has the right to receive pursuant to this Section 2.2(b)2.2, and the Certificate or Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the Per Share Cash Consideration or any cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. Until surrendered as contemplated by this Section 2.2, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the Merger Consideration and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM SYBT Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such the Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM SYBT Common Stock which the shares of KTYB Common Stock represented by such Certificate. No holder of an unsurrendered the applicable Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate representing shares of ACE*COMM SYBT Common Stock is to be issued in a name other than that in which the Certificate or Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof of the certificate representing shares of SYBT Common Stock that the Certificate or Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such the exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate representing shares of ACE*COMM SYBT Common Stock in any name other than that of the registered holder of the Certificate or Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax the Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 KTYB of the shares of i3 KTYB Common Stock which that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares of KTYB Common Stock that were issued and outstanding immediately prior to the Effective Time are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates representing the Merger Consideration, cash in lieu of fractional shares of ACE*COMM Common Stock as provided in this Article II, as well as any dividends or distributions to be paid pursuant to Section 2.2(b). (e) Notwithstanding anything to the contrary contained herein, no certificates or scrip representing fractional shares of SYBT Common Stock shall be issued upon the surrender for exchange of Certificates, no dividend or distribution with respect to SYBT Common Stock shall be payable on or with respect to any fractional share, and fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of SYBT. In lieu of the issuance of any fractional share, SYBT shall pay to each former shareholder of KTYB who otherwise would be entitled to receive the fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of SYBT Common Stock on The NASDAQ Stock Market (the “NASDAQ”) as reported by The Wall Street Journal for the five (5) full trading days ending on the trading day preceding the Closing Date (“SYBT Common Stock Closing Price”) by (ii) the fraction of a share (rounded to the nearest one-thousandth when expressed in decimal form) of SYBT Common Stock which the holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of the cash consideration in lieu of issuing fractional shares is not separately bargained-for-consideration, but merely represents a mechanical rounding off for the purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders shareholders of i3 for six KTYB as of the date that is twelve (12) months after the date on which the Effective Time may occurs (the “Final Claim Date”) shall be returned paid to ACE*COMMSYBT. Any stockholders former shareholder of i3 who have KTYB that has not prior to the Final Claim Date complied with this Article II prior to such return shall thereafter look only to ACE*COMM SYBT for payment of their shares of ACE*COMM Common Stockthe Merger Consideration, cash in lieu of fractional shares and any unpaid dividends and distributions on ACE*COMM SYBT Common Stock deliverable in respect of each former share of i3 KTYB Common Stock such stockholder the former shareholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMSYBT, i3KTYB, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 KTYB Common Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws. (fg) Each of SYBT and the Exchange Agent shall be entitled to deduct and withhold from any consideration otherwise payable pursuant to this Agreement all amounts required to be deducted and withheld with respect to the making of the consideration payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld by SYBT or the Exchange Agent, as the case may be, the withheld amounts (i) will be paid over by SYBT or the Exchange Agent to the appropriate governmental authority and (ii) will be treated for all purposes of this Agreement as having been paid to the person in respect of which the deduction and withholding was made. (h) In the event any Certificate shall have has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such the Certificate to be lost, stolen or destroyed and, if required by ACE*COMMSYBT, the posting by such person claiming of a bond in such an amount as ACE*COMM SYBT may determine is reasonably direct necessary as indemnity against any claim that may be made against it SYBT with respect to such the Certificate, the Exchange Agent will issue in exchange for such the lost, stolen or destroyed Certificate the shares of ACE*COMM Common StockMerger Consideration, and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Stock Yards Bancorp, Inc.), Merger Agreement (Stock Yards Bancorp, Inc.)

Exchange of Shares. (a) Greater Community and Valley hereby appoint American Stock Transfer and Trust Company as the exchange agent (the “Exchange Agent”) for purposes of effecting the conversion of Greater Community Common Stock. As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record of (a “Record Holder”) a Certificate or Certificates Certificates, a form letter of transmittal in form mutually agreed upon by Valley and Greater Community (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Valley Common Stock, the Stock and Warrants (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Warrants) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly completed and executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock for such Certificates the consideration as provided in Section 2.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any Record Holder the consideration to which such holder Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in default thereof, an appropriate Affidavit of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends Loss and Indemnity Agreement and/or bond as may be required), (y) a check representing required in each case by Valley. Notwithstanding the amount time of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect surrender of the Certificate surrendered pursuant to the provisions Certificates, Record Holders shall be deemed shareholders of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Warrants. (Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange.) (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Greater Community of the shares of ACE*COMM Greater Community Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Greater Community Bancorp), Merger Agreement (Valley National Bancorp)

