Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, 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 the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 4 contracts
Samples: Acquisition Agreement, Acquisition Agreement, Acquisition Agreement
Exchange Procedures. Subject to Section 3.1(c), (i) At or promptly following the Effective Time (but in no event later than two (2) Business Days following after the Effective Time), Parent SHC shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates Frankfort First Certificate, other than holders of Dissenting Shares, which immediately prior to the Effective Time of Merger represented outstanding shares of Company Capital Frankfort First Common Stock or Warrants (and which was not submitted to the “Certificates”) Exchange Agent with a duly executed and completed Form of Election: (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“"Letter of Transmittal”), ") which shall specify that delivery shall be effected, and risk of loss and title to the Frankfort First Certificates shall pass, only upon proper delivery of the Frankfort First Certificates to the Exchange Agent and which shall be in such form and have such other customary form provisions as SHC may reasonably satisfactory specify and which are reasonably acceptable to Parent and the Equityholders’ Representative, Frankfort First; and (B) instructions for use in effecting to effect the surrender of the Frankfort First Certificates in exchange for the portion cash or shares of the Merger Consideration SHC Common Stock, or Warrant Payment both, as described in this Agreement.
(as applicableii) receivable in respect of such Certificates. Upon surrender of a Frankfort First Certificate for cancellation to the Exchange Agent together with such either a Form of Election or a Letter of Transmittal, properly completed and in each case duly executed, and with such other documents as the Exchange Agent may be required pursuant to such instructionsreasonably require, the holder of such Frankfort First Certificate shall be entitled to receive receive, and SHC shall cause the Exchange Agent to promptly deliver in exchange therefor after the portion Effective Time: (A) a certificate representing that number of the Merger Consideration or Warrant Payment (as applicable) whole shares of SHC Common Stock to which such holder has the right is entitled to receive in respect of such Frankfort First Certificate pursuant to Section 2.8 of this Agreement; and (B) a check representing the shares of Company Capital Stock or Warrants formerly represented by cash that such Certificate (and the right holder is entitled to receive payments from the General Escrow Account in respect of such Frankfort First Certificate pursuant to Section 2.8 of this Agreement; and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the (C) a check for any Fraction Payment. The Frankfort First Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, however, that if the Exchange Agent receives an Excess Payment prior to receipt fractional share interests of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates any one holder shall be made at aggregated to maximize the same time as payment number of whole shares of SHC Common Stock to be issued and minimize the balance of the applicable Merger Consideration or Warrant Payment Fraction Payments.
(as applicableiii) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Frankfort First Common Stock or Warrants that which is not registered in the transfer records of Frankfort First, a certificate representing the Companyproper number of shares of SHC Common Stock, a check for the portion proper amount of the Merger Consideration or Warrant Payment (as applicable) payable cash that such holder is entitled to receive in respect of such shares Frankfort First Certificate pursuant to Section 2.8 of Company Capital Stock or Warrants may this Agreement and any Fraction Payment, shall be issued delivered to a the transferee if the Frankfort First Certificate representing which represented such shares of Company Capital Frankfort First Common Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid. .
(iv) No interest will be paid or accrued on the cash and shares of SHC Common Stock to be issued pursuant to this Agreement, the cash in lieu of fractional shares, if any, and unpaid dividends and distributions on the shares of SHC Common Stock, if any, payable to Frankfort First Shareholders.
(v) If any Frankfort First Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Frankfort First Certificate to be lost, stolen or destroyed and, if required by SHC in its reasonable discretion, the posting by such Person of a bond in such reasonable amount as SHC may direct as indemnity against any claim that may be made against it with respect to such Frankfort First Certificate, the Exchange Agent will deliver in exchange for such lost, stolen or destroyed Frankfort First Certificate, a certificate representing the proper number of shares of SHC Common Stock and a check for the cash, in each case that such Frankfort First Shareholder has the right to receive pursuant to Section 2.8 of this Agreement, and the Fraction Payment, if any, with respect to the shares of Frankfort First Common Stock formerly represented thereby, and unpaid dividends and distributions on the shares of SHC Common Stock, if any, as provided in this Article II of this Agreement.
(vi) Until surrendered as contemplated by this Section 3.12.9 of this Agreement, each Certificate shallFrankfort First Certificate, subject to Section 3.2other than Dissenting Shares, shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender only the portion cash or shares of SHC Common Stock, or both, and any Fraction Payment.
(vii) Dissenting Shares as to which appraisal rights have been properly perfected shall be treated in the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth manner provided in Section 2.62.12.
Appears in 3 contracts
Samples: Merger Agreement (Frankfort First Bancorp Inc), Merger Agreement (Kentucky First Federal Bancorp), Merger Agreement (Frankfort First Bancorp Inc)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following the Effective Time (but as practicable and in no any event later than within two (2) Business Days following after the Effective Time), Parent the Paying Agent shall instruct the Exchange Agent to mail to each holder of record of a certificate Certificate or certificates which Certificates that, immediately prior to the Effective Time Time, represented outstanding shares of Company Capital Stock or Warrants Shares subsequently converted into the right to receive the Merger Consideration, as set forth in Section 2.04 (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), which ) that (A) shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Paying Agent (or an affidavit of loss in lieu thereof, together with any bond or indemnity agreement, as contemplated by Section 3.06) and (B) shall be in customary such form reasonably satisfactory and have such other provisions as the Surviving Corporation may specify, subject to Parent and the Equityholders’ Representative, Company’s reasonable approval (to be sought prior to the Effective Time) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the applicable Merger Consideration or Warrant Payment Consideration.
(as applicableb) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent Paying Agent, together with such a Letter of Transmittal, properly duly completed and duly executed, and such any other documents as may be reasonably required pursuant to such instructionsby the Paying Agent or the Surviving Corporation, (i) the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate pursuant to Section 2.04 and (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and ii) the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) the cash payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records upon surrender of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidCertificates. Until surrendered as contemplated by this Section 3.13.02, each such Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion applicable Merger Consideration.
(c) Notwithstanding anything to the contrary contained in this Agreement, any holder of Book-Entry Shares shall not be required to deliver a Certificate or an executed Letter of Transmittal to the Paying Agent to receive the Merger Consideration that such holder is entitled to receive pursuant to this Article III. In lieu thereof, each holder of record of one or more Book-Entry Shares whose Shares were converted into the right to receive the Merger Consideration shall automatically upon the Effective Time (or, at any later time at which such Book-Entry Shares shall be so converted) be entitled to receive, and Parent shall cause the Paying Agent to pay and deliver as promptly as practicable and in any event within three (3) Business Days after the Effective Time, the Merger Consideration to which such holder is entitled to receive pursuant to this Article III.
(d) In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, the appropriate amount of the Merger Consideration may be paid to a transferee if the Certificate representing such Shares is presented to the Paying Agent properly endorsed or Warrant Payment (as applicable) payable accompanied by appropriate stock powers and otherwise in respect of proper form for transfer and accompanied by all documents reasonably required by the Paying Agent to evidence and effect such Certificate as set forth in Section 2.6transfer and to evidence that any applicable Taxes have been paid.
Appears in 3 contracts
Samples: Merger Agreement, Merger Agreement (CF Corp), Merger Agreement (Fidelity & Guaranty Life)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following Promptly after the Effective Time), Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate Certificates or certificates which immediately prior Book Entry Shares whose shares were converted into the right to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) receive Merger Consideration pursuant to Section 2.6 (A) a letter of transmittal substantially in and instructions, the form attached hereto and substance of which shall be substantially as Exhibit C reasonably agreed to by the Company and Parent and prepared prior to the Closing (the “Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title with respect to the Certificates or Book-Entry Shares shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) instructions for use in effecting the surrender of the such Certificates or Book-Entry Shares, as applicable, in exchange for the portion of the Merger Consideration or Warrant Payment Consideration.
(as applicableb) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation or Book-Entry Share to the Exchange Agent together with such Letter of Transmittal, properly duly executed and completed and duly executed, and such other documents as may be required pursuant to such instructionsin accordance with the instructions thereto, the holder of such Certificate or Book-Entry Share shall be entitled to receive promptly in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect for each share of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate (or Book-Entry Share and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the such Certificate so surrendered or Book-Entry Share shall forthwith then be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment .
(as applicablec) upon surrender thereof. No interest will be paid or accrued will accrue for the benefit of holders of the Certificates on any the Merger Consideration payable upon the surrender of the Certificates or Warrant Payment (as applicable) payable to holders of CertificatesBook-Entry Shares. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that which is not registered in the transfer records of the Company, the portion payment of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued made with respect to such Common Stock to such a transferee if the Certificate or Book-Entry Shares formerly representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any all applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration paid or Warrant Payment (as are not applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 3 contracts
Samples: Merger Agreement (Silicon Storage Technology Inc), Merger Agreement (Silicon Storage Technology Inc), Merger Agreement (Microchip Technology Inc)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time (but Date, and in no any event later than two (2) Business Days following within five calendar days of the Merger Effective Time)Date, Parent shall instruct the an Exchange Agent to designated by Niagara Bancorp shall mail to each holder of record of an outstanding share Certificate or Certificates a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to Transmittal containing instructions for the Certificates shall pass, only upon proper delivery surrender of the Certificate or Certificates held by such holder for payment therefor. Upon surrender of the Certificate or Certificates to the Exchange Agent in accordance with the instructions set forth in the Letter of Transmittal, such holder shall promptly receive in exchange therefor the Merger Consideration, without interest thereon. The Exchange Agent shall send payments within three business days after the receipt of properly submitted documents. Approval of this Agreement by the stockholders of CNYF shall constitute authorization for Niagara Bancorp to designate and appoint such Exchange Agent. Neither Niagara Bancorp nor the Exchange Agent shall be obligated to deliver the Merger Consideration to a former stockholder of CNYF until such former stockholder surrenders his Certificate or Certificates or, in customary form lieu thereof, any such appropriate affidavit of loss and indemnity agreement and bond as may be reasonably satisfactory required by Niagara Bancorp. The Exchange Agent in its agreement shall be obligated to Parent and pay the Equityholders’ Representative, and Merger Consideration in accordance with this Agreement.
(Bb) instructions for use in effecting the surrender of the Certificates in exchange for the portion If payment of the Merger Consideration or Warrant Payment (as applicable) receivable is to be made to a person other than the person in respect of such Certificates. Upon surrender of whose name a Certificate surrendered in exchange therefore is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for cancellation transfer, and that the person requesting such payment shall pay any transfer or other taxes required by reason of the payment to a person other than the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent together that such tax has been paid or is not payable.
(c) On or prior to the Merger Effective Date, Niagara Bancorp shall deposit or cause to be deposited, in trust with such Letter the Exchange Agent, an amount of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant cash equal to such instructions, the holder of such Certificate aggregate Merger Consideration that the CNYF stockholders shall be entitled to receive in exchange therefor on the portion Merger Effective Date pursuant to Section 2.02 hereof.
(d) The payment of the Merger Consideration or Warrant Payment upon the conversion of CNYF Common Stock in accordance with the above terms and conditions shall be deemed to have been issued and paid in full satisfaction of all rights pertaining to such CNYF Common Stock.
(as applicablee) Promptly following the date which is twelve months after the Merger Effective Date, the Exchange Agent shall deliver to Niagara Bancorp all cash, certificates and other documents in its possession relating to the transactions described in this Agreement, and the Exchange Agent's duties shall terminate. Thereafter, each holder of a Certificate formerly representing shares of CNYF Common Stock may surrender such holder has the right Certificate to Niagara Bancorp and (subject to applicable abandoned property, escheat and similar laws) receive in respect consideration therefore the Merger Consideration multiplied by the number of shares of CNYF Common Stock formerly represented by such Certificate, without any interest or dividends thereon.
(f) After the close of business on the Merger Effective Date, there shall be no transfers on the stock transfer books of CNYF of the shares of Company Capital CNYF Common Stock or Warrants formerly represented by such Certificate (and which are outstanding immediately prior to the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Merger Effective Date, and the Certificate so surrendered stock transfer books of CNYF shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable closed with respect to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofshares. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the CompanyIf, the portion of after the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate Effective Date, Certificates representing such shares of Company Capital Stock or Warrants is are presented for transfer to the Exchange Agent, accompanied by any documents reasonably required to evidence they shall be canceled and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of exchanged for the Merger Consideration as provided in this Article II.
(g) In the event any certificate for CNYF Common Stock shall have been lost, stolen or Warrant Payment destroyed, the Exchange Agent shall deliver (except as applicableotherwise provided in Section 2.02(iii)) payable in respect exchange for such lost, stolen or destroyed certificate, upon the making of an affidavit of the fact by the holder thereof, the cash to be paid in the Merger as provided for herein; provided, however, that Niagara Bancorp may, in its sole discretion and as a condition precedent to the delivery thereof, require the owner of such Certificate lost, stolen or destroyed certificate to deliver a bond in such reasonable sum as set forth Niagara Bancorp as indemnity against any claim that may be made against CNYF, Niagara Bancorp or any other party with respect to the certificate alleged to have been lost, stolen or destroyed.
(h) Niagara Bancorp is hereby authorized to adopt additional rules and regulations with respect to the matters referred to in this Section 2.62.03 not inconsistent with the provisions of this Agreement.
Appears in 3 contracts
Samples: Merger Agreement (Cny Financial Corp), Merger Agreement (Cny Financial Corp), Merger Agreement (Cny Financial Corp)
Exchange Procedures. Subject (i) Not more than 90 days nor fewer than 30 days prior to the Closing Date, the Exchange Agent will mail a form of election (the "Form of Election") to holders of record of shares of SCANA Common Stock and to the holders of record of shares of PSNC Common Stock (as of a record date as close as practicable to the date of mailing and mutually agreed to by PSNC and SCANA). In addition, the Exchange Agent will use its best efforts to make the Form of Election available to the persons (as defined in Section 3.1(c2.3(f)) who become shareholders of SCANA or PSNC during the period between such record date and the Closing Date. Any election to receive SCANA Merger Consideration contemplated by Section 2.1(e) or PSNC Cash Consideration contemplated by Section 2.2(d) will have been properly made only if the Exchange Agent shall have received at its designated office or offices, by 5:00 p.m., New York City time, on the fifth business day immediately preceding the Closing Date (the "Election Deadline"), a Form of Election properly completed and accompanied by a SCANA Certificate or a PSNC Certificate, as the case may be (together or as applicable, "Certificate(s)") for the shares to which such Form of Election relates, duly endorsed in blank or otherwise acceptable for transfer on the books of SCANA or PSNC, as the case may be (or an appropriate guarantee of delivery), as set forth in such Form of Election. An election may be revoked only by written notice received by the Exchange Agent prior to 5:00 p.m., New York City time, on the Election Deadline. In addition, all elections shall automatically be revoked if the Exchange Agent is notified in writing by SCANA and PSNC that either of the Mergers has been abandoned. If an election is so revoked, the Certificate(s) (or guarantee of delivery, as appropriate) to which such election relates will be promptly following returned to the person submitting the same to the Exchange Agent. SCANA shall have the discretion, which it may delegate in whole or in part to the Exchange Agent, to determine whether Forms of Election have been properly completed, signed and submitted or revoked pursuant to this Article II, and to disregard immaterial defects in Forms of Election. The decision of SCANA (or the Exchange Agent) in such matters shall be conclusive and binding
(ii) As soon as reasonably practicable after the Effective Time (but in no event later than two (2) Business Days following of the First Merger, with respect to the First Merger, and after the Effective Time of the Second Merger, with respect to the Second Merger (together or as applicable, the "Effective Time"), Parent shall instruct the Exchange Agent to will mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding Certificate, whose shares of Company Capital SCANA Common Stock or Warrants PSNC Common Stock (collectively, the “Certificates”"Shares") were converted into the right to receive SCANA Merger Consideration or PSNC Merger Consideration (Atogether, the "Merger Consideration") and who failed to return a properly completed Form of Election, (i) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Exchange Agent and shall will be in customary such form reasonably satisfactory to Parent and the Equityholders’ Representative, have such other provisions as SCANA and PSNC may specify consistent with this Agreement) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of Merger Consideration.
(iii) At the Merger Consideration or Warrant Payment (as applicableEffective Time, with respect to properly made elections in accordance with Section 2.3(b)(i), and upon surrender in accordance with Section 2.3(b)(ii) receivable in respect of such Certificates. Upon surrender of a Certificate for of cancellation to the Exchange Agent or to such other agent or agents as may be appointed by SCANA and PSNC, together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall will be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Certificate so surrendered shall will forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Shares that is are not registered in the transfer records of SCANA or PSNC, as the Companycase may be, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants payment may be issued to a transferee if person other than the person in whose name the Certificate representing so surrendered is registered if such shares Certificate is properly endorsed or otherwise in proper form for transfer and the person requesting such issuance pays any transfer or other taxes required by reason of Company Capital Stock such payment to a person other than the registered holder of such Certificate or Warrants is presented establishes to the Exchange Agent, accompanied by any documents reasonably required to evidence satisfaction of SCANA and effect PSNC that such transfer and by evidence that any applicable stock transfer Taxes have tax has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.12.3, each Certificate shall, subject to Section 3.2, will be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable that the holder thereof has the right to receive in respect of such Certificate as set forth in Section 2.6pursuant to the provisions of this Article II. No interest will be paid or will accrue on any cash payable to holders of Certificates pursuant to the provisions of this Article II.
Appears in 3 contracts
Samples: Merger Agreement (Scana Corp), Merger Agreement (South Carolina Electric & Gas Co), Agreement and Plan of Merger (Public Service Co of North Carolina Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2i) Business Days following Promptly after the Effective Time, Newco shall cause its transfer agent and registrar, American Stock Transfer & Trust Company, acting as the exchange agent (the "Exchange Agent"), Parent shall instruct the Exchange Agent to mail to each holder the former shareholders of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants JWCFS appropriate transmittal materials (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and the risk of loss and title to the Certificates certificates theretofore representing shares of JWCFS Common Stock shall pass, only upon proper delivery of such certificates to the Certificates Exchange Agent) advising such holder of the effectiveness of the Share Exchange and the procedure for surrendering to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and (who may appoint forwarding agents with the Equityholders’ Representativeapproval of Newco) such certificates for exchange into certificates evidencing Newco Common Stock. Each holder of certificates theretofore evidencing shares of JWCFS Common Stock, and (B) instructions for use in effecting the upon proper surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation thereof to the Exchange Agent together and in accordance with such Letter of Transmittaltransmittal form, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be entitled promptly to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive certificates evidencing Newco Common Stock deliverable in respect of the shares of Company Capital JWCFS Common Stock or Warrants formerly represented evidenced by such Certificate (the certificates so surrendered, together with all undelivered dividends and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable distributions in respect of such shares (without interest thereon) pursuant to Section 2.7(b). Newco shall not be obligated to deliver the consideration to which any former holder of Company Capital JWCFS Common Stock is entitled as a result of the Share Exchange until such holder surrenders such holder's certificate or Warrants certificates representing the shares of JWCFS Common Stock for exchange as provided in this Section 2.7(a). The certificate or certificates of JWCFS Common Stock so surrendered shall be duly endorsed as the Exchange Agent may require. Any other provision of this Agreement notwithstanding, neither Newco nor the Exchange Agent shall be issued liable to a transferee if the Certificate representing such shares holder of Company Capital JWCFS Common Stock for any amounts paid or Warrants is presented property delivered in good faith to the Exchange Agent, accompanied by any documents reasonably required a public official pursuant to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time abandoned property law.
(ii) Promptly after the Effective Time Time, Newco shall deliver, or cause the Exchange Agent to represent only the right to receive upon such surrender the portion promptly deliver to, each of the Merger Consideration Genesis Members certificates evidencing Newco Common Stock (and cash in lieu of any fractional share) deliverable to such Genesis Member pursuant to Section 2.4, if there has -- been delivered to Newco the certificates representing (or Warrant Payment (as applicableother instruments or evidence of ownership of) payable in respect all Genesis Membership Interests of such Certificate as set forth in Section 2.6Genesis Member (properly endorsed for transfer to (or otherwise legally sufficient to convey ownership thereof) to Newco.
Appears in 3 contracts
Samples: Agreement and Plan of Combination (Jw Charles Financial Services Inc/Fl), Agreement and Plan of Combination (Jw Charles Financial Services Inc/Fl), Agreement and Plan of Combination (J W Genesis Financial Corp)
Exchange Procedures. Subject to Section 3.1(c), As promptly as reasonably practicable following the Effective Time (but in no event later than two ten (210) Business Days following the Effective Time), Parent shall instruct cause the Exchange Paying Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants (the “Certificates”, it being understood that any references herein to “Certificates” shall be deemed to include references to book-entry account statements relating to the ownership of shares of Company Common Stock) and whose shares of Company Common Stock have been converted into the right to receive Merger Consideration pursuant to Section 4.1 (Ai) a letter of transmittal substantially in the customary form attached hereto and with such other provisions as Exhibit C Parent may determine (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Paying Agent) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Paying Agent together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be reasonably required pursuant to such instructionsinstructions (or, if such shares are held in book-entry or other uncertificated form, upon the entry through a book-entry transfer agent of the surrender of such shares on a book-entry account statement), the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that which is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Paying Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.14.2, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (the right to demand to be paid the “fair value” of the shares represented thereby as applicable) payable in respect of such Certificate as set forth in contemplated by Section 2.64.3.
Appears in 3 contracts
Samples: Merger Agreement (Comverge, Inc.), Merger Agreement (Solutia Inc), Merger Agreement (Southwall Technologies Inc /De/)
Exchange Procedures. Subject Promptly after the Effective Time, Acquiror shall deliver to Section 3.1(c), promptly following each record holder of Company Stock at the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Acquiror and shall be in customary such form reasonably satisfactory to Parent and contain such other provisions as the Equityholders’ Representative, Company and Acquiror shall agree) (B) instructions for use in effecting the surrender "Letter of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesTransmittal"). Upon surrender of a Certificate for cancellation to the Exchange Agent Acquiror, together with such Letter of Transmittal, properly completed and duly executed, 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 the portion a certificate representing that number of the Merger Consideration or Warrant Payment (as applicable) which whole Acquiror Shares that such holder has the right to receive in respect pursuant to the provisions of this Article I, less the shares of Company Capital Stock or Warrants formerly represented by Escrow Shares attributable to such Certificate (holder that will be issued and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance deposited with the Escrow Agreement and Section 3.3)Agent for the account of such holder, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, a certificate evidencing the portion proper number of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants Acquiror Shares may be issued to a the transferee if the Certificate representing such shares of evidencing the Company Capital Stock or Warrants is presented shall be surrendered to the Exchange AgentAcquiror, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by for exchange in accordance with the provisions of this Section 3.11.07(a), each Certificate shall, subject theretofore representing Converted Shares (other than shares of Company Stock to be canceled pursuant to Section 3.2, be deemed at any time 1.06(c) of this Agreement) shall from and after the Effective Time to represent for all purposes only the right to receive upon such surrender the portion of the Merger Acquisition Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6this Agreement. If any holder of Converted Shares shall be unable to surrender such holder's Certificates because such Certificates have been lost or destroyed, such holder may deliver in lieu thereof an affidavit and indemnity bond in form and substance and with surety reasonably satisfactory to Acquiror. No interest shall be paid on any Acquisition Consideration payable to former holders of Converted Shares.
Appears in 3 contracts
Samples: Merger Agreement (Core Laboratories N V), Merger Agreement (Core Laboratories N V), Merger Agreement (Owen H Dean Jr)
Exchange Procedures. Subject to Section 3.1(c)As soon as practicable following the Effective Time, promptly and in any event within two Business Days following the Effective Time (but in no event later than two (2) Business Days following prior to the Effective Time), Parent IAC shall instruct cause the Exchange Agent to mail deliver to each holder of record of a certificate or certificates which immediately prior Company Common Stock entitled to receive the Effective Time represented outstanding shares Per Share Common Stock Consideration, and each holder of Company Capital Preferred Stock or Warrants (entitled to receive the “Certificates”) (A) Per Share Preferred Stock Consideration, pursuant to Section 3.01 a letter of transmittal substantially and instructions for use in exchanging such Company Stockholder’s Company Shares for such Company Stockholder’s applicable portion of the Stock Consideration from the Exchange Fund, and that shall be in form attached hereto as Exhibit C and contain provisions which IAC may specify and which are reasonably acceptable to the Company (a “Letter of Transmittal”), which shall (i) contain customary representations and warranties as to title, authorization, execution and delivery, (ii) contain a customary release of all claims against IAC and the Company arising out of or related to such holder’s ownership of Company Shares, (iii) specify that delivery shall be effected, and risk of loss and title to the Certificates Company Shares shall pass, only upon proper delivery of any stock certificate representing the Certificates Company Shares (a “Certificate”) to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (Biv) include instructions for use in effecting the surrender of the Certificates in exchange for pursuant to the portion Letter of Transmittal. Promptly following the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent of all Certificates held by such holder for cancellation (to the extent such Company Shares are or were certificated), together with such a Letter of Transmittal, properly duly completed and duly executed, 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 Certificates shall be entitled to receive in exchange therefor therefore, and IAC shall instruct the portion of Exchange Agent to deliver the Merger Per Share Common Stock Consideration or Warrant Payment (Per Share Preferred Stock Consideration, as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account , in accordance with the Escrow Agreement and provisions of Section 3.3)3.01, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.13.02, each Certificate shallentitled to receive the Per Share Common Stock Consideration or Per Share Preferred Stock Consideration, subject to as applicable, in accordance with Section 3.2, 3.01 shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Per Share Common Stock Consideration or Warrant Payment (as applicable) payable Per Share Preferred Stock Consideration that such holder is entitled to receive in respect accordance with the provisions of such Certificate as set forth in Section 2.63.01.
Appears in 3 contracts
Samples: Business Combination Agreement (Insight Acquisition Corp. /DE), Business Combination Agreement (Insight Acquisition Corp. /DE), Business Combination Agreement (Insight Acquisition Corp. /DE)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following As soon as practicable after the Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate Certificate or certificates which Certificates which, immediately prior to the Effective Time Time, represented outstanding shares of Company Capital Stock or Warrants (Common Shares subsequently converted into the “Certificates”) right to receive the Merger Consideration, as set forth in Section 2.4: (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“a "Letter of Transmittal”), ") which (i) shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent (or an affidavit of loss in lieu thereof, together with any bond or indemnity agreement, as contemplated by Section 3.7) and (ii) shall be in customary such form and have such other provisions as the Surviving Corporation may reasonably satisfactory to Parent and the Equityholders’ Representative, specify; and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the applicable Merger Consideration or Warrant Payment Consideration.
(as applicableb) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent Agent, together with such a Letter of Transmittal, properly completed and duly executed, and such any other documents as may be reasonably required pursuant to such instructionsby the Exchange Agent or the Surviving Corporation, (A) the holder of such Certificate shall be entitled to receive in exchange therefor a check and a certificate or certificates representing the portion applicable amount of the Merger Consideration or Warrant Payment (as applicable) cash and shares of Parent Common Stock which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate pursuant to Section 2.4 and (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and B) the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess PaymentUntil so surrendered, each such Certificate shall represent the Exchange Agent will deliver right to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if receive the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable aggregate Merger Consideration or Warrant Payment relating thereto.
(as applicablec) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that Common Shares which is not registered in the transfer records of the Company, the portion appropriate amount of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued paid to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants Common Shares is presented to the Exchange Agent, Agent properly endorsed or accompanied by any appropriate stock powers and otherwise in proper form for transfer and accompanied by all documents reasonably required by the Exchange Agent to evidence and effect such transfer and by to evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.13.2, each such Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion appropriate amount of the applicable Merger Consideration.
(d) No dividends or other distributions that are declared or made after the Effective Time with respect to Parent Common Stock payable to holders of record thereof after the Effective Time shall be paid to a Company Stockholder entitled to receive certificates representing Parent Common Stock until such Company Stockholder has properly surrendered such Company Stockholder's Certificates. Upon such surrender, there shall be paid to the Company Stockholder in whose name the certificates representing such Parent Common Stock shall be issued any dividends which shall have become payable with respect to such Parent Common Stock between the Effective Time and the time of such surrender, without interest. After such surrender, there shall also be paid to the Company Stockholder in whose name the certificates representing such Parent Common Stock shall be issued any dividend on such Parent Common Stock that shall have a record date subsequent to the Effective Time and prior to such surrender and a payment date after such surrender; provided, however, that such dividend payments shall be made on such payment dates. In no event shall the Company Stockholder entitled to receive such dividends be entitled to receive interest on such dividends.
(e) No certificate or scrip representing fractional shares of Parent Common Stock shall be issued upon the surrender for exchange of Certificates, and such fractional share interests will not entitle the owner thereof to vote or to any rights as a stockholder of Parent. All fractional shares of Parent Common Stock that a Company Stockholder would otherwise be entitled to receive as a result of the Merger Consideration or Warrant Payment shall be aggregated and if a fractional share results from such aggregation, such holder shall be entitled to receive, in lieu thereof, an amount in cash determined by multiplying (i) the Base Price by (ii) the fraction of a share of Parent Common Stock to which such holder would otherwise have been entitled. Parent shall timely make available to the Exchange Agent any cash necessary to make payments in lieu of fractional shares as applicable) payable aforesaid. No such cash in respect lieu of such Certificate as set forth fractional shares of Parent Common Stock shall be paid to any Company Stockholder until Certificates are surrendered and exchanged in accordance with this Section 2.63.2.
Appears in 3 contracts
Samples: Merger Agreement (Ivillage Inc), Merger Agreement (Ivillage Inc), Merger Agreement (Promotions Com Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following As soon as reasonably practicable after the Effective Time), Parent the Surviving Corporation shall instruct cause the Exchange Agent to mail to each holder of record of (i) a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Shares (the “Certificates”"CERTIFICATES"), (ii) a grant letter, option agreement, or other document representing a Converted Option (an "OPTION DOCUMENT"), and (iii) a certificate, agreement, or other document representing a Company Warrant (a "WARRANT CERTIFICATE"), the following: (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effectedeffective, and risk of loss and title to the Certificates, Option Documents, and Warrant Certificates shall pass, only upon proper delivery of the Certificates, Option Documents, and Warrant Certificates to the Exchange Agent Agent, and which letter shall be in customary form and have such other provisions as Parent may reasonably satisfactory to Parent and the Equityholders’ Representative, specify; and (B) instructions for use in effecting the surrender of the such Certificates, Option Documents, and Warrant Certificates in exchange for the portion of the applicable Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate, Option Document, or Warrant Certificate for cancellation to the Exchange Agent together with such Letter letter of Transmittaltransmittal, properly duly executed and completed and duly executedin accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate, Option Document, or Warrant Certificate shall be entitled to receive in exchange therefor the portion of the applicable Merger Consideration and the Certificate, Option Document, or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued will accrue on any the Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates, Option Documents, or Warrant Certificates pursuant to the provisions of this Article III. In the event of a transfer surrender of ownership of shares of a Certificate representing Shares or a Warrant Certificate representing Company Capital Stock or Warrants that is which are not registered in the transfer records of the Company, Company under the portion name of the Merger Consideration person surrendering such Certificate or Warrant Payment (as applicable) payable Certificate, payment may be made to a person other than the person in respect whose name the Certificate or Warrant Certificate so surrendered is registered if such Certificate or Warrant Certificate shall be properly endorsed or otherwise be in proper form for transfer and the person requesting such payment shall pay any transfer or other Taxes required by reason of payment to a person other than the registered holder of such shares of Company Capital Stock Certificate or Warrants may be issued to a transferee if the Warrant Certificate representing such shares of Company Capital Stock or Warrants is presented establish to the satisfaction of the Exchange Agent, accompanied by any documents reasonably required to evidence and effect Agent that such transfer and by evidence that any applicable stock transfer Taxes have Tax has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.13.4, each Certificate, Option Document, and Warrant Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable which the holder thereof has the right to receive in respect of such Certificate, Option Document, or Warrant Certificate as set forth in Section 2.6pursuant to the provisions of this Article III.
Appears in 3 contracts
Samples: Merger Agreement (Texas Instruments Inc), Merger Agreement (Integrated Sensor Solutions Inc), Merger Agreement (Texas Instruments Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following As soon as reasonably practicable after the Effective Time), Parent shall HQ Surviving Corporation will instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented evidenced outstanding shares of Company Capital VANTAS Common Stock or Warrants (other than shares to be canceled pursuant to Section 1(g)(ii)) (the “Certificates”) "Certificate"), (A1) a form letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary such form and have such other provisions as the HQ Surviving Corporation may reasonably satisfactory to Parent and the Equityholders’ Representative, specify) and (B2) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by the HQ Surviving Corporation, together with such Letter a letter of Transmittaltransmittal, properly completed and duly executed, and such other customary documents as may be required pursuant to such instructionsinstructions (collectively, the "Common Stock Transmittal Documents"), the holder of such Certificate shall be entitled to receive in exchange therefor the portion its proportionate share of the Merger Consideration or Warrant Payment (as applicablepayable pursuant to Section 1(g)(i) which such holder has the right to receive in respect for each share of the shares of Company Capital Stock or Warrants VANTAS Common Stock, formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, without any interest thereon, less any required withholding of Taxes, and the Certificate so surrendered shall forthwith thereupon be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that VANTAS Common Stock, which is not registered in the transfer records of the CompanyVANTAS, the portion of the Merger Consideration or Warrant Payment (as applicablepayable pursuant to Section 1(g)(i) payable may be issued and paid in respect accordance with this Section 3 to the transferee of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing evidencing such shares of Company Capital VANTAS Common Stock or Warrants is presented to the Exchange Agent, accompanied Agent and is properly endorsed or otherwise in proper form for transfer. The signature on the Certificate or any related stock power must be properly guaranteed and the person requesting payment of the Merger Consideration must either pay any transfer or other taxes required by any documents reasonably required reason of the payment to evidence a person other than the registered holder of the Certificate so surrendered or establish to the HQ Surviving Corporation that such tax has been paid or is not applicable. The Merger Consideration will be delivered by the Exchange Agent as promptly as practicable following surrender of a Certificate and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidthe related Common Stock Transmittal Documents. In no event will interest be payable on the Merger Consideration. Until surrendered as contemplated by in accordance with this Section 3.13, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent evidence only the right to receive receive, upon such surrender the portion of surrender, the Merger Consideration or Warrant Payment (as applicable) payable in respect for each share of VANTAS Common Stock formerly represented by such Certificate Certificate. The Exchange Fund shall not be used for any purpose other than as set forth in this Section 2.63. Any interest, dividends or other income earned on the investment of cash held in the Exchange Fund shall be for the account of the HQ Surviving Corporation.
Appears in 3 contracts
Samples: Merger Agreement (Vantas Inc), Merger Agreement (Carramerica Realty Corp), Merger Agreement (Reckson Services Industries Inc)
Exchange Procedures. Subject to Section 3.1(c), (a) At or promptly following the Effective Time (but in no event later than two (2) Business Days following the Company Merger Effective Time, CCI shall cause DST Systems, Inc., or any successor transfer agent of CCI (the “Transfer Agent”), Parent shall instruct to record on the Exchange Agent stock records of CCI the issuance of shares of CCI Class A Common Stock (including any fractional shares thereof) equal to mail the Company Merger Consideration that is issuable to each holder of record shares of CMOF Common Stock pursuant to Section 3.1(a). For the avoidance of doubt, delivery of the Company Merger Consideration shall only be made to the Person in whose name the relevant shares of CMOF Common Stock are registered in the stock transfer books of CMOF as of the Company Merger Effective Time.
(b) At or promptly following the Partnership Merger Effective Time, CCI and the Surviving OP shall take such action as may be reasonably necessary to issue CROP Common Units (including fractional units thereof) equal to the Partnership Merger Consideration that is issuable to each holder of CMOF OP Partnership Units pursuant to Section 3.1(b), subject to the receipt of customary representations from such holders. For the avoidance of doubt, delivery of the Partnership Merger Consideration shall only be made to the Person in whose name the relevant CMOF OP Partnership Units are registered in the transfer books of CMOF OP as of the Partnership Merger Effective Time.
(c) All securities issuable pursuant to this Agreement shall be in book-entry form.
(d) None of CCI, CMOF, the Surviving Company, the Surviving OP, the Transfer Agent or any employee, officer, director, agent or Affiliate of such entities, shall be liable to any Person in respect of any Company Merger Consideration or Partnership Merger Consideration (or the appropriate portion thereof) that has been delivered to a certificate public official pursuant to any applicable abandoned property, escheat or certificates which similar Law. Any amounts so delivered that remain unclaimed by holders of shares of CMOF Common Stock or CMOF OP Partnership Units immediately prior to the Effective Time represented outstanding shares of Company Capital Stock time at which such amounts would otherwise escheat to, or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”)become property of, which shall specify that delivery shall be effectedany Governmental Authority shall, and risk of loss and title to the Certificates shall passextent permitted by applicable Law, only upon proper delivery become the property of the Certificates to the Exchange Agent CCI and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeCROP, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect , free and clear of any claims or interest of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittalholders or their successors, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be assigns or personal representatives previously entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment thereto.