Exchange of Shares. (a) As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder The exchange of record of a Certificate or Certificates a form letter of transmittal (which shall specify that delivery share certificates shall be effected, and risk of loss and title effected by Celtic. Celtic shall deliver to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) and instructions Shareholders certificates for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Celtic Common Stock to which such holder be Exchanged for stock certificates representing all shares of i3 SLM Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions terms of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceledAgreement. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM Common Stock and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No Each holder of an unsurrendered Certificate outstanding certificate or certificates representing SLM Common Stock shall be entitled, until the upon surrender of such Certificatecertificate(s) to Celtic, duly endorsed in blank or accompanied by stock powers duly endorsed in blank, to vote receive a certificate representing the number of shares of ACE*COMM Celtic Common Stock into which such i3 SLM Common Stock shall have been converted. (c) If any certificate representing shares of ACE*COMM Common Stock is to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay Converted pursuant to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrendered, or shall establish Merger. All Celtic stock certificates issued to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after Shareholders at the Effective Time may be returned to ACE*COMMshall contain a legend substantially in the following form: THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE "ACT") OR ANY STATE SECURITIES ACT AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES ACTS; (B) CELTIC HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL, BOTH OF WHICH OPINION AND COUNSEL SHALL BE REASONABLY ACCEPTABLE TO CELTIC, TO THE EFFECT THAT NO REGISTRATION IS LEGALLY REQUIRED FOR SUCH TRANSFER; OR (C) THESE SECURITIES ARE SOLD IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER THE ACT. Any stockholders No opinion of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person counsel shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange transfer of shares from the Shareholders to the Escrow Agent will issue in exchange for such lost, stolen or destroyed Certificate from the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant Escrow Agent to Section 2.2(b)the Shareholders.

Appears in 2 contracts

Samples: Merger Agreement (Celtic Investment Inc), Merger Agreement (Davis Roger D)

Exchange of Shares. (a) Ramapo and Valley hereby appoint Valley National Bank, Trust Department as the exchange agent (the "Exchange Agent") for purposes of effecting the conversion of Ramapo Common Stock and Ramapo Options. As soon as practicable after the Effective Time, the Exchange Agent shall mail to each holder of record (a "Record Holder") of a Certificate or Certificates which, immediately prior to the Effective Time represented outstanding shares of Ramapo Common Stock (the "Certificates"), a form mutually agreed upon letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent) ), and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing the shares of ACE*COMM Valley Common Stock, the Stock (and cash in lieu of fractional shares into which the shares of i3 Common Stock represented by such Certificate or Certificates shall have been converted and any dividends or distributions pursuant to shares) as provided in Section 2.2(b). 2.1 hereof. (b) Upon surrender of a Certificate Certificates for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate Record Holder shall be entitled to promptly receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock for such Certificates the consideration as provided in Section 2.1 hereof and the Certificates so surrendered shall be canceled. The Exchange Agent shall not be obligated to deliver or cause to be delivered to any Record Holder the consideration to which such holder Record Holder would otherwise be entitled until such Record Holder surrenders the Certificates for exchange or, in default thereof, an appropriate Affidavit of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends Loss and Indemnity Agreement and/or a bond as may be required), (y) a check representing reasonably required in each case by Valley. Notwithstanding the amount time of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect surrender of the Certificate surrendered pursuant to the provisions Certificates, Record Holders shall be deemed stockholders of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificates. (b) No dividends or other distributions declared after Valley for all purposes from the Effective Time with respect to ACE*COMM Time, except that Valley shall withhold the payment of dividends from any Record Holder until such Record Holder effects the exchange of Certificates for Valley Common Stock and payable to the holders of record thereof Stock. (Such Record Holder shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender receive such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributionswithheld dividends, without any interest thereoninterest, which theretofore had become payable with respect to shares of ACE*COMM Common Stock represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until upon effecting the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedshare exchange.) (c) If any certificate representing After the Effective Time, there shall be no transfers on the stock transfer books of Ramapo of the shares of ACE*COMM Ramapo Common Stock which were outstanding immediately prior to the Effective Time and, if any Certificates representing such shares are presented for transfer, they shall be canceled and exchanged for the consideration as provided in Section 2.1 hereof. (d) If payment of the consideration pursuant to Section 2.1 hereof is to be issued made in a name other than that in which the Certificate Certificates surrendered in exchange therefor is registered, it shall be a condition of the issuance thereof such payment that the Certificate Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange payment shall pay to the Exchange Agent in advance any transfer or other taxes required by reason of the issuance of payment to a certificate representing shares of ACE*COMM Common Stock in any name person other than that of the registered holder of the Certificate Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable. (de) After With respect to each outstanding Ramapo Option the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. IfExchange Agent shall, after the Effective Time, Certificates representing such shares are presented for transfer distribute to the Exchange Agent, they shall be canceled and exchanged for certificates representing shares Optionee an amendment to the option grant evidencing the conversion of ACE*COMM the grant to an option to purchase Valley Common Stock as provided in this Article IIaccordance with Section 2.7 hereof. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b).

Appears in 2 contracts

Samples: Merger Agreement (Ramapo Financial Corp), Merger Agreement (Valley National Bancorp)

Exchange of Shares. CANCELLATION OF SURRENDERED SHARES; REPLACEMENT (a) As soon as practicable after Subject to Section 6 hereof, at any time at the Effective Timerequest of any holder of Shares to the Company at its address provided under Section 18 hereof, the Exchange Agent shall mail Company at its expense (other than transfer taxes payable upon the transfer by the Purchaser of Shares to each holder of record of a Certificate or Certificates a form letter of transmittal (Transferee, which shall specify that delivery transfer taxes shall be effected, paid by the Transferee) will issue and risk of loss and title deliver to or upon the Certificates shall pass, only upon delivery order of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates holder in exchange for therefor a new certificate or certificates in such amount or amounts as such holder may request in the aggregate representing the shares number of ACE*COMM Common Stock, the cash in lieu of fractional shares into which the shares of i3 Common Stock Shares represented by such Certificate or Certificates shall have been converted surrendered certificates, and any dividends or distributions pursuant to Section 2.2(b). Upon surrender of a Certificate for exchange and cancellation to registered in the Exchange Agent, together with such letter of transmittal, duly executed, the holder name of such Certificate shall be entitled to receive in exchange therefor (x) a certificate representing that number of whole shares of ACE*COMM Common Stock to which holder or as such holder of i3 Common Stock shall have become entitled pursuant to the provisions of Article I hereof (with such legends as may be required), (y) a check representing the amount of cash in lieu of fractional shares, if any, which such holder has the right to receive in respect of the Certificate surrendered pursuant to the provisions of this Article II, and (z) any dividends or distributions pursuant to Section 2.2(b), and the Certificate so surrendered shall forthwith be canceled. No interest will be paid or accrued on the cash in lieu of fractional shares and unpaid dividends and distributions, if any, payable to holders of Certificatesdirect. (b) No dividends Any Share certificate which is converted into Conversion Shares in whole or other distributions declared after in part shall be canceled by the Effective Time Company, and no new Share certificates shall be issued in lieu of any Shares which have been converted into Conversion Shares. The Company shall issue a new certificate with respect to ACE*COMM Common Stock any Shares which were not converted into Conversion Shares and payable to the holders of record thereof shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Article II. After the surrender of a Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to shares of ACE*COMM Common Stock were represented by such Certificate. No holder of an unsurrendered Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into a certificate which such i3 Common Stock shall have been convertedwas converted in part. (c) If any certificate representing shares Upon receipt of ACE*COMM Common Stock is evidence satisfactory to be issued in a name other than that in which the Certificate surrendered in exchange therefor is registered, it shall be a condition Company of the issuance thereof that loss, theft, destruction or mutilation of any Share certificate and, in the Certificate so surrendered shall be properly endorsed (case of any such loss, theft or accompanied by destruction, upon delivery of an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay indemnity agreement reasonably satisfactory to the Exchange Agent Company (if requested by the Company and unsecured in advance any transfer or other taxes required by reason the case of the issuance of a certificate representing shares of ACE*COMM Common Stock in any name other than that of the registered holder of the Certificate surrenderedPurchaser or another similar institutional holder), or shall establish to in the satisfaction case of the Exchange Agent that any such tax has been paid or is not payable. mutilation, upon surrender of such Share certificate (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 of the shares of i3 Common Stock which were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Certificates representing such shares are presented for transfer to the Exchange Agent, they surrendered Share certificate shall be canceled and exchanged for certificates representing shares of ACE*COMM Common Stock as provided in this Article II. (e) Any portion of the Exchange Fund that remains unclaimed by the stockholders Company), the Company will issue a new Share certificate of i3 for six months after the Effective Time may be returned to ACE*COMM. Any stockholders of i3 who have not complied with this Article II prior to such return shall thereafter look only to ACE*COMM for payment of their shares of ACE*COMM Common Stock, cash like tenor in lieu of fractional shares and unpaid dividends and distributions on ACE*COMM Common Stock deliverable in respect of each share of i3 Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMM, i3, Merger Sub, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. (f) In the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMM, the posting by such person of a bond in such amount as ACE*COMM may reasonably direct as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen stolen, destroyed or mutilated Share certificate as if the lost, stolen, destroyed Certificate the shares of ACE*COMM Common Stock, cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)mutilated Share certificate were then surrendered for exchange.