(as applicablee) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued on any the Company Merger Consideration (or Warrant Payment (as applicable) any amounts in respect thereof, including any dividends payable to holders of Certificates. In the event of a transfer of ownership of on shares of Company Capital Stock CCI Class A Common Stock) or Warrants that is not registered the Partnership Merger Consideration (or any amounts in respect thereof, including any distributions payable on CROP Common Units) for the transfer records benefit of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6holders thereof.
Appears in 3 contracts
Samples: Merger Agreement (Cottonwood Multifamily Opportunity Fund, Inc.), Merger Agreement (Cottonwood Communities, Inc.), Merger Agreement (Cottonwood Communities, Inc.)
Exchange Procedures. Subject An RPS Securityholder will have satisfied the “Delivery Requirements” if such RPS Securityholder (i) executes and delivers a counterpart signature page to Section 3.1(c)this Agreement, promptly following the Effective Time (but in no event later than two ii) executes and delivers a Letter of Transmittal (2as defined below) Business Days following and (iii) delivers original Certificates representing such RPS Securityholder’s Target Capital Stock and Target Warrants, if any, or an Affidavit of Loss to Parent. From and after the Effective Time), Parent shall instruct have and make available a sufficient amount of cash and a sufficient number of shares of Parent Common Stock and New Parent Warrants for exchange in accordance with the Exchange Agent terms and conditions of this Agreement. No RPS Securityholder shall be entitled to receive its share of the applicable Merger Consideration provided in Section 2.1 until it has satisfied the Delivery Requirements. Target shall use commercially reasonable efforts to mail or deliver (or cause to each holder be mailed or delivered) within fourteen (14) days after the date of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) this Agreement a letter of transmittal substantially in the form attached hereto as Exhibit C (the “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 a copy of the Certificates Information and Offering Memorandum to each RPS Securityholder that did not previously satisfy the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeDelivery Requirements. Target shall, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such upon receiving any original Letter of Transmittal, properly completed Certificate, Affidavit of Loss or other communication or correspondence concerning the Letter of Transmittal or the Merger, promptly inform Parent of the same and duly executeddeliver such original to Parent (it being understood that in all cases Parent shall receive and hold the original of the Letter of Transmittal in escrow pending the Closing and the RPS Securityholders Committee shall receive and hold a copy of the Letter of Transmittal). From and after the Effective Time, and Parent shall within three (3) Business Days after an RPS Securityholder has satisfied the Delivery Requirements (x) pay such other documents as may be required RPS Securityholder in cash, by wire transfer of immediately available funds the amount of any cash to which such RPS Securityholder is entitled pursuant to Section 2.1 to the account(s) specified in such instructions, the holder RPS Securityholder’s Letter of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment Transmittal and (as applicabley) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if RPS Securityholder the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership number of shares of Company Capital Parent Common Stock or and New Parent Warrants that to which such RPS Securityholder is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment entitled pursuant to Section 2.1 (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidany). Until surrendered as contemplated by this Section 3.12.3, each Certificate shall, subject to Section 3.2, shall be deemed upon and at any time after the Effective Time to represent only the right to receive upon such surrender the portion appropriate amount of the Merger Consideration or Warrant Payment (consideration without interest as applicable) payable in respect of such Certificate as set forth provided in Section 2.62.1.
Appears in 3 contracts
Samples: Merger Agreement (Research Pharmaceutical Services, Inc.), Merger Agreement (Research Pharmaceutical Services, Inc.), Merger Agreement (Research Pharmaceutical Services, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate At or certificates which immediately prior to the Effective Time represented outstanding shares Time, Sky shall deposit, or shall cause to be deposited, with The Bank of Company Capital Stock or Warrants New York (in such capacity, the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”"Exchange Agent"), which shall specify that delivery shall be effected, and risk of loss and title to for the Certificates shall pass, only upon proper delivery benefit of the Certificates holders of certificates formerly representing Metropolitan Common Shares ("Old Certificates"), for exchange in accordance with this Article III, certificates representing the Sky Common Shares ("New Certificates") and an estimated amount of cash (such cash and New Certificates, together with any dividends or distributions with a record date occurring on or after the Effective Date with respect thereto (without any interest on any such cash, dividends or distributions), being hereinafter referred to as the "Exchange Agent and shall Fund") to be in customary form reasonably satisfactory paid pursuant to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates this Article III in exchange for outstanding Metropolitan Common Shares.
(b) As promptly as practicable after the portion Effective Date, Sky shall cause the New Certificates into which shares of a shareholder's Metropolitan Common Shares are converted on the Effective Date and/or any check in respect of cash to be paid as part of the Merger Consideration or Warrant Payment (as applicable) receivable and in respect of any fractional share interests or dividends or distributions which such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate person shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which to be delivered to such holder has the right shareholder upon delivery to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver of Old Certificates representing such Metropolitan Common Shares (or an indemnity affidavit reasonably satisfactory to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if Sky and the Exchange Agent receives an Excess Payment prior to receipt Agent, if any of surrendered Certificatessuch certificates are lost, then payment of the portion thereof applicable to stolen or destroyed) owned by such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofshareholder. No interest will be paid or accrued on any Merger Consideration such cash to be paid in lieu of fractional share interests or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of dividends or distributions that any such shares of Company Capital Stock or Warrants may person shall be issued entitled to a transferee if receive pursuant to this Article III upon such delivery.
(c) Notwithstanding the Certificate representing such shares of Company Capital Stock or Warrants is presented to foregoing, neither the Exchange Agent, accompanied by if any, nor any documents reasonably required party hereto shall be liable to evidence and effect such transfer and by evidence that any former holder of Metropolitan Common Shares for any amount properly delivered to a public official pursuant to applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1abandoned property, each Certificate shall, subject escheat or similar laws.
(d) No dividends or other distributions with respect to Section 3.2, be deemed at any time Sky Common Shares with a record date occurring on or after the Effective Time Date shall be paid to represent only the holder of any unsurrendered Old Certificate representing Metropolitan Common Shares converted in the Merger into the right to receive such Sky Common Shares until the holder thereof shall be entitled to receive New Certificates in exchange therefor in accordance with the procedures set forth in this Section 3.04. After becoming so entitled in accordance with this Section 3.04, the record holder thereof also shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofor had become payable with respect to Sky Common Shares such holder had the right to receive upon such surrender of the Old Certificates.
(e) Any portion of the Merger Consideration or Warrant Payment (as applicable) payable Exchange Fund that remains unclaimed by the shareholders of Metropolitan for nine months after the Effective Time shall be paid to Sky. Any shareholders of Metropolitan who have not theretofore complied with this Article III shall thereafter look only to Sky for payment of the Sky Common Shares, cash in lieu of any fractional shares and unpaid dividends and distributions on Sky Common Shares deliverable in respect of each Metropolitan Common Shares such Certificate shareholder holds as set forth determined pursuant to this Agreement, in Section 2.6each case, without any interest thereon.
Appears in 3 contracts
Samples: Merger Agreement (Metropolitan Financial Corp /Oh/), Merger Agreement (Sky Financial Group Inc), Merger Agreement (Sky Financial Group Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following As soon as reasonably practicable after the Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares Company Certificate a form of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Company Certificates shall pass, only upon proper delivery of the Company Certificates to the Exchange Agent Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Company Certificates in exchange for certificates representing the portion shares of Parent Common Stock and cash in lieu of fractional shares of Parent Common Stock, if any, into which the Merger Consideration shares of Company Common Stock represented by such Company Certificate or Warrant Payment (as applicable) receivable in respect of such CertificatesCompany Certificates shall have been converted pursuant to this Agreement. Upon proper surrender of a Company Certificate for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, a properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Company Certificate shall be entitled to receive in exchange therefor the portion a certificate representing that number of the Merger Consideration or Warrant Payment shares of Parent Common Stock (as applicableif any) to which such former holder of Company Common Stock shall have become entitled pursuant to the provisions of this Article III, a check representing the amount of cash (if any) payable in lieu of fractional shares of Parent Common Stock which such former holder has the right to receive in respect of the shares Company Certificate surrendered pursuant to the provisions of Company Capital Stock this Article III, and any dividends or Warrants formerly represented by other distributions to which such Certificate (and the right holder shall have become entitled pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.33.6(b), and the Company Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on the cash payable in lieu of fractional shares.
(b) No dividends or other distributions with respect to Parent Common Stock with a record date after the Effective Time shall be paid to the holder of any unsurrendered Company Certificate until the holder thereof shall surrender such Company Certificate in accordance with this Article III. After the surrender of a Company Certificate in accordance with this Article III, the record holder thereof 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 Parent Common Stock represented by such Company Certificate.
(c) If any certificate representing shares of Parent Common Stock is to be issued in the name of a person other than the registered holder of the Certificate surrendered in exchange therefor, 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 applicable stock transfer or other Taxes or shall establish to the reasonable satisfaction of the Exchange Agent that such Taxes have been paid or are not payable.
(d) At and after the Effective Time, there shall be no transfers on the stock transfer books of the Company of the shares of Company Common Stock that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, Company Certificates representing such shares are presented for transfer to Parent, the Surviving Company or the Exchange Agent, they shall be cancelled and exchanged for the Merger Consideration as provided in this Article III.
(e) Any portion of the Exchange Fund that remains unclaimed by the shareholders of the Company for twelve months after the Effective Time shall be paid, at the request of Parent, to Parent. Any shareholders of the Company who have not theretofore complied with this Article III shall thereafter look only to Parent for payment of the Merger Consideration and unpaid dividends and distributions on the Parent Common Stock deliverable in respect of each share of Company Common Stock held by such shareholder at the Effective Time as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding anything to the contrary contained herein, none of Parent, the Company, the Exchange Agent or Warrant Payment (as applicable) payable any other person shall be liable to holders of Certificates. In the event of a transfer of ownership any former holder of shares of Company Capital Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or Warrants similar laws.
(f) In the event any Company Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that is not registered in fact by the transfer records of the Companyperson claiming such Company Certificate to be lost, stolen or destroyed and, if required by Parent, the portion posting by such person of a bond in such amount as Parent may determine is reasonably 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 Merger Consideration or Warrant Payment (as applicable) payable deliverable in respect thereof pursuant to this Agreement.
(g) Parent or the Exchange Agent will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of Company Common Stock such amounts as Parent or the Exchange Agent are required to deduct and withhold with respect to the making of such shares payment under the Code, or any applicable provision of Company Capital Stock any other U.S. federal, state, local or Warrants may be issued to a transferee if non-U.S. tax Law. To the Certificate representing extent that such shares of Company Capital Stock amounts are properly withheld by Parent or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required such withheld amounts will be treated for all purposes of this Agreement as having been paid to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion holder of the Merger Consideration or Warrant Payment (as applicable) payable Company Common Stock in respect of whom such Certificate as set forth in Section 2.6deduction and withholding were made by Parent or the Exchange Agent.
Appears in 3 contracts
Samples: Merger Agreement, Merger Agreement (Walt Disney Co/), Agreement and Plan of Merger (Pixar \Ca\)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following the Effective Time (but as practicable and in no any event later than within two (2) Business Days following after the First Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate Certificate or certificates which Certificates that, immediately prior to the First Effective Time Time, represented outstanding shares of Company Capital Stock or Warrants Shares subsequently converted into the right to receive the Merger Consideration, as set forth in Section 2.04 (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), which ) that (A) shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent (or an affidavit of loss in lieu thereof, together with any bond or indemnity agreement, as contemplated by Section 3.06) and (B) shall be in customary such form reasonably satisfactory and have such other provisions as the Surviving Company may specify, subject to Parent and the Equityholders’ Representative, Company’s reasonable approval (to be sought prior to the First Effective Time) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the applicable Merger Consideration or Warrant Payment Consideration.
(as applicableb) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent Agent, together with such a Letter of Transmittal, properly duly completed and duly executed, and such any other documents as may be reasonably required pursuant to such instructionsby the Exchange Agent or the Surviving Company, (i) the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate pursuant to Section 2.04 and (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and ii) the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any the Merger Consideration or Warrant Payment (as applicable) payable to holders upon surrender of the Certificates. Until surrendered as contemplated by this Section 3.02, each such Certificate shall be deemed at any time after the First Effective Time to represent only the right to receive upon such surrender the applicable Merger Consideration.
(c) Notwithstanding anything to the contrary contained in this Agreement, any holder of Book-Entry Shares shall not be required to deliver a Certificate or an executed Letter of Transmittal to the Exchange Agent to receive the Merger Consideration that such holder is entitled to receive pursuant to this Article III. In lieu thereof, each holder of record of one or more Book-Entry Shares whose Shares were converted into the right to receive the Merger Consideration shall automatically upon the First Effective Time (or, at any later time at which such Book-Entry Shares shall be so converted) be entitled to receive, and Parent shall cause the Exchange Agent to pay and deliver as promptly as practicable and in any event within three (3) Business Days after the First Effective Time, the Merger Consideration to which such holder is entitled to receive pursuant to this Article III.
(d) In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Shares that is not registered in the transfer records of the Company, the portion appropriate amount of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued paid to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants Shares is presented to the Exchange Agent, Agent properly endorsed or accompanied by any appropriate stock powers and otherwise in proper form for transfer and accompanied by all documents reasonably required by the Exchange Agent to evidence and effect such transfer and by to evidence that any applicable stock transfer Taxes have been paid.
(e) Notwithstanding anything to the contrary contained in this Agreement, no fractional shares of Parent Common Stock shall be issued in connection with the First Merger and no dividends or other distributions with respect to Parent Common Stock shall be payable on or with respect to any fractional share and no such fractional share will entitle the owner thereof to vote or to any rights of a shareholder of Parent. Until surrendered As promptly as contemplated by this Section 3.1practicable after the First Effective Time, each Certificate shallthe Exchange Agent, subject acting as agent for the holders of Shares who would otherwise have been entitled to a fraction of a share of Parent Common Stock, shall aggregate all fractional shares of Parent Common Stock that would otherwise be issued pursuant to Section 3.22.04 and cause them to be sold on the New York Stock Exchange at then-prevailing prices and, be deemed at in lieu of the issuance of any time after the Effective Time such fractional share, any holder of Shares who would otherwise have been entitled to represent only a fraction of a share of Parent Common Stock shall have the right to receive upon an amount equal such surrender holder’s proportionate interest in the portion net proceeds from the sale by the Exchange Agent of the Merger Consideration or Warrant Payment (as applicable) payable in respect shares of such Certificate as set forth in Section 2.6Parent Common Stock, rounded to the nearest xxxxx, without interest.
Appears in 3 contracts
Samples: Merger Agreement (Fidelity National Financial, Inc.), Merger Agreement (FGL Holdings), Merger Agreement (Fidelity National Financial, Inc.)
Exchange Procedures. Subject (i) As promptly as practicable after the date hereof, Adara shall use its reasonable best efforts to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct cause the Exchange Agent to mail to each record holder of record of a certificate or Company Common Stock as evidenced by certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) and entitled to receive the Per Share Closing Merger Consideration pursuant to this Article III: a letter of transmittal substantially transmittal, which shall be in a form reasonably acceptable to Adara and the form attached hereto as Exhibit C Company (the “Letter of Transmittal”), which ) and shall specify (A) 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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Agent; and (B) instructions for use in effecting the surrender of the Certificates (or affidavit of loss in exchange for the portion lieu of the Merger Consideration or Warrant Payment Certificate as provided in Section 3.02(i)) pursuant to the Letter of Transmittal. Within two (as applicable2) receivable Business Days (but in respect of such Certificates. Upon no event prior to the Effective Time) after the surrender of a Certificate for cancellation to the Exchange Agent of all Certificates held by such holder for cancellation (or affidavit of loss in lieu of the Certificate as provided in Section 3.02(i)), together with such a Letter of Transmittal, properly duly completed and duly executed, 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 Certificates shall be entitled to receive in exchange therefor therefore, and Adara shall cause the portion of Exchange Agent to deliver the Per Share Closing Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and provisions of Section 3.3)3.01, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.13.02, each Certificate shall, subject entitled to Section 3.2, receive the Per Share Closing Merger Consideration in accordance with this Article III shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender the portion of the Per Share Closing Merger Consideration or Warrant Payment that such holder is entitled to receive in accordance with the provisions of this Article III.
(ii) Within two (2) Business Days following the Effective Time (but in no event prior to the Effective Time), Adara shall cause the Exchange Agent to deliver to each record holder of Company Common Stock, as applicable) payable of immediately prior to the Effective Time, represented by book-entry the Per Share Closing Merger Consideration in respect accordance with the provisions of Section 3.01, and such Certificate as set forth in Section 2.6Company Common Stock shall forthwith be cancelled.
Appears in 3 contracts
Samples: Business Combination Agreement (Ogilvie Bruce a Jr), Business Combination Agreement (Walker Jeffrey Clinton), Business Combination Agreement (Adara Acquisition Corp.)
Exchange Procedures. Subject to Section 3.1(c), promptly following (i) As soon as reasonably practicable after the Effective Time (but Time, and in no any event not later than two the second (22nd) Business Days Day following the Effective Time), Parent TCCC shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital CCE Common Stock or Warrants whose shares of CCE Common Stock were converted into the applicable Merger Consideration pursuant to Section 2.4(b), (the “Certificates”) (Ax) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery of Certificates and/or Book-Entry Shares shall be effected, and risk of loss and title to the Certificates thereto shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Exchange Agent and which shall be in customary such form reasonably satisfactory and have such other provisions as agreed to Parent by TCCC, CCE and the Equityholders’ Representative, Splitco) and (By) instructions for use in effecting the surrender of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the portion of the Merger Consideration or Warrant Payment Consideration.
(as applicableii) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Exchange Agent together with such Letter letter of Transmittaltransmittal, properly duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may customarily be required pursuant to such instructionsthereby or by the Exchange Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the portion of the applicable Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital CCE Common Stock or Warrants formerly held prior to the Effective Time represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered its Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofBook-Entry Shares. No interest will be paid or accrued on any Merger Consideration amount payable upon due surrender of Certificates or Warrant Payment (as applicable) payable to holders of CertificatesBook-Entry Shares. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants a Certificate that is not registered in the transfer records of the CompanyCCE, the portion of the applicable Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued paid to a the transferee thereof if the Certificate formerly representing such shares of Company Capital CCE Common Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any applicable stock share transfer Taxes taxes have been paidpaid or are not applicable. Until surrendered as contemplated by this Section 3.12.5, each Certificate and Book-Entry Share shall, subject to the provisions of Section 3.22.4, be deemed at any time after the Effective Time of the Merger to represent only the right to receive upon such surrender the portion applicable Merger Consideration (without interest) as contemplated by this Article II.
(iii) The Exchange Agent shall be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of shares of CCE Common Stock such amounts as are required to be withheld or deducted under the Code, or any provision of United States state or local Tax Law with respect to the making of such payment. Amounts so withheld or deducted and paid over to the applicable Governmental Entity will be treated for all purposes of this Agreement as having been paid to the holder of the Merger Consideration or Warrant Payment (as applicable) payable shares of CCE Common Stock in respect of which such Certificate as set forth in Section 2.6deduction and withholding were made.
Appears in 3 contracts
Samples: Business Separation and Merger Agreement (Coca-Cola Enterprises, Inc.), Business Separation and Merger Agreement (Coca Cola Co), Business Separation and Merger Agreement (Coca Cola Enterprises Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following At and after the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder certificate representing shares of record of a certificate or certificates BDC Common Stock (“Certificate Share”) and each book-entry share which immediately prior to the Effective Time represented outstanding the shares of Company Capital BDC Common Stock or Warrants (“Book-Entry Shares”) shall represent only the right to receive the Merger Consideration in accordance with the terms of this Agreement. Collectively, the Certificate Shares and Book-Entry Shares are referred to as the “CertificatesOld Shares.”
(b) At least thirty (A30) a days prior to the Effective Time, Merchants shall deliver to BDC the form letter of transmittal substantially in Merchants desires be delivered with the form attached hereto Old Shares, as Exhibit C (“Letter well as any instructions for delivery of Transmittal”), which shall specify that delivery shall be effected, and risk shares of loss and title BDC Common Stock at the Effective Time. Prior to the Certificates Effective Time, BDC shall passcollect from the shareholders of BDC the fully executed transmittal letters, only upon proper delivery of any certificates representing the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executedOld Shares, and such other documents documentation as may reasonably be required pursuant requested by Merchants (including any bond or other indemnity satisfactory to Merchants if any of such instructionscertificates are lost, stolen or destroyed) (collectively, the “Transmittal Documents”).
(c) At the Effective Time, BDC shall deliver to Merchants the Transmittal Documents, and each holder of such Certificate shares of BDC Common Stock that have been converted into the right to receive the Merger Consideration shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital BDC Common Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, Transmittal Documents for such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration that any such holder shall be entitled to receive pursuant to this Article II.
(d) The stock transfer books of BDC shall be closed immediately upon the Effective Time and from and after the Effective Time there shall be no transfers on the stock transfer records of BDC of any shares of BDC Common Stock. If, after the Effective Time, Old Shares are presented to Merchants, they shall be canceled and exchanged for the Merger Consideration deliverable in respect thereof pursuant to this Agreement in accordance with the procedures set forth in this Section 2.02.
(e) Merchants shall be entitled to rely upon BDC’s stock transfer books to establish the identity of those individuals, partnerships, corporations, trusts, joint ventures, organizations or Warrant Payment other entities (as applicableeach, a “Person”) payable entitled to holders of Certificatesreceive the Merger Consideration, which books shall be conclusive with respect thereto. In the event of a transfer of dispute with respect to ownership of shares stock represented by any Old Share, Merchants shall be entitled to deposit any Merger Consideration represented thereby in escrow with an independent third party and thereafter be relieved from any and all liability with respect to any claims thereto.
(f) If any Old Share shall have been lost, stolen, or destroyed, upon the making of Company Capital Stock an affidavit of that fact by the Person claiming such Old Share to be lost, stolen, or Warrants that is not registered in the transfer records of the Companydestroyed and, if required by Merchants, the portion posting by such Person of a bond or other indemnity satisfactory to Merchants as indemnity against any claim that may be made against it with respect to such Old Share, Merchants will issue in exchange for such lost, stolen, or destroyed Old Share the Merger Consideration or Warrant Payment (as applicable) payable deliverable in respect of such thereof pursuant to Section 2.01 hereof.
(g) Notwithstanding anything in this Agreement to the contrary, at the Effective Time, all shares of Company Capital BDC Common Stock that are held as treasury stock of BDC or Warrants may owned by Merchants (other than shares held in a fiduciary capacity or in satisfaction of a debt previously contracted) shall be issued cancelled and shall cease to exist and no Merger Consideration shall be exchanged therefor.
(h) Notwithstanding the foregoing, no party hereto shall be liable to any former holder of BDC Common Stock for any amount properly delivered to a transferee if the Certificate representing such shares of Company Capital Stock public official pursuant to applicable abandoned property, escheat or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6similar laws.
Appears in 3 contracts
Samples: Merger Agreement (Merchants Bancorp), Merger Agreement (Merchants Bancorp), Merger Agreement (Merchants Bancorp)
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but in no event later more than two (2) Business Days following the Effective Timefive business days thereafter), Parent the Surviving Corporation shall instruct cause the Exchange Paying Agent to mail to each holder of record of a certificate or certificates which immediately prior Shares that were converted pursuant to Section 2.1(c) into the Effective Time represented outstanding shares of Company Capital Stock or Warrants right to receive the Merger Consideration, (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 certificates (or evidence of shares in book entry form) which immediately prior to the Exchange Agent Effective Time represented outstanding Shares (the “Certificates”) to the Paying Agent, and which shall be in such form and shall have such other customary form provisions (including customary provisions with respect to delivery of an “agent’s message” with respect to Shares held in book-entry form) as Parent may reasonably satisfactory to Parent and the Equityholders’ Representative, specify) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion payment of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Agent Paying Agent, together with such Letter letter of Transmittaltransmittal, properly duly completed and duly executed, validly executed in accordance with the instructions (and such other customary documents as may reasonably be required pursuant to such instructionsby the Paying Agent), the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants for each Share formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then If payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may is to be issued made to a transferee if Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that (x) the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, so surrendered shall be accompanied by any all documents reasonably required to evidence and effect such that transfer and by evidence that (y) the Paying Agent shall be entitled to deduct any applicable stock transfer Taxes from the Merger Consideration in accordance with Section 2.2(g), unless the Person requesting such payment shall have established to the reasonable satisfaction of the Surviving Corporation that such Tax either has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.1, each Each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of in accordance with this Section 2.2 the Merger Consideration into which the Shares have been converted pursuant to Section 2.1(c). No interest shall be paid or Warrant Payment (as applicable) accrued on any cash payable in respect to holders of such Certificate as set forth in Section 2.6Certificates pursuant to the provisions of this Article II.
Appears in 3 contracts
Samples: Merger Agreement (Ulticom, Inc), Merger Agreement (Ulticom, Inc), Merger Agreement (Ulticom, Inc)
Exchange Procedures. Subject to Section 3.1(c), (i) At or promptly following the Effective Time (but in no event later than two (2) Business Days following after the Effective Time), Parent SHC shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates Frankfort First Certificate, other than holders of Dissenting Shares, which immediately prior to the Effective Time of Merger represented outstanding shares of Company Capital Frankfort First Common Stock or Warrants (and which was not submitted to the “Certificates”) Exchange Agent with a duly executed and completed Form of Election: (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), ) which shall specify that delivery shall be effected, and risk of loss and title to the Frankfort First Certificates shall pass, only upon proper delivery of the Frankfort First Certificates to the Exchange Agent and which shall be in such form and have such other customary form provisions as SHC may reasonably satisfactory specify and which are reasonably acceptable to Parent and the Equityholders’ Representative, Frankfort First; and (B) instructions for use in effecting to effect the surrender of the Frankfort First Certificates in exchange for the portion cash or shares of the Merger Consideration SHC Common Stock, or Warrant Payment both, as described in this Agreement.
(as applicableii) receivable in respect of such Certificates. Upon surrender of a Frankfort First Certificate for cancellation to the Exchange Agent together with such either a Form of Election or a Letter of Transmittal, properly completed and in each case duly executed, and with such other documents as the Exchange Agent may be required pursuant to such instructionsreasonably require, the holder of such Frankfort First Certificate shall be entitled to receive receive, and SHC shall cause the Exchange Agent to promptly deliver in exchange therefor after the portion Effective Time: (A) a certificate representing that number of the Merger Consideration or Warrant Payment (as applicable) whole shares of SHC Common Stock to which such holder has the right is entitled to receive in respect of such Frankfort First Certificate pursuant to Section 2.8 of this Agreement; and (B) a check representing the shares of Company Capital Stock or Warrants formerly represented by cash that such Certificate (and the right holder is entitled to receive payments from the General Escrow Account in respect of such Frankfort First Certificate pursuant to Section 2.8 of this Agreement; and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the (C) a check for any Fraction Payment. The Frankfort First Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, however, that if the Exchange Agent receives an Excess Payment prior to receipt fractional share interests of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates any one holder shall be made at aggregated to maximize the same time as payment number of whole shares of SHC Common Stock to be issued and minimize the balance of the applicable Merger Consideration or Warrant Payment Fraction Payments.
(as applicableiii) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Frankfort First Common Stock or Warrants that which is not registered in the transfer records of Frankfort First, a certificate representing the Companyproper number of shares of SHC Common Stock, a check for the portion proper amount of the Merger Consideration or Warrant Payment (as applicable) payable cash that such holder is entitled to receive in respect of such shares Frankfort First Certificate pursuant to Section 2.8 of Company Capital Stock or Warrants may this Agreement and any Fraction Payment, shall be issued delivered to a the transferee if the Frankfort First Certificate representing which represented such shares of Company Capital Frankfort First Common Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid. .
(iv) No interest will be paid or accrued on the cash and shares of SHC Common Stock to be issued pursuant to this Agreement, the cash in lieu of fractional shares, if any, and unpaid dividends and distributions on the shares of SHC Common Stock, if any, payable to Frankfort First Shareholders.
(v) If any Frankfort First Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Frankfort First Certificate to be lost, stolen or destroyed and, if required by SHC in its reasonable discretion, the posting by such Person of a bond in such reasonable amount as SHC may direct as indemnity against any claim that may be made against it with respect to such Frankfort First Certificate, the Exchange Agent will deliver in exchange for such lost, stolen or destroyed Frankfort First Certificate, a certificate representing the proper number of shares of SHC Common Stock and a check for the cash, in each case that such Frankfort First Shareholder has the right to receive pursuant to Section 2.8 of this Agreement, and the Fraction Payment, if any, with respect to the shares of Frankfort First Common Stock formerly represented thereby, and unpaid dividends and distributions on the shares of SHC Common Stock, if any, as provided in this Article II of this Agreement.
(vi) Until surrendered as contemplated by this Section 3.12.9 of this Agreement, each Certificate shallFrankfort First Certificate, subject to Section 3.2other than Dissenting Shares, shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender only the portion cash or shares of SHC Common Stock, or both, and any Fraction Payment.
(vii) Dissenting Shares as to which appraisal rights have been properly perfected shall be treated in the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth manner provided in Section 2.62.12.
Appears in 3 contracts
Samples: Merger Agreement (Frankfort First Bancorp Inc), Agreement of Merger (Kentucky First Federal Bancorp), Merger Agreement (Frankfort First Bancorp Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent shall instruct cause the Exchange Agent to mail or deliver to each holder of record of a certificate or certificates which person who was, immediately prior to the Effective Time represented outstanding shares Time, a holder of record of Company Capital Stock or Warrants Common Shares, a form (mutually agreed upon by the “Certificates”Company and Parent) (A) a of letter of transmittal substantially in the form attached hereto as Exhibit C (“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 proper delivery of the Certificates certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (BAgent) containing instructions for use in effecting the surrender of the Company Share Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesParent Stock Certificates and any payments pursuant to this Article II. Upon surrender of a Certificate for cancellation to the Exchange Agent of a Company Share Certificate for cancellation together with such Letter letter of Transmittaltransmittal, properly duly executed and completed and duly executed, and such other documents as may be required pursuant to such instructionsin accordance with the instructions thereto, the holder of such Company Share Certificate shall be entitled to receive in exchange therefor a Parent Stock Certificate representing the portion shares of Parent Common Stock, and a check in the Merger Consideration or Warrant Payment (as applicable) amount, if any, to which such holder has the right is entitled pursuant to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Company Share Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued will accrue on any Merger Consideration amount payable upon surrender of Company Share Certificates.
(a) No dividends or Warrant Payment other distributions declared with respect to Parent Common Stock shall be paid to the holder of any unsurrendered Company Share Certificate until the holder thereof shall surrender such Company Share Certificate in accordance with this Article II. After the surrender of a Company Share 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, that theretofore had become payable with respect to shares of Parent Common Stock represented by such Company Share Certificate.
(as b) After the Effective Time, there shall be no transfers on the stock transfer books of the Company of Company Common Shares that were issued and outstanding immediately prior to the Effective Time.
(c) If any Parent Stock Certificate or cash payment is to be issued or made in a name other than that in which the Company Certificate surrendered in exchange therefor is registered, it shall be a condition of such exchange that the Company Share 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 such Parent Stock Certificate or the making of such cash payment in a name other than that of the registered holder of the Company Share Certificate surrendered, or shall establish to the satisfaction of Parent that any such taxes have been paid or are not applicable.
(d) payable Notwithstanding anything to holders 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.
(e) In the event any Company Share Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Company Share Certificate to be lost, stolen or destroyed and, if reasonably required by Parent, the posting by such person of a transfer bond in such amount as Parent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Company Share Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed Company Share Certificate the shares of ownership Parent Common Stock and any cash in lieu of fractional shares deliverable in respect thereof pursuant to this Agreement.
(f) Upon giving effect to the conversion and exchange described in Section 1.4, the resulting number of shares of Parent Common Stock of each registered holder of Company Capital Common Shares shall be rounded down to the nearest whole number and each such registered holder shall be entitled to receive from Parent in lieu of any fractional share of Parent Common Stock or Warrants that is not registered prior to such rounding down an amount in cash (without interest) equal to the transfer records product obtained by multiplying (a) the fraction of a share of Parent Common Stock to which such holder would otherwise be entitled and (b) the average of the Companyclosing price per share of Parent Common Stock for the ten trading days most recently preceding the Closing Date as reported on the NYSE Composite Transactions reporting system. Notwithstanding the foregoing, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such fractional shares of Company Capital Parent Common Stock or Warrants may that would be issued into the ESOP prior to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only shall be issued within such plan as a fractional share of Parent Common Stock at the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6Effective Time.
Appears in 2 contracts
Samples: Merger Agreement (Comerica Inc /New/), Merger Agreement (Imperial Bancorp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event a) As soon as practicable and not later than two five (25) Business Days following after the Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate Certificate or certificates which Certificates that, immediately prior to the Effective Time Time, represented outstanding shares of Company Capital Stock or Warrants Common Shares subsequently converted into the right to receive the Merger Consideration, as set forth in Section 1.4: (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), which ) that (A) shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent (or an affidavit of loss in lieu thereof, together with any bond or indemnity agreement, as contemplated by Section 2.6) and (B) shall be in customary such form and have such other provisions as the Interim Surviving Corporation or Parent may reasonably satisfactory to Parent and the Equityholders’ Representative, specify; and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment Consideration.
(as applicableb) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent Agent, together with such a Letter of Transmittal, properly duly completed and duly executed, and such any other documents as may be reasonably required pursuant to such instructionsby the Exchange Agent, Parent or the Interim Surviving Corporation, (i) the holder of such Certificate shall be entitled to receive in exchange therefor the number of shares of Parent Common Stock, the portion of the Cash Merger Consideration or Warrant Payment (as applicable) Consideration, and the CVRs to which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate is entitled and (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and ii) the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) the cash payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records upon surrender of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidCertificates. Until surrendered as contemplated by this Section 3.12.2, each such Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion applicable Merger Consideration.
(c) In the event of a transfer of ownership of Common Shares that is not registered in the transfer records of the Company, the appropriate amount of the Merger Consideration may be paid to a transferee if the Certificate representing such Common Shares is presented to the Exchange Agent properly endorsed or Warrant Payment accompanied by appropriate stock powers and otherwise in proper form for transfer and accompanied by all documents reasonably required by the Exchange Agent, Parent or the Interim Surviving Corporation to evidence and effect such transfer and to evidence that any applicable Taxes have been paid.
(as applicabled) payable No dividends or other distributions, if any, declared or made after the Effective Time with respect to Parent Common Stock with a record date after the Effective Time will be paid to the holder of any unsurrendered Certificate with respect to the shares of Stock Merger Consideration to be issued in respect exchange therefor until the holder of record of such Certificate as set forth shall surrender such Certificate in accordance with this Section 2.62.2. Subject to applicable Law, following surrender of any such Certificate, there shall be paid to the record holder of the certificates representing whole shares of the Stock Merger Consideration issued in exchange therefor, without interest, at the time of such surrender, the amount of dividends or other distributions, if any, with a record date after the Effective Time theretofore paid with respect to such whole shares of the Stock Merger Consideration. No interest shall be payable on any cash deliverable upon the exchange of any Common Shares for Cash Merger Consideration.
Appears in 2 contracts
Samples: Merger Agreement (Emergent BioSolutions Inc.), Merger Agreement (Trubion Pharmaceuticals, Inc)
Exchange Procedures. Subject (a) At or prior to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time, Sky shall deposit, or shall cause to be deposited, with The Bank of New York (in such capacity, the “Exchange Agent”), Parent for the benefit of the holders of certificates formerly representing SBI Shares (“Old Certificates”), for exchange in accordance with this Article III, certificates representing the Sky Common Shares (“New Certificates”) and an estimated amount of cash (such cash and New Certificates, together with any dividends or distributions having a record date occurring on or after the Effective Date with respect thereto (without any interest on any such cash, dividends or distributions), being hereinafter referred to as the “Exchange Fund”) to be paid pursuant to this Article III in exchange for outstanding SBI Shares.
(b) As promptly as practicable after the Effective Date, Sky shall instruct the Exchange Agent send or cause to mail be sent to each former holder of record of a certificate or certificates which SBI Shares immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions materials for use in effecting the surrender of the exchanging such shareholder’s Old Certificates in exchange for the portion consideration set forth in this Article III. Sky shall cause the New Certificates into which shares of a shareholder’s SBI Shares are converted on the Merger Consideration or Warrant Payment (as applicable) receivable Effective Date and/or any check in respect of any fractional share interests or dividends or distributions which such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate person shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which to be delivered to such holder has the right shareholder upon delivery to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver of Old Certificates representing such SBI Shares (or an indemnity affidavit reasonably satisfactory to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if Sky and the Exchange Agent receives an Excess Payment prior to receipt Agent, if any of surrendered Certificatessuch certificates are lost, then payment stolen or destroyed) owned by such shareholder together with a duly completed and executed letter of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereoftransmittal. No interest will be paid or accrued on any Merger Consideration such cash to be paid in lieu of fractional share interests or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of dividends or distributions that any such shares of Company Capital Stock or Warrants may person shall be issued entitled to a transferee if receive pursuant to this Article III upon such delivery.