Appears in 2 contracts

Samples: Preferred Stock Purchase Agreement (Caliber Learning Network Inc), Preferred Stock Purchase Agreement (Caliber Learning Network Inc)

Exchange of Shares. (a) As soon promptly as practicable after the Effective Time, but in no event later than five (5) business days thereafter, BANC and PACW shall cause the Exchange Agent shall to mail to each holder of record of one or more Old Certificates representing shares of PACW Common Stock immediately prior to the Effective Time or PACW Preferred Stock immediately prior to the Second Effective Time that have been converted at the Effective Time or the Second Effective Time, as applicable, into the right to receive the Merger Consideration or shares of New BANC Preferred Stock, as applicable, pursuant to Article 1, a Certificate or Certificates a form letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Old Certificates shall pass, only upon proper delivery of the Old Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Old Certificates in exchange for certificates New Certificates representing the number of whole shares of ACE*COMM BANC Common Stock or New BANC Preferred Stock, the as applicable, and any cash in lieu of fractional shares into which the shares of i3 PACW Common Stock or PACW Preferred Stock represented by such Old Certificate or Old Certificates shall have been converted and into the right to receive pursuant to this Agreement as well as any dividends or distributions to be paid pursuant to Section 2.2(b). Upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent, together with such properly completed letter of transmittal, duly executed, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (xi) (A) a certificate New Certificate representing that number of whole shares of ACE*COMM BANC Common Stock to which such holder of i3 PACW Common Stock shall have become entitled pursuant to the provisions of Article I hereof 1 and (with such legends as may be required), (yB) a check representing the amount of (x) any cash in lieu of fractional shares, if any, shares which such holder has the right to receive in respect of the Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, 2 and (zy) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), or (ii) (A) a New Certificate representing that number of shares of New BANC Preferred Stock to which such holder of PACW Preferred Stock shall have become entitled pursuant to the provisions of Article I and (B) any dividends or distributions which the holder thereof has the right to receive pursuant to Section 2.2(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceledcancelled. No interest will be paid or accrued on the any cash in lieu of fractional shares and unpaid or dividends and distributions, if any, or distributions payable to holders of Old Certificates. Until surrendered as contemplated by this Section 2.2, each Old Certificate shall be deemed at any time after the Effective Time to represent only the right to receive, upon surrender, the number of whole shares of BANC Common Stock or shares of New BANC Preferred Stock, which the shares of PACW Common Stock or PACW Preferred Stock, as applicable, represented by such Old Certificate have been converted into the right to receive and any cash in lieu of fractional shares or in respect of dividends or distributions as contemplated by this Section 2.2. (b) No dividends or other distributions declared after the Effective Time with respect to ACE*COMM BANC Common Stock and payable to the holders of record thereof or New BANC Preferred Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with this Article II. After the surrender of a an Old Certificate in accordance with this Article II, the record holder thereof shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofore had become payable with respect to the whole shares of ACE*COMM BANC Common Stock or shares of New BANC Preferred Stock which the shares of PACW Common Stock or PACW Preferred Stock, as applicable, represented by such Certificate. No holder of an unsurrendered Old Certificate shall be entitled, until the surrender of such Certificate, to vote the shares of ACE*COMM Common Stock into which such i3 Common Stock shall have been convertedconverted into the right to receive. (c) If any certificate New Certificate representing shares of ACE*COMM BANC Common Stock or New BANC Preferred Stock is to be issued in a name other than that in which the Old Certificate or Old Certificates surrendered in exchange therefor is or are registered, it shall be a condition of the issuance thereof that the Old Certificate or Old Certificates so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for transfer, and that the person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other taxes similar Taxes required by reason of the issuance of a certificate New Certificate representing shares of ACE*COMM BANC Common Stock or New BANC