(c) Notwithstanding the Certificate representing such shares of Company Capital Stock or Warrants is presented to foregoing, neither the Exchange Agent, accompanied by if any, nor any documents reasonably required party hereto shall be liable to evidence and effect such transfer and by evidence that any former holder of SBI Shares for any amount properly delivered to a public official pursuant to applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1abandoned property, each Certificate shall, subject escheat or similar laws.
(d) No dividends or other distributions with respect to Section 3.2, be deemed at any time Sky Common Shares with a record date occurring on or after the Effective Time Date shall be paid to represent only the holder of any unsurrendered Old Certificate representing SBI Shares converted in the Merger into the right to receive such Sky Common Shares until the holder thereof shall be entitled to receive New Certificates in exchange therefor in accordance with the procedures set forth in this Section 3.04. After becoming so entitled in accordance with this Section 3.04, the record holder thereof also shall be entitled to receive any such dividends or other distributions, without any interest thereon, which theretofor had become payable with respect to Sky Common Shares such holder had the right to receive upon such surrender of the Old Certificates.
(e) Any portion of the Merger Consideration or Warrant Payment (as applicable) payable Exchange Fund that remains unclaimed by the shareholders of SBI for six months after the Effective Time shall be paid to Sky. Any shareholders of SBI who have not theretofore complied with this Article III shall thereafter look only to Sky for payment of the Sky Common Shares, cash in lieu of any fractional shares and unpaid dividends and distributions on Sky Common Shares deliverable in respect of each SBI Share such Certificate shareholder holds as set forth determined pursuant to this Agreement, in Section 2.6each case, without any interest thereon.
Appears in 2 contracts
Samples: Merger Agreement (Sky Financial Group Inc), Merger Agreement (Sky Financial Group Inc)
Exchange Procedures. Subject (a) Prior to Section 3.1(cthe Effective Time, Parent shall select an exchange agent, agreed to by JCB (the “Exchange Agent”). No later than two business days prior to the Effective Time, Parent shall deposit, or shall cause to be deposited, with the Exchange Agent, for the benefit of the holders of certificates formerly representing shares of JCB Common Stock (“Old Certificates”) and holders of non‑certificated shares of JCB Common Stock (“Book-Entry Shares”), promptly following for exchange in accordance with this Section 7, sufficient funds for timely payment of the aggregate Merger Consideration to be paid pursuant to this Agreement (the “Exchange Fund”). The Exchange Fund will be distributed in accordance with the Exchange Agent’s normal and customary procedures established in connection with merger transactions.
(b) As soon as practicable after the Effective Time (but Time, and in no event later than two three (23) Business Days following the Effective Time)business days thereafter, Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate one or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock more Old Certificates or Warrants (the “Certificates”) (A) Book-Entry Shares a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery no Person shall be effectedhave the right to receive the Merger Consideration until they deliver the Old Certificates, or a lost stock affidavit and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be indemnity in customary form reasonably satisfactory to Parent the Exchange Agent, to the Exchange Agent) and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates or Book-Entry Shares in exchange for the portion Merger Consideration that the holders of the Merger Consideration Old Certificates or Warrant Payment (as applicable) receivable in respect of such CertificatesBook-Entry Shares are entitled to receive pursuant to this Section 7. Upon proper surrender of an Old Certificate or Book-Entry Shares (or delivery of a Certificate lost stock affidavit and indemnity) for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate Old Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares Old Certificates or Book-Entry Shares surrendered pursuant to the provisions of Company Capital Stock or Warrants formerly represented by such Certificate this Section 7.
(and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, c) Neither the Exchange Agent will deliver nor any party hereto shall be liable to each any former holder of surrendered CertificatesJCB Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, such holder’s pro rata escheat or similar laws.
(d) Any portion thereof; provided, that if of the Exchange Agent receives an Excess Payment prior to receipt Fund that remains unclaimed by the shareholders of surrendered Certificates, then payment JCB on the business day after the one-year anniversary of the portion thereof applicable to such unsurrendered Certificates Effective Date shall be made at the same time as paid to Parent. Any shareholders of JCB who have not theretofore complied with this Section 7 shall thereafter look only to Parent for payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of each share of JCB Common Stock such shares of Company Capital Stock shareholder holds as determined pursuant to this Agreement, without any interest thereon.
(e) Parent or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by as the case may be, will be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Plan of Merger to any documents reasonably Person such amounts, if any, as it is required to evidence deduct and effect withhold with respect to the making of such transfer payment under the Internal Revenue Code of 1986 or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and remitted to the appropriate governmental authority by evidence that any applicable stock transfer Taxes have or on behalf of Parent or the Exchange Agent, as the case may be, such amounts withheld will be treated for all purposes of this Agreement as having been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject paid to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable Person in respect of which such Certificate deduction and withholding was made by Parent or the Exchange Agent, as set forth in Section 2.6the case may be.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Skyline Bankshares, Inc.), Merger Agreement (Skyline Bankshares, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but in no event later more than two (2) Business Days following the Effective Timethree business days thereafter), the Parent shall instruct the Exchange Paying Agent to mail to each holder of record of a certificate Certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Book Entry Shares, (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates a Certificate shall pass, only upon proper delivery of the Certificates Certificate to the Exchange Paying Agent and, in the case of Book Entry Shares, delivery shall be effected and risk of loss and title shall pass only upon adherence to the procedures set forth in the letter of transmittal, and which letter of transmittal shall be in customary such form reasonably satisfactory to and have such other reasonable provisions as the Parent and the Equityholders’ Representative, may specify) and (Bii) instructions for use in effecting the surrender of the Certificates and Book Entry Shares in exchange for the portion Merger Consideration. Surrender of any Book Entry Shares shall be effected in accordance with the Merger Consideration or Warrant Payment (as applicable) receivable in Paying Agent’s customary procedures with respect of such Certificatesto securities represented by book entry. Upon surrender of a Certificate or Book Entry Shares for cancellation to the Exchange Agent Paying Agent, together with such Letter letter of Transmittaltransmittal, properly duly completed and duly properly executed, and such other documents as may reasonably be required pursuant to such instructionsby the Paying Agent, the holder of such Certificate or Book Entry Shares shall be entitled to receive in exchange therefor the portion an amount of cash equal to the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.32.1(a)(iii), and the Certificate or Book Entry Shares so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatescancelled. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Common Shares that is not registered in the stock transfer records of the Company, payment may be made to a person other than the portion person in whose name the Certificate or Book Entry Shares so surrendered is or are registered if, in the case of a Certificate, such Certificate shall be properly endorsed or otherwise be in proper form for transfer, or, in the case of Book Entry Shares, the person in whose name such Book Entry Shares are registered shall have delivered to the Paying Agent instruments of transfer in such form as the Paying Agent may require in accordance with its customary procedures for the transfer for securities represented by book entry, and, in each case, the person requesting such payment shall pay any transfer or other Taxes required by reason of the Merger Consideration or Warrant Payment (as applicable) payable in respect payment to a person other than the registered holder of such shares of Company Capital Stock Certificate or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock Book Entry Shares or Warrants is presented establish to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of the Parent that such transfer and by evidence that any applicable stock transfer Taxes have Tax has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.12.2, each Certificate shall, subject to Section 3.2, and all Book Entry Shares shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion amount of cash, without interest, into which the Merger Consideration or Warrant Payment (as applicable) payable in respect of Company Common Shares formerly represented by such Certificate as set forth in or Book Entry Shares have been converted pursuant to Section 2.62.1(a)(iii). No interest shall be paid or shall accrue on the cash payable upon surrender of any Certificate or Book Entry Shares.
Appears in 2 contracts
Samples: Merger Agreement (Essilor International /Fi), Merger Agreement (Costa Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent shall instruct cause the Exchange Paying Agent to mail to each Person who was a holder of record of Shares immediately prior to the Effective Time, whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 1.5, (i) a certificate or letter of transmittal in customary form for use in effecting the surrender of stock certificates which that immediately prior to the Effective Time represented outstanding shares of Company Capital Stock Shares (each, a “Certificate”) or Warrants uncertificated Shares represented by book-entry (the “CertificatesBook-Entry Shares”) (A) a which letter of transmittal substantially in shall include customary provisions with respect to the form attached hereto as Exhibit C (use of an “Letter of Transmittal”), which agent’s message” for Book-Entry Shares and shall also specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares shall pass, only upon proper delivery of the Certificates or transfer of the Book-Entry Shares to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Paying Agent); and (Bii) instructions for use in effecting the surrender of surrendering the Certificates or Book-Entry Shares in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate or a Book-Entry Share for cancellation to the Exchange Agent Paying Agent, together with such Letter of Transmittal, properly a completed and duly executedexecuted letter of transmittal (or a valid “agent’s message” agreeing to the terms of such letter of transmittal, sent in accordance with the applicable procedures of The Depositary Trust Company) and such other documents as may reasonably be required pursuant to such instructionsby the Paying Agent, the holder of such Certificate or Book-Entry Share shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants for each Share formerly represented by such Certificate (and the right or Book-Entry Share, net of applicable Taxes withheld pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.31.7(f), and the Certificate or Book-Entry Shares so surrendered shall forthwith then be canceledcancelled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then If payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicableis to be made to a Person other than the Person in whose name the surrendered Certificate(s) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not formerly representing Shares are registered in the transfer records of the Company, it shall be a condition of payment that such Certificate so surrendered shall be properly endorsed or otherwise be in proper form for transfer and the portion Person requesting such payment shall pay any transfer or other Taxes required by reason of the payment to a Person other than the registered holder of such Certificate or establish to the satisfaction of Parent that such Tax has been paid or is not applicable. Payment of the applicable Merger Consideration or Warrant Payment (as applicable) payable in with respect of such shares of Company Capital Stock or Warrants may to Book-Entry Shares shall be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented made only to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect Person in whose name such transfer and by evidence that any applicable stock transfer Taxes have been paidBook-Entry Shares are registered. Until surrendered as contemplated by in accordance with this Section 3.11.7(b), subject to the Dissenters’ Rights, each Certificate shall, subject to Section 3.2, and Book-Entry Share shall be deemed at any time all times from and after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable that the holder thereof has the right to receive in respect of the Shares previously represented by such Certificate as set forth in Section 2.6or Book-Entry Share pursuant to this Article 1. No interest shall be paid or shall accrue on any cash payable to holders of Certificates or Book-Entry Shares pursuant to the provisions of this Article 1.
Appears in 2 contracts
Samples: Merger Agreement (Insight Enterprises Inc), Merger Agreement (Datalink Corp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2i) Business Days following As soon as reasonably practicable after the Effective Time), Parent or the Surviving Entity shall instruct cause the Exchange Agent to mail (and to make available for collection by hand) to each holder of record or a Certificate (or affidavit of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”loss in lieu thereof) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), in customary form as prepared by Parent and reasonably acceptable to Company, 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 proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable into which the number of shares of Company Common Stock previously represented by such Certificate shall have been converted pursuant to this Agreement and the Merger, together with any amounts payable in respect of such Certificates. the Fractional Share Consideration in accordance with Section 3.6 and dividends or other distributions on Parent Common Shares in accordance with Section 3.2(e).
(ii) Upon surrender of a Certificate for cancellation (or affidavit of loss in lieu thereof) to the Exchange Agent Agent, together with such a properly completed and validly executed Letter of Transmittal, properly completed and duly executed, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which for each share of Company Common Stock formerly represented by such Certificate pursuant to the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.6 and any amounts that such holder has the right to receive in respect of dividends or other distributions on Parent Common Shares in accordance with Section 3.2(e), by mail or by wire transfer after the shares Exchange Agent’s receipt of Company Capital Stock or Warrants formerly represented by such Certificate (or affidavit of loss in lieu thereof) and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Letter of Transmittal, and the Certificate (or affidavit of loss in lieu thereof) so surrendered so transferred, as applicable, shall be forthwith be canceledcancelled. Following any receipt The Exchange Agent shall accept such Certificates (or affidavits of an Excess Payment, loss in lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent will deliver may impose to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives effect an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion orderly exchange thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofin accordance with customary exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates on any the Merger Consideration or Warrant Payment (as applicable) the Fractional Share Consideration payable upon the surrender of the Certificates and any distributions to holders of Certificateswhich such holder is entitled pursuant to Section 3.2(e). In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that is not registered in the transfer records of the Company, it shall be a condition of payment that any Certificate surrendered or transferred in accordance with the portion procedures set forth in this Section 3.2 shall be properly endorsed or shall be otherwise in proper form for transfer, and that the Person requesting such payment shall have paid any Transfer Taxes and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered, or shall have established to the reasonable satisfaction of Parent that such Tax either has been paid or is not applicable.
(iii) Any holder of Book-Entry Shares shall not be required to deliver an executed Letter of Transmittal to the Exchange Agent to receive the Merger Consideration or other amounts pursuant to the provisions of this Article 3 from Parent that such holder is entitled to receive pursuant to this Article 3 with respect to such Book-Entry Shares. Subject to receipt of any documentation as may reasonably be required by the Exchange Agent, each holder of one or more Book-Entry Shares shall automatically upon the Effective Time be entitled to receive, and Parent shall cause the Exchange Agent to pay and deliver as soon as reasonably practicable after the Effective Time (but in no event later than three (3) Business Days thereafter), the Merger Consideration for each such Book-Entry Share pursuant to the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.6 and any amounts that such holder has the right to receive in respect of dividends or other distributions on Parent Common Shares in accordance with Section 3.2(e). Payment of the Merger Consideration or Warrant Payment the Fractional Share Consideration payable and any dividends and other distributions with respect to Book-Entry Shares shall only be made to the person in whose name such Book-Entry Shares are registered. No interest shall be paid or accrued for the benefit of holders of Book-Entry Shares on the Merger Consideration or the Fractional Share Consideration payable and any dividends or distributions to which such holder is entitled pursuant to Section 3.2(e).
(as applicableiv) payable in respect of such shares At the Effective Time, holders of Company Capital Common Stock or Warrants may be issued shall cease to a transferee if the Certificate representing such shares be, and shall have no rights as, stockholders of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only other than the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable from Parent that such holder has the right to receive pursuant to the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.6 and any amounts that such holder has the right to receive in respect of dividends or other distributions on Parent Common Shares in accordance with Section 3.2(e). The Merger Consideration paid upon the surrender for exchange of Certificates (or affidavits of loss in lieu thereof) representing Company Common Stock (or automatic conversion in the case of Book-Entry Shares) in accordance with the terms of this Article 3 shall be deemed to have been paid in full satisfaction of all rights and privileges pertaining to the Company Common Stock theretofore evidenced by such Certificate as set forth in Section 2.6Certificates or Book-Entry Shares.
Appears in 2 contracts
Samples: Merger Agreement (Kite Realty Group, L.P.), Merger Agreement (Retail Properties of America, Inc.)
Exchange Procedures. Subject (a) Prior to the Effective Time, Acquiror shall designate a bank or trust company to act as agent for the holders of Shares(the "Exchange Agent") to receive the funds to which holders of such Shares shall become entitled pursuant to Section 3.1(c4.1(a). At the Effective Time, promptly following Acquiror shall transfer to the Exchange Agent by wire transfer to such account as the Exchange Agent shall direct prior to the Effective Time the aggregate amount to be paid to the holders of Shares pursuant to Section 4.1(a) (but in no event later than two the "Exchange Fund"). The Exchange Agent shall, pursuant to irrevocable instructions, deliver the Merger Consideration pursuant to Section 4.1 out of the Exchange Fund as provided herein.
(2b) Business Days following As soon as reasonably practicable after the Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate or certificates which Shares immediately prior to the Effective Time represented outstanding shares of Company Capital Stock (excluding any Shares which will be canceled pursuant to Section 4.1(b) or Warrants (the “Certificates”which are subject to Section 4.3) (Ai) a letter of transmittal substantially in (the form attached hereto as Exhibit C (“"Letter of Transmittal”), ") (which shall specify that delivery shall be effected, and risk of loss and title to the Company Certificates shall pass, only upon proper delivery of the such Company Certificates to the Exchange Agent and shall be in customary such form reasonably satisfactory to Parent and the Equityholders’ Representative, have such other provisions as Acquiror shall specify) and (Bii) instructions for use in effecting the surrender of the Company Certificates in exchange for the portion of the Merger Consideration or Warrant Payment with respect to the Shares formerly represented thereby.
(as applicablec) receivable in respect of such Certificates. Upon surrender of a Company Certificate for cancellation to the Exchange Agent Agent, together with such the Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructionsAcquiror or the Exchange Agent shall reasonably request, the holder of such Company Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive for each Share represented thereby in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidexchange therefor. Until surrendered as contemplated by this Section 3.14.2, each Company Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration with respect to the Shares formerly represented thereby. No interest will be paid or Warrant Payment will accrue on any amount payable in cash pursuant to Section 4.1(a). Upon surrender of a Company Certificate, such Company Certificate shall forthwith be canceled.
(d) If payment in respect of Shares surrendered to the Exchange Agent is to be made to a person other than the person in whose name a surrendered certificate is registered, it shall be a condition to such payment that the certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the person requesting such payment shall have paid any transfer and other taxes required by reason of such payment or shall have established to the satisfaction of the Surviving Corporation or the Exchange Agent that such taxes either have been paid or are not payable.
(e) At the Effective Time, the stock transfer books of the Company shall be closed and there shall be no further registration of transfers of shares of Common Stock thereafter on the records of the Company. From and after the Effective Time, the holders of certificates evidencing ownership of shares of Common Stock outstanding immediately prior to the Merger shall cease to have any rights as applicablestockholders of the Company or otherwise with respect to such shares, except as otherwise provided herein or by law. No dividends or other distribution declared after the Effective Time with respect to any shares of capital stock of the Company or the Surviving Corporation shall be paid to the holder of any unsurrendered certificate or certificates formerly representing shares of Common Stock.
(f) payable Notwithstanding anything to the contrary in this Agreement, and subject to Section 4.2(g), none of the Exchange Agent, the Surviving Corporation or any party hereto shall be liable to a holder of a certificate or certificates formerly representing shares of Common Stock for any amount properly paid to a public official pursuant to any applicable property, escheat or similar law.
(g) Promptly following the date of the first anniversary of the Effective Time, the Exchange Agent shall return to the Surviving Corporation all cash in its possession relating to the transactions described in this Agreement, and the Exchange Agent's duties shall terminate. Thereafter, each holder of a certificate formerly representing Shares may surrender such certificates to the Surviving Corporation and (subject to applicable abandoned property, escheat and similar law) receive in exchange therefor cash in accordance with Section 4.1(a) hereof, without any interest thereon. If any Company Certificates shall not have been surrendered prior to seven years after the Effective Time (or, immediately prior to such earlier date on which any Merger Consideration in respect of such Company Certificates would otherwise escheat to or become the property of any governmental authority), any such Merger Consideration in respect of the Shares represented by such Company Certificates shall, to the extent permitted by applicable laws, become the property of Acquiror.
(h) In the event that 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 Acquiror, the posting by such Person of a bond in such reasonable amount as set forth Acquiror may direct and/or an indemnification agreement as indemnity against any claim that may be made against it with respect to such Company Certificate, the Exchange Agent (or Acquiror, as the case may be) will issue in Section 2.6exchange for such lost, stolen or destroyed Company Certificate the Merger Consideration deliverable in respect of the Shares represented thereby pursuant to this Agreement.
(i) Acquiror shall be entitled to, or shall be entitled to cause the Exchange Agent to, deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of Shares such amounts as are required to be deducted and withheld 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 Acquiror or the Exchange Agent, as the case may be, 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 by Acquiror or the Exchange Agent and such sums shall be remitted by Acquiror to the appropriate taxing authorities.
Appears in 2 contracts
Samples: Merger Agreement (SPS Technologies Inc), Merger Agreement (SPS Technologies Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following As soon as practicable after the Effective Time), Parent the Paying Agent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates (the “Certificates”) which immediately prior to as of the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants (the “CertificatesCancelled Shares”) that were converted into the right to receive the Merger Consideration pursuant to Section 2.1: (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 actual delivery of the Certificates (or affidavits of loss in lieu thereof) or book-entry shares (“Book-Entry Shares”) to the Exchange Paying Agent and shall be in customary form reasonably satisfactory to such other provisions upon which the Parent and the Equityholders’ Representative, Company may agree) and (Bii) instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof) and Book-Entry Shares in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate (or an affidavit of loss in lieu thereof) or Book-Entry Shares to the Paying Agent for cancellation (or to such other agent or agents as may be appointed by mutual agreement of the Exchange Agent Parent and the Company), together with such Letter a duly executed letter of Transmittal, properly completed and duly executed, transmittal and such other documents as the Paying Agent may be required pursuant to such instructionsrequire, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the portion of the Merger Consideration (after giving effect to any required tax withholdings as provided in Section 2.4) in exchange for each share of Company Common Stock formerly evidenced by such Certificate or Warrant Payment (as applicable) Book-Entry Shares, which such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatesthis Article II. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that Cancelled Shares which is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued delivered to a transferee if the Certificate (or affidavit of loss in lieu thereof) or Book-Entry Shares representing such shares of Company Capital Stock or Warrants Cancelled Shares is presented to the Exchange Agent, Paying Agent accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence satisfactory to the Paying Agent that any applicable stock transfer Transfer Taxes (as defined in Section 7.13) have been paid. Until surrendered as contemplated by this Section 3.12.2, each Certificate shall, subject to Section 3.2, (or affidavit of loss in lieu thereof) and Book-Entry Shares shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of Merger Consideration as contemplated by this Section 2.2. No interest shall be paid or will accrue on the Merger Consideration payable to holders of Certificates or Warrant Payment (as applicable) payable in respect Book-Entry Shares pursuant to the provisions of such Certificate as set forth in Section 2.6this Article II.
Appears in 2 contracts
Samples: Merger Agreement (Constellation Energy Group Inc), Merger Agreement (Midamerican Energy Holdings Co /New/)
Exchange Procedures. Subject to Section 3.1(c), promptly Promptly following the Effective Time (but in no event later than two (2) Business Days following the Impax Merger Effective Time), Parent Holdco shall instruct send, or shall cause the Exchange Agent to mail send, to each record holder of record of a certificate an Impax Certificate or certificates Impax Book-Entry Share, in each case which immediately prior shares were converted into the right to receive Merger Consideration in respect thereof at the Impax Merger Effective Time represented outstanding shares of Company Capital Stock or Warrants pursuant to this Agreement: (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”)transmittal, which shall specify that delivery shall be effected, and risk of loss and title to the Impax Certificates shall pass, only upon proper delivery of the Impax Certificates to the Exchange Agent Agent, and shall otherwise be in customary such form reasonably satisfactory to Parent and have such other provisions as Impax, Amneal and the Equityholders’ RepresentativeExchange Agent may reasonably specify, and (Bii) instructions for use in effecting the surrender of the Impax Certificates or Impax Book-Entry Shares in exchange for the portion of the aggregate Merger Consideration or Warrant Payment (in respect thereof, as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate Impax Certificates and Impax Book-Entry Shares for cancellation to the Exchange Agent together and upon delivery of a letter of transmittal, duly executed and in proper form with such Letter of Transmittalall required enclosures and attachments, properly completed and duly executed, and such other documents as may be required pursuant with respect to such instructionsImpax Certificates or Impax Book-Entry Shares, the holder of such Certificate Impax Certificates or Impax Book-Entry Shares shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect for each share of the shares of Company Capital Impax Common Stock or Warrants formerly represented by such Certificate (Impax Certificates or such Impax Book-Entry Shares. Any Impax Certificates and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate Impax Book-Entry Shares so surrendered shall forthwith be canceledcancelled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then If payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration is to be made to a person other than the person in whose name any surrendered Impax Certificate is registered, it shall be a condition precedent to payment that the Impax Certificate so surrendered shall be properly endorsed or Warrant Payment (shall be otherwise in proper form for transfer, and the person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the delivery of the aggregate Merger Consideration in respect thereof, as applicable) payable , to holders of Certificates. In a person other than the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records holder of the Company, Impax Certificate so surrendered and shall have established to the portion satisfaction of Holdco that such Taxes either have been paid or are not required to be paid. Delivery of the aggregate Merger Consideration or Warrant Payment (Consideration, as applicable) payable in , with respect of such shares of Company Capital Stock or Warrants may to Impax Book-Entry Shares shall only be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented made to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect person in whose name such transfer and by evidence that any applicable stock transfer Taxes have been paidImpax Book-Entry Shares are registered. Until surrendered as contemplated by this Section 3.1hereby, each Impax Certificate shall, subject to Section 3.2, or Impax Book-Entry Share shall be deemed at any time after the Impax Merger Effective Time to represent only the right to receive upon such surrender the portion of the aggregate Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6thereof.
Appears in 2 contracts
Samples: Business Combination Agreement (Atlas Holdings, Inc.), Business Combination Agreement (Impax Laboratories Inc)
Exchange Procedures. Subject (a) Prior to Section 3.1(c)the Closing, promptly following Acquiror shall appoint an exchange agent (the Effective Time (but in no event later than two (2“Exchange Agent”) Business Days following to act as the agent for the purpose of paying the Aggregate Merger Consideration to the Company’s stockholders. At or before the Effective Time, Acquiror shall deposit with the Exchange Agent the number of shares of Acquiror Common Stock equal to the portion of the Aggregate Merger Consideration to be paid in shares of Acquiror Common Stock.
(b) Reasonably promptly after the Effective Time, Acquiror shall send or shall cause the Exchange Agent to send, to each record holder of shares of Company Common Stock as of immediately prior to the Effective Time, whose Company Common Stock was converted pursuant to Section 3.1(a) into the right to receive a portion of the Aggregate Merger Consideration, a letter of transmittal and instructions (which shall specify that the delivery shall be effected, and the risk of loss and title shall pass, only upon proper transfer of each share to the Exchange Agent, and which letter of transmittal will be in customary form and have such other provisions as Acquiror may reasonably specify) for use in such exchange (each, a “Letter of Transmittal”).
(c) Each holder of shares of Company Common Stock that have been converted into the right to receive a portion of the Aggregate Merger Consideration, pursuant to Section 3.1(a), Parent shall be entitled to receive such portion of the Aggregate Merger Consideration, upon receipt of an “agent’s message” by the Exchange Agent (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request), together with a duly completed and validly executed Letter of Transmittal and such other documents as may reasonably be requested by the Exchange Agent. No interest shall be paid or accrued upon the transfer of any share.
(d) Promptly following the date that is one (1) year after the Effective Time, Acquiror shall instruct the Exchange Agent to mail deliver to each Acquiror all documents in its possession relating to the transactions contemplated hereby, and the Exchange Agent’s duties shall terminate. Thereafter, any portion of the Aggregate Merger Consideration that remains unclaimed shall be returned to Acquiror, and any Person that was a holder of record shares of a certificate or certificates which Company Common Stock as of immediately prior to the Effective Time represented outstanding that has not exchanged such shares of Company Capital Common Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the an applicable portion of the Aggregate Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation accordance with this Section 3.2 prior to the Exchange Agent together with date that is one (1) year after the Effective Time, may transfer such Letter shares of TransmittalCompany Common Stock to Acquiror and (subject to applicable abandoned property, properly completed escheat and duly executedsimilar Laws) receive in consideration therefor, and Acquiror shall promptly deliver, such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be entitled to receive in exchange therefor the applicable portion of the Aggregate Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect without any interest thereupon. None of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Acquiror, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess PaymentMerger Sub, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of Surviving Corporation or the Merger Consideration or Warrant Payment (as applicable) payable Exchange Agent shall be liable to any Person in respect of any of the Aggregate Merger Consideration delivered to a public official pursuant to and in accordance with any applicable abandoned property, escheat or similar Laws. If any such shares shall not have not been transferred immediately prior to such date on which any amounts payable pursuant to this Article III would otherwise escheat to or become the property of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing any Governmental Authority, any such shares of Company Capital Stock or Warrants is presented amounts shall, to the Exchange Agentextent permitted by applicable Law, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after become the Effective Time to represent only the right to receive upon such surrender the portion property of the Merger Consideration Surviving Corporation, free and clear of all claims or Warrant Payment (as applicable) payable in respect interest of such Certificate as set forth in Section 2.6any Person previously entitled thereto.
Appears in 2 contracts
Samples: Merger Agreement (Welsbach Technology Metals Acquisition Corp.), Merger Agreement (Social Capital Hedosophia Holdings Corp. II)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent Inergy shall instruct the Exchange Agent to mail to each record holder of record Common Units as of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that in respect of certificated units, 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 Agent, and shall be in customary form reasonably satisfactory and agreed to Parent by Inergy and Holdings prior to the Equityholders’ Representative, Effective Time) and (Bii) instructions for use in effecting the surrender of the Certificates or Book-Entry Units in exchange for the portion of the Merger Holdings Unitholder Consideration or Warrant Payment (as applicable) receivable payable in respect of the Common Units represented by such CertificatesCertificates or Book-Entry Units. Upon Promptly after the Effective Time, upon surrender of a Certificate Certificates, if any, for cancellation to the Exchange Agent together with such Letter letters of Transmittaltransmittal, properly completed and duly executed, and such other documents (including in respect of Book-Entry Units) as may be required pursuant to such instructions, the holder holders of such Certificate Common Units shall be entitled to receive in exchange therefor the portion of the Merger Consideration (A) New LP Units or Warrant Payment (PIK Units, as applicable) which , representing, in the aggregate, the whole number of New LP Units or PIK Units, as applicable, that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented pursuant to this Article III (after taking into account all Common Units then held by such Certificate holder) and (and B) a check in the amount equal to the aggregate amount of cash that such holder has the right to receive payments from the General Escrow Account pursuant to this Article III, including cash payable in lieu of any fractional New LP Units and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement PIK Units pursuant to Section 3.4(e) and distributions pursuant to Section 3.33.4(c), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued on any Merger Holdings Unitholder Consideration or Warrant Payment (as applicable) on any unpaid distributions payable to holders of CertificatesCertificates or Book-Entry Units. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Common Units that is not registered in the transfer records of the CompanyHoldings, the portion of the Merger Holdings Unitholder Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants Common Units may be issued paid to a transferee transferee, if the Certificate representing such shares Common Units or evidence of Company Capital Stock or Warrants is ownership of the Book-Entry Units are presented to the Exchange Agent, and in the case of both certificated and book-entry Common Units, accompanied by any all documents reasonably required to evidence and effect such transfer and the Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other Taxes required by evidence reason of the delivery of the Holdings Unitholder Consideration in any name other than that any applicable stock transfer of the record holder of such Common Units, or shall establish to the satisfaction of the Exchange Agent that such Taxes have been paidpaid or are not payable. Until surrendered the required documentation has been delivered and Certificates, if any, have been surrendered, as contemplated by this Section 3.13.4, each Certificate shall, subject to Section 3.2, or Book-Entry Unit shall be deemed at any time after the Effective Time to represent only the right to receive receive, upon such surrender surrender, the portion of the Merger Holdings Unitholder Consideration or Warrant Payment (as applicable) payable in respect of the Common Units and any cash in lieu of fractional units pursuant to Section 3.4(e) and any distributions to which such Certificate as set forth in holder is entitled pursuant to Section 2.63.3.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Inergy Holdings, L.P.), Merger Agreement (Inergy L P)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event a) No later than two (2) five Business Days following the Effective Time), Parent shall instruct cause the Exchange Agent to mail or make available to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) Certificate a notice and letter of transmittal substantially in disclosing the form attached hereto as Exhibit C (“Letter effectiveness of Transmittal”), which the Merger and the procedure for exchanging Certificates for the Merger Consideration. Such letter of transmittal shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent and Agent.
(b) At or prior to the Effective Time, Parent shall be deliver, or cause Parent Bank to deliver, by wire transfer in customary form reasonably satisfactory to Parent and the Equityholders’ Representativeimmediately available funds, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter for the benefit of Transmittal, properly completed the holders of Certificates (other than the holders of Dissenting Shares and duly executed, and such other documents as may be required pursuant Treasury Stock) an amount of cash equal to the aggregate Merger Consideration for payment of the aggregate Merger Consideration to such instructions, the holders of Certificates.
(c) Each holder of any outstanding Certificate (other than holders of Dissenting Shares and Treasury Stock) who surrenders such Certificate shall to the Exchange Agent will, upon acceptance thereof by the Exchange Agent, be entitled to receive in exchange therefor the portion prompt payment of the Merger Consideration or Warrant Payment (Consideration. The Exchange Agent shall accept Certificates upon compliance with such reasonable terms and conditions as applicable) the Exchange Agent may impose to effect an orderly exchange in accordance with normal exchange practices. Each outstanding Certificate which such holder has is not surrendered to the Exchange Agent shall, except as provided in Section 3.03, evidence ownership of only the right to receive the Merger Consideration without interest.
(d) The Exchange Agent shall not be obligated to deliver the Merger Consideration until the holder surrenders a Certificate as provided in respect this Section 3.04, or, in default thereof, an appropriate affidavit of loss and indemnity agreement and/or a bond as may be reasonably required in each case by the Exchange Agent or Parent. If any check is to be issued in a name other than that in which the Certificate is registered, it shall be a condition of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and issuance thereof that the Certificate so surrendered shall forthwith be canceled. Following any receipt properly endorsed or accompanied by an executed form of an Excess Payment, assignment separate from the Certificate and otherwise in proper form for transfer and that the person requesting such exchange pay to the Exchange Agent will deliver to each any transfer or other tax required by reason of the issuance of a check in any name other than that of the registered holder of the Certificate surrendered Certificates, such holder’s pro rata portion thereof; provided, that if or otherwise establish to the reasonable satisfaction of the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to that such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be tax has been paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the payable.
(e) Any portion of the cash delivered to the Exchange Agent by Parent or Parent Bank pursuant to Section 3.04(b) that remains unclaimed by the former shareholders of the Company for six months after the Effective Time shall be delivered by the Exchange Agent to Parent or Parent Bank, as applicable. Any shareholders of the Company who have not theretofore complied with Section 3.04(c) shall thereafter look only to Parent for the Merger Consideration. If outstanding Certificates are not surrendered or the payment for them is not claimed prior to the date on which such payment would otherwise escheat to or become the property of any Governmental Authority, the unclaimed items shall, to the extent permitted by abandoned property and any other applicable law, become the property of Parent or Parent Bank, as applicable (and to the extent not in its possession shall be delivered to it), free and clear of all Liens of any Person previously entitled to such property. Neither the Exchange Agent nor any of the parties hereto shall be liable to any holder of Company Common Stock represented by any Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat or similar laws. Parent, Parent Bank and the Exchange Agent shall be entitled to rely upon the stock transfer books of the Company to establish the identity of those persons entitled to receive the Merger Consideration, which books shall be conclusive with respect thereto.
(f) The Exchange Agent, Parent or Parent Bank shall be entitled to deduct and withhold from the Merger Consideration or Warrant Payment (otherwise payable pursuant to this Agreement to any holder of Certificates such amounts as applicable) payable in it is required to deduct and withhold with respect to the making of such shares of Company Capital Stock payment under the Code or Warrants may be issued to a transferee if any state, local or foreign tax law or regulation thereunder. To the Certificate representing such shares of Company Capital Stock or Warrants is presented to extent that amounts are so withheld by the Exchange Agent, accompanied by any documents reasonably required Parent or Parent Bank, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion holder of the Merger Consideration or Warrant Payment (as applicable) payable Certificates in respect of which such Certificate as set forth in Section 2.6deduction and withholding was made.
Appears in 2 contracts
Samples: Merger Agreement (Bancorp Connecticut Inc), Merger Agreement (Banknorth Group Inc/Me)
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but and in no any event later than within two (2) Business Days following the Effective Timethereafter), Parent shall instruct the Exchange Paying Agent to will mail to each holder of record of a certificate (a “Certificate”) or certificates a book-entry share (a “Book-Entry Share”), which immediately prior to the Effective Time represented outstanding Shares, whose shares of Company Capital Stock or Warrants were converted pursuant to Section 3.1 into the right to receive the Merger Consideration (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall will be effected, and risk of loss and title to the Certificates shall Certificate or Book-Entry Shares will pass, only upon proper delivery of the Certificates or Book-Entry Shares to the Exchange Paying Agent and shall will be in customary such form reasonably satisfactory and have such other provisions acceptable to Parent the Company and the Equityholders’ Representative, Parent); and (Bii) instructions for use in effecting the surrender of the Certificates or Book-Entry Shares in exchange for the portion payment of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate or Book-Entry Shares for cancellation to the Exchange Paying Agent or to such other agent or agents as may be appointed by Parent, together with such Letter letter of Transmittaltransmittal, duly executed and properly completed and duly executed, and such other documents as may be required pursuant to such instructionscompleted, the holder of such Certificate shall or Book-Entry Share will be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants for each Share formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)or Book-Entry Share, and the Certificate or Book-Entry Share so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.13.4(b), each Certificate shall, subject to Section 3.2, or Book-Entry Share will be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration and will not evidence any interest in, or Warrant Payment (as applicable) payable in respect any right to exercise the rights of such Certificate as set forth in Section 2.6a shareholder or other equity holder of, the Company or the Surviving Corporation.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Sanofi-Aventis), Merger Agreement (Genzyme Corp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent Energy Partners shall instruct the Redemption/Exchange Agent to mail to each record holder of record of a certificate Certificates (other than such holders who have properly completed an Election form and elected the shares with respect to such Certificates as Cash Election Shares, Unit Election Shares, Stated Consideration Shares or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Non-Electing Shares in accordance with Section 3.2 and other than Appraisal Shares), (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Redemption/Exchange Agent Agent, and shall be in customary form reasonably satisfactory and agreed to Parent by Energy Partners and Hydrocarbon prior to the Equityholders’ Representative, Effective Time) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Redemption/Merger Consideration or Warrant Payment (as applicable) receivable payable in respect of the shares of Hydrocarbon Common Stock represented by such Certificates. Upon Promptly after the Effective Time, upon surrender of a Certificate Certificates for cancellation to the Redemption/Exchange Agent together with such Letter letters of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder holders of such Certificate Certificates and the holders of Certificates who previously surrendered Certificates to the Redemption/Exchange Agent with properly completed and duly executed Election Forms shall be entitled to receive in exchange therefor (A) Common Units representing, in the portion aggregate, the whole number of the Merger Consideration or Warrant Payment (as applicable) which Common Units that such holder has the right to receive in respect of the pursuant to this Article III (after taking into account all shares of Company Capital Hydrocarbon Common Stock or Warrants formerly represented then held by such Certificate holder) and (and B) a check in the amount equal to the aggregate amount of cash that such holder has the right to receive payments from the General Escrow Account pursuant to this Article III, including cash payable in lieu of any fractional Common Units pursuant to Section 3.5(e) and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and distributions pursuant to Section 3.33.5(c), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued on any Redemption/Merger Consideration Consideration, cash in lieu of fractional shares or Warrant Payment (as applicable) on any unpaid dividends and distributions payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Hydrocarbon Common Stock or Warrants that which is not registered in the transfer records of the CompanyHydrocarbon, the portion of the Redemption/Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Hydrocarbon Common Stock or Warrants may be issued paid to a transferee if the Certificate representing such shares of Company Capital Hydrocarbon Common Stock or Warrants is presented to the Redemption/Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and the Person requesting such exchange shall pay to the Redemption/Exchange Agent in advance any transfer or other Taxes required by evidence reason of the delivery of the Redemption/Merger Consideration in any name other than that any applicable stock transfer of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Redemption/Exchange Agent that such Taxes have been paidpaid or are not payable. Until surrendered as contemplated by this Section 3.13.5, each Certificate shall, subject to Section 3.2, other than Certificates representing Appraisal Shares shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Redemption/Merger Consideration or Warrant Payment (as applicable) payable in respect of the shares of Hydrocarbon Common Stock represented by such Certificate as set forth in and any distributions to which such holder is entitled pursuant to Section 2.63.4.
Appears in 2 contracts
Samples: Agreement and Plan of Redemption and Merger (Markwest Hydrocarbon Inc), Agreement and Plan of Redemption and Merger (Markwest Energy Partners L P)
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but in no event later than two (2) five Business Days following after the Effective Time), Parent Buyer shall instruct cause the Exchange Agent to mail to each record holder of record MLP Units as of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in (the form attached hereto as Exhibit C (“Letter of Transmittal”), ) (which shall specify that in respect of certificated MLP Units, 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 which shall have such other provisions as may be necessary for the Holders of MLP Units to be admitted as Additional Limited Partners in Buyer and which shall be in customary such form and have such other provisions as Buyer General Partner and MLP General Partner may reasonably satisfactory to Parent specify) and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Applicable Merger Consideration or Warrant Payment (as applicable) receivable payable in respect of such Certificatestherefor. Upon Promptly after the Effective Time, upon surrender of a Certificate Certificates, if any, for cancellation to the Exchange Agent together with such Letter letters of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, each holder who held MLP Units immediately prior to the holder of such Certificate Effective Time shall be entitled to receive in exchange therefor the portion upon surrender of the Merger Consideration or Warrant Payment Certificates therefor (as applicablei) which certificates for New Buyer Common Units representing, in the aggregate, the whole number of New Buyer Common Units that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented pursuant to this Article III (after taking into account all MLP Units then held by such Certificate holder) and (and ii) a check in an amount equal to the aggregate amount of cash that such holder has the right to receive payments from pursuant to this Article III, including the General Escrow Account Cash Consideration, any Fractional Unit Payments pursuant to Section 3.4(e) and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and distributions pursuant to Section 3.33.4(c), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued on any Applicable Merger Consideration or Warrant Payment (as applicable) any distributions payable pursuant to holders of CertificatesSection 3.4(c). In the event of a transfer of ownership of shares of Company Capital Stock or Warrants MLP Common Units that is not registered in the transfer records of the CompanyMLP, the portion of the Applicable Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants MLP Common Units may be issued paid to a transferee transferee, if the Certificate representing such shares of Company Capital Stock or Warrants MLP Common Units is presented to the Exchange Agent, and in the case of both certificated and book-entry MLP Common Units, accompanied by any all documents reasonably required to evidence and effect such transfer and the Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other Taxes required by evidence reason of the delivery of the Applicable Merger Consideration in any name other than that any applicable stock transfer of the record holder of such MLP Common Units, or shall establish to the satisfaction of the Exchange Agent that such Taxes have been paidpaid or are not payable. Until surrendered such required documentation has been delivered and Certificates, if any, have been surrendered, as contemplated by this Section 3.13.4(b), each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such delivery and surrender the portion of the Applicable Merger Consideration or Warrant Payment (as applicable) payable in respect of MLP Units, distributions pursuant to Section 3.4(c), and (without the necessity of such Certificate as set forth in surrender) any cash or distributions to which such holder is entitled pursuant to Section 2.63.2.
Appears in 2 contracts
Samples: Merger Agreement (Inergy Midstream, L.P.), Merger Agreement (Inergy L P)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent the Surviving Corporation shall instruct the Exchange Agent cause to mail be mailed to each holder of record of a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Capital Target Preferred Stock or Warrants (the “Certificates”) ), whose shares were converted into the right to receive the Series C Per Share Upfront Merger Consideration or the Junior Preferred Per Share Upfront Merger Consideration, as applicable, cash in lieu of fractional shares, and the Series C Per Share Escrow Consideration or the Junior Preferred Per Share Escrow Consideration, as applicable, pursuant to Section 1.6 and in accordance with ARTICLE VII and the Escrow Agreement: (Ai) a letter of transmittal substantially transmittal, in the form attached hereto as Exhibit C (“Letter of Transmittal”)customary form, which shall specify (A) that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery receipt of the Certificates to by the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) that receipt of the Series C Per Share Upfront Merger Consideration or the Junior Preferred Per Share Upfront Merger Consideration, as applicable, cash in lieu of fractional shares, the Series C Per Share Escrow Consideration or the Junior Preferred Per Share Escrow Consideration, as applicable, and the Per Share Escrow Cash Consideration shall be contingent upon such holder executing a Lock-Up Agreement, substantially in the form attached hereto as Exhibit A; (ii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Series C Per Share Upfront Merger Consideration or Warrant Payment (the Junior Preferred Per Share Upfront Merger Consideration, as applicable, cash in lieu of fractional shares and the right to receive the Series C Per Share Escrow Consideration or the Junior Preferred Per Share Escrow Consideration, as applicable, and the Per Share Escrow Cash Consideration; and (iii) receivable in respect of such Certificatesother customary documents as may be required pursuant to such instructions. Upon surrender of a Certificate for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by Parent, together with such Letter letter of Transmittaltransmittal and other documents, properly duly completed and duly executed, and such other documents as may be required pursuant to such instructionsvalidly executed in accordance with the instructions thereto, the holder of such Certificate shall be entitled to receive in exchange therefor therefor: (i) a certificate evidencing the portion of the Per Share Upfront Merger Consideration or Warrant Payment (as applicable) to which such holder has the right is entitled pursuant to receive Section 1.6; (ii) any dividends or other distributions to which such holder is entitled pursuant to Section 1.7(c); and (iii) cash (without interest) in respect of the fractional shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account as provided in accordance with the Escrow Agreement and Section 3.31.6(j), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 2 contracts
Samples: Escrow Agreement (SCG Financial Acquisition Corp.), Merger Agreement (SCG Financial Acquisition Corp.)
Exchange Procedures. Subject (a) An Ares Operating Group Limited Partner may exercise the right to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder exchange Ares Operating Group Units by providing a written notice of record of a certificate or certificates which immediately exchange at least 60 days prior to the Effective Time represented outstanding shares applicable Quarterly Exchange Date or Other Exchange Date (or if such Ares Operating Group Limited Partner or a partner in Ares Owners may deliver notice of Company Capital Stock a Redemption and Exchange Transaction no later than five Business Days prior to such Redemption and Exchange Transaction (including pursuant to Section 10.3(c)(iii) of the Ares Owners Partnership Agreement), at least three days prior to the applicable Quarterly Exchange Date or Warrants (Other Exchange Date) to the “Certificates”) (A) a letter of transmittal Exchanging Counterparty substantially in the form attached hereto of Exhibit A or Exhibit B hereto, as Exhibit C (“Letter applicable, duly executed by such holder or such holder’s duly authorized attorney in respect of Transmittal”)the Ares Operating Group Units to be exchanged, which shall specify in each case, delivered during normal business hours at the principal executive offices of the Exchange Counterparty; provided that delivery shall be effectedAres Owners may exercise any such right, and risk deliver any such written notice, with respect to Ares Operating Group Units to be transferred to one or more partners of loss and title Ares Owners.
(b) As promptly as practicable following the surrender for exchange of the Ares Operating Group Units in the manner provided in this Article II, unless the Exchange Counterparty elects to deliver cash to such exchanging Ares Operating Group Limited Partner in lieu of consummating an Exchange, the Exchange Counterparty shall deliver or cause to be delivered at the offices of the then-acting Transfer Agent or, if there is no then-acting Transfer Agent, at the principal executive offices of the Issuer, the number of Common Units issuable upon such Exchange, registered in the name of such exchanging Ares Operating Group Limited Partner, or its nominee. If the Common Units are settled through the facilities of The Depository Trust Company, the Exchange Counterparty will, subject to Section 2.2(c) below, upon the written instruction of the exchanging Ares Operating Group Limited Partner deliver the Common Units deliverable to such exchanging Ares Operating Group Limited Partner, through the facilities of The Depository Trust Company, to the Certificates shall pass, only upon proper delivery account of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent participant of The Depository Trust Company designated by such exchanging Ares Operating Group Limited Partner. The Issuer General Partner and the Equityholders’ RepresentativeIssuer shall take such actions as may be required to ensure the performance by the Ares Operating Group Entities of their respective obligations under this Article II, including causing the issuance and (B) instructions sale of Common Units to or for use in effecting the surrender account of the Certificates Ares Operating Group Entities in exchange for the portion delivery to the Issuer of a number of Ares Operating Group Units that is equal to the number of Ares Operating Group Units surrendered by an exchanging Ares Operating Group Limited Partner.
(c) The Ares Operating Group Entities, on the one hand, and each exchanging Ares Operating Group Limited Partner, on the other hand, shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Ares Operating Group Entities shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any such Exchange; provided that if any Common Units are to be delivered in a name other than that of the Merger Consideration exchanging Ares Operating Group Limited Partner that requested such Exchange (other than in the name of The Depository Trust Company or Warrant Payment (as applicable) receivable its nominee), then such Ares Operating Group Limited Partner or the Person in respect of whose name such Certificates. Upon surrender of a Certificate for cancellation Common Units are to be delivered shall pay to the Ares Operating Group Entities the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange Agent together with or shall establish to the reasonable satisfaction of the Ares Operating Group Entities that such Letter tax has been paid or is not payable.
(d) The Ares Operating Group Entities may adopt reasonable procedures for the implementation of Transmittalthe exchange, properly completed and duly executedsale or redemption provisions set forth in this Article II, and such other documents as including procedures for the giving of notice of an election for exchange. An Ares Operating Group Limited Partner may not revoke a notice of exchange delivered pursuant to Section 2.2(a) above without the consent of the Exchange Counterparty which consent may be required pursuant provided or withheld, or made subject to such instructionsconditions, limitations or restrictions, as determined by the holder of Exchange Counterparty in its sole discretion. Nothing in this Agreement shall obligate the Exchange Counterparty to treat any Ares Operating Group Limited Partners alike, whether or not such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Ares Operating Group Limited Partners are similarly situated, and the Certificate so surrendered shall forthwith be canceled. Following exercise of any receipt of an Excess Payment, power or discretion by the Exchange Agent will deliver Counterparty in the case of any Ares Operating Group Limited Partner shall not create any obligation on the part of the Issuer or the Issuer General Partner to take any similar action in the case of any other Ares Operating Group Limited Partner, it being understood that any power or discretion conferred upon the Exchange Counterparty shall be treated as having been so conferred as to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6Ares Operating Group Limited Partner separately.
Appears in 2 contracts
Samples: Exchange Agreement (Ares Management Lp), Exchange Agreement (Ares Management Lp)
Exchange Procedures. Subject to Section 3.1(c), promptly following As soon as reasonably practicable after the Effective Time (but in no event later than two (2) Business Days following the Initial Holdco Merger Effective Time), Parent shall instruct the Exchange Agent to shall, and Marriott shall cause the Exchange Agent to, mail to each holder of record of a certificate or certificates which that immediately prior to the Starwood Merger Effective Time represented outstanding shares of Company Capital Starwood Common Stock or Warrants whose shares were converted into the right to receive the Starwood Merger Consideration (a “Certificate”), which, by virtue of the “Certificates”) Initial Holdco Merger, was subsequently converted into the right to receive the Merger Consideration, (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent, and which shall be in customary such form reasonably satisfactory to Parent and have such other provisions as Marriott and the Equityholders’ Representative, Exchange Agent may reasonably specify) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by Marriott, together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may reasonably be required pursuant to such instructionsby Marriott or the Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess PaymentPromptly after the Initial Holdco Merger Effective Time, Marriott shall cause the Exchange Agent will deliver to issue and send to each holder of surrendered Certificatesuncertificated shares of Starwood Common Stock represented by book entry that were converted into the right to receive the Starwood Merger Consideration (“Book-Entry Shares”), which, by virtue of the Initial Holdco Merger were subsequently converted into the right to receive the Merger Consideration, the Merger Consideration that such holder’s pro rata portion thereof; providedholder has the right to receive pursuant to the provisions of this Article II, that if without such holder being required to deliver a Certificate or an executed letter of transmittal to the Exchange Agent receives an Excess Payment prior to receipt of surrendered CertificatesAgent, then payment of the portion thereof applicable to and such unsurrendered Certificates Book-Entry Shares shall forthwith be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on If any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration is to be registered in the name of or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued paid to a transferee if person other than the person in whose name the applicable surrendered Certificate representing is registered, it shall be a condition to such shares registration or payment that the surrendered Certificate shall be properly endorsed or otherwise be in proper form for transfer and the person requesting such registration or payment of Company Capital Stock or Warrants is presented the Merger Consideration shall pay to the Exchange Agent, accompanied Agent any transfer or other Taxes required by any documents reasonably required reason of such registration in the name of or payment to evidence and effect a person other than the registered holder of such transfer and by evidence Certificate or establish to the reasonable satisfaction of the Exchange Agent that any applicable stock transfer Taxes have such Tax has been paidpaid or is not applicable. Until surrendered or cancelled as contemplated by this Section 3.12.2, each Certificate shall, subject to Section 3.2, or Book-Entry Share shall be deemed at any time after the Initial Holdco Merger Effective Time to represent only the right to receive upon such surrender or cancellation the portion Merger Consideration. No interest shall be paid or shall accrue for the benefit of holders of Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender or Warrant Payment (as applicable) payable in respect cancellation of such Certificate as set forth in Section 2.6Certificates or Book-Entry Shares.
Appears in 2 contracts
Samples: Merger Agreement (Starwood Hotel & Resorts Worldwide, Inc), Agreement and Plan of Merger (Marriott International Inc /Md/)
Exchange Procedures. Subject (a) Buyer shall designate an exchange agent, reasonably acceptable to Section 3.1(c)Seller, promptly following to act as agent (the Effective Time (but in no event "Exchange Agent") for purposes of conducting the exchange procedure as described herein. No later than two (2) Business Days five business days following the Effective Time), Parent Buyer shall instruct cause the Exchange Agent to mail or make available to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented issued and outstanding shares of Company Capital Seller Common Stock or Warrants (the “"Certificates”) ")
(Ai) a notice and letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of such Certificates to the Exchange Agent) advising such holder of the effectiveness of the Corporate Merger and the procedure for surrendering to the Exchange Agent such Certificate or Certificates in exchange for the Merger Consideration.
(b) At or prior to the Effective Time, Buyer shall deliver to the Exchange Agent an amount of cash equal to the aggregate Merger Consideration.
(c) Each holder of an outstanding Certificate or Certificates (other than holders of Dissenting Shares) who surrenders such Certificate or Certificates to the Exchange Agent and shall will, upon acceptance thereof by the Exchange Agent, be in customary form reasonably satisfactory entitled to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (for each share represented by the Certificate(s). The Exchange Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as applicable) receivable the Exchange Agent may impose to effect an orderly exchange thereof in respect of such Certificatesaccordance with normal exchange practices. Upon surrender of a Each outstanding Certificate for cancellation which is not surrendered to the Exchange Agent together in accordance with such Letter the procedures provided for herein shall, except as otherwise herein provided, until duly surrendered to the Exchange Agent be deemed to evidence ownership of Transmittalonly the right to receive the Merger Consideration for each share represented by the Certificate.
(d) The Exchange Agent shall not be obligated to deliver the Merger Consideration until the holder surrenders the Certificate or Certificates as provided in this Section 2.6, properly completed or, in default thereof, an appropriate affidavit of loss and duly executed, and such other documents indemnity agreement and/or a bond as may be required pursuant in each case by the Exchange Agent. If any check is to such instructionsbe issued in a name other than that in which the Certificate is registered, the holder of such Certificate it shall be entitled to receive in exchange therefor the portion a condition of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and issuance thereof that the Certificate so surrendered shall forthwith be canceled. Following any receipt properly endorsed or accompanied by an executed form of an Excess Payment, assignment separate from the Certificate and otherwise in proper form for transfer and that the person requesting such exchange pay to the Exchange Agent will deliver to each any transfer or other tax required by reason of the issuance of a check in any name other than that of the registered holder of the certificate surrendered Certificates, such holder’s pro rata portion thereof; provided, that if or otherwise establish to the satisfaction of the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to that such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be tax has been paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the payable.
(e) Any portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented cash delivered to the Exchange Agent, accompanied Agent by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject Buyer pursuant to Section 3.2, be deemed at any time 2.6(b) that remains unclaimed by the shareholders of Seller for six months after the Effective Time Closing Date shall be delivered by the Exchange Agent to represent Buyer. Any shareholders of Seller who have not theretofore complied with Section 2.6(c) shall thereafter look only the right to receive upon such surrender the portion of Buyer for the Merger Consideration Consideration. If outstanding Certificates are not surrendered or Warrant Payment (as applicable) payable in respect the payment for them is not claimed prior to the date on which such payment would otherwise escheat to or become the property of such Certificate as set forth in Section 2.6.any
Appears in 2 contracts
Samples: Merger Agreement (Hudson River Bancorp Inc), Merger Agreement (SFS Bancorp Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent TLLP shall instruct cause the Exchange Agent to mail to each holder Holder, as of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares Time, of Company Capital Stock or Warrants QEPM Common Units (the “Certificates”) (Aother than QEP Field Services) a form of letter of transmittal substantially in (the form attached hereto as Exhibit C (“Letter of Transmittal”), ) (which shall specify that delivery shall be effected, and risk of loss and title to the QEPM Certificates or Book‑Entry QEPM Common Units shall pass, only upon proper delivery of the QEPM Certificates to the Exchange Agent or, in the case of Book-Entry QEPM Common Units, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall have such other provisions as may be necessary for the Holders of QEPM Common Units to be admitted to TLLP as limited partners of TLLP and which shall be in customary such form and have such other provisions as TLLP General Partner and QEPM General Partner may reasonably satisfactory to Parent specify) and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender Surrender of the such QEPM Certificates or Book-Entry QEPM Common Units in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in TLLP Common Units, together with any distributions with respect of such Certificatesthereto and any Fractional Unit Payment. Upon surrender of a Certificate for cancellation Surrender to the Exchange Agent of such QEPM Certificates or Book-Entry QEPM Common Units, together with such properly completed and duly executed Letter of Transmittal, properly completed the Holder of a QEPM Certificate or Book-Entry QEPM Common Units shall be entitled to (i) the number of full TLLP Common Units (which shall be in uncertificated book-entry form unless a physical certificate is requested) that the QEPM Certificates or Book-Entry QEPM Common Units Surrendered shall have been converted into the right to receive pursuant to this Agreement and (ii) the Fractional Unit Payment, if any, payable in redemption of any fractional TLLP Common Unit otherwise issuable. The instructions for effecting the Surrender of QEPM Certificates shall set forth procedures that must be taken by the Holder of any QEPM Certificate that has been lost, destroyed or stolen. It shall be a condition to the right of such Holder of a QEPM Certificate to receive TLLP Common Units and the Fractional Unit Payment, if any, that the Exchange Agent shall have received, along with the Letter of Transmittal, a duly executedexecuted lost certificate affidavit, including an agreement to indemnify TLLP, signed exactly as the name or names of the registered Holder or Holders appeared on the books of QEPM immediately prior to the Effective Time, together with a customary bond and such other documents as TLLP may be required pursuant to such instructionsreasonably require in connection therewith. After the Effective Time, the holder of such Certificate there shall be entitled no further transfer on the records of QEPM or its transfer agent of QEPM Certificates or Book-Entry QEPM Common Units; and if such QEPM Certificates or Book-Entry QEPM Common Units are presented to receive in exchange therefor the portion QEPM or its transfer agent for transfer, they shall be canceled against delivery of the Merger Consideration or Warrant TLLP Common Units and any Fractional Unit Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; hereinabove provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered Surrendered as contemplated by this Section 3.12.1(h), each QEPM Certificate shall, subject to Section 3.2, or Book-Entry QEPM Common Unit shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender Surrender the portion of the Merger Consideration TLLP Common Units, together with any distributions with respect thereto, and any Fractional Unit Payment, as contemplated by this Section 2.1. No interest will be paid or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6will accrue on any Fractional Unit Payment.
Appears in 2 contracts
Samples: Merger Agreement (QEP Midstream Partners, LP), Merger Agreement (Tesoro Logistics Lp)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time (Time, but in no event later than two ten (210) Business Days following the Effective Time)days thereafter, Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which person who was, immediately prior to the Effective Time represented outstanding Time, a holder of record of one or more Old Certificates representing shares of Company Capital Stock or Warrants (the “Certificates”) (A) Common Stock, a form of letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the number of whole Parent Common Shares, any cash in lieu of fractional shares and the cash portion of the Merger Consideration which the shares of Company Common Stock represented by such Old Certificate or Warrant Payment (Old Certificates shall have been converted into the right to receive pursuant to this Agreement as applicable) receivable well as any dividends or distributions to be paid in respect of such Certificatesthereof pursuant to Section 2.3(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 Agent, together with such Letter of Transmittal, properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, subject to Section 2.2, (i) a New Certificate representing that number of whole Parent Common Shares to which such holder of Company Common Stock shall have become entitled pursuant to the provisions of Article I and (ii) a check representing the amount of (A) the cash portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares Old Certificate or Old Certificates surrendered pursuant to the provisions of Company Capital Stock or Warrants formerly represented by this Article II, (B) any cash in lieu of a fractional share which such Certificate (and holder has the right to receive payments from in respect of the General Escrow Account Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II, and (C) and dividends or distributions that the Equityholders’ Representative Escrow Account holder presenting such Old Certificates is entitled to, as provided in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on with respect to any Merger Consideration or Warrant Payment (as applicable) payable property to holders be delivered upon surrender of Old Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.12.3, each Old Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive receive, upon such surrender the portion of surrender, the Merger Consideration and any cash in lieu of fractional shares or Warrant Payment in respect of dividends or distributions as contemplated by this Section 2.3.
(as applicableb) No dividends or other distributions declared with respect to Parent Common Shares 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 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 Parent Common Shares which the shares of Company Common Stock represented by such Old Certificate have been converted into the right to receive.
(c) If any New Certificate representing Parent Common Shares 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 similar Taxes required by reason of the issuance of a New Certificate representing Parent Common Shares 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 has been paid or is not payable.
(d) After the Effective Time, there shall be no transfers on the stock transfer books of Company of the shares of Company Common Stock that were issued and outstanding immediately prior to the Effective Time.
(e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional Parent Common Shares shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent 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 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 volume-weighted average trading price of one Parent Common Share for the ten (10) day period in which both the Canadian and U.S. Markets are open for trading ending on the last such day immediately preceding the Closing Date, calculated using both Canadian and U.S. trading prices and volumes during normal market hours and assuming in respect of such trading prices on the TSX, for each trading day, the Bank of Canada daily noon Canada/U.S. exchange rate for the Canadian calculations (the “Parent Share Closing Price”) by (ii) the fraction of a Parent Common Share (rounded to the nearest thousandth when expressed in decimal form) to which such holder would otherwise be entitled (after taking into account all shares of Company Common Stock owned by such holder as of immediately prior to the Effective Time).
(f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of Company for one (1) year after the Effective Time shall be paid to the Surviving Corporation. Any former stockholders of Company who have not theretofore exchanged their Old Certificates pursuant to this Article II shall thereafter look only to the Surviving Corporation for payment of the Merger Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on the Parent Common Shares deliverable in respect of each former share of Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of Parent, Company, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of Company Common Stock for any amount delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws.
(g) Parent shall be entitled to deduct and withhold, or cause Holdco, Company or the Exchange Agent to deduct and withhold, from the cash portion of the aggregate Merger Consideration, any cash in lieu of fractional Parent Common Shares, cash dividends or distributions payable pursuant to this Section 2.3 or any other cash amounts 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, Holdco, Company 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, Holdco, Company 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 Parent, the posting by such person of a bond in such amount as set forth Parent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the Merger Consideration and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Canadian Imperial Bank of Commerce /Can/), Merger Agreement (Privatebancorp, Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following (i) As soon as reasonably practicable after the Effective Time (but in no event later than two (2) Business Days following the Company Merger Effective Time), Parent shall instruct cause the Exchange Agent to mail (and to make available for collection by hand) to each holder of record of a certificate Certificate (or certificates which immediately prior to the Effective Time represented outstanding shares affidavit of Company Capital Stock or Warrants (the “Certificates”loss in lieu thereof) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), in customary form as prepared by Parent and reasonably acceptable to the Company, 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 proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the applicable Merger Consideration into which the number of Company Common Shares or Warrant Payment (as applicable) receivable Company Series D Preferred Shares previously evidenced by such Certificate shall have been converted pursuant to this Agreement and the Company Merger, together with any amounts payable in respect of such Certificates. the Fractional Share Consideration in accordance with Section 3.8 and dividends or other distributions on shares of Parent Common Stock or New Parent Preferred Stock in accordance with Section 3.4(e).
(ii) Upon surrender of a Certificate for cancellation (or affidavit of loss in lieu thereof) to the Exchange Agent Agent, together with such a properly completed and validly executed Letter of Transmittal, properly completed and duly executed, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the applicable Merger Consideration for each Company Common Share or Warrant Payment (as applicable) which Company Series D Preferred Share formerly evidenced by such Certificate pursuant to the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.8 and any amounts that such holder has the right to receive in respect of the dividends or other distributions on shares of Company Capital Parent Common Stock or Warrants formerly represented New Parent Preferred Stock in accordance with Section 3.4(e), by mail or by wire transfer after the Exchange Agent’s receipt of such Certificate (or affidavit of loss in lieu thereof) and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Letter of Transmittal, and the Certificate (or affidavit of loss in lieu thereof) so surrendered so transferred, as applicable, shall be forthwith be canceledcancelled. Following any receipt The Exchange Agent shall accept such Certificates (or affidavits of an Excess Payment, loss in lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent will deliver may impose to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives effect an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion orderly exchange thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofin accordance with customary exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates on any the applicable Merger Consideration, the Fractional Share Consideration or Warrant Payment (as applicableany distributions to which such holder is entitled pursuant to Section 3.4(e) payable to holders upon the surrender of the Certificates. In the event of a transfer of ownership of shares of Company Capital Stock Common Shares or Warrants Company Series D Preferred Shares that is not registered in the transfer records of the Company, it shall be a condition of payment that any Certificate surrendered or transferred in accordance with the portion procedures set forth in this Section 3.4 shall be properly endorsed or shall be otherwise in proper form for transfer, and that the Person requesting such payment shall have provided all documents required to evidence that any applicable Transfer Taxes and other similar Taxes required by reason of the payment of the applicable Merger Consideration to a Person other than the registered holder of the Certificate surrendered have been paid, or shall have established to the reasonable satisfaction of Parent and the Exchange Agent that such Taxes are not applicable.
(iii) Any holder of Book-Entry Shares shall not be required to deliver an executed Letter of Transmittal to the Exchange Agent to receive the applicable Merger Consideration or Warrant Payment (other amounts pursuant to the provisions of this Article 3 from Parent that such holder is entitled to receive pursuant to this Article 3 with respect to such Book-Entry Shares. Subject to receipt of any documentation as applicable) payable in respect of such shares of Company Capital Stock or Warrants may reasonably be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to required by the Exchange Agent, accompanied by any documents each holder of one or more Book-Entry Shares shall automatically upon the Company Merger Effective Time be entitled to receive, and Parent shall cause the Exchange Agent to pay and deliver as soon as reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time practicable after the Company Merger Effective Time (but in no event later than three (3) Business Days thereafter), the applicable Merger Consideration for each such Book-Entry Share pursuant to represent only the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive upon pursuant to the provisions of Section 3.8 and any amounts that such surrender holder has the portion right to receive in respect of dividends or other distributions on shares of Parent Common Stock or New Parent Preferred Stock in accordance with Section 3.4(e). Payment of the applicable Merger Consideration or Warrant Payment the Fractional Share Consideration payable and any dividends and other distributions with respect to Book-Entry Shares shall only be made to the person in whose name such Book-Entry Shares are registered. No interest shall be paid or accrued for the benefit of holders of Book-Entry Shares on the applicable Merger Consideration or the Fractional Share Consideration payable and any dividends or other distributions to which such holder is entitled pursuant to Section 3.4(e).
(as applicableiv) payable At the Company Merger Effective Time, holders of Company Common Shares and Company Series D Preferred Shares shall cease to be, and shall have no rights as, shareholders of the Company other than the right to receive the applicable Merger Consideration from Parent that such holder has the right to receive pursuant to the provisions of this Article 3 plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.8 and any amounts that such holder has the right to receive in respect of dividends or other distributions on shares of Parent Common Stock or New Parent Preferred Stock in accordance with Section 3.4(e). The applicable Merger Consideration paid upon the surrender for exchange of Certificates (or affidavits of loss in lieu thereof) evidencing Company Common Shares or Company Series D Preferred Shares (or automatic conversion in the case of Book-Entry Shares) in accordance with the terms of this Article 3 shall be deemed to have been paid in full satisfaction of all rights and privileges pertaining to the Company Common Shares and Company Series D Preferred Shares, as applicable, theretofore evidenced by such Certificate as set forth in Section 2.6Certificates or Book-Entry Shares.
Appears in 2 contracts
Samples: Merger Agreement (Kimco Realty Corp), Merger Agreement (RPT Realty)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate or certificates certificates, which immediately prior to before the Effective Time shall have represented outstanding shares of Company Capital Stock or Warrants (Petroglyph Common Stock, whose shares shall have been converted into the “Certificates”) (A) right to receive cash pursuant to Section 1.6(b), a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates representing such shares of Petroglyph Common Stock shall pass, only upon proper delivery of the Certificates certificates representing such shares of Petroglyph Common Stock to the Exchange Agent and shall be in customary such form and have such other provisions not inconsistent with this Agreement as the Exchange Agent may reasonably satisfactory to Parent and the Equityholders’ Representativespecify), and (B) instructions for use in effecting the surrender of the Certificates certificates representing such shares of Petroglyph Common Stock, together with a duly executed (if required) letter of transmittal, in exchange for the portion Merger Consideration. Upon surrender to the Exchange Agent of a certificate or certificates formerly representing shares of Petroglyph Common Stock and acceptance thereof by the Exchange Agent, the holder thereof shall be entitled to the amount of cash into which the number of shares of Petroglyph Common Stock formerly represented by such certificate or certificates surrendered shall have been converted pursuant to this Agreement. The Exchange Agent shall accept such certificates upon compliance with such reasonable terms and conditions as the Exchange Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. After the Effective Time, there shall be no further transfer on the records of Petroglyph or its transfer agent of certificates representing shares of Petroglyph Common Stock and, if such certificates shall be presented to Petroglyph for transfer, they shall be canceled against delivery of the Merger Consideration allocable to the shares of Petroglyph Common Stock represented by such certificate or Warrant Payment (as applicable) receivable certificates. If any Merger Consideration is to be remitted to a name other than that in respect which the certificate for the Petroglyph Common Stock surrendered for exchange is registered, it shall be a condition of such Certificates. Upon surrender of a Certificate for cancellation to exchange that the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate certificate so surrendered shall be entitled properly endorsed, with signature guaranteed, or otherwise in proper form for transfer and that the person requesting such exchange shall pay to receive in exchange therefor Petroglyph, or its transfer agent, any transfer or other taxes required by reason of the portion payment of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect a name other than that of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each registered holder of surrendered Certificatesthe certificate surrendered, or establish to the satisfaction of Petroglyph or its transfer agent that such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates tax shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be have been paid or accrued on any Merger Consideration or Warrant Payment (as shall not be applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.11.9, each Certificate shall, subject to Section 3.2, certificate for shares of Petroglyph Common Stock shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration allocable to the shares represented by such certificate as contemplated by Section 1.6(b). No interest will be paid or Warrant Payment (will accrue on any amount payable as applicable) payable in respect of such Certificate as set forth in Section 2.6Merger Consideration.
Appears in 2 contracts
Samples: Merger Agreement (Iii Exploration Co), Merger Agreement (Petroglyph Energy Inc)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time Date (but in no event later than two five (25) Business Days following business days after the Effective TimeDate), Parent shall instruct the Exchange Agent to shall mail to each holder of record of an outstanding share Certificate or Certificates a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to Transmittal containing instructions for the Certificates shall pass, only upon proper delivery surrender of the Certificate or Certificates held by such holder for payment therefor. Upon surrender of the Certificate or Certificates to the Exchange Agent in accordance with the instructions set forth in the Letter of Transmittal, such holder shall promptly receive in exchange therefor the Merger Consideration, without interest thereon. Approval of this Agreement by the stockholders of Heritage Bank shall constitute authorization for BCSB to designate and appoint such Exchange Agent, with the approval of WHG. Neither BCSB nor the Exchange Agent shall be obligated to deliver the Merger Consideration to a former stockholder of WHG until such former stockholder surrenders his Certificate or Certificates or, in customary form lieu thereof, any such appropriate affidavit of loss and indemnity agreement and bond as may be reasonably satisfactory to Parent and the Equityholders’ Representative, and required by BCSB.
(Bb) instructions for use in effecting the surrender of the Certificates in exchange for the portion If payment of the Merger Consideration or Warrant Payment (as applicable) receivable is to be made to a person other than the person in respect of such Certificates. Upon surrender of whose name a Certificate surrendered in exchange therefor is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed (or accompanied by an appropriate instrument of transfer) and otherwise in proper form for cancellation transfer, and that the person requesting such payment shall pay any transfer or other taxes required by reason for the payment to a person other than the registered holder of the Certificate surrendered, or required for any other reason, or shall establish to the satisfaction of the Exchange Agent together that such tax has been paid or is not payable.
(c) On or prior to the Merger Effective Date, BCSB shall deposit or cause to be deposited, in trust with such Letter the Exchange Agent, an amount of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant cash equal to such instructions, the holder of such Certificate aggregate Merger Consideration that the WHG stockholders shall be entitled to receive in exchange therefor on the portion Merger Effective Date pursuant to Section 2.02 hereof.
(d) The payment of the Merger Consideration or Warrant Payment Consideration, and cash in lieu of any fractional shares, upon the conversion of WHG Common Stock in accordance with the above terms and conditions shall be deemed to have been issued and paid in full satisfaction of all rights pertaining to such WHG Common Stock.
(as applicablee) Promptly following the date which is twelve months after the Merger Effective Date, the Exchange Agent shall deliver to BCSB all cash, certificates and other documents in its possession relating to the transactions described in this Agreement, and the Exchange Agent's duties shall terminate. Thereafter, each holder of a Certificate formerly representing shares of WHG Common Stock may surrender such holder has the right Certificate to Baltimore County Bank and (subject to applicable abandoned property, escheat and similar laws) receive in respect consideration therefor the Merger Consideration multiplied by the number of shares of WHG Common Stock formerly represented by such Certificate, without any interest or dividends thereon.
(f) After the close of business on the Merger Effective Date, there shall be no transfers on the stock transfer books of WHG of the shares of Company Capital WHG Common Stock or Warrants formerly represented by such Certificate (and that are outstanding immediately prior to the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Merger Effective Date, and the Certificate so surrendered stock transfer books of WHG shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable closed with respect to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofshares. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the CompanyIf, the portion of after the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate Effective Date, Certificates representing such shares of Company Capital Stock or Warrants is are presented for transfer to the Exchange Agent, accompanied by any documents reasonably required to evidence they shall be canceled and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of exchanged for the Merger Consideration as provided in this Article II.
(g) In the event any certificate for WHG Common Stock shall have been lost, stolen or Warrant Payment destroyed, the Exchange Agent shall deliver (except as applicableotherwise provided in Section 2.02(iii)) payable in respect exchange for such lost, stolen or destroyed certificate, upon the making of an affidavit of the fact by the holder thereof, the cash to be paid in the Merger as provided for herein; provided, however, that BCSB may, in its sole discretion and as a condition precedent to the delivery thereof, require the owner of such Certificate lost, stolen or destroyed certificate to deliver a bond in such reasonable sum as set forth BCSB may require as indemnity against any claim that may be made against WHG, BCSB or any other party with respect to the certificate alleged to have been lost, stolen or destroyed.
(h) BCSB is hereby authorized, after consulting with WHG, to adopt additional requirements with respect to the matters referred to in this Section 2.62.03 not inconsistent with the provisions of this Agreement or unduly burdensome to the shareholders of WHG.
Appears in 2 contracts
Samples: Merger Agreement (BCSB Bankcorp Inc), Merger Agreement (WHG Bancshares Corp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following At and after the Effective Time, each certificate (each a "Certificate") previously representing shares of Company Common Stock shall represent only the right to receive the Merger Consideration (without interest on the cash portion thereof).
(b) As of the Effective Time, (i) the Acquiror shall deposit, or shall cause to be deposited, with ChaseMellon Shareholder Services, L.L.C., a New Jersey limited liability company (the "Exchange Agent"), Parent for the benefit of the holders of shares of Company Common Stock, for exchange in accordance with this Section 1.3, the amount constituting the cash portion of the Merger Consideration to be paid pursuant to Section 1.2, and (ii) the Company shall instruct deposit, or shall cause to be deposited, with the Exchange Agent, for the benefit of the holders of shares of Company Common Stock, one or more certificates representing (x) the Secondary Participation Interests to be distributed to holders of Company Common Stock in exchange for their Certificates pursuant to this Section 1.3 and (y) the Batched Secondary Participation Interests to be sold by the Exchange Agent on behalf of the Company in the Batched Sales pursuant to Sections 1.2 and 1.3(c).
(c) As soon as practicable after the Effective Time, the Acquiror shall cause the Exchange Agent to mail to each holder of record of a certificate Certificate or certificates which immediately prior to Certificates the Effective Time represented outstanding shares of Company Capital Stock or Warrants following: (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify specifying 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 Agent, which shall be in customary a form reasonably satisfactory to Parent and contain any other reasonable provisions as the Equityholders’ Representative, Acquiror may determine; and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion Merger Consideration. In addition, as soon as practicable after the Effective Time, the Batched Secondary Participation Interests shall be sold on the open market at prevailing prices by means of the Merger Consideration Batched Sales. The Exchange Agent shall be instructed by the Surviving Corporation to effect the Batched Sales on behalf of the Surviving Corporation, through the use of one or Warrant Payment (as applicable) receivable more broker-dealers, over a period of time following the Effective Time and in respect a manner designed not to adversely affect the market prices of such Certificatesthe Secondary Participation Interests. Upon the proper surrender of a Certificate for cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, a properly completed and duly executed, and such other documents as may be required pursuant to such instructionsexecuted letter of transmittal, the holder of such Certificate shall be entitled to receive in exchange therefor a check representing the cash portion of the Merger Consideration or Warrant Payment (as applicable) and a certificate representing such number of Secondary Participation Interests which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and surrendered pursuant to the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)provisions hereof, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any the cash portion of the Merger Consideration or Warrant Payment (as applicable) payable to holders of CertificatesConsideration. In the event of a transfer of ownership of any shares of Company Capital Common Stock or Warrants that is not registered in the transfer records of the Company, a check for the cash portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect and a certificate representing the applicable number of such shares of Company Capital Stock or Warrants Secondary Participation Interests may be issued to a the transferee if the Certificate representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required sufficient, in the reasonable discretion of the Acquiror and the Exchange Agent, (i) to evidence and effect such transfer and by (ii) to evidence that any all applicable stock transfer Taxes taxes have been paid.
(d) From and after the Effective Time, there shall be no transfers on the stock transfer records of the Company of any shares of Company Common Stock that were outstanding immediately prior to the Effective Time. Until surrendered as contemplated by If, after the Effective Time, Certificates are presented to the Acquiror or the Surviving Corporation, they shall be cancelled and exchanged for the Merger Consideration deliverable in respect thereof pursuant to this Plan in accordance with the procedures set forth in this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at 1.3.
(e) Any portion of the aggregate Merger Consideration or the proceeds of any time investments thereof that remains unclaimed by the stockholders of the Company for one year after the Effective Time shall be repaid or delivered, as applicable, by the Exchange Agent to represent the Acquiror. Any stockholders of the Company who have not theretofore complied with this Section 1.3 shall thereafter look only to the right Acquiror for payment of their Merger Consideration deliverable in respect of each share of Company Common Stock such stockholder holds as determined pursuant to receive upon such surrender this Plan without any interest on the cash portion of the Merger Consideration. If outstanding Certificates are not surrendered or the payment for them 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 and any other applicable law, become the property of the Acquiror (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 the Acquiror, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of Company Common Stock for any amount 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 the Exchange Agent, the posting by such person of a bond in such amount as the Exchange Agent 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 Merger Consideration or Warrant Payment (as applicable) payable deliverable in respect of such Certificate as set forth in Section 2.6thereof pursuant to this Plan.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (First Nationwide Parent Holdings Inc), Agreement and Plan of Merger (First Nationwide Holdings Inc)
Exchange Procedures. Subject (i) At least five (5) days prior to Section 3.1(c)the Closing, promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent Acquiror shall instruct send or shall cause the Exchange Agent to mail send, to each holder of Holdco Equityholder at the physical address or email address on record of a certificate or certificates which immediately prior to with the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) Holdco, (A) a letter notice advising such Holdco Equityholder of transmittal substantially in the form attached hereto as Exhibit C proposed effectiveness of the Holdco Merger, (“B) the Letter of Transmittal”), which shall specify that delivery shall be effected, and risk (C) notice of loss and title the procedures for surrendering to the Certificates shall pass, only upon proper delivery Acquiror such Holdco Equityholder’s duly executed Letter of Transmittal (with all other documentation required to be delivered pursuant to the Certificates to Letter of Transmittal or the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representativerespect of uncertificated shares), and (B) instructions for use in effecting the surrender transferring such Holdco Equityholder’s shares of the Certificates Holdco Equity, in exchange for the portion aggregate share of the Aggregate Merger Consideration or Warrant Payment (as applicable) receivable in respect of payable to such CertificatesHoldco Equityholder pursuant to Section 3.01(a)(iii). Upon surrender delivery of a Certificate for cancellation to the Exchange Agent together with such Letter of TransmittalTransmittal by such Holdco Equityholder, properly completed duly executed and duly executedin proper form with all enclosures and attachments required thereby, and such other documents as may be required pursuant to such instructions, the holder of such Certificate Holdco Equityholder shall be entitled to receive the aggregate share of the Aggregate Merger Consideration payable to such Holdco Equityholder in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of for the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate Holdco Equity so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidsurrendered. Until surrendered as contemplated by this Section 3.1hereby, each Certificate shall, subject to Section 3.2, share of Holdco Equity shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the applicable Per Share Merger Consideration or Warrant Payment in respect thereof.
(as applicableii) payable Following the Closing, within two (2) Business Days of receipt of all required documentation from a Holdco Equityholder required by this Agreement and the Exchange Agent in respect of uncertificated shares, including the Letter of Transmittal and an IRS Form W-9, the Acquiror shall issue (or cause the Exchange Agent to issue) to such Certificate Holdco Equityholder, in accordance with the terms of this Agreement, the aggregate share of the Aggregate Merger Consideration payable to such Holdco Equityholder in exchange for such Person’s Holdco Equity; provided, however, that to the extent that all such required documentation was provided to the Acquiror at least two (2) Business Days before the Closing Date by a Holdco Equityholder, then the Acquiror shall issue (or cause the Exchange Agent to issue) to such Holdco Equityholder, in accordance with the terms of this Agreement, the aggregate share of the Aggregate Merger Consideration payable to such Holdco Equityholder in exchange for such Person’s Holdco Equity on the Closing Date. Notwithstanding anything to the contrary in this Agreement or any knowledge possessed or acquired by or on behalf of Acquiror or any of its Affiliates, Acquiror, the Exchange Agent and their Affiliates shall be entitled to conclusively and definitively rely on, without any obligation to investigate or verify the accuracy, inaccuracy or correctness thereof, and without any liability, the documentation provided by each Holdco Equityholder (including wire instructions, account information or addresses), which shall be binding on and enforceable against such Holdco Equityholder.
(iii) If payment of any Per Share Merger Consideration is to be made to a Person other than the Person in whose name any surrendered share of Holdco Equity is registered, it shall be a condition precedent to payment that the share of Holdco Equity so surrendered shall be in proper form for transfer, and the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the delivery of the applicable Per Share Merger Consideration in respect thereof, as set forth in Section 2.6applicable, to a Person other than the registered holder of the share of Holdco Equity so surrendered and shall have established to the satisfaction of Acquiror that such Taxes either have been paid or are not required to be paid.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Sable Offshore Corp.), Merger Agreement (Flame Acquisition Corp.)
Exchange Procedures. Subject to Section 3.1(c), promptly (i) Promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time)Closing Date, Parent shall instruct Buyer or the Exchange Agent to shall mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal in substantially in the form attached hereto as Exhibit C (the “Letter of Transmittal”) to each Stockholder (including the holders of Company Warrants who exercised their Company Warrants prior to the Effective Time) at the address set forth opposite each such holder’s name on the Company Spreadsheet. After receipt of the Letter of Transmittal and any other documents that Buyer or the Exchange Agent may reasonably require in order to effect the exchange (the “Exchange Documents”), which shall specify that delivery shall be effected, and risk the Stockholders will surrender their certificates representing their shares of loss and title to Company Capital Stock (the Certificates shall pass, only upon proper delivery of the Certificates “Company Stock Certificates”) to the Exchange Agent for cancellation together with duly completed and validly executed Exchange Documents. Upon surrender of a Company Stock Certificate for cancellation to the Exchange Agent, or such other agent or agents as may be appointed by Buyer, together with such Exchange Documents, duly completed and validly executed in accordance with the instructions thereto, subject to the terms of Section 2.8(d), the Stockholder shall be entitled to receive from the Exchange Agent in customary form reasonably satisfactory to Parent and exchange therefor (A) the Equityholders’ Representativeportion of the Exchange Fund, (B) the portion of the Adjusted Working Capital Surplus, if any, and (BC) instructions for use in effecting to the surrender extent deposited with the Exchange Agent, the portion of the Certificates Representative Fund, to which such Stockholder is entitled pursuant to Sections 2.6(a) through and including 2.6(f) and Section 2.6(i), as applicable, and the Company Stock Certificate so surrendered shall be cancelled. Until so surrendered, each Company Stock Certificate (other than those representing Dissenting Shares) outstanding after the Effective Time will be deemed, for all corporate purposes thereafter, to evidence only the right to receive the amounts payable, if any, in exchange for shares of Company Capital Stock (without interest) into which such shares of Company Capital Stock shall have been so converted. No portion of the Merger Consideration will be paid to a Stockholder of any unsurrendered Company Stock Certificate with respect to such shares of Company Capital Stock formerly represented thereby until the Stockholder of record of such Company Stock Certificate shall surrender such Company Stock Certificate or documentation satisfactory to Buyer and the Exchange Agent evidencing the loss of such Company Stock Certificate as contemplated by Section 2.13 and shall deliver validly executed Exchange Documents. Notwithstanding anything in this Section 2.8(b), neither the Buyer nor any of its Affiliates shall be required to deliver to the Exchange Agent any Company Stock Certificate with respect to any shares of Company Common Stock held by Buyer or any of its Affiliates prior to the Effective Time as a result of the exercise of any Company Warrants in order to receive the portion of the Merger Consideration payable to Buyer or its Affiliates.
(ii) At least ten (10) Business Days prior to the Closing Date, the Company shall mail or deliver to each holder of Company Vested Options who is an employee of the Company (each such option holder, an “Employee Option Holder”) notice of the proposed Merger and an Option Acknowledgement Form. Upon surrender to Buyer or the Company of an Option Acknowledgement Form, duly completed and validly exercised in accordance with the instructions thereto, Buyer shall cause the Surviving Corporation to pay to each Employee Option Holder such former holder’s Per Share Upfront Option Consideration, net of applicable Tax withholding amounts, if any. The Employee Option Holder shall also be entitled to receive from Buyer or the Surviving Corporation (A) the portion of the Adjusted Working Capital Surplus, if any, and (B) to the extent deposited with Buyer or the Surviving Corporation, the portion of the Representative Fund, if any, in each case to which such holder is entitled to pursuant to Section 2.6(h) in accordance with and at the respective times set forth in this Agreement. Buyer shall make or cause to be made any payments of the applicable Company Vested Option Consideration to Employee Option Holders by depositing such funds with the Surviving Corporation for distribution through its normal payroll systems and shall cause such distribution to Employee Option Holders to be made.
(iii) At least ten (10) Business Days prior to the Closing Date, the Company shall mail to each Non-Employee Option Holder a notice of the proposed Merger and an Option Acknowledgement Form with appropriate instructions and any other documents that Buyer or the Exchange Agent may reasonably require in order to effect the exchange of their Company Vested Options for the Company Vested Option Consideration. Upon return of such materials to the Exchange Agent, the Exchange Agent shall pay to each Non-Employee Option Holder such former holder’s Per Share Upfront Option Consideration, net of applicable Tax withholding amounts, if any. The Non-Employee Option Holder shall also be entitled to receive from the Exchange Agent (A) the portion of the Adjusted Working Capital Surplus, if any, and (B) to the extent deposited with the Exchange Agent, the portion of the Representative Fund, if any, in each case to which such holder is entitled to pursuant to Section 2.6(h) in accordance with and at the respective times set forth in this Agreement.
(iv) At least ten (10) Business Days prior to the Closing Date, the Company shall mail or deliver to each holder of a Company Warrant Payment a notice of the proposed Merger and an agreement in the form approved by Buyer and the Company (a “Warrant Cash-Out Agreement”) providing that such Company Warrant, if not exercised (conditionally upon the consummation of the Merger or any time prior thereto), be cancelled as applicableof the consummation of the Merger, and that such holder (a) receivable accepts the consideration set forth in Section 2.6(i) in lieu of any other consideration that might be claimed by any such holder, (b) unconditionally and irrevocably waives and releases all right or claim that such holder might have or assert in respect of such Certificates. Upon surrender consideration, (c) acknowledges that such holder’s Company Warrants shall terminate upon and may not be exercised after the Closing Date, and (d) approving the appointment of a Certificate for cancellation the Stockholders’ Representative and agreeing to be bound by the indemnification obligations contained in this Agreement and the provisions set forth in Article X and the Escrow Agreement with appropriate instructions and any other documents that Buyer or the Exchange Agent together with may reasonably require in order to effect the exchange of their Company Warrants for the Company Warrant Consideration. Prior to and effective conditionally on consummation of the Merger such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be entitled to receive from Buyer upon consummation of the Merger, in exchange therefor respect of each share of Company Common Stock subject to such Company Warrant, the Company Warrant Consideration. Upon return of such materials to the Exchange Agent, including the Warrant Cash-Out Agreement if a holder has not exercised such holder’s Company Warrant prior to the Effective Time, the Exchange Agent shall pay to each such former holder of Company Warrants such former holder’s Per Share Upfront Warrant Consideration. Such former holder shall also be entitled to receive from the Exchange Agent (A) the portion of the Merger Consideration or Warrant Payment Adjusted Working Capital Surplus, if any, and (as applicableB) which such holder has to the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance extent deposited with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the CompanyAgent, the portion of the Merger Consideration or Warrant Payment (as applicable) payable Representative Fund, if any, in respect of each case to which such shares of Company Capital Stock or Warrants may be issued holder is entitled to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject pursuant to Section 3.2, be deemed 2.6(i) in accordance with and at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as respective times set forth in Section 2.6this Agreement.
Appears in 2 contracts
Samples: Merger Agreement, Merger Agreement (Verisk Analytics, Inc.)
Exchange Procedures. Subject Prior to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent the Company shall instruct the Exchange Agent to mail deliver to each record holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) Certificate (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent, and which letter shall be substantially in customary the form reasonably satisfactory to attached as Exhibit B hereto (the “Letter of Transmittal”) and have such other provisions as Parent and the Equityholders’ Representative, Company may reasonably agree and (B) instructions for use in effecting the surrender of the such Certificates in exchange for the portion of Class A Non-Rolling Per Share Closing Merger Consideration, the Class B Per Share Closing Merger Consideration or Warrant Payment (the Preferred Per Share Merger Consideration, as applicable) receivable , and, in respect the case of such CertificatesCompany Class A Common Stock, the Class A Per Share Holdback Consideration and, in the case of Company Class B Common Stock, the Class B Per Share Holdback Consideration. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly duly executed and completed and duly executed, and such other documents as may be required pursuant to such instructionsin accordance with the instructions thereto, the holder of such Certificate shall be entitled to receive in exchange therefor promptly the portion of Class A Non-Rolling Per Share Closing Merger Consideration, the Class B Per Share Closing Merger Consideration or Warrant Payment (the Preferred Per Share Merger Consideration, as applicable, and (in the case of holders of Company Common Stock) which such holder has the right to receive receive, in respect accordance with the terms of this Agreement, the shares Class A Per Share Holdback Consideration or the Class B Per Share Holdback Consideration, as applicable, for each share of Company Capital Common Stock or Warrants Company Preferred Stock, as applicable, formerly represented by such Certificate (and such Certificate shall then be canceled; provided that upon receipt of the Letter of Transmittal and the right Certificate, the Exchange Agent shall exclusively rely on the Schedule of Stockholder Closing Merger Consideration in determining what aggregate portion of the Closing Merger Consideration each such holder of shares of Company Common Stock is entitled. Notwithstanding anything in this Agreement to receive the contrary, the Company or the Exchange Agent, as the case may be, shall be permitted to withhold any portion of the Per Share Merger Consideration to which any Person is otherwise entitled if such withholding is required by applicable law. Parent will give the Company notice three (3) days prior to the Closing if it believes, based on the information available to it at such time as a result of receipt of executed Letters of Transmittal prior to such date, that any withholding is required pursuant to the immediately foregoing sentence. Any Person entitled to a portion of the Closing Merger Consideration who has provided wire instructions to the Parent prior to the Effective Time (other than the Stockholder Representative, whose consideration shall be paid in accordance with Section 2.11) shall be entitled to payments from of the General Escrow Account and Class A Non-Rolling Per Share Closing Merger Consideration, the Equityholders’ Representative Escrow Account Class B Per Share Closing Merger Consideration or the Preferred Per Share Merger Consideration, as applicable, for each share of Company Common Stock or Company Preferred Stock represented by the Certificates delivered by wire transfer on or promptly following the Closing Date in accordance with the Escrow Agreement and Section 3.3), instructions specified in such Person’s Letter of Transmittal; provided that upon receipt of the Letter of Transmittal and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess PaymentCertificate, the Exchange Agent will deliver to shall exclusively rely on the Schedule of Stockholder Closing Merger Consideration in determining what aggregate portion of the Closing Merger Consideration each such holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt shares of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofCompany Common Stock is entitled. No interest will be paid or accrued will accrue for the benefit of holders of the Certificates on any the Class A Non-Rolling Per Share Closing Merger Consideration, the Class B Per Share Closing Merger Consideration or Warrant Payment (Preferred Per Share Merger Consideration, as applicable) , payable to holders upon the surrender of the Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that Company Preferred Stock which is not registered in the transfer records of the Company, the portion payment of the Per Share Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued made with respect to such Company Common Stock to such a transferee if the Certificate formerly representing such shares of Company Capital Common Stock or Warrants Company Preferred Stock is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration paid or Warrant Payment (as is not applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 2 contracts
Samples: Agreement and Plan of Merger, Agreement and Plan of Merger (Great Lakes Dredge & Dock Corp)
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but and in no any event later than two (2) within three Business Days following the Effective TimeDays), Parent and the Surviving Corporation shall instruct cause the Exchange Paying Agent to mail to each holder of record of a certificate or certificates which immediately prior Certificates and to each holder of record of Book-Entry Shares, in each case whose shares were converted into the Effective Time represented outstanding shares of Company Capital Stock or Warrants right to receive the Merger Consideration pursuant to Section 4.2(a), (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Paying Agent and which shall be in customary such form and have such other provisions as Parent may reasonably satisfactory to Parent and the Equityholders’ Representative, specify and (Bii) instructions for use in effecting the surrender of surrendering the Certificates or Book-Entry Shares in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in payable with respect of such Certificatesthereto. Upon surrender to the Paying Agent of a Certificate for cancellation to the Exchange Agent cancellation, together with such Letter of Transmittal, properly a duly completed and duly executed, and validly executed letter of transmittal or receipt of an “agent’s message” by the Paying Agent (or such other documents evidence, if any, of transfer as the Paying Agent may be required pursuant to such instructionsreasonably request) in the case of Book-Entry Shares, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the portion amount of the Merger Consideration or Warrant Payment (as applicable) cash which such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly theretofore represented by such Certificate (and the right or book-entry entitle such holder to receive payments from pursuant to the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), provisions of this Article 4 and the Certificate or Book-Entry Shares so surrendered shall forthwith be canceled. Following any receipt of an Excess PaymentUntil so surrendered or transferred, as the Exchange Agent will deliver case may be, each such Certificate or Book-Entry Share shall represent after the Effective Time for all purposes only the right to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if receive the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofConsideration. No interest will shall be paid or accrued shall accrue on any Merger Consideration or Warrant Payment (as applicable) cash payable to holders of CertificatesCertificates or Book-Entry Shares pursuant to the provisions of this Article 4. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that is not registered in the transfer records of the Company, payment may be made to a Person other than the portion Person in whose name the Certificate or Book-Entry Shares so surrendered are registered if such Certificate shall be properly endorsed or otherwise be in proper form for transfer or such Book-Entry Shares shall be properly transferred and the Person requesting such issuance shall pay any transfer or other Taxes required by reason of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued payment to a transferee if Person other than the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect registered holder of such Certificate as set forth in Section 2.6or Book-Entry Shares or establish to the satisfaction of Parent that such Tax has been paid or is not applicable.
Appears in 2 contracts
Samples: Merger Agreement, Merger Agreement (Salix Pharmaceuticals LTD)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following As of the Effective Time, Cephalon shall deposit, or cause to be deposited, with U.S. Bank National Association or, in the event U.S. Bank National Association is unwilling or unable to serve as the exchange agent, such other commercial bank or trust company of recognized standing reasonably acceptable to CIMA and Cephalon (in such capacity, the "Exchange Agent"), Parent for the benefit of the holders of the CIMA Certificates, for exchange, in accordance with this Article III, through the Exchange Agent, cash representing the Merger Consideration payable to the holders of CIMA Certificates pursuant to Section 3.01. Cash deposited with the Exchange Agent shall instruct hereinafter be referred to as the "Exchange Fund." The Exchange Agent shall, pursuant to irrevocable instructions, deliver out of the Exchange Fund the Merger Consideration contemplated to be paid for shares of CIMA Common Stock pursuant to this Agreement. The Exchange Fund shall not be used for any other purpose.
(b) Promptly after the Effective Time, Cephalon shall cause the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants CIMA Certificate:
(the “Certificates”) (A1) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the CIMA Certificates shall pass, only upon proper delivery of the CIMA Certificates to the Exchange Agent Agent, and which letter shall be in customary form and have such other provisions as Cephalon may reasonably satisfactory specify (such letter to Parent and be reasonably acceptable to CIMA prior to the Equityholders’ Representative, and Effective Time); and
(B2) instructions for use in effecting the surrender of the CIMA Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a CIMA Certificate for cancellation to the Exchange Agent together with such Letter letter of Transmittaltransmittal, properly duly executed and completed and duly executedin accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such CIMA Certificate shall be entitled to receive in exchange therefor a check in the portion of amount equal to the Merger Consideration or Warrant Payment (as applicable) which cash that such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofthis Article III. No interest will be paid or accrued will accrue on any Merger Consideration or Warrant Payment (as applicable) payable cash deliverable pursuant to holders of Certificatesthis Article III. In the event of a transfer of ownership of shares of Company Capital CIMA Common Stock or Warrants that which is not registered in the transfer records of CIMA, a check in the Company, the portion proper amount of cash representing the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued with respect to such CIMA Common Stock to such a transferee if the Certificate CIMA Certificates formerly representing such shares of Company Capital CIMA Common Stock or Warrants is are presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by this Section 3.13.03(b), each CIMA Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of the shares of CIMA Common Stock formerly represented by such CIMA Certificate or the right, if any, to receive payment from the Surviving Corporation of the "fair value" of such shares of CIMA Common Stock as set forth determined in accordance with Section 2.6262 of the DGCL.
Appears in 2 contracts
Samples: Merger Agreement (Cephalon Inc), Merger Agreement (Cima Labs Inc)
Exchange Procedures. Subject to Section 3.1(c), As promptly following as practicable after the Effective Time (but in no event later than two three (23) Business Days following the Effective Timethereafter), Parent DENTSPLY shall instruct cause the Exchange Agent to mail to each holder of record of a certificate Sirona Certificate or certificates Sirona Book-Entry Share, in each case which immediately prior shares were converted into the right to receive the Merger Consideration at the Effective Time represented outstanding shares of Company Capital Stock or Warrants pursuant to this Agreement: (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”)transmittal, which shall specify that delivery shall be effected, and risk of loss and title to the Sirona Certificates shall pass, only upon proper delivery of the Sirona Certificates to the Exchange Agent Agent, and shall otherwise be in customary such form reasonably satisfactory to Parent and have such other provisions as DENTSPLY, Sirona and the Equityholders’ RepresentativeExchange Agent may reasonably specify, and (Bii) instructions for use in effecting the surrender of the Sirona Certificates or Sirona Book-Entry Shares in exchange for the portion of the Merger Consideration or Warrant Payment (Consideration, as applicable) receivable in respect , and the method of payment of such Certificatesholder's Fractional Shares Cash Amount. Upon surrender of a Certificate Sirona Certificates and Sirona Book-Entry Shares for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and or to such other documents agent or agents as may be appointed by Sirona and DENTSPLY, and upon delivery of a letter of transmittal, duly executed and in proper form with all required pursuant enclosures and attachments, with respect to such instructionsSirona Certificates or Sirona Book-Entry Shares, the holder of such Certificate Sirona Certificates or Sirona Book-Entry Shares shall be entitled to receive in exchange therefor the portion whole shares of the Merger Consideration or Warrant Payment (as applicable) which DENTSPLY Common Stock that such holder has the right is entitled to receive in respect pursuant to Section 2.1 and, if applicable, the Fractional Shares Cash Amount for each share of the shares of Company Capital Sirona Common Stock or Warrants formerly represented by such Certificate (Sirona Certificates and the right to receive payments from the General Escrow Account for each Sirona Book-Entry Share. Any Sirona Certificates and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate Sirona Book-Entry Shares so surrendered shall forthwith be canceledcancelled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then If payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration is to be made to a Person other than the Person in whose name any surrendered Sirona Certificate is registered, it shall be a condition precedent to payment that the Sirona Certificate so surrendered shall be properly endorsed or Warrant Payment (shall be otherwise in proper form for transfer, and the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the delivery of the Merger Consideration, as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued , to a transferee if Person other than the registered holder of the Sirona Certificate representing such shares of Company Capital Stock or Warrants is presented so surrendered and shall have established to the Exchange Agent, accompanied by any documents reasonably satisfaction of Sirona that such Taxes either have been paid or are not required to evidence and effect be paid. Delivery of the Merger Consideration with respect to Sirona Book-Entry Shares shall only be made to the Person in whose name such transfer and by evidence that any applicable stock transfer Taxes have been paidSirona Book-Entry Shares are registered. Until surrendered as contemplated by this Section 3.1hereby, each Sirona Certificate shall, subject to Section 3.2, or Sirona Book-Entry Share shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable provided in respect of such Certificate as set forth in Section 2.6this Agreement.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Dentsply International Inc /De/), Merger Agreement (Sirona Dental Systems, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than a) Within two (2) Business Days days following the Closing Date, Unified shall mail or cause to be mailed to holders of record of certificates representing shares of Seller Common Stock (the "Certificates"), as identified on the Seller Shareholder List, as provided pursuant to Section 1.11 hereof, letters advising them of the effectiveness of the Merger and instructing them to tender such Certificates to Unified, or in lieu thereof, such evidence of lost, stolen or mutilated Certificates and such surety bond or other security as Unified may reasonably require (the "Required Documentation").
(b) Subject to Section 1.11, after the Effective Time), Parent shall instruct the Exchange Agent to mail to each previous holder of record a Certificate that surrenders such Certificate or in lieu thereof, the Required Documentation, to Unified, with a properly completed and executed letter of transmittal with respect to such Certificate, will be entitled to a certificate or certificates which immediately prior representing the Merger Consideration.
(c) Each outstanding Certificate, until duly surrendered to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”)Unified, which shall specify that delivery shall be effected, and risk of loss and title deemed to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion evidence ownership of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to into which the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of stock previously represented by such Certificate shall have been converted pursuant to this Agreement.
(d) After the Effective Time, holders of Certificates shall cease to have rights with respect to the stock previously represented by such Certificates, and their sole rights shall be entitled to receive exchange such Certificates for the Merger Consideration issuable in exchange therefor the portion Merger. After the closing of the transfer books as described in Section 1.11 hereof, there shall be no further transfer on the records of Seller of Certificates, and if such Certificates are presented to Seller for transfer, they shall be cancelled against delivery of the Merger Consideration. Neither Buyer nor the Surviving Corporation shall be obligated to deliver the Merger Consideration or Warrant Payment (to which any former holder of Seller Common Stock is entitled as applicable) which a result of the Merger until such holder has surrenders the Certificates or furnishes the Required Documentation as provided herein. No dividends or distributions declared after the Effective Time on the Unified Common Stock will be remitted to any person until such person surrenders the Certificate representing the right to receive in respect of the shares of Company Capital such Unified Common Stock or Warrants formerly furnishes the Required Documentation, at which time such dividends or declarations shall be remitted to such person, without interest and less any taxes that may have been imposed thereon. Certificates surrendered for exchange by an affiliate shall not be exchanged until Unified has received a written agreement from such affiliate as required pursuant to Section 5.06 hereof. Neither Unified nor any party to this Agreement nor any affiliate thereof shall be liable to any holder of stock represented by such any Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on for any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In issuable in the event of a transfer of ownership of shares of Company Capital Stock or Warrants Merger that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued paid to a transferee if the Certificate representing such shares of Company Capital Stock public official pursuant to applicable abandoned property, escheat or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6similar laws.
Appears in 2 contracts
Samples: Merger Agreement (Unified Holdings Inc), Agreement and Plan of Merger (Unified Holdings Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly Promptly following the Effective Time (but in no event later than two three (23) Business Days following the Effective Time), Parent shall instruct the Exchange Paying Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants (the “Certificates”) and whose shares of Company Common Stock have been converted into the right to receive Merger Consideration pursuant to Section 3.1 (Ai) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“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 Paying Agent and shall be in customary form reasonably satisfactory subject to Parent and the Equityholders’ Representativeconsent of the Company prior to the Effective Time, such consent not to be unreasonably withheld or delayed) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Paying Agent together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be reasonably required pursuant to such instructionsinstructions (or, if such shares are held in book-entry or other uncertificated form, upon the entry through a book-entry transfer agent of the surrender of such shares on a book-entry account statement (it being understood that any references herein to “Certificates” shall be deemed to include references to book-entry account statements relating to the ownership of shares of Company Common Stock)), the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that which is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Paying Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.13.2, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (the right to demand to be paid the “fair value” of the shares represented thereby as applicable) payable in respect of such Certificate as set forth in contemplated by Section 2.63.3.
Appears in 2 contracts
Samples: Merger Agreement, Merger Agreement (Alliance Data Systems Corp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days Promptly following the Effective Time), Parent and the Surviving Corporation shall instruct cause the Exchange Payment Agent to mail to each holder of record of a certificate or certificates which Shares as of immediately prior to the Effective Time represented outstanding whose shares of Company Capital Stock or Warrants were converted into the right to receive the Merger Consideration pursuant to Section 1.4(b)(i): (the “Certificates”) (Ai) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“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 a certificate or certificates (the Certificates “Certificates”) that immediately prior to the Exchange Effective Time represented outstanding Shares (excluding Cancelled Shares and Dissenting Shares) (or effective affidavits of loss in lieu thereof as provided in Section 2.2(d)) or transfer of Uncertificated Shares (excluding Cancelled Shares and Dissenting Shares) to the Payment Agent and shall be (as evidenced by receipt by the Payment Agent of an “agent’s message” in customary form or such other evidence as the Payment Agent may reasonably satisfactory to Parent and the Equityholders’ Representative, request); and (Bii) instructions for use in effecting the surrender of the Certificates or transfer of the Uncertificated Shares in exchange for the portion Merger Consideration payable in respect thereof pursuant to the provisions of Article I. Each holder of Shares that have been converted into the right to receive the Merger Consideration or Warrant Payment (as applicable) receivable shall be entitled to receive the Merger Consideration in respect of such Certificates. Upon surrender of the Shares represented by a Certificate for cancellation or Uncertificated Share (x) in the case of Shares represented by a Certificate, upon surrender to the Exchange Payment Agent of such Certificate, together with such Letter of Transmittal, properly a duly completed and duly executed, validly executed letter of transmittal and such other documents as may reasonably be required pursuant to such instructionsrequested by the Payment Agent or (y) in the case of a book-entry transfer of Uncertificated Shares promptly following the Closing. Until so surrendered or transferred, as the holder of case may be, from and after the Effective Time each such Certificate or Uncertificated Share shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has represent for all purposes only the right to receive the Merger Consideration payable in respect thereof pursuant to the provisions of Article I. If Certificates or Uncertificated Shares are presented to the shares of Company Capital Stock or Warrants formerly represented by such Certificate (Surviving Corporation after the Effective Time for any reason, they shall be canceled and exchanged for the right to receive payments from the General Escrow Account Merger Consideration as provided for, and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. procedures set forth in Article I. No interest will shall be paid or accrued on any Merger Consideration the cash payable upon the surrender or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership such Certificate or Uncertificated Share. From and after the Effective Time, there will be no further registration of shares of Company Capital Stock or Warrants that is not registered in transfers on the transfer records of the Company, the portion Surviving Corporation of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be Shares that were issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented and outstanding immediately prior to the Exchange AgentEffective Time, accompanied by any documents reasonably required other than transfers to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1reflect, each Certificate shallin accordance with customary settlement procedures, subject trades effected prior to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion Time. Table of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6.Contents
Appears in 2 contracts
Exchange Procedures. Subject to Section 3.1(c), promptly following Promptly after the Effective Time (but and in no event later than two (2) Business Days following thereafter), the Parent Entities shall cause to be mailed (i) to each Person who was, at the Company Merger Effective Time, the Manager Merger Effective Time or the OpCo Merger Effective Time, as applicable, a Holder of Shares represented by book-entry, Manager Membership Interests, OpCo Membership Interests or OpCo Profits Units, as applicable (collectively, the “Book-Entry Securities”), Parent shall instruct instructions for use in effecting the Exchange Agent surrender of such Book-Entry Securities in exchange for the Merger Consideration to mail which such Holder is entitled pursuant to this Article III (other than any Deferred Payments) and (ii) to the extent any Certificates are outstanding as of immediately prior to the Company Merger Effective Time, to each Holder who was, at the Company Merger Effective Time, a holder of record of a certificate or certificates which (“Certificates”) that represented any Shares outstanding immediately prior to the Company Merger Effective Time represented outstanding shares Time, a form of Company Capital Stock or Warrants letter of transmittal (the “Certificates”) which (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery of a Certificate shall be effected, and risk of loss and title to the Certificates such Certificate shall pass, only upon proper delivery of the Certificates such Certificate to the Exchange Paying Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) shall be in such form and have such other customary provisions as the Surviving Company may specify), together with instructions for use in effecting thereto, setting forth, inter alia, the procedures by which holders of Certificates may surrender of the such Certificates in exchange for the portion Merger Consideration to which such holder is entitled pursuant to this Article III. If payment of the applicable Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of any Shares represented by Certificates is to be made to a Person other than the Person in whose name a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittalsurrendered is registered, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate it shall be entitled to receive in exchange therefor the portion a condition of payment of the Company Merger Consideration or Warrant Payment that (as applicablew) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following properly endorsed or shall otherwise be in proper form for transfer and (x) the Person requesting such payment shall pay any receipt transfer or other Taxes required solely by reason of an Excess Payment, the Exchange Agent will deliver payment of such Company Merger Consideration to each a Person other than the registered holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if Certificate or establish to the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment reasonable satisfaction of the portion thereof applicable to Parent Entities that such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be Tax has been paid or accrued on any Merger Consideration or Warrant Payment (as is not applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Book-Entry Securities that is not registered in the transfer records of the CompanyCompany Entities, the portion payment of the applicable Merger Consideration or Warrant Payment (as applicableother than any Deferred Payments) payable in respect of such shares of Company Capital Stock or Warrants may be issued made to a transferee Holder other than the Person in whose name the Book-Entry Security is registered if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any (y) all documents reasonably required to evidence and effect such transfer or otherwise be in proper form for transfer are presented to the Paying Agent and (z) the Holder requesting such payment shall pay any transfer or other Taxes required solely by evidence reason of the payment of such Merger Consideration (other than any Deferred Payments) to a Person other than the registered holder of such Book-Entry Security or establish to the reasonable satisfaction of the Parent Entities that any applicable stock transfer Taxes have such Tax has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.13.04, each Book-Entry Security and Certificate shall, subject to Section 3.2, shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender the portion Merger Consideration (other than any Deferred Payments) to which the holder of such Book-Entry Security or Certificate is entitled pursuant to this Article III. No interest shall be paid or will accrue on any cash payable to holders of Book-Entry Securities or Certificates pursuant to the provisions of this Article III. Each Holder that is a registered holder of one or more Book-Entry Securities shall, upon receipt by the Paying Agent of an “agent’s message” in customary form (or such other evidence, if any, as the Paying Agent may reasonably require), be entitled to receive, and the Parent Entities shall cause the Paying Agent to pay and deliver as soon as reasonably practicable after receipt of such agent’s message (or such other evidence, if any, as the Paying Agent may reasonably require), the Merger Consideration (other than any Deferred Payments) for each Book-Entry Security. Each Holder that is a holder of one or Warrant Payment (as applicable) payable in respect more Certificates shall, upon completion of such applicable procedures by such holder and the surrender of such holder’s Certificate, be entitled to receive, and the Parent Entities shall cause the Paying Agent to pay and deliver as soon as reasonably practicable after the completion of such procedures, the Merger Consideration (other than any Deferred Payments) for each Share represented by such Certificates. Upon the payment and delivery of the applicable Merger Consideration (other than any Deferred Payments) with respect to a Certificate as set forth or Book-Entry Security, such Certificate or Book-Entry Security shall forthwith be canceled. Prior to the Company Merger Effective Time, the Parent Entities and the Company Entities shall cooperate to establish procedures with the Paying Agent and the Depository Trust Company (“DTC”) with the objective that the Paying Agent shall transmit to DTC or its nominee on the Closing Date an amount in Section 2.6cash, by wire transfer of immediately available funds, equal to (X) the number of shares of Company Common Stock (other than Excluded Shares, Rollover Shares and any Dissenting Shares) held of record by DTC or such nominee immediately prior to the Company Merger Effective Time multiplied by (Y) the Company Merger Consideration.
Appears in 2 contracts
Samples: Merger Agreement (Emanuel Ariel), Merger Agreement (Endeavor Group Holdings, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly Promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct cause the Exchange Paying Agent to mail to each holder of record of a certificate Certificate or certificates Certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants (the “Certificates”, it being understood that any references herein to “Certificates” shall be deemed to include Book-Entry Shares) and whose shares of Company Common Stock have been converted into the right to receive Merger Consideration pursuant to Article I (Aa) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Paying Agent) and (Bb) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Paying Agent together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be customarily and reasonably required pursuant to such instructionsinstructions (or, if such shares are held in book-entry or other uncertificated form, upon the entry through a book-entry transfer agent of the surrender of such shares on a book-entry account statement), the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that which is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Paying Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1Article II, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (the right to demand to be paid the “fair market value” of the shares represented thereby as applicable) payable in respect of such Certificate as set forth in Section 2.6.contemplated by Article I.
Appears in 2 contracts
Samples: Merger Agreement (Sonicwall Inc), Merger Agreement (Sonicwall Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent the Surviving Corporation shall instruct cause its transfer agent (or a depository or trust institution of recognized standing selected by BancTrust and reasonably satisfactory to Peoples) (the “Exchange Agent Agent”) to mail to each holder the former shareholders of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Peoples appropriate transmittal materials (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates theretofore representing shares of Peoples Common Stock shall pass, only upon proper delivery of such certificates to the Certificates Exchange Agent). After the Effective Time, each holder of shares of Peoples Common Stock (other than shares to be canceled pursuant to Section 3.3 of this Agreement or as to which dissenters’ rights of appraisal have been perfected as provided in Section 3.4 of this Agreement) issued and outstanding at the Effective Time shall surrender the certificate or certificates representing such shares to the Exchange Agent (or shall furnish customary documentation and indemnity if any such certificates are lost, stolen or destroyed) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate shall be entitled to promptly thereafter receive in exchange therefor the portion of the Merger Consideration provided in Section 3.1 of this Agreement, together with all undelivered dividends or Warrant Payment (as applicable) which such holder has the right to receive distributions in respect of the shares of Company Capital BancTrust Common Stock received (without interest thereon) pursuant to Section 4.2 of this Agreement. To the extent required by Section 3.5 of this Agreement, each holder of shares of Peoples Common Stock issued and outstanding at the Effective Time also shall receive, upon surrender of the certificate or Warrants formerly represented by certificates representing such Certificate shares, cash in lieu of any fractional share of BancTrust Common Stock to which such holder may be otherwise entitled (and without interest). The Surviving Corporation shall not be obligated to deliver the right Merger Consideration to receive payments from which any former holder of Peoples Common Stock is entitled as a result of the General Escrow Account and Merger until such holder surrenders his certificate or certificates representing the Equityholders’ Representative Escrow Account shares of Peoples Common Stock for exchange as provided in accordance with the Escrow Agreement and this Section 3.3), and the Certificate 4.1. The certificate or certificates of Peoples Common Stock so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, duly endorsed as the Exchange Agent will deliver to each holder may require. Any other provision of surrendered Certificatesthis Agreement notwithstanding, such holder’s pro rata portion thereof; provided, that if neither the Surviving Corporation nor the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment liable to a holder of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be Peoples Common Stock for any amounts paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered property delivered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued good faith to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented public official pursuant to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6abandoned property Law.
Appears in 2 contracts
Samples: Merger Agreement (Peoples Banctrust Co Inc), Merger Agreement (Peoples Banctrust Co Inc)
Exchange Procedures. Subject (a) Prior to the Closing, for the benefit of the holders of Old Certificates, (i) Buyer shall cause to be delivered to the Exchange Agent, for exchange in accordance with this Article II, a statement or other evidence of shares in book entry form or, at Buyer’s option, stock certificates, representing shares of Buyer Common Stock to be issued pursuant to Section 3.1(c2.01(d) (each such evidence of book entry ownership or stock certificate, a “New Certificate”) and (ii) Buyer shall deliver, or shall cause to be delivered, to the Exchange Agent cash equal to the estimated amount of cash to be paid in lieu of fractional shares of Buyer Common Stock (that cash and the Consideration, being referred to as the “Exchange Fund”).
(b) As promptly as practicable, promptly following the Effective Time (but in any event no event later than two five (25) Business Days following the Effective Time), Parent shall instruct and provided that Company has delivered, or caused to be delivered, to the Exchange Agent prior to the Closing all information that is necessary for the Exchange Agent to perform its obligations, the Exchange Agent shall mail to each holder of record of an Old Certificate or Old Certificates who has not previously surrendered their Old Certificate or Old Certificates, a certificate or certificates which immediately prior to the Effective Time represented outstanding shares form of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable provided for in respect of such Certificatesthis Agreement. Upon proper surrender of a an Old Certificate for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, a properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such the Old Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (exchange, as applicable, (i) a New Certificate representing that number of shares of Buyer Common Stock to which such the former holder of Company Common Stock shall have become entitled pursuant to this Agreement, and/or (ii) a check representing the amount of cash (if any) payable in lieu of a fractional share of Buyer Common Stock which the former holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Old Certificate (and the right surrendered pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Agreement, and the Old Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.12.05(b), each Old Certificate shall, subject to (other than Old Certificates representing shares described in Section 3.2, 2.01(c)) shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as provided for in this Agreement and any unpaid dividends and distributions as provided in paragraph (c) of this Section 2.05 and any unpaid dividend with respect to the Company Common Stock with a record date that is prior to the Effective Time. No interest shall be paid or accrued on any cash in lieu of fractional shares or on any unpaid dividends and distributions payable to holders of Old Certificates. For shares of Company Common Stock held in book entry form, Buyer shall establish procedures for delivery which shall be reasonably acceptable to Company.
(c) No dividends or other distributions with a record date after the Effective Time with respect to Buyer Common Stock shall be paid to the holder of any unsurrendered Old Certificate until the holder shall surrender his or her Old Certificate in accordance with this Section 2.05. After the surrender of an Old Certificate in accordance with this Section 2.05, the record holder shall be entitled to receive any dividends or other distributions, without any interest, which had become payable with respect to shares of Buyer Common Stock represented by the Old Certificate. None of Buyer, Company or the Exchange Agent shall be liable to any Person in respect of any shares of Company Common Stock (or dividends or distributions with respect to them) or cash from the Exchange Fund delivered, as required by Law, to a public official pursuant to any applicable abandoned property, escheat, or similar Law.
(d) The Exchange Agent and Buyer, as the case may be, shall not be obligated to deliver cash and a New Certificate or New Certificates representing shares of Buyer Common Stock to which a holder of Company Common Stock would otherwise be entitled as a result of the Merger until such holder surrenders the Old Certificate or Old Certificates representing the shares of Company Common Stock for exchange as provided in this Section 2.05, or an appropriate affidavit of loss and indemnity agreement and a bond in such amount as shall be required in each case by Xxxxx (but not more than the amount required under Xxxxx’s contract with its transfer agent). If any New Certificates evidencing shares of Buyer Common Stock are to be issued in a name other than that in which the Old Certificate evidencing Company Common Stock surrendered in exchange is registered, it shall be a condition of the issuance that the Old Certificate so surrendered shall be properly endorsed or accompanied by an executed form of assignment separate from the Old Certificate and otherwise in proper form for transfer, and that the Person requesting the exchange pay to the Exchange Agent any transfer or other recordation Tax required by reason of the issuance of a New Certificate for shares of Buyer Common Stock in any name other than that of the registered holder of the Old Certificate surrendered or otherwise establish to the satisfaction of the Exchange Agent that any Tax has been paid or is not payable.
(e) Any portion of the Exchange Fund that remains unclaimed by the shareholders of Company for twelve (12) months after the Effective Time (as well as any interest or proceeds from any investment of the Exchange Fund) shall be delivered by the Exchange Agent to Buyer. Any shareholder of Company who has not complied with Section 2.05(b) shall thereafter look only to the Surviving Entity for the Merger Consideration or Warrant Payment (as applicable) payable deliverable in respect of each share of Company Common Stock the shareholder holds as determined pursuant to this Agreement, in each case without any interest. If outstanding Old Certificates for shares of Company Common Stock are not surrendered or the payment for them is not claimed prior to the date on which such shares of Buyer Common Stock or cash 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 and any other applicable Law, become the property of Buyer (and to the extent not in its possession shall be delivered to it), free and clear of all claims or interest of any Person previously entitled to the property. Neither the Exchange Agent nor any party to this Agreement shall be liable to any holder of shares of Company Common Stock represented by any Old Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat, or similar Laws. Buyer and the Exchange Agent shall be entitled to rely upon the stock transfer books of Company to establish the identity of those Persons entitled to receive the Merger Consideration specified in this Agreement, which books shall be deemed conclusive. In the event of a dispute with respect to ownership of any shares of Company Common Stock represented by any Old Certificate, Buyer and the Exchange Agent shall be entitled to tender to the custody of any court of competent jurisdiction any Merger Consideration represented by the Old Certificate and file legal proceedings interpleading all parties to such dispute, and will thereafter be relieved with respect to any claim with respect to such Merger Consideration.
(f) Buyer (through the Exchange Agent, if applicable) and any other applicable withholding agent shall be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement to any holder of shares of Company Common Stock any amounts as set forth Buyer (or any other applicable withholding agent) is required to deduct and withhold under applicable Law. Any amounts so deducted and withheld shall be treated for all purposes of this Agreement as having been paid to the holder of Company Common Stock for whom the deduction and withholding was made by Buyer (or any other applicable withholding agent).
(g) If an Old Certificate has 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 Buyer or the Exchange Agent, the posting by such person of a bond in Section 2.6such amount as Buyer or the Exchange Agent may determine is reasonably 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 Buyer Common Stock and any cash in lieu of fractional shares, and dividends or distributions, deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Cambridge Bancorp), Merger Agreement (Eastern Bankshares, Inc.)
Exchange Procedures. Subject (a) Prior to Section 3.1(cthe Effective Time, Parent shall select an exchange agent, agreed to by JCB (the “Exchange Agent”). No later than two business days prior to the Effective Time, Parent shall deposit, or shall cause to be deposited, with the Exchange Agent, for the benefit of the holders of certificates formerly representing shares of JCB Common Stock (“Old Certificates”) and holders of non‑certificated shares of JCB Common Stock (“Book-Entry Shares”), promptly following for exchange in accordance with this Article III, sufficient funds for timely payment of the aggregate Merger Consideration to be paid pursuant to this Article III (the “Exchange Fund”). The Exchange Fund will be distributed in accordance with the Exchange Agent’s normal and customary procedures established in connection with merger transactions.
(b) As soon as practicable after the Effective Time (but Time, and in no event later than two three (23) Business Days following the Effective Time)business days thereafter, Parent shall instruct the Exchange Agent to shall mail to each holder of record of a certificate one or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock more Old Certificates or Warrants (the “Certificates”) (A) Book-Entry Shares a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery no Person shall be effectedhave the right to receive the Merger Consideration until they deliver the Old Certificates, or a lost stock affidavit and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be indemnity in customary form reasonably satisfactory to Parent the Exchange Agent, to the Exchange Agent) and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates or Book-Entry Shares in exchange for the portion Merger Consideration that the holders of the Merger Consideration Old Certificates or Warrant Payment (as applicable) receivable in respect of such CertificatesBook-Entry Shares are entitled to receive pursuant to Article III. Upon proper surrender of an Old Certificate or Book-Entry Shares (or delivery of a Certificate lost stock affidavit and indemnity) for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate Old Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares Old Certificates or Book-Entry Shares surrendered pursuant to the provisions of Company Capital Stock or Warrants formerly represented by such Certificate this Article III.
(and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, c) Neither the Exchange Agent will deliver nor any party hereto shall be liable to each any former holder of surrendered CertificatesJCB Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, such holder’s pro rata escheat or similar laws.
(d) Any portion thereof; provided, that if of the Exchange Agent receives an Excess Payment prior to receipt Fund that remains unclaimed by the shareholders of surrendered Certificates, then payment JCB on the business day after the one-year anniversary of the portion thereof applicable to such unsurrendered Certificates Effective Date shall be made at the same time as paid to Parent. Any shareholders of JCB who have not theretofore complied with this Article III shall thereafter look only to Parent for payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of each share of JCB Common Stock such shares of Company Capital Stock or Warrants may be issued shareholder holds as determined pursuant to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agentthis Agreement, accompanied by without any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6interest thereon.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Skyline Bankshares, Inc.), Merger Agreement (Skyline Bankshares, Inc.)
Exchange Procedures. Subject (i) Prior to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent the Company shall instruct mail, or shall cause the Exchange Paying Agent to mail mail, to each holder of record of a certificate Shareholder, Warrant Holder or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) Post-Closing Top-Up Right Holder, a letter of transmittal substantially in the form attached hereto as Exhibit C F with such reasonable changes as the Paying Agent may require (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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of such holder’s Shares, Warrants or Post-Closing Top-Up Rights as applicable, and the Certificates certificates, if any, representing the same (the “Certificates”) in exchange for the relevant portion of the Merger Consideration or Warrant Payment (in accordance with the Consideration Spreadsheet. The Paying Agent shall provide to Parent and the Company, as applicable) receivable in respect promptly as reasonably practicable upon receipt thereof, copies of such Certificates. Upon surrender each Letter of a Certificate for cancellation Transmittal delivered to the Exchange Paying Agent together with prior to the Closing. Notwithstanding anything herein to the contrary, after the Closing, all payments to which a Shareholder, Warrant Holder or Post-Closing Top-Up Right Holder may be entitled pursuant to this Section 3.7 or Section 3.13 shall only be made to such Letter of Transmittal, holder if such holder has delivered to the Paying Agent a properly completed and duly executedexecuted Letter of Transmittal and has surrendered to the Paying Agent the Certificates, if any, representing such holder’s Shares or Warrants, as applicable.
(ii) Following the Closing, the Paying Agent shall as promptly as practicable (and, if the applicable properly completed and duly executed Letter of Transmittal has been delivered, and such other documents as may be required pursuant the applicable Certificates have been surrendered, to such instructionsthe Paying Agent prior to the Closing, the holder of such Certificate shall be entitled to receive in exchange therefor the portion any event within two (2) Business Days of the Merger Consideration Closing Date) pay each Shareholder, Warrant Holder or Warrant Payment (as applicable) Post-Closing Top-Up Right Holder the consideration to which such holder has the right to receive it is entitled in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account each case in accordance with the Escrow Agreement and Section 3.3Sections 3.1(c), 3.1(d) or 3.3(a), as the case may be, and as set forth in the Certificate so Consideration Spreadsheet, once such Securityholder has delivered to the Paying Agent a properly completed and duly executed Letter of Transmittal and has surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, to the Exchange Paying Agent will deliver to each holder of surrendered the Certificates, such holder’s pro rata portion thereof; providedif any, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment thereto.
(as applicableiii) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock any Shares, Warrants or Warrants Post-Closing Top-Up Rights that is are not registered in the transfer records of the Company, payment of the applicable portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect thereof pursuant to this Article III to a Person other than the Person in whose name the Shares, Warrants or Post-Closing Top-Up Rights so surrendered are registered shall be conditioned on (in addition to the conditions set forth in this Agreement more generally for payment of Merger Consideration) (A) subject to Section 3.7(j), the Paying Agent being presented with the Certificate (if any) applicable thereto, properly endorsed or otherwise in proper form for transfer or other evidence reasonably satisfactory to Parent and the Paying Agent that the Person requesting such payment is entitled thereto, and (B) the Person requesting such payment paying to the Surviving Company any transfer Taxes or other Taxes required by reason of payment of such shares of Company Capital Stock or Warrants may be issued Merger Consideration to a transferee if Person other than the Certificate representing registered holder of such shares of Company Capital Stock Shares, Warrants or Warrants is presented Post-Closing Top-Up Rights, as applicable, or such Person shall establish to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect reasonable satisfaction of Parent that such transfer and by evidence that any applicable stock transfer Taxes have been paid. paid or are not applicable.
(iv) Until surrendered as contemplated by this Section 3.13.7 (including delivery of the applicable properly completed and duly executed Letter of Transmittal), each Certificate shallCertificate, subject to Section 3.2if any, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the relevant portion of the Merger Consideration or Warrant Payment (as applicable) payable which the holder thereof has the right to receive in respect of the Shares or Warrants, as applicable, represented by such Certificate as set forth in pursuant to this Section 2.63.7 or Section 3.13. No interest shall be paid or will accrue on any cash payable to Shareholders, Warrant Holders or Post-Closing Top-Up Right Holders pursuant to the provisions of this Agreement.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Organon & Co.), Agreement and Plan of Merger (Roivant Sciences Ltd.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event a) No later than two five (25) Business Days business days following the Effective Time), Parent Buyer shall instruct cause the Exchange Agent to mail or make available to each holder of record of any Certificate a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a notice and letter of transmittal substantially in disclosing the form attached hereto as Exhibit C (“Letter effectiveness of Transmittal”), which the Corporate Merger and the procedure for exchanging Certificates for the Merger Consideration. Such letter of transmittal shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent and Agent.
(b) At the Effective Time, Buyer shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation deliver to the Exchange Agent together an amount of cash equal to the aggregate Merger Consideration.
(c) Each holder of any outstanding Certificate (other than holders of Dissenting Shares) who surrenders such Certificate to the Exchange Agent will, upon acceptance thereof by the Exchange Agent, be entitled to the Merger Consideration for each share represented by such Certificate. The Exchange Agent shall accept Certificates upon compliance with such Letter reasonable terms and conditions as the Exchange Agent may impose to effect an orderly exchange in accordance with normal exchange practices. Each outstanding Certificate which is not surrendered to the Exchange Agent shall, except as otherwise herein provided, evidence ownership of Transmittalonly the right to receive the Merger Consideration for each share represented by such Certificate.
(d) The Exchange Agent shall not be obligated to deliver the Merger Consideration until the holder surrenders a Certificate as provided in this Section 2.6, properly completed or, in default thereof, an appropriate affidavit of loss and duly executed, and such other documents indemnity agreement and/or a bond as may be required pursuant in each case by the Exchange Agent. If any check is to such instructionsbe issued in a name other than that in which the Certificate is registered, the holder of such Certificate it shall be entitled to receive in exchange therefor the portion a condition of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and issuance thereof that the Certificate so surrendered shall forthwith be canceled. Following any receipt properly endorsed or accompanied by an executed form of an Excess Payment, assignment separate from the Certificate and otherwise in proper form for transfer and that the person requesting such exchange pay to the Exchange Agent will deliver to each any transfer or other tax required by reason of the issuance of a check in any name other than that of the registered holder of the certificate surrendered Certificates, such holder’s pro rata portion thereof; provided, that if or otherwise establish to the satisfaction of the Exchange Agent receives an Excess Payment that such tax has been paid or is not payable.
(e) Any portion of the cash delivered to the Exchange Agent by Buyer pursuant to Section 2.6(b) that remains unclaimed by the shareholders of Seller for six months after the Closing Date shall be delivered by the Exchange Agent to Buyer. Any shareholders of Seller who have not theretofore complied with Section 2.6(c) shall thereafter look only to Buyer for the Merger Consideration. If outstanding Certificates are not surrendered or the payment for them is not claimed prior to receipt the date on which such payment would otherwise escheat to or become the property of surrendered Certificatesany Governmental Entity, then payment the unclaimed items shall, to the extent permitted by abandoned property and any other applicable law, become the property of Buyer (and to the portion thereof applicable extent not in its possession shall be delivered to it), free and clear of all claims or interest of any person previously entitled to such unsurrendered Certificates property. Neither the Exchange Agent nor any party to this Agreement shall be made at liable to any holder of Seller Common Stock represented by any Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat or similar laws. Buyer and the same time as payment Exchange Agent shall be entitled to rely upon the stock transfer books of Seller to establish the balance identity of those persons entitled to receive the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will Consideration, which books shall be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatesconclusive with respect thereto. In the event of a transfer of dispute with respect to ownership of shares Seller Common Stock represented by any Certificate, Buyer and the Exchange Agent shall be entitled to deposit any Merger Consideration represented thereby in escrow with an independent third party and thereafter be relieved with respect to any claims thereto.
(f) Buyer shall be entitled to deduct and withhold from consideration otherwise payable pursuant to this Agreement to any holder of Company Capital Stock Certificates, such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code, or Warrants any provision of state, local or foreign tax law. To the extent that is not registered in amounts are so withheld by Buyer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the transfer records holder of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable Certificates in respect of which such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence deduction and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6withholding was made.
Appears in 2 contracts
Samples: Merger Agreement (Advance Financial Bancorp), Merger Agreement (Ohio State Financial Services Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following (i) Promptly after the Effective Time (but and in no any event later than two within three (23) Business Days following the Effective Timethereafter), Parent the Surviving Entity shall instruct cause the Exchange Agent to mail to each holder of record of Eligible Shares that are evidenced by a certificate or certificates which immediately prior to Company Certificate notice advising such holders of the Effective Time represented outstanding shares effectiveness of Company Capital Stock or Warrants (the “Certificates”) Merger, including (A) a letter of appropriate transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify materials specifying that delivery shall be effected, and risk of loss and title to the Company Certificates shall pass, only upon proper delivery of the Company Certificates (or affidavits of loss in lieu of Company Certificates, as provided in Section 3.6) to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) instructions for use surrendering Company Certificates (or affidavits of loss in effecting lieu of Company Certificates, as provided in Section 3.6) to the surrender of the Certificates Exchange Agent in exchange for the portion Merger Consideration, cash in lieu of fractional Parent Common Shares, if any, to be issued or paid in consideration therefor, and any dividends or other distributions, in each case, to which such holders are entitled pursuant to the terms of this Agreement. Payment of the Merger Consideration Consideration, cash in lieu of fractional Parent Common Shares, if any, to be issued or Warrant Payment (as applicable) receivable paid in respect of consideration therefor and any dividends or other distributions, in each case to which such Certificates. Upon surrender of a Certificate for cancellation holders are entitled pursuant to the Exchange Agent together terms of this Agreement with such Letter of Transmittalrespect to Company Book-Entry Shares, properly completed and duly executed, 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 the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at promptly following the same time as payment Effective Time without any action on the part of the balance of the applicable Merger Consideration or Warrant Payment Person in whose name such Company Book-Entry Shares are registered.
(as applicableii) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration amount payable upon due surrender of Eligible Shares, and any Company Certificate or Warrant Payment ledger entry relating to Company Book-Entry Shares formerly representing Company Common Shares that have been so surrendered shall be cancelled by the Exchange Agent.
(as applicableiii) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants certificated Eligible Shares that is not registered in the transfer records of the Company, the portion number of whole Parent Common Shares that such holder is entitled to receive pursuant to Section 3.1(a), together with an amount (if any) of cash in immediately available funds (or, if no wire transfer instructions are provided, a check) (in each case, after deducting any required Tax withholdings as provided in Section 3.3) in lieu of fractional shares to be paid upon due surrender of the Merger Consideration Company Certificate pursuant to Section 3.2(e) and any dividends or Warrant Payment (as applicable) payable other distributions in respect of such shares of Company Capital Stock or Warrants thereof in accordance with Section 3.2(c), may be issued or paid to such a transferee if the Company Certificate formerly representing such shares of Company Capital Stock or Warrants Eligible Shares is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any applicable stock transfer and other similar Taxes have been paidpaid or are not payable, in each case, in form and substance reasonably satisfactory to the Exchange Agent and the Surviving Entity. Until surrendered as contemplated by this Section 3.13.2(b), each Company Certificate shall, subject to Section 3.2, and Company Book-Entry Share shall be deemed at any time at or after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) in accordance with this Article 3, any amount payable in respect cash in lieu of such Certificate as set forth fractional shares in accordance with Section 2.63.2(e), and any dividends or other distributions payable pursuant to Section 3.2(c), in each case without interest.
Appears in 2 contracts
Samples: Merger Agreement (Office Properties Income Trust), Merger Agreement (Diversified Healthcare Trust)
Exchange Procedures. Subject If (i) at least three (3) business days prior to Section 3.1(c), promptly the Closing Date Parent has received the following the Effective Time from any Participating Holder: (but in no event later than two (2x) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to a photocopy or facsimile of each holder of record of a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants to be exchanged pursuant to Section 1.6 (the “Certificates”) held by such Participating Holder, if any, (Ay) a photocopy or facsimile of a letter of transmittal substantially in the form attached hereto as Exhibit C E (the “Letter of Transmittal”), which shall specify that delivery shall be effected, duly completed and risk of loss and title to validly executed in accordance with the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representativeinstructions thereto, and (Bz) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration a photocopy or Warrant Payment (as applicable) receivable in respect facsimile of such Certificates. Upon surrender of a Certificate for cancellation other documents as may be reasonably required pursuant to the Exchange Agent together with such instructions set forth in the Letter of Transmittal, properly completed and (ii) in connection with the Closing, Parent receives an original Certificate or Certificates held by such Participating Holder, if any, a duly executedexecuted Letter of Transmittal, and such other documents as may be reasonably required pursuant to the instructions in the Letter of Transmittal, then on the Closing Date in accordance with such instructionsLetter of Transmittal, Parent shall deliver: (x) to any such Participating Holder for whom the holder payment of such Certificate shall be entitled Merger Consideration is not subject to receive wage or payroll tax withholding in exchange therefor the portion of applicable the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account payable at Closing in accordance with the Escrow Agreement terms hereof; and Section 3.3)(y) to the Surviving Corporation’s (or other Affiliate’s) payroll agent an amount of cash equal to the portion of applicable Merger Consideration payable at the Closing to the Participating Holders for whom such payment is subject to wage or payroll tax withholding, and the any Certificate so surrendered shall forthwith be canceled. Following If Parent has received such materials from any receipt of an Excess Paymentsuch Participating Holder later than three (3) business days prior to the Closing Date, the Exchange Agent will then Parent shall deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of Participating Holder in exchange therefor the applicable Merger Consideration no later than three (3) business days after such receipt or Warrant Payment three (as applicable3) upon surrender thereofbusiness days after the date on which such Merger Consideration is otherwise due hereunder in accordance with the terms hereof, whichever is later. No interest will shall be paid or accrued on any Merger Consideration. Until so surrendered, each Certificate shall, after the Effective Time, represent for all purposes only the right to receive the applicable Merger Consideration or Warrant Payment (as applicable) payable to holders in respect of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock represented by such Certificate. Any Participating Holder who has not complied with this Agreement shall be entitled to look only to Parent (subject to abandoned property, escheat or Warrants that is not registered in other similar Laws) only as a general creditor thereof with respect to the transfer records of the Company, the portion of the applicable Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued Stock, without any interest thereon. Parent shall provide the Stockholders’ Representative and the Payments Administrator upon reasonable request with (i) a list (updated prior to a transferee if each post-closing payment) of all Participating Holders that have properly presented all of the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any above-required transmittal information and documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right are eligible to receive upon such surrender the portion of the Merger Consideration or Warrant Payment and (as applicableii) payable copies of all such transmittal documents (including payment information) and tax documents in respect of such Certificate as set forth in Section 2.6Parent’s possession.
Appears in 2 contracts
Samples: Merger Agreement (Veeco Instruments Inc), Merger Agreement (Veeco Instruments Inc)
Exchange Procedures. Subject to Section 3.1(c), (i) As promptly as practicable following the Parent Merger Effective Time (but in no event later than two (2) Business Days following the Effective Timethereafter), Parent MAA shall instruct cause the Exchange Agent to mail (and to make available for collection by hand) to each holder of record of a certificate Certificate or certificates which immediately prior to the Effective Time represented outstanding shares Book-Entry Share, or of Company Capital Stock a Preferred Certificate or Warrants (the “Certificates”) Preferred Book-Entry Share, as applicable, (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), ) which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares, or to the Preferred Certificates or Preferred Book-Entry Shares, as applicable, shall pass, pass only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, or the Preferred Certificates (or affidavits of loss in lieu thereof) or Preferred Book-Entry Shares, as applicable, to the Exchange Agent and Agent, which Letter of Transmittal shall be in such form and have such other customary form provisions as MAA and Post may reasonably satisfactory to Parent and the Equityholders’ Representativeagree upon, and (B) instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, or the Preferred Certificates (or affidavits of loss in lieu thereof) or Preferred Book-Entry Shares, as applicable, in exchange for the portion of the Merger Consideration or Warrant Payment (Preferred Merger Consideration, as applicable, into which the number of shares of Post Common Stock previously represented by such Certificate (or affidavit of loss in lieu thereof) receivable or Book-Entry Share, or, as applicable, the number of shares of Post Series A Preferred Stock previously represented by such Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, shall have been converted pursuant to this Agreement, together with any amounts payable in respect of such Certificates. the Fractional Share Consideration in accordance with Section 3.8 and dividends or other distributions on shares of MAA Common Stock or MAA Series I Preferred Stock in accordance with Section 3.5(d).
(ii) Upon surrender of a Certificate for cancellation (or an affidavit of loss in lieu thereof) or Book-Entry Share, or a Preferred Certificate (or an affidavit of loss in lieu thereof) or Preferred Book-Entry Share, as applicable, to the Exchange Agent Agent, together with such a Letter of Transmittal, properly Transmittal duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share, or such Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, as applicable, shall be entitled to receive in exchange therefor the portion of the Merger Consideration for each share of Post Common Stock formerly represented by such Certificate (or Warrant Payment (affidavit of loss in lieu thereof) or Book-Entry Share, or, as applicable, the Preferred Merger Consideration for each share of Post Series A Preferred Stock formerly represented by such Preferred Certificate (or affidavit of loss in lieu thereof) which or Preferred Book-Entry Share, in each case pursuant to the provisions of this Article III, plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.8 and any amounts that such holder has the right to receive in respect of the dividends or other distributions on shares of Company Capital MAA Common Stock or Warrants formerly represented MAA Series I Preferred Stock in accordance with Section 3.5(d) to be mailed or delivered by wire transfer, within two (2) Business Days following the later to occur of (A) the Parent Merger Effective Time or (B) the Exchange Agent’s receipt of such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account or affidavit of loss in accordance with the Escrow Agreement and Section 3.3)lieu thereof) or Book-Entry Share, or, as applicable, such Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, and the Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share, or, applicable, the Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, so surrendered shall be forthwith be canceledcancelled. Following any receipt The Exchange Agent shall accept such Certificates (or affidavits of an Excess Paymentloss in lieu thereof) or Book-Entry Shares, or, as applicable, such Preferred Certificates (or affidavits of loss in lieu thereof) or Preferred Book-Entry Shares, upon compliance with such reasonable terms and conditions as the Exchange Agent will deliver may impose to effect an orderly exchange thereof in accordance with customary exchange practices. Until surrendered as contemplated by this Section 3.5, each holder Certificate (or affidavit of surrendered Certificatesloss in lieu thereof) and Book-Entry Share, such holder’s pro rata portion or, as applicable, each Preferred Certificate (or affidavit of loss in lieu thereof; provided) and Preferred Book-Entry Share, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made deemed, at any time after the same time as payment of Parent Merger Effective Time, to represent only the balance of right to receive, upon such surrender, the applicable Merger Consideration or Warrant Payment (the Preferred Merger Consideration, as applicable) upon surrender thereof, as contemplated by this Article III. No interest will shall be paid or accrued for the benefit of holders of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, or the holders of the Preferred Certificates (or affidavits of loss in lieu thereof) or Preferred Book-Entry Shares, on any the Merger Consideration, the Preferred Merger Consideration or Warrant Payment (the Fractional Share Consideration, as applicable, payable upon the surrender of the Certificates (or affidavits of loss in lieu thereof) payable or Book-Entry Shares, or, as applicable, the Preferred Certificates (or affidavits of loss in lieu thereof) or Preferred Book-Entry Shares, and, in either case, any distributions to holders of Certificates. which such holder is entitled pursuant to Section 3.5(d) hereof.
(iii) In the event of a transfer of ownership of shares of Company Capital Post Common Stock or Warrants Post Series A Preferred Stock that is not registered in the transfer records of Post, it shall be a condition of payment that any Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share, or, as applicable, any Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, surrendered in accordance with the Companyprocedures set forth in this Section 3.5(c) shall be properly endorsed or shall be otherwise in proper form for transfer, and that the portion Person requesting such payment shall have paid any transfer Taxes and other Taxes required by reason of the payment of the Merger Consideration or Warrant Payment (Preferred Merger Consideration, as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued , to a transferee if Person other than the registered holder of the Certificate representing such shares (or affidavit of Company Capital Stock loss in lieu thereof) or Warrants is presented Book-Entry Share, or, as applicable, the Preferred Certificate (or affidavit of loss in lieu thereof) or Preferred Book-Entry Share, surrendered or shall have established to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect reasonable satisfaction of MAA that such transfer and by evidence that any applicable stock transfer Taxes have Tax either has been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration paid or Warrant Payment (as is not applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 2 contracts
Samples: Merger Agreement, Merger Agreement (Mid America Apartment Communities Inc)
Exchange Procedures. Subject (a) Prior to Section 3.1(c)the Closing, promptly following Acquiror shall appoint an exchange agent (the Effective Time (but in no event later than two (2“Exchange Agent”) Business Days following to act as the agent for the purpose of paying the Aggregate Merger Consideration to the Company’s stockholders. At or before the Effective Time), Parent Acquiror shall instruct deposit with the Exchange Agent the number of shares of Acquiror Common Stock equal to the portion of the Aggregate Merger Consideration to be paid in shares of Acquiror Common Stock. Pursuant to Section 3.2 of the Separation and Distribution Agreement, the Exchange Agent shall hold, for the account of the relevant Company stockholders, book-entry shares representing all of the outstanding shares of Company Common Stock distributed in the Distribution.
(b) Reasonably promptly after the Effective Time, Acquiror shall send or shall cause the Exchange Agent to mail send, to each record holder of record shares of a certificate or certificates which Company Capital Stock as of immediately prior to the Effective Time represented outstanding Time, whose shares of Company Capital Stock or Warrants (were converted pursuant to Section 3.1(a) into the “Certificates”) (A) right to receive a portion of the Aggregate Merger Consideration, a letter of transmittal substantially and instructions (which shall specify that the delivery shall be effected, and the risk of loss and title shall pass, only upon proper transfer of each share to the Exchange Agent, and which letter of transmittal will be in the customary form attached hereto and have such other provisions as Exhibit C Acquiror may reasonably specify) for use in such exchange (each, a “Letter of Transmittal”).
(c) Each holder of shares of Company Capital Stock that have been converted into the right to receive a portion of the Aggregate Merger Consideration, which shall specify that delivery pursuant to Section 3.1(a), shall be effected, and risk of loss and title entitled to the Certificates shall pass, only upon proper delivery receive such portion of the Certificates to Aggregate Merger Consideration, upon receipt by the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representativeof an “agent’s message” (or such other evidence, and (B) instructions for use in effecting the surrender if any, of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (transfer as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such may reasonably request), or a duly completed and validly executed Letter of Transmittal, properly completed and duly executedas applicable, and such other documents as may reasonably be required pursuant to such instructions, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented requested by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofAgent. No interest will shall be paid or accrued on upon the transfer of any share.
(d) Promptly following the date that is one (1) year after the Effective Time, Acquiror shall instruct the Exchange Agent to deliver to Acquiror all documents in its possession relating to the transactions contemplated hereby, and the Exchange Agent’s duties shall terminate. Thereafter, any portion of the Aggregate Merger Consideration or Warrant Payment (as applicable) payable that remains unclaimed shall be returned to holders of Certificates. In the event of Acquiror, and any Person that was a transfer of ownership holder of shares of Company Capital Stock or Warrants as of immediately prior to the Effective Time that is has not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of exchanged such shares of Company Capital Stock or Warrants for an applicable portion of the Aggregate Merger Consideration in accordance with this Section 3.2 prior to the date that is one (1) year after the Effective Time, may be issued to a transferee if the Certificate representing transfer such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence Acquiror and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, (subject to Section 3.2applicable abandoned property, be deemed at any time after the Effective Time to represent only the right to escheat and similar Laws) receive upon in consideration therefor, and Acquiror shall promptly deliver, such surrender the applicable portion of the Aggregate Merger Consideration without any interest thereupon. None of Acquiror, Merger Sub, Inpixon, the Company, the Surviving Corporation or Warrant Payment (as applicable) payable the Exchange Agent shall be liable to any Person in respect of any of the Aggregate Merger Consideration delivered to a public official pursuant to and in accordance with any applicable abandoned property, escheat or similar Laws. If any such Certificate as set forth in Section 2.6shares shall not have not been transferred immediately prior to such date on which any amounts payable pursuant to this Article III would otherwise escheat to or become the property of any Governmental Authority, any such amounts 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.
Appears in 2 contracts
Samples: Merger Agreement (Inpixon), Merger Agreement (KINS Technology Group, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (a) As soon as practicable but in no event later more than two five (25) Business Days following calendar days after the Effective Time)Date, Parent shall instruct the Exchange Agent to shall mail a letter of transmittal to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding Community Financial Common Stock whose shares of Company Capital Community Financial Common Stock or Warrants were converted into the right to receive a portion of the Merger Consideration. The letter of transmittal shall provide instructions for the submission of certificates (the “Old Certificates”) (A) a letter of transmittal substantially in or an indemnity satisfactory to CHC, the form attached hereto Surviving Bank and Computershare Investor Services, LLC, as Exhibit C Exchange Agent (the “Letter of TransmittalExchange Agent”), which shall specify that delivery shall be effectedif any of such certificates are lost, and risk stolen, or destroyed) representing all shares of loss and title Community Financial Common Stock of such holder of record converted into the right to receive the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the applicable portion of the Merger Consideration at the Effective Time.
(b) At or Warrant Payment prior to the Effective Time, CHC shall deposit, or shall cause to be deposited, with the Exchange Agent an estimated amount of cash for fractional shares (such cash being hereinafter referred to as, the “Exchange Fund”). In accordance with the terms contained in the letter of transmittal contemplated in this Section 3.04, the Exchange Agent shall distribute the Exchange Fund to the Community Financial shareholders upon receipt of the Old Certificates or a satisfactory indemnity as applicablecontemplated in Section 3.04(a).
(c) receivable CHC shall cause any check in respect of such Certificates. Upon surrender of any cash that a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate Community Financial Common Stock shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment to be delivered to such shareholder no later than five (as applicable5) which such holder has the right days following delivery to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver of the Old Certificates (or indemnity satisfactory to each holder of surrendered CertificatesCHC, such holder’s pro rata portion thereof; provided, that if the Surviving Bank and the Exchange Agent receives an Excess Payment prior to receipt Agent, if any of surrendered Certificatessuch certificates are lost, then payment of the portion thereof applicable to stolen or destroyed) owned by such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofshareholder. No interest will be paid or accrued on any per share Merger Consideration or Warrant Payment that any such holder shall be entitled to receive pursuant to this Article III upon such delivery.
(as applicabled) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the Any portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect Exchange Fund that remains unclaimed by the shareholders of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time Community for one year after the Effective Time shall be returned to represent CHC. Any shareholders of Community Financial who have not theretofore complied with this Article III shall thereafter look only to CHC for payment of any applicable per share Merger Consideration, without any interest thereon.
(e) Notwithstanding the right foregoing, neither the Exchange Agent nor any party hereto shall be liable to receive upon such surrender the portion any former holder of the Merger Consideration Community Financial Common Stock for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6similar laws.
Appears in 2 contracts
Samples: Merger Agreement (City Holding Co), Merger Agreement (Community Financial Corp /Va/)
Exchange Procedures. Subject (a) Company shall cause each Securityholder to Section 3.1(cfully complete the investor questionnaire attached hereto as Exhibit D (the "Investor Questionnaire"), promptly following and the Effective Time (but Company shall direct each Securityholder to accurately complete such Investor Questionnaire to be in no event all material respects true, correct and complete. No later than two five (25) Business Days following prior to the Effective TimeClosing, Company and the Key Person shall use reasonable best efforts to cause each Securityholder to deliver to Parent a completed Investor Questionnaire.
(b) To the extent that any Securityholder does not deliver an Investor Questionnaire by the fifth (5th) Business Day prior to Closing or a Securityholder, that is not an Accredited Investor nor a Sophisticated Investor (each as defined in the Investor Questionnaire), has failed to appoint a "purchaser representative" in accordance with Section 5.05(b) (each, an "Ineligible Securityholder"), then each such Securityholder will forfeit the right to receive Parent Common Shares and Parent may, rather than issuing Parent Common Shares to such Securityholders, in its sole discretion, choose to deliver to such Securityholder cash in the amount equal to such Securityholder's Pro Rata Share of the Closing Consideration as determined in accordance with the Payment Schedule and the valuation date and metrics originally used to determine the Closing Consideration ("Cash Consideration"), and the number of Parent Common Shares to be issued in accordance with the Closing Consideration will be reduced accordingly. To the extent Cash Consideration is paid in lieu of Parent Common Shares, all references to issuance of Parent Common Shares as Closing Consideration and all associated definitions, including the definitions of Closing Consideration and Allocated Consideration, shall be deemed amended to reflect the forgoing.
(c) On the Closing Date, Parent shall instruct the Exchange Agent to mail deliver to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Securityholder (the “Certificates”) (Ai) a letter of transmittal substantially in the form of Exhibit E attached hereto as Exhibit C (“"Letter of Transmittal”"), which shall specify that delivery shall be effectedeffected upon adherence to the procedures set forth in the Letter of Transmittal, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and which shall be in a customary form reasonably satisfactory and agreed to by Parent and the Equityholders’ RepresentativeCompany prior to the Closing, and (Bii) instructions for use in effecting the surrender of the Certificates in exchange such Company Shares for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect delivery of such Certificates. Securityholder's Allocated Consideration.
(d) Upon surrender to Parent of a Certificate for cancellation to the Exchange Agent Company Shares, together with such the Letter of Transmittal, properly duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, the holder of such Certificate Securityholders shall be entitled to receive in exchange therefor the portion Allocated Consideration pursuant to the provisions of this Article I (which in the Merger case of Allocated Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect consisting of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates Parent Common Shares shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofin uncertificated book-entry form). No interest will shall be paid or accrued for the benefit of Securityholders on any Merger the Allocated Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares Company Shares. If delivery of Company Capital Stock or Warrants may the Allocated Consideration is to be issued made to a transferee if Person other than a Securityholder, it shall be a condition of delivery that Company Shares so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Certificate representing Person requesting such shares delivery shall have paid any transfer and other Taxes required by reason of the delivery of the Allocated Consideration to a Person other than the Securityholder of such Company Capital Stock Shares surrendered or Warrants is presented shall have established to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of the Surviving Company that such transfer and by evidence that any applicable stock transfer Taxes either have been paidpaid or are not applicable. Until surrendered as contemplated by this Section 3.11.03(d), each Certificate shall, subject to Section 3.2, Company Share shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Allocated Consideration or Warrant Payment (as applicable) payable deliverable in respect of such Certificate as set forth in Section 2.6Company Shares.
Appears in 2 contracts
Samples: Merger Agreement (Nordhagen Arlen Dale), Merger Agreement (National Storage Affiliates Trust)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days Promptly following the Effective Time), Parent and the Surviving Corporation shall instruct cause the Exchange Payment Agent to mail to each holder of record of a certificate or certificates which Shares as of immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Time: (the “Certificates”) (Ai) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“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 a certificate or certificates (the Certificates “Certificates”) that immediately prior to the Exchange Agent Effective Time represented outstanding Shares (excluding Owned Shares and shall be Dissenting Shares) (or effective affidavits of loss in customary form reasonably satisfactory lieu thereof) or transfer of non-certificated Shares (excluding Owned Shares and Dissenting Shares) represented by book entry (“Uncertificated Shares”) to Parent and the Equityholders’ Representative, Payment Agent); and (Bii) instructions for use in effecting the surrender of the Certificates or transfer of the Uncertificated Shares in exchange for the portion Merger Consideration payable in respect thereof pursuant to the provisions of Article I. Each holder of Shares that have been converted into the right to receive the Merger Consideration or Warrant Payment (as applicable) receivable shall be entitled to receive the Merger Consideration in respect of such Certificates. Upon the Shares represented by a Certificate or Uncertificated Share, upon (x) surrender to the Payment Agent of a Certificate for cancellation to the Exchange Agent Certificate, together with such Letter of Transmittal, properly a duly completed and duly executed, validly executed letter of transmittal and such other documents as may reasonably be required pursuant to requested by the Payment Agent, or (y) receipt of an “agent’s message” by the Payment Agent (or such instructionsother evidence, if any, of transfer as the holder Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares. Until so surrendered or transferred, as the case may be, from and after the Effective Time each such Certificate or Uncertificated Share shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has represent for all purposes only the right to receive the Merger Consideration payable in respect thereof pursuant to the provisions of Article I. If Certificates or Uncertificated Shares are presented to the shares of Company Capital Stock or Warrants formerly represented by such Certificate (Surviving Corporation after the Effective Time for any reason, they shall be canceled and exchanged for the right to receive payments from the General Escrow Account Merger Consideration as provided for, and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. procedures set forth in Article I. No interest will shall be paid or accrued on any Merger Consideration the cash payable upon the surrender or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership such Certificate or Uncertificated Share. From and after the Effective Time, there will be no further registration of shares of Company Capital Stock or Warrants that is not registered in transfers on the transfer records of the Company, the portion Surviving Corporation of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be Shares that were issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented and outstanding immediately prior to the Exchange AgentEffective Time, accompanied by any documents reasonably required other than transfers to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1reflect, each Certificate shallin accordance with customary settlement procedures, subject trades effected prior to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6Time.
Appears in 2 contracts
Samples: Merger Agreement (Rofin Sinar Technologies Inc), Merger Agreement (Coherent Inc)
Exchange Procedures. Subject (a) Prior to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct select an institution reasonably acceptable to the Company to act as the exchange agent (the “Exchange Agent”) in the Merger for the purposes of distributing the Estimated Cash Merger Consideration to the Company Members pursuant to Section 1.7(a)(i), and exchanging Company Interests for the Restricted Shares that the Company Members are entitled to receive pursuant to Section 1.7(a)(ii).
(b) Prior to the Effective Time, Parent will send, or will cause the Exchange Agent to mail send, to each holder of record of Company Interests a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery . Any Company Member shall be effected, and risk of loss and title required to the Certificates shall pass, only upon proper delivery of the Certificates deliver to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such duly executed Letter of Transmittal, properly completed and a duly executed, executed IRS Form W-9 and such other documents as may be required reasonably requested by the Exchange Agent to receive the merger consideration that such holder is entitled to receive upon Closing pursuant to such instructions, Section 1.7(a). No dividends or other distributions with respect to Restricted Shares issuable pursuant to the Merger shall be paid to the holder of any unsurrendered Company Interests until such Certificate Company Interests are properly surrendered together with a duly completed Letter of Transmittal and such other documents as may be reasonably requested by the Exchange Agent. Upon receipt thereof by the Exchange Agent, each holder of record of Company Interests were converted into the right to receive the merger consideration pursuant to Section 1.7(a) shall be entitled to receive in exchange therefor the portion receive, as promptly as practicable after receipt of the Merger Consideration or Warrant Payment (as applicable) which Letter of Transmittal, the applicable merger consideration and the Company Interests of such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued accrue on any Merger Consideration or Warrant Payment cash payable upon conversion of any Company Interests.
(as applicablec) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered No fractional Restricted Shares shall be issued in the transfer records Merger, but in lieu thereof each Company Member otherwise entitled to a fractional Restricted Share will be entitled to receive a cash payment in lieu of such fractional Restricted Shares in an amount determined by multiplying (i) the Companyfractional share interest to which such holder would otherwise be entitled by (ii) $30.00. No such holder shall be entitled to dividends, the portion of the Merger Consideration voting rights or Warrant Payment (as applicable) payable any other rights in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6fractional share.
Appears in 2 contracts
Samples: Merger Agreement (Ani Pharmaceuticals Inc), Merger Agreement (Ani Pharmaceuticals Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent Lilis shall instruct the Exchange Agent to mail transmit to each holder record holder, as of record the Effective Time, of a certificate or certificates which an outstanding Certificate that immediately prior to the Effective Time represented outstanding shares of Company Capital Brushy Common Stock or Warrants (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent, and shall be in customary form reasonably satisfactory and agreed to Parent by Lilis and Brushy prior to the Equityholders’ Representative, Effective Time) and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable payable in respect of the shares of Brushy Common Stock represented by such Certificates. Upon Promptly after the Effective Time, upon surrender of a Certificate Certificates for cancellation to the Exchange Agent together with such Letter letters of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder holders of such Certificate Certificates shall be entitled to receive in exchange therefor shares of Lilis Common Stock representing, in the portion aggregate, the whole number of the Merger Consideration or Warrant Payment (as applicable) which shares of Lilis Common Stock that such holder has holders have the right to receive in respect of the pursuant to Section 2.1 (after taking into account all shares of Company Capital Brushy Common Stock or Warrants formerly represented then held by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3holder), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Brushy Common Stock or Warrants that is was not registered in the transfer records of the CompanyBrushy, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Brushy Common Stock or Warrants may be issued paid to a transferee if the Certificate representing such shares of Company Capital Brushy Common Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and the Person requesting such exchange shall pay to the Exchange Agent in advance any transfer or other Taxes required by evidence reason of the delivery of the Merger Consideration in any name other than that any applicable stock transfer of the registered holder of the Certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such Taxes have been paidpaid or are not payable. Until surrendered as contemplated by this Section 3.12.3, each Certificate shallCertificate, subject to Section 3.2other than Certificates representing Dissenting Shares, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of the shares of Brushy Common Stock represented by such Certificate as set forth in Section 2.6Certificate.
Appears in 2 contracts
Samples: Merger Agreement (Lilis Energy, Inc.), Merger Agreement (Brushy Resources, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following (i) Promptly after the Merger Effective Time (but and in no any event later than two within five (25) Business Days following the Effective Timethereafter), Parent the Surviving Entity shall instruct cause the Exchange Agent to mail a notice to each holder of record of Eligible Shares that are evidenced by a certificate or certificates which immediately prior to TRMT Certificate advising such holders of the Effective Time represented outstanding shares effectiveness of Company Capital Stock or Warrants (the “Certificates”) Merger, including (A) a letter of appropriate transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify materials specifying that delivery shall be effected, and risk of loss and title to the TRMT Certificates shall pass, only upon proper delivery of the TRMT Certificates (or affidavits of loss in lieu of TRMT Certificates, as provided in Section 3.6) to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent, and (B) instructions for use surrendering TRMT Certificates (or affidavits of loss in effecting lieu of TRMT Certificates, as provided in Section 3.6) to the surrender of the Certificates Exchange Agent in exchange for the portion Merger Consideration, cash in lieu of fractional RMRM Common Shares, if any, to be issued or paid in consideration therefor, and any dividends or other distributions, in each case, to which such holders are entitled pursuant to the terms of this Agreement. Payment of the Merger Consideration Consideration, cash in lieu of fractional RMRM Common Shares, if any, to be issued or Warrant Payment (as applicable) receivable paid in respect of consideration therefor and any dividends or other distributions, in each case to which such Certificates. Upon surrender of a Certificate for cancellation holders are entitled pursuant to the Exchange Agent together terms of this Agreement with such Letter of Transmittalrespect to TRMT Book-Entry Shares, properly completed and duly executed, 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 the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at promptly following the same time as payment Merger Effective Time without any action on the part of the balance of the applicable Merger Consideration or Warrant Payment Person in whose name such TRMT Book-Entry Shares are registered.
(as applicableii) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration amount payable upon due surrender of Eligible Shares, and any TRMT Certificate or Warrant Payment ledger entry relating to TRMT Book-Entry Shares formerly representing TRMT Common Shares that have been so surrendered shall be cancelled by the Exchange Agent.
(as applicableiii) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants certificated Eligible Shares that is not registered in the transfer records of the CompanyTRMT, the portion number of whole RMRM Common Shares that such holder is entitled to receive pursuant to Section 3.1(a), together with an amount (if any) of cash in immediately available funds or, if no wire transfer instructions are provided, a check, and in each case, after deducting any required Tax withholdings as provided in Section 3.3 in lieu of fractional shares to be paid upon due surrender of the Merger Consideration TRMT Certificate pursuant to Section 3.2(e) and any dividends or Warrant Payment (as applicable) payable other distributions in respect of such shares of Company Capital Stock or Warrants thereof in accordance with Section 3.2(c), may be issued or paid to such a transferee if the TRMT Certificate formerly representing such shares of Company Capital Stock or Warrants Eligible Shares is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by to evidence that any applicable stock transfer and other similar Taxes have been paid, in each case, in form and substance reasonably satisfactory to the Exchange Agent and the Surviving Entity. Until surrendered as contemplated by this Section 3.13.2(b), each TRMT Certificate shall, subject to Section 3.2, and TRMT Book-Entry Share shall be deemed at any time at or after the Merger Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) in accordance with this ARTICLE 3, any amount payable in respect cash in lieu of such Certificate as set forth fractional shares in accordance with Section 2.63.2(e), and any dividends or other distributions in accordance with Section 3.2(c), in each case without interest.
Appears in 2 contracts
Samples: Merger Agreement (Tremont Mortgage Trust), Merger Agreement (RMR Mortgage Trust)
Exchange Procedures. Subject to Section 3.1(c), (i) As promptly as practicable following the Company Merger Effective Time (but in no event later than two (2) five Business Days following the Effective Timethereafter), Parent NXDT shall instruct cause the Exchange Agent to mail to each holder of record of a certificate Certificate or certificates which immediately prior to the Effective Time represented outstanding shares Book-Entry Share, of Company Capital Stock an NHT OP Certificate or Warrants (the “Certificates”) NHT OP Book-Entry Share, as applicable, (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), ) which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall passor Book-Entry Shares, to the NHT OP Certificates or NHT OP Book-Entry Share, as applicable, will pass only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, the NHT OP Certificates (or affidavits of loss in lieu thereof) or NHT OP Book-Entry Shares, as applicable, to the Exchange Agent and shall Agent, which Letter of Transmittal will be in such form and have such other customary form provisions as NXDT and Company may reasonably satisfactory to Parent and the Equityholders’ Representativeagree upon, and (B) instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, the NHT OP Certificates (or affidavits of loss in lieu thereof) or NHT OP Book-Entry Shares, as applicable, in exchange for the portion of the Merger Consideration or Warrant Payment (Operating Partnership Merger Consideration, as applicable.
(ii) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation (or an affidavit of loss in lieu thereof) or Book-Entry Share, an NHT OP Certificate (or an affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, as applicable, to the Exchange Agent Agent, together with such a Letter of Transmittal, properly Transmittal duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall (or affidavit of loss in lieu thereof) or Book-Entry Share, such NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, as applicable, will be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants for each New NHT Share formerly represented by such Certificate (and or affidavit of loss in lieu thereof) or Book-Entry Share, the right Operating Partnership Merger Consideration for each NHT OP Unit formerly represented by such NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, in each case pursuant to receive payments from the General Escrow Account and provisions of this Article III, within five Business Days following the Equityholders’ Representative Escrow Account later to occur of (A) the Company Merger Effective Time or (B) the Exchange Agent’s receipt of such Certificate (or affidavit of loss in accordance with the Escrow Agreement and Section 3.3)lieu thereof) or Book-Entry Share, such NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, and the Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share, the NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share so surrendered will be forthwith cancelled.
(iii) The Exchange Agent shall forthwith be canceled. Following any receipt accept such Certificates (or affidavits of an Excess Paymentloss in lieu thereof) or Book-Entry Shares, such NHT OP Certificates (or affidavits of loss in lieu thereof) or NHT OP Book-Entry Shares upon compliance with such reasonable terms and conditions as the Exchange Agent will deliver may impose to each holder of surrendered Certificates, such holder’s pro rata portion thereofeffect an orderly exchange thereof in accordance with customary exchange practices; provided, that if the Exchange Agent receives a holder is providing an Excess Payment prior to receipt affidavit of surrendered Certificatesloss in lieu of such Certificate or NHT OP Certificate, then payment of the portion thereof applicable as applicable, such holder shall, if required by NXDT, post a bond, in such reasonable amount as NXDT may direct, as indemnity against any claim that may be made against it with respect to such unsurrendered Certificates shall lost, stolen or destroyed Certificate or NHT OP Certificate, as applicable.
(iv) Until surrendered as contemplated by this Section 3.7, each Certificate (or affidavit of loss in lieu thereof) and Book-Entry Share, each NHT OP Certificate (or affidavit of loss in lieu thereof) and NHT OP Book-Entry Share, will be made deemed, at any time after the same time as payment of Company Merger Effective Time, to represent only the balance of right to receive, upon such surrender, the applicable Merger Consideration or Warrant Payment (the Operating Partnership Merger Consideration, as applicable) upon surrender thereof, as contemplated by this Article III. No interest will be paid or accrued for the benefit of holders of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares, the holders of the NHT OP Certificates (or affidavits of loss in lieu thereof) or NHT OP Book-Entry Shares, on any the Merger Consideration or Warrant Payment (the Operating Partnership Merger Consideration, as applicable, payable upon the surrender of the Certificates (or affidavits of loss in lieu thereof) payable to holders or Book-Entry Shares, the NHT OP Certificates (or affidavits of Certificates. loss in lieu thereof) or NHT OP Book-Entry Shares.
(v) In the event of a transfer of ownership of shares of Company Capital Stock New NHT Shares or Warrants NHT OP Units that is not registered in the transfer records of New NHT or NHT OP, it will be a condition of payment that any Certificate (or affidavit of loss in lieu thereof) or Book-Entry Share, any NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, surrendered in accordance with the Companyprocedures set forth in this Section 3.7(c) will be properly endorsed or will be otherwise in proper form for transfer, and that the portion Person requesting such payment will have paid any Transfer Taxes and other Taxes required by reason of the payment of the Merger Consideration or Warrant Payment (Operating Partnership Merger Consideration, as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued , to a transferee if Person other than the registered holder of the Certificate representing such shares (or affidavit of Company Capital Stock loss in lieu thereof) or Warrants is presented Book-Entry Share, the NHT OP Certificate (or affidavit of loss in lieu thereof) or NHT OP Book-Entry Share, surrendered or will have established to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect reasonable satisfaction of NXDT that such transfer and by evidence that any applicable stock transfer Taxes have Tax either has been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration paid or Warrant Payment (as is not applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 2 contracts
Samples: Merger Agreement (Nexpoint Diversified Real Estate Trust), Merger Agreement (Nexpoint Diversified Real Estate Trust)
Exchange Procedures. Subject Promptly after the Closing Date, Purchaser shall cause New LP to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time), Parent shall instruct cause the Exchange Agent to mail to each holder record holder, as of record the Closing Date, of a an outstanding certificate or certificates which that immediately prior to the Effective Time Closing Date represented outstanding shares of Company Capital Stock or Warrants Trading Partnership Common Units (the “"Certificates”) (A) "), a form of letter of transmittal substantially in (the form attached hereto as Exhibit C (“"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 which shall be in customary such form reasonably satisfactory to Parent and have such other provisions as New LP and the Equityholders’ Representative, SF General Partner may reasonably specify) and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicableCertificate(s) receivable in respect of such Certificatesand payment therefor. Upon surrender of a Certificate for cancellation to the Exchange Agent of such Certificates, together with such properly completed and duly executed Letter of Transmittal, properly completed the holder of a Certificate shall be entitled to a certificate or certificates representing the number of full Purchaser Common Units into which the Certificates surrendered shall have been converted pursuant to this Agreement and the Fractional Unit Payment, if any, payable in redemption of any fractional Purchaser Common Unit otherwise issuable. The instructions for effecting the surrender of Certificates shall set forth procedures that must be taken by the holder of any Certificate that has been lost, destroyed or stolen. It shall be a condition to the right of such holder to receive a certificate representing Purchaser Common Units and the Fractional Unit Payment, if any, that the Exchange Agent shall have received, along with the Letter of Transmittal, a duly executedexecuted lost certificate affidavit, including an agreement to indemnify Purchaser and New LP, signed exactly as the name or names of the registered holder or holders appeared on the books of the Trading Partnership immediately prior to the Effective Time, together with a customary bond and such other documents as Purchaser or New LP may reasonably require in connection therewith. After the Closing Date, there shall be required pursuant no further transfer on the records of the Trading Partnership or its transfer agent of certificates representing Trading Partnership Common Units and if such certificates are presented to the Trading Partnership for transfer, they shall be canceled against delivery of the certificate or certificates for Purchaser Common Units and Fractional Unit Payment as hereinabove provided. If any certificate for such instructions, Purchaser Common Units is to be issued to a person or entity other than the registered holder of such a Certificate surrendered for exchange, it shall be entitled to receive in a condition of such exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and that the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Paymentproperly endorsed, with signature guaranteed, or otherwise in proper form for transfer and that the person requesting such exchange shall pay to New LP or the Exchange Agent will deliver to each any transfer or other taxes required by reason of the issuance of certificates for such Purchaser Common Units in a name other than that of the registered holder of surrendered Certificatesthe Certificate(s) surrendered, such holder’s pro rata portion thereof; provided, that if or establish to the reasonable satisfaction of New LP or the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to that such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be tax has been paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.11.2(e), each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time Closing Date to represent only the right to receive upon such surrender the portion of the Merger Consideration Liquidation Distribution and Fractional Unit Payment, if any, as contemplated by Section 1.2. No interest will be paid or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6will accrue on any Fractional Unit Payment.
Appears in 2 contracts
Samples: Purchase Agreement (Kinder Morgan Energy Partners L P), Purchase Agreement (Santa Fe Pacific Pipeline Partners Lp)
Exchange Procedures. Subject (a) Prior to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following the Effective Time, Holdco shall appoint Continental Stock Transfer & Trust Company (“Continental”), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants as agent (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of TransmittalExchange Agent”), which shall specify that delivery shall be effectedfor the purpose of exchanging the merger consideration for (i) Quartet Certificates, and risk of loss and title to the (ii) Company Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (Biii) instructions for use in effecting any uncertificated shares of Quartet or the surrender of Company (the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates“Uncertificated Shares”). Upon surrender of the Quartet Certificates and Company Certificates and any Uncertificated Shares and delivery of a Certificate for cancellation duly executed letter of transmittal, in each case to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructionsAgent, the holder holders of such Certificate Quartet Certificates and Company Certificates shall be entitled to receive in exchange therefor certificates representing the portion of the Merger Consideration or Warrant Payment Holdco Shares (as applicable“Holdco Certificates”) into which such holder has the right to receive in respect of the their shares of Quartet Common Stock, Quartet Rights, Company Capital Stock or Warrants formerly represented by such Certificate (Common Shares and Company Preferred Shares shall be converted at the Effective Time and the right to receive payments from the General Escrow Account Quartet Certificates, Company Certificates and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate any Uncertificated Shares so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates Holdco shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented make available to the Exchange Agent, accompanied by any documents reasonably required as necessary, the Holdco Certificates to evidence be paid in respect of the Quartet Certificates, Company Certificates and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidthe Uncertificated Shares surrendered. Until surrendered as contemplated by this Section 3.1so surrendered, each Certificate shalloutstanding Quartet Certificates, subject to Section 3.2Company Certificates and Uncertificated Shares will be deemed, be deemed at any time from and after the Effective Time Time, to represent evidence only the right to receive upon such surrender the portion merger consideration to which the holder thereof is entitled pursuant to Sections 1.5(a) and 1.5(b).
(b) If certificates representing Holdco Shares are to be issued in a name other than that in which the Quartet Certificates or Company Certificates surrendered in exchange therefor are registered, it will be a condition of the Merger Consideration issuance thereof that the Quartet Certificates or Warrant Payment (as applicable) payable Company Certificates so surrendered will be properly endorsed and otherwise in respect proper form for transfer, accompanied by an instrument of transfer that is reasonably satisfactory to the Company and that the persons requesting such Certificate as set forth exchange will have paid to Holdco, or any agent designated by it, any transfer or other taxes required by reason of the issuance of certificates representing Holdco Shares in Section 2.6any name other than that of the registered holder of the Quartet Certificates or Company Certificates surrendered, or established to the satisfaction of Holdco or any agent designated by it that such tax has been paid or is not payable.
Appears in 2 contracts
Samples: Agreement and Plan of Reorganization (Quartet Merger Corp.), Agreement and Plan of Reorganization (Pangaea Logistics Solutions Ltd.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent and the Surviving Corporation shall instruct cause the Exchange Paying Agent to mail (i) to each holder of record record, as of the Effective Time, of a certificate or certificates certificates, which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Shares (the “"Certificates”"), which Shares were converted pursuant to Section 1.3(b) hereof into the right to receive the Merger Consideration, (Ax) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates Shares shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Exchange Paying Agent and shall be in customary such form and have such other provisions as Parent may reasonably satisfactory to Parent and the Equityholders’ Representative, specify) and (By) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment and (as applicableii) receivable to each holder of a Company Option, a check in an amount due and payable to such holder pursuant to Section 1.5 hereof in respect of such CertificatesCompany Option. Upon surrender of a Certificate (or affidavit of loss in lieu thereof) for cancellation to the Exchange Agent Paying Agent, together with such Letter a letter of Transmittaltransmittal, properly completed and duly executedexecuted in accordance with the instructions thereto, and such other documents as may be reasonably required pursuant to such instructions, the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants for each Share formerly represented by such Certificate, to be mailed promptly following the Paying Agent's receipt of such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account or affidavit of loss in accordance with the Escrow Agreement and Section 3.3lieu thereof), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will shall be paid or accrued for the benefit of holders of the Certificates on any the Merger Consideration payable upon the surrender of the Certificates, or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares in respect of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion Options. If payment of the Merger Consideration or Warrant Payment is to be made to a Person (as applicabledefined in Section 8.7) payable other than the Person in respect whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such shares payment shall have paid all transfer and other Taxes (as defined in Section 2.17) required by reason of Company Capital Stock or Warrants may be issued the issuance to a transferee if Person other than the registered holder of the Certificate representing surrendered or such shares of Company Capital Stock or Warrants is presented Person shall have established to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of the Surviving Corporation that such transfer and by evidence that any applicable stock transfer Taxes have Tax either has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.11.4, each Certificate shall, subject to Section 3.2, shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration for each Share in cash as contemplated by Section 1.3(b) hereof, without interest thereon. The Paying Agent shall accept such Certificates (or Warrant Payment (affidavits of loss in lieu thereof) upon compliance with such reasonable terms and conditions as applicable) payable the Paying Agent may impose to effect an orderly exchange thereof in respect of such Certificate as set forth in Section 2.6accordance with normal exchange practices.
Appears in 2 contracts
Samples: Merger Agreement (Amcomp Inc /Fl), Merger Agreement (Employers Holdings, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2i) Business Days following Promptly after the Effective Time), Parent the Surviving Corporation shall instruct cause the Exchange Paying Agent to mail to each holder of record of a certificate Certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants Book Entry Share (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify specifying that delivery of the Certificates or Book Entry Shares shall be effected, and risk of loss and title to the Certificates or Book Entry Shares, as applicable, shall pass, only upon proper delivery of the Certificates (or affidavits of loss reasonably satisfactory to the Exchange Agent and shall Surviving Corporation in lieu thereof) or Book Entry Shares to the Paying Agent, such letter of transmittal to be in customary form and have such other provisions as Parent may reasonably satisfactory to Parent and the Equityholders’ Representativespecify, and (Bii) instructions for use in effecting the surrender of the Certificates or Book Entry Shares, as applicable, in exchange for the portion Merger Consideration (such instructions shall include instructions for the payment of the Merger Consideration to a Person other than the Person in whose name the surrendered Certificate or Warrant Payment (as applicable) receivable in respect Book Entry Share is registered on the transfer books of Company, subject to the receipt of appropriate documentation for such Certificatestransfer). Upon surrender to the Paying Agent of a Certificate (or evidence reasonably satisfactory to the Surviving Corporation of loss in lieu thereof) or Book Entry Shares, as applicable, for cancellation to the Exchange Agent together with such Letter letter of Transmittaltransmittal, properly duly completed and duly validly executed, and such other documents as may reasonably be required pursuant to such instructionsrequested by the Paying Agent, the holder of such Certificate or Book Entry Share shall be entitled to receive in exchange therefor the Merger Consideration that such holder is entitled to receive pursuant to this Article II, and the Certificate or Book Entry Share so surrendered shall forthwith be cancelled; provided, that in no event will a holder of a Certificate or Book Entry Share be entitled to receive the Merger Consideration if Merger Consideration was already paid with respect to the Shares underlying such Certificate in connection with an affidavit of loss. No interest will be paid or accrued on any amount payable upon due surrender of the Certificates or Book Entry Shares. In the event of a transfer of ownership of Common Shares that is not registered in the transfer records of Company, payment may be issued to such a transferee if the Certificate or Book Entry Share formerly representing such Common Shares is presented to the Paying Agent, accompanied by all documents reasonably satisfactory to the Surviving Corporation required to evidence and effect such transfer, and the Person requesting such issuance pays any transfer or other taxes required by reason of such payment to a Person other than the registered holder of such Certificate or Book Entry Share or establishes to the satisfaction of Parent and Company that such tax has been paid or is not applicable. All cash paid upon the surrender of a Certificate or Book Entry Share in accordance with the terms of this Section 2.2 shall be deemed to have been paid in full satisfaction of all rights pertaining to the Common Shares formerly represented by such Certificate or Book Entry Share.
(ii) Promptly after the Effective Time, the Surviving Corporation shall cause the Paying Agent to mail to each holder of record of a Preferred Certificate (i) a letter of transmittal specifying that delivery of the Preferred Certificates shall be effected, and risk of loss and title to the Preferred Certificates shall pass, only upon proper delivery of the Preferred Certificates (or affidavits of loss reasonably satisfactory to the Surviving Corporation in lieu thereof) to the Paying Agent, such letter of transmittal to be in customary form and have such other provisions as Parent may reasonably specify, and (ii) instructions for use in effecting the surrender of the Preferred Certificates in exchange for the Preferred Merger Consideration (such instructions shall include instructions for the payment of the Preferred Merger Consideration to a Person other than the Person in whose name the surrendered Preferred Certificate is registered on the transfer books of Company, subject to the receipt of appropriate documentation for such transfer). Upon surrender to the Paying Agent of a Preferred Certificate (or evidence reasonably satisfactory to the Surviving Corporation of loss in lieu thereof) for cancellation together with such letter of transmittal, duly completed and validly executed, and such other documents as may reasonably be requested by the Paying Agent, the holder of such Preferred Certificate shall be entitled to receive in exchange therefor the portion of the Preferred Merger Consideration or Warrant Payment (as applicable) which that such holder has the right is entitled to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Preferred Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereofcancelled; provided, that if in no event will a holder of a Preferred Certificate be entitled to receive the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Preferred Merger Consideration or Warrant Payment (as applicable) upon surrender thereofif Preferred Merger Consideration was already paid with respect to the Preferred Shares underlying such Preferred Certificate in connection with an affidavit of loss. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) amount payable to holders upon due surrender of the Preferred Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Preferred Shares that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants payment may be issued to such a transferee if the Preferred Certificate formerly representing such shares of Company Capital Stock or Warrants Preferred Shares is presented to the Exchange Paying Agent, accompanied by any all documents reasonably satisfactory to the Surviving Corporation required to evidence and effect such transfer, and the Person requesting such issuance pays any transfer or other taxes required by reason of such payment to a Person other than the registered holder of such Preferred Certificate or establishes to the satisfaction of Parent and by evidence Company that any applicable stock transfer Taxes such tax has been paid or is not applicable. All cash paid upon the surrender of a Preferred Certificate in accordance with the terms of this Section 2.2 shall be deemed to have been paid. Until surrendered as contemplated paid in full satisfaction of all rights pertaining to the Preferred Shares formerly represented by such Preferred Certificate.
(iii) For the purposes of this Section 3.1Agreement, each Certificate shallthe term “Person” shall mean any individual, subject to Section 3.2corporation (including not-for-profit corporations), be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration general or Warrant Payment limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity (as applicable) payable in respect of such Certificate as set forth defined in Section 2.63.1(d)(i)) or other entity of any kind or nature.
Appears in 2 contracts
Samples: Merger Agreement (Quadramed Corp), Merger Agreement (Francisco Partners II LP)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as reasonably practicable after the Effective Time (Time, but in no event later than two five (25) Business Days following the Effective Time)business days thereafter, Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate one or certificates which more Old Certificates representing shares of Company Common Stock immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (that have been converted at the “Certificates”) (A) Effective Time into the right to receive the Merger Consideration pursuant to Article I, a letter of transmittal substantially in the form attached hereto as Exhibit C (a “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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for the portion of the Merger Consideration which such holder shall have become entitled to receive in accordance with, and subject to, Section 1.5(a), and any cash in lieu of fractional shares which the shares of Company Common Stock represented by such Old Certificate or Warrant Payment (Old Certificates shall have been converted into the right to receive pursuant to this Agreement as applicable) receivable in respect of such Certificateswell as any dividends or distributions to be paid pursuant to Section 2.2(c). 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 Agent, together with such properly completed Letter of Transmittal, properly completed and Transmittal duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor the portion of therefor, as applicable, (i) a New Certificate representing the Merger Consideration or Warrant Payment to which such holder of Company Common Stock shall have become entitled to receive in accordance with, and subject to, Section 1.5(a), and (as applicableii) a check representing the amount of (1) any cash in lieu of fractional shares which such holder has the right to receive in respect of the shares of Company Capital Stock surrendered Old Certificate or Warrants formerly represented by such Certificate Old Certificates pursuant to Section 1.5(b) and (and 2) any dividends or distributions which the holder thereof has the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and pursuant to Section 3.32.2(c), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) cash in lieu of fractional shares payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock Old Certificates or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) any dividends payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidunder Section 2.2(c). Until surrendered as contemplated by this Section 3.12.2, each Old Certificate shall, subject to Section 3.2, 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) The Exchange Agent shall not be entitled to vote or exercise any rights of ownership with respect to the shares of Parent Common Stock held by it from time to time hereunder, except that it shall receive and hold all dividends or other distributions paid or distributed with respect to such shares for the account of the persons entitled thereto. If there is a transfer of ownership of any shares of Company Common Stock not registered in the transfer records of the Company, the Merger Consideration shall be issued to the transferee thereof if the Old Certificates representing such Company Common Stock are presented to the Exchange Agent, accompanied by all documents required, in the reasonable judgment of Parent and the Exchange Agent, to evidence and effect such transfer and to evidence that any applicable stock transfer taxes have been paid.
(c) No dividends or other distributions declared or made after the Effective Time with respect to Parent Common Stock issued pursuant to this Agreement shall be remitted to any person entitled to receive shares of Parent Common Stock hereunder until such person surrenders his or her Old Certificates in accordance with this Section 2.2. Subject to the effect of applicable abandoned property, escheat or similar laws, upon the surrender of such surrender person’s Old Certificates, such person shall be entitled to receive any dividends or other distributions, without interest thereon, which subsequent to the Effective Time had become payable but not paid with respect to shares of Parent Common Stock represented by such person’s Old Certificates.
(d) The stock transfer books of the Company shall be closed immediately upon the Effective Time and from and after the Effective Time there shall be no transfers on the stock transfer records of the Company of any shares of Company Common Stock other than to settle transfers of Company Common Stock that occurred prior to the Effective Time. If, after the Effective Time, Old Certificates are presented for transfer to the Exchange Agent, they shall be canceled and exchanged for the Merger Consideration deliverable in respect thereof pursuant to this Agreement in accordance with the procedures set forth in this Section 2.2.
(e) Any portion of the aggregate amount of cash to be paid pursuant to Section 1.5, any dividends or other distributions to be paid pursuant to this Section 2.2 or any proceeds from any investments thereof that remains unclaimed by the stockholders of the Company for six (6) months after the Effective Time shall be repaid by the Exchange Agent to Parent upon the written request of Parent. After such request is made, any stockholders of the Company who have not theretofore complied with this Section 2.2 shall look only to Parent for the Merger Consideration or Warrant Payment (as applicable) payable Consideration, any cash in lieu of fractional shares, and any unpaid dividends and distributions on the Parent Common Stock deliverable in respect of each share of Company Common Stock such stockholder holds, as determined pursuant to this Agreement, in each case without any interest thereon. Notwithstanding the foregoing, neither the Exchange Agent nor any party to this Agreement (or any affiliate thereof) shall be liable to any former holder of Company Common Stock for any amount delivered to a public official pursuant to applicable abandoned property, escheat or similar laws.
(f) Parent and the Exchange Agent shall be entitled to rely upon the Company’s stock transfer books to establish the identity of those persons entitled to receive the 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 Old Certificate, Parent and the Exchange Agent shall be entitled to deposit any Merger Consideration represented thereby in escrow with an independent third party and thereafter be relieved with respect to any claims thereto.
(g) If 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 the Exchange Agent or Parent, the posting by such person of a bond in such amount as set forth the Exchange Agent may direct as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the Merger Consideration deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (WashingtonFirst Bankshares, Inc.), Merger Agreement (Sandy Spring Bancorp Inc)
Exchange Procedures. Subject to Section 3.1(c), (i) As promptly following as practicable after the Effective Time (Time, but in no event later than two five (25) Business Days following the Effective Time)business days thereafter, Parent Peoples shall instruct cause the Exchange Agent to mail to each holder of record of a certificate one or certificates which more Old Certificates representing shares of Limestone Common Stock immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (that have been converted at the “Certificates”) (A) Effective Time into the right to receive the Merger Consideration, a letter of transmittal substantially in customary form as reasonably agreed to prior to the form attached Closing Date by the parties hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for certificates representing the portion number of the Merger Consideration or Warrant Payment (whole shares of Peoples Common Shares and any cash in lieu of fractional shares, as applicable) receivable in respect , which the shares of Limestone Common Stock represented by such CertificatesOld Certificate or Old 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 3.02(b)(ii). 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 Agent, together with such Letter of Transmittal, properly completed and letter of transmittal, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (therefor, as applicable, (A)(1) a New Certificate representing that number of whole shares of Peoples Commons Shares to which such holder of Limestone Common Stock shall have become entitled pursuant to the provisions of Section 3.01 and (2) a check representing the amount of (x) any cash in lieu of a fractional share which such holder has the right to receive in respect of the shares Old Certificate or Old Certificates surrendered pursuant to the provisions of Company Capital Stock this Article III and (y) any dividends or Warrants formerly represented by such Certificate (and distributions which the holder thereof has the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and pursuant to this Section 3.33.02(b), and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on the Peoples Common Shares or any Merger Consideration cash in lieu of fractional shares or Warrant Payment (as applicable) dividends or distributions payable to holders of Old Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.13.02(b), each Old Certificate shall, subject to Section 3.2, 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 Peoples Common Shares which the shares of Limestone 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 3.02(b).
(ii) No dividends or other distributions declared with respect to Peoples Common Shares shall be paid to the holder of any unsurrendered Old Certificate until the holder thereof shall surrender such Old Certificate in accordance with Section 3.02(b). After the surrender of an Old Certificate in accordance with Section 3.02(b), 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 Peoples Common Shares which the shares of Limestone Common Stock represented by such Old Certificate have been converted into the right to receive (after giving effect to Section 6.15).
(iii) In the event that any New Certificate representing shares of Peoples Common Shares 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 similar Taxes required by reason of the issuance of a New Certificate representing shares of Peoples Common Shares 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 has been paid or is not payable.
(iv) After the Effective Time, there shall be no transfers on the stock transfer books of Limestone of the shares of Limestone Common 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 cancelled and exchanged for New Certificates representing shares of Peoples Common Shares, cash in lieu of fractional shares and dividends or distributions that the holder presenting such Old Certificates is entitled to, as provided in Article III.
(v) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional shares of Peoples Common Shares shall be issued upon the surrender for exchange of Old Certificates or otherwise pursuant to this Agreement, no dividend or distribution with respect Peoples Common Shares 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 Peoples. In lieu of the issuance of any fractional share, Peoples shall pay to each former shareholder of Limestone who otherwise would be entitled to receive such surrender fractional share an amount in cash (rounded to the nearest cent) determined by multiplying (i) the average of the closing-sale prices of Peoples Common Shares 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 trading day preceding the Closing Date (the “Peoples Common Share Closing Price”) by (ii) the fraction of a share (rounded to the nearest one-thousandth when expressed in decimal form) of Peoples Common Shares which such holder would otherwise be entitled to receive pursuant to Section 3.01(a). 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.
(vi) Any portion of the Merger Consideration or Warrant Payment (as applicable) payable Exchange Fund that remains unclaimed by the shareholders of Limestone for six months after the Effective Time shall be paid to the Surviving Corporation. Any former holders of Limestone Common who have not theretofore exchanged their Old Certificates pursuant to Section 3.02 shall thereafter look only to the Surviving Corporation for delivery of the New Certificates and payment cash in lieu of any fractional shares and any unpaid dividends and distributions on the Peoples Common Stock deliverable in respect of each former share of Limestone Common Stock that such holder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of Peoples, Limestone, the Surviving Corporation, the Exchange Agent or any other Person shall be liable to any former holder of shares of Limestone Common Stock for any amount delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws.
(vii) Each of Peoples 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 Peoples or the Exchange Agent, as the case may be, the withheld amounts (i) will be paid over by Peoples 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.
(viii) 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 Xxxxxxx, the posting by such Person of a bond in such amount as set forth Peoples or the Exchange Agent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the shares of Peoples Common Shares, and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Limestone Bancorp, Inc.), Merger Agreement (Limestone Bancorp, Inc.)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time (Time, but in no event later than two ten (210) Business Days following the Effective Time)days thereafter, Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which person who was, immediately prior to the Effective Time represented outstanding Time, a holder of record of one or more Old Certificates representing shares of Company Capital Common Stock or Warrants (that have been converted at the “Certificates”) (A) Effective Time into the right to receive the Merger Consideration pursuant to Article I, a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for the consideration for certificates representing the number of whole Parent Common Shares, any cash in lieu of fractional shares and the cash portion of the Merger Consideration which shares of Company Common Stock represented by such Old Certificate or Warrant Payment (Old Certificates shall have been converted into the right to receive pursuant to this Agreement, as applicable) receivable in respect of such Certificateswell 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 Agent, together with such Letter of Transmittal, properly completed and letter of transmittal duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (i) a New Certificate representing that number of whole Parent Common Shares to which such holder of Company Common Stock shall have become entitled pursuant to the provisions of Article I and (ii) a check representing the amount of (A) the cash portion of the Merger Consideration or Warrant Payment (as applicable) 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 of Company Capital Stock or Warrants formerly represented by which such Certificate (and holder has the right to receive payments from in respect of the General Escrow Account Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II and (C) any dividends or distributions which the Equityholders’ Representative Escrow Account in accordance with holder thereof has the Escrow Agreement and right to receive pursuant to this Section 3.3)2.2, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on with respect to any Merger Consideration or Warrant Payment (as applicable) payable property to holders be delivered upon surrender of Old Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.12.2, each Old Certificate shall, subject to Section 3.2, 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 with respect to Parent Common Shares 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 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 after the Effective Time with respect to the whole Parent Common Shares which the shares of Company Common Stock represented by such Old Certificate have been converted into the right to receive.
(c) If any New Certificate representing Parent Common Shares 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 similar Taxes required by reason of the issuance of a New Certificate representing Parent Common Shares 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 has been paid or is not payable.
(d) After the Effective Time, there shall be no transfers on the stock transfer books of the Company of the shares of Company Common Stock that were issued and outstanding immediately prior to the Effective Time.
(e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional Parent Common Shares shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Shares shall be payable on or with respect to any fractional share, and such surrender 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 price of the Parent Common Shares on the NYSE as reported by The Wall Street Journal for the five full trading days ending on the day preceding the Closing Date (the “Parent Share Closing Price”) by (ii) the fraction of a Parent Common Share (rounded to the nearest thousandth when expressed in decimal form) to which such holder would otherwise be entitled (after taking into account all shares of Company Common Stock owned by such holder as of immediately prior to the Effective Time).
(f) Any portion of the Exchange Fund that remains unclaimed by the shareholders of the Company for one (1) year after the Effective Time shall be paid to the Surviving Corporation. Any former shareholders of the Company who have not theretofore exchanged their Old Certificates pursuant to this Article II shall thereafter look only to the Surviving Corporation for payment of the Merger Consideration or Warrant Payment (as applicable) payable Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on the Parent Common Shares deliverable in respect of each former share of Company Common Stock such shareholders hold as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of Parent, the Company, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of Company Common Stock for any amount delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws.
(g) Parent shall be entitled to deduct and withhold, or cause the Merger Sub or Exchange Agent to deduct and withhold, from the cash portion of the aggregate Merger Consideration, any cash in lieu of fractional Parent Common Shares, 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 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, 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 the holder of Company Common Stock in respect of which the deduction and withholding was made by Parent, Merger Sub 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 Parent, the posting by such person of a bond in such amount as set forth Parent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the Merger Consideration and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Exchange Procedures. Subject to Section 3.1(c), (i) As promptly as practicable following the REIT Merger Effective Time (but in no event later than two (2) Business Days following the Effective Timethereafter), Parent the Surviving Entity of the REIT Merger shall instruct cause the Exchange Agent to mail (and to make available for collection by hand):
(A) to each holder of record of a certificate one or certificates which immediately prior to the Effective Time represented outstanding shares of more Certificates evidencing Company Capital Stock or Warrants Common Stock, (the “Certificates”) (Ax) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the such Certificates shall pass, pass only upon proper delivery of the such Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent Agent, and which Letter of Transmittal shall be in customary such form and have such other provisions as the Surviving Entity of the REIT Merger may reasonably satisfactory to Parent and the Equityholders’ Representativespecify, and (By) instructions for use in effecting the surrender of the such Certificates in exchange for the portion of the REIT Common Merger Consideration or Warrant Payment (as applicable) receivable into which the number of shares of Company Common Stock previously represented by such Certificates shall have been converted pursuant to this Agreement, together with any amounts payable in respect of dividends or distributions on Parent Common Shares in accordance with Section 3.5(d) (which instructions shall provide that, at the election of the surrendering holder, (i) such Certificates. Certificates may be surrendered by hand delivery or otherwise or (ii) the REIT Common Merger Consideration in exchange therefor, together with any amounts payable in respect of dividends or distributions on Parent Common Shares in accordance with Section 3.5(d), may be collected by hand by the surrendering holder or by check or wire transfer to the surrendering holder);
(B) to each holder of record of one or more Certificates evidencing Company Preferred Stock, (x) a Letter of Transmittal, which shall specify that delivery shall be effected, and risk of loss and title to such Certificates shall pass only upon proper delivery of such Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent, and which Letter of Transmittal shall be in such form and have such other provisions as the Surviving Entity of the REIT Merger may reasonably specify, and (y) instructions for use in effecting the surrender of such Certificates in exchange for the applicable REIT Preferred Merger Consideration into which the number of shares of Company Series A Preferred Stock or Company Series C Preferred Stock, as applicable, previously represented by such Certificates shall have been converted pursuant to this Agreement, together with any amounts payable in respect of dividends or distributions on Company Series A Preferred Stock or Company Series C Preferred Stock, as applicable, in accordance with Section 3.5(d) (which instructions shall provide that, at the election of the surrendering holder, (i) such Certificates may be surrendered by hand delivery or otherwise or (ii) the REIT Preferred Merger Consideration in exchange therefor, together with any amounts payable in respect of dividends or distributions on Parent Common Shares in accordance with Section 3.5(d), may be collected by hand by the surrendering holder or by check or wire transfer to the surrendering holder), and
(C) to each holder of a share of Company Restricted Stock, a certificate or, at Parent’s option, evidence of book-entry Parent Common Shares representing the REIT Common Merger Consideration into which the number of shares of Company Common Stock previously represented by such award shall have been converted pursuant to this Agreement.
(ii) Upon surrender of a Certificate of Company Common Stock or Company Preferred Stock (or affidavit of loss in lieu thereof) for cancellation to the Exchange Agent Agent, together with such a Letter of Transmittal, properly Transmittal duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor a certificate or, at Parent’s option, evidence of book-entry Parent Common Shares representing the portion of the REIT Common Merger Consideration for each share of Company Common Stock or Warrant Payment (a certificate representing the applicable REIT Preferred Merger Consideration for each share of Company Preferred Stock, as applicable) which , formerly represented by such Certificate pursuant to the provisions of this Article III, plus any amounts that such holder has the right to receive in respect of dividends or distributions on Parent Common Shares or Parent Preferred Shares, as applicable, in accordance with Section 3.5(d), to be mailed, made available for collection by hand or delivered by wire transfer, within two (2) Business Days following the shares later to occur of Company Capital Stock (A) the REIT Merger Effective Time or Warrants formerly represented by (B) the Exchange Agent’s receipt of such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account or affidavit of loss in accordance with the Escrow Agreement and Section 3.3lieu thereof), and the Certificate or Company Common Stock or Company Preferred Stock (or affidavit of loss in lieu thereof) so surrendered shall be forthwith be canceledcancelled. Following any receipt The Exchange Agent shall accept such Certificates (or affidavits of an Excess Payment, loss in lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent will may impose to effect an orderly exchange thereof in accordance with normal exchange practices. Until surrendered as contemplated by this Section 3.5, each Certificate of Company Common Stock or Company Preferred Stock shall be deemed, at any time after the REIT Merger Effective Time, to represent only the right to receive, upon such surrender, the REIT Common Merger Consideration or the applicable REIT Preferred Merger Consideration, as applicable, as contemplated by this Article III, and any amounts payable in respect of dividends or distributions on Parent Common Shares in accordance with Section 3.5(d). No interest shall be paid or accrued for the benefit of holders of such Certificates on the REIT Common Merger Consideration or the REIT Preferred Merger Consideration payable upon the surrender of such Certificates.
(iii) As promptly as practicable following the REIT Merger Effective Time (but in no event later than two (2) Business Days thereafter), the Surviving Entity shall cause the Exchange Agent (A) to issue to each holder of Book-Entry Shares with respect to Company Common Stock or Common Preferred Stock, as applicable, that whole number of uncertificated Parent Common Shares or Parent Preferred Shares, as applicable, that such holder is entitled to receive pursuant to Section 3.1(b) in respect of such Book-Entry Shares, and (B) to issue and deliver to each holder of surrendered CertificatesBook-Entry Shares a check or wire transfer for any amounts payable in respect of dividends or distributions on Parent Common Shares or Parent Preferred Shares in accordance with Section 3.5(d) in each case, without such holder’s pro rata portion thereof; providedholder being required to deliver a Certificate or an executed Letter of Transmittal to the Exchange Agent, that if and such Book-Entry Shares shall then be cancelled. In lieu of a Letter of Transmittal, each holder of Book-Entry Shares shall deliver to the Exchange Agent receives an Excess Payment prior to receipt “agent’s message” in customary form (or such other evidence of surrendered Certificates, then payment of transfer or surrender as the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofExchange Agent may reasonably request). No interest will shall be paid or accrued for the benefit of holders of Book-Entry Shares on any the REIT Common Merger Consideration or Warrant Payment (REIT Preferred Merger Consideration, as applicable, payable in respect of the Book-Entry Shares.
(iv) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants Company Preferred Stock that is not registered in the transfer records of the Company, it shall be a condition of payment that any Certificate representing Company Common Stock or Company Preferred Stock surrendered in accordance with the portion procedures set forth in this Section 3.5(c) shall be properly endorsed or shall be otherwise in proper form for transfer, or any Book-Entry Share shall be properly transferred, and that the Person requesting such payment shall have paid any Transfer Taxes and other Taxes required by reason of the payment of the REIT Common Merger Consideration or Warrant Payment (the REIT Preferred Merger Consideration, as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued , to a transferee if Person other than the registered holder of the Certificate representing such shares of Company Capital Stock or Warrants is presented Book-Entry Share surrendered or shall have established to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of Parent that such transfer and by evidence that any applicable stock transfer Taxes have Tax either has been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration paid or Warrant Payment (as is not applicable) payable in respect of such Certificate as set forth in Section 2.6.
Appears in 2 contracts
Samples: Merger Agreement (Global Net Lease, Inc.), Merger Agreement (Necessity Retail REIT, Inc.)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time (Time, but in no event later than two ten (210) Business Days following the Effective Time)days thereafter, Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which person who was, immediately prior to the Effective Time represented outstanding Time, a holder of record of one or more Old Certificates representing shares of Company Capital Common Stock or Warrants (the “Certificates”) (A) and who theretofore has not submitted such holder’s Old Certificates with an Election Form, a form of letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for the portion consideration for which such person may be entitled pursuant to Section 1.5 and this Article II. After completion of the Merger Consideration or Warrant Payment (as applicable) receivable allocation procedure set forth in respect of such Certificates. Upon Section 2.3 and upon proper surrender of a an Old Certificate or Old Certificates for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, properly completed and letter of transmittal or Election Form, as the case may be, duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (therefor, as applicable) , a New Certificate and/or a check representing the amount of cash to which such holder has the right is entitled pursuant to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (Section 1.5 and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Article II, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on with respect to any Merger Consideration or Warrant Payment (as applicable) payable property to holders be delivered upon surrender of Old Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.12.4, each Old Certificate shall, subject to Section 3.2, 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 2.4.
(b) No dividends or other distributions declared with respect to Parent Common Shares 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 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 Parent Common Shares which the shares of Company Common Stock represented by such Old Certificate have been converted into the right to receive.
(c) If any New Certificate representing Parent Common Shares 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 similar Taxes required by reason of the issuance of a New Certificate representing Parent Common Shares 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 has been paid or is not payable.
(d) After the Effective Time, there shall be no transfers on the stock transfer books of Company of the shares of Company Common Stock that were issued and outstanding immediately prior to the Effective Time.
(e) Notwithstanding anything to the contrary contained herein, no New Certificates or scrip representing fractional Parent Common Shares shall be issued upon the surrender for exchange of Old Certificates, no dividend or distribution with respect to Parent Common Shares shall be payable on or with respect to any fractional share, and such surrender 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 Closing Parent Share Value by (ii) the fraction of a Parent Common Share (rounded to the nearest thousandth when expressed in decimal form) which such holder would otherwise be entitled (after taking into account all shares of Company Common Stock owned by such holder as of immediately prior to the Effective Time).
(f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of Company for one (1) year after the Effective Time shall be paid to the Surviving Corporation. Any former stockholders of Company who have not theretofore exchanged their Old Certificates pursuant to this Article II shall thereafter look only to the Surviving Corporation for payment of the Merger Consideration or Warrant Payment (as applicable) payable Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on the Parent Common Shares deliverable in respect of each former share of Company Common Stock such stockholder holds as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of Parent, Company, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of Company Common Stock for any amount delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws.
(g) Parent shall be entitled to deduct and withhold, or cause the Holdco or Exchange Agent to deduct and withhold, from the cash portion of the aggregate Merger Consideration, any cash in lieu of fractional Parent Common Shares, cash dividends or distributions payable pursuant to this Section 2.4 or 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, Holdco 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, Holdco 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 Parent, the posting by such person of a bond in such amount as set forth Parent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the Merger Consideration and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Royal Bank of Canada), Merger Agreement (City National Corp)
Exchange Procedures. Subject to Section 3.1(c), (a) As promptly following as practicable after the Effective Time (Time, but in no event later than two ten (210) Business Days following the Effective Time)days thereafter, Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which person who was, immediately prior to the Effective Time represented outstanding Time, a holder of record of one or more Old Certificates representing shares of Company Capital Common Stock or Warrants (that have been converted at the “Certificates”) (A) Effective Time into the right to receive the Merger Consideration pursuant to Article I, a letter of transmittal substantially in customary form and reasonably acceptable to Parent and the form attached hereto as Exhibit C Company (“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 surrender of Book-Entry Shares) to the Exchange Agent Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Old Certificates in exchange for the consideration for certificates representing the number of whole Parent Common Stock, any cash in lieu of fractional shares and the cash portion of the Merger Consideration which shares of Company Common Stock represented by such Old Certificate or Warrant Payment (Old Certificates shall have been converted into the right to receive pursuant to this Agreement, as applicable) receivable in respect of such Certificateswell 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 Agent, together with such Letter of Transmittal, properly completed and letter of transmittal duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Old Certificate or Old Certificates shall be entitled to receive in exchange therefor therefor, as applicable, (i) a New Certificate representing that number of whole shares of Parent Common Stock to which such holder of Company Common Stock shall have become entitled pursuant to the provisions of Article I and (ii) payment representing the amount of (A) the cash portion of the Merger Consideration or Warrant Payment (as applicable) 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 of Company Capital Stock or Warrants formerly represented by which such Certificate (and holder has the right to receive payments from in respect of the General Escrow Account Old Certificate or Old Certificates surrendered pursuant to the provisions of this Article II and (C) any dividends or distributions which the Equityholders’ Representative Escrow Account in accordance with holder thereof has the Escrow Agreement and right to receive pursuant to this Section 3.3)2.2, and the Old Certificate or Old Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on with respect to any Merger Consideration or Warrant Payment (as applicable) payable property to holders be delivered upon surrender of Old Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.12.2, each Old Certificate shall, subject to Section 3.2, 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 with respect to shares of Parent Common 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 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 after the Effective Time with respect to 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.
(c) If any New Certificate representing shares of 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 similar Taxes required by reason of the issuance of a New Certificate representing shares of 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 has been paid or is not payable.
(d) After the Effective Time, there shall be no transfers on the stock transfer books of the Company of the shares of Company Common Stock that were issued and outstanding immediately prior to the Effective Time.
(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 shares of Parent Common Stock shall be payable on or with respect to any fractional share, and such surrender 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 Parent Stock Value by (ii) the fraction of a share of Parent Common Stock (rounded to the nearest thousandth when expressed in decimal form) to which such holder would otherwise be entitled (after taking into account all shares of Company Common Stock owned by such holder as of immediately prior to the Effective Time).
(f) Any portion of the Exchange Fund that remains unclaimed by the stockholders of the Company for one (1) year after the Effective Time shall be paid to the Surviving Corporation. Any former stockholders of the Company who have not theretofore exchanged their Old Certificates pursuant to this Article II shall thereafter look only to the Surviving Corporation for payment of the Merger Consideration or Warrant Payment (as applicable) payable Consideration, cash in lieu of any fractional shares and any unpaid dividends and distributions on the shares of Parent Common Stock deliverable in respect of each former share of Company Common Stock such stockholders hold as determined pursuant to this Agreement, in each case, without any interest thereon. Notwithstanding the foregoing, none of Parent, the Company, the Surviving Corporation, the Exchange Agent or any other person shall be liable to any former holder of shares of Company Common Stock for any amount delivered in good faith to a public official pursuant to applicable abandoned property, escheat or similar laws.
(g) Parent shall be entitled to deduct and withhold, or cause the Merger Sub or Exchange Agent to deduct and withhold, from the cash portion of the aggregate Merger Consideration, any cash in lieu of a fractional share of Parent 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 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, 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 the holder of Company Common Stock in respect of which the deduction and withholding was made by Parent, Merger Sub 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 in customary form of that fact by the person claiming such Old Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by such person of a bond in such amount as set forth Parent may determine is reasonably necessary as indemnity against any claim that may be made against it with respect to such Old Certificate, the Exchange Agent will issue in Section 2.6exchange for such lost, stolen or destroyed Old Certificate the Merger Consideration and any cash in lieu of fractional shares and dividends or distributions deliverable in respect thereof pursuant to this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Yodlee Inc), Merger Agreement (Envestnet, Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following (i) Promptly after the Effective Time (but in no event later than two five (25) Business Days following after the Effective Time), Parent shall instruct the Exchange Paying Agent to will mail to each holder of record of a certificate or certificates certificates, which represented outstanding shares of Common Stock immediately prior to the Effective Time represented outstanding ("Certificates"), and to each holder of uncertificated shares of Company Capital Common Stock or Warrants represented by book entry immediately prior to the Effective Time ("Book−Entry Shares"), in each case, whose shares were converted into the “Certificates”) right to receive cash pursuant to Section 2.5(b):
(A) a letter of transmittal substantially (which will be in customary form and reviewed by the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify Company prior to delivery thereof) specifying that delivery shall will be effected, and risk of loss and title to the Certificates shall or Book−Entry Shares held by such Person will pass, only upon proper delivery of the Certificates or Book−Entry Shares to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and Paying Agent; and
(B) instructions for use in effecting the surrender of the Certificates or Book−Entry Shares, in exchange for the portion applicable Merger Consideration.
(ii) Upon surrender to, and acceptance in accordance with Section 2.7(b)(iii) below by, the Paying Agent of a Certificate or of Book-Entry Shares, the holder will be entitled to the amount of cash into which the number of Book−Entry Shares or shares of Common Stock formerly represented by each Certificate surrendered have been converted under this Agreement.
(iii) The Paying Agent will accept Certificates or Book Entry Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange of the Certificates or Book−Entry Shares in accordance with normal exchange practices.
(iv) After the Effective Time, no further transfers may be made on the records of the Company or its transfer agent of Certificates or Book−Entry Shares and if such Certificates or Book−Entry Shares are presented to the Company for transfer, they will be canceled against delivery of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation allocable to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, 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 the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate Certificates or Book−Entry Shares.
(and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicablev) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to for the benefit of holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock Certificates or Warrants that is not registered in the transfer records of the Company, the portion of Book−Entry Shares on the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock Certificates or Warrants Book−Entry Shares.
(vi) If any Merger Consideration is to be remitted to a name other than that in which the surrendered Certificate or Book-Entry Share is registered, no Merger Consideration may be issued paid in exchange for such surrendered Certificate or Book-Entry Share unless:
(A) the Certificate so surrendered is properly endorsed, with signature guaranteed, or otherwise in proper form for transfer;
(B) the Book-Entry Share is properly transferred; and
(C) the Person requesting such payment shall pay any transfer or other Taxes required by reason of the payment to a transferee if Person other than the registered holder of the Certificate representing such shares of Company Capital Stock or Warrants is presented Book-Entry Share or establish to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of the Paying Agent that such transfer and by evidence that any applicable stock transfer Taxes have Tax has been paid. paid or is not payable.
(vii) Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed 2.7 and at any time after the Effective Time Time, each Certificate or Book-Entry Share (other than Dissenting Shares and Excluded Shares) will be deemed to represent only the right to receive upon such surrender the portion of the Merger Consideration allocable to such Book-Entry Share or Warrant Payment (as applicable) payable in respect of the shares represented by such Certificate as set forth in contemplated by Section 2.62.5(b).
Appears in 2 contracts
Samples: Merger Agreement (M & F Worldwide Corp), Merger Agreement (MacAndrews & Forbes Holdings Inc.)
Exchange Procedures. Subject (a) TD Banknorth shall appoint an agent, which shall be reasonably acceptable to Section 3.1(cInterchange (the “Exchange Agent”), promptly following for the purpose of exchanging certificates that immediately prior to the Effective Time evidenced shares of Interchange Common Stock (but in no event the “Certificates”) for the Merger Consideration.
(b) No later than two five (25) Business Days following the Effective Time), Parent TD Banknorth shall instruct cause the Exchange Agent to mail or make available to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) Certificate a notice and letter of transmittal substantially in reasonably satisfactory to Interchange disclosing the form attached hereto as Exhibit C (“Letter effectiveness of Transmittal”), which the Merger and the procedure for exchanging Certificates for the Merger Consideration. Such letter of transmittal shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent and Agent.
(c) At or prior to the Effective Time, TD Banknorth shall be deliver, or cause TD Banknorth, NA to deliver, by wire transfer in customary form reasonably satisfactory to Parent and the Equityholders’ Representativeimmediately available funds, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter for the benefit of Transmittal, properly completed and duly executed, and such the holders of Certificates (other documents as may be required pursuant than the holders of Treasury Stock) an amount of cash equal to the aggregate Merger Consideration for payment of the aggregate Merger Consideration to such instructions, the holders of Certificates.
(d) Each holder of any outstanding Certificate (other than holders of Treasury Stock) who surrenders such Certificate shall to the Exchange Agent will, upon acceptance thereof by the Exchange Agent, be entitled to receive in exchange therefor the portion prompt payment of the Merger Consideration or Warrant Payment (Consideration. The Exchange Agent shall accept Certificates upon compliance with such reasonable terms and conditions as applicable) the Exchange Agent may impose to effect an orderly exchange in accordance with normal exchange practices. Each outstanding Certificate which such holder has is not surrendered to the Exchange Agent shall, except as provided in Section 3.1, evidence ownership of only the right to receive the Merger Consideration without interest.
(e) The Exchange Agent and TD Banknorth, as the case may be, shall not be obligated to deliver the Merger Consideration until the holder surrenders a Certificate as provided in respect this Section 3.2, or, in default thereof, an appropriate affidavit of loss and indemnity agreement and/or a bond in an amount as may be reasonably required in each case by the Exchange Agent or TD Banknorth. If any check is to be issued in a name other than that in which the Certificate is registered, it shall be a condition of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and issuance thereof that the Certificate so surrendered shall forthwith be canceled. Following any receipt properly endorsed or accompanied by an executed form of an Excess Payment, assignment separate from the Certificate and otherwise in proper form for transfer and that the person requesting such exchange pay to the Exchange Agent will deliver to each any transfer or other tax required by reason of the issuance of a check in any name other than that of the registered holder of the Certificate surrendered Certificates, such holder’s pro rata portion thereof; provided, that if or otherwise establish to the reasonable satisfaction of the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to that such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be tax has been paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the payable.
(f) Any portion of the cash delivered to the Exchange Agent by TD Banknorth or TD Banknorth, NA pursuant to Section 3.2(c) that remains unclaimed by the former shareholders of Interchange for six months after the Effective Time shall be delivered by the Exchange Agent to TD Banknorth or TD Banknorth, NA, as applicable. Any shareholders of Interchange who have not theretofore complied with Section 3.2(d) shall thereafter look only to TD Banknorth for the Merger Consideration. If outstanding Certificates are not surrendered or the payment for them is not claimed prior to the date on which such payment would otherwise escheat to or become the property of any Governmental Entity, the unclaimed items shall, to the extent permitted by abandoned property and any other applicable law, become the property of TD Banknorth or TD Banknorth, NA, as applicable (and to the extent not in its possession shall be delivered to it), free and clear of all Liens of any Person previously entitled to such property. Neither the Exchange Agent nor any of the Parties hereto shall be liable to any holder of Interchange Common Stock represented by any Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat or similar laws. TD Banknorth, TD Banknorth, NA and the Exchange Agent shall be entitled to rely upon the stock transfer books of Interchange to establish the identity of those persons entitled to receive the Merger Consideration, which books shall be conclusive with respect thereto.
(g) The Exchange Agent, TD Banknorth or TD Banknorth, NA shall be entitled to deduct and withhold from the Merger Consideration or Warrant Payment (otherwise payable pursuant to this Agreement to any holder of Certificates such amounts as applicable) payable in it is required to deduct and withhold with respect to the making of such shares of Company Capital Stock payment under the Code or Warrants may be issued to a transferee if any state, local or foreign tax law or regulation thereunder. To the Certificate representing such shares of Company Capital Stock or Warrants is presented to extent that amounts are so withheld by the Exchange Agent, accompanied by any documents reasonably required TD Banknorth or TD Banknorth, NA, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion holder of the Merger Consideration or Warrant Payment (as applicable) payable Certificates in respect of which such Certificate as set forth in Section 2.6deduction and withholding was made.
Appears in 2 contracts
Samples: Merger Agreement (Interchange Financial Services Corp /Nj/), Merger Agreement (Td Banknorth Inc.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2a) Business Days following As of the Effective Time, Acquiror shall have deposited with the Exchange Agent for the benefit of the holders of shares of Target Stock, for exchange in accordance with this Section 2.5 through the Exchange Agent, certificates representing the shares of Acquiror Stock issuable pursuant to Section 2.3 in exchange for shares of Target Stock outstanding immediately prior to the Effective Time, and funds in an amount not less than the amount of cash payable in lieu of fractional shares of Acquiror Stock which would otherwise be payable in connection with Section 2.3 hereof, but for the operation of Section 2.4 of this Agreement (collectively, the "Exchange Fund"), Parent .
(b) Acquiror shall instruct direct the Exchange Agent to mail promptly after the Effective Time, to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Target