Preferred Stock in any name other than that of the registered holder of the Old Certificate or Old Certificates surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent that such tax Tax has been paid or is not payable. (d) After the close of business on the day immediately prior to the Effective Time, there shall be no transfers on the stock transfer books of i3 PACW of the shares of i3 PACW Common Stock which or New BANC Preferred Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Old Certificates representing such shares are presented for transfer to the Exchange Agent, they shall be canceled cancelled and exchanged for certificates New Certificates representing shares of ACE*COMM BANC Common Stock or New BANC Preferred Stock, as applicable, as provided in this Article II. (e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of BANC Common Stock shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to BANC Common Stock shall be payable on or with respect to any fractional share, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of BANC. In lieu of the issuance of any such fractional share, BANC shall pay to each former holder of PACW Common Stock who otherwise would be entitled to receive such fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of BANC Common Stock on the New York Stock Exchange (the “NYSE”) as reported by The Wall Street Journal for the consecutive period of five (5) full trading days ending on the trading day preceding the Closing Date (or, if not reported therein, in another authoritative source mutually agreed upon by PACW and BANC) by (ii) the fraction of a share (after taking into account all shares of PACW Common Stock held by such holder immediately prior to the Effective Time and rounded to the nearest thousandth when expressed in decimal form) of BANC Common Stock which such holder would otherwise be entitled to receive pursuant to Section 1.5. The parties acknowledge that payment of such cash consideration in lieu of issuing fractional shares is not separately bargained-for consideration, but merely represents a mechanical rounding off for purposes of avoiding the expense and inconvenience that would otherwise be caused by the issuance of fractional shares. (f) Any portion of the Exchange Fund that remains unclaimed by the stockholders holders of i3 PACW Common Stock or PACW Preferred Stock for six twelve (12) months after the Effective Time may shall be returned paid to ACE*COMMthe Surviving Corporation. Any stockholders former holders of i3 PACW Common Stock and New BANC Preferred Stock who have has not theretofore complied with this Article II prior to such return shall thereafter look only to ACE*COMM the Surviving Corporation for payment of their the shares of ACE*COMM BANC Common Stock, Stock and cash in lieu of any fractional shares or shares of New BANC Preferred Stock, as applicable, and any unpaid dividends and distributions on ACE*COMM the BANC Common Stock or New BANC Preferred Stock deliverable in respect of each former share of i3 PACW Common Stock or PACW Preferred Stock, as applicable, that such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of ACE*COMMBANC, i3PACW, Merger Subthe Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of i3 PACW Common Stock and PACW Preferred Stock for any amount properly delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar lawsLaws. (fg) BANC shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any cash in lieu of fractional shares of BANC Common Stock, any cash dividends or distributions payable pursuant to this Section 2.2 or any other consideration otherwise payable pursuant to this Agreement to any holder of PACW Common Stock, PACW Preferred Stock or PACW Equity Awards such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code or any provision of Tax Law. To the extent that amounts are so withheld by BANC or the Exchange Agent, as the case may be, and paid over to the appropriate Governmental Entity, the withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of PACW Common Stock, PACW Preferred Stock or PACW Equity Awards in respect of which the deduction and withholding was made by BANC or the Exchange Agent, as the case may be. (h) In the event any Old Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by ACE*COMMthe Exchange Agent, the posting by such person of a bond in such amount and on such terms as ACE*COMM the Exchange Agent, in consultation with the Surviving Corporation, may reasonably direct determine is necessary as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Certificate the shares of ACE*COMM BANC Common Stock, Stock and any cash in lieu of fractional shares deliverable in respect thereof and any dividends or distributions pursuant to Section 2.2(b)this Agreement.

Appears in 2 contracts

Samples: Merger Agreement (Pacwest Bancorp), Merger Agreement (Banc of California, Inc.)

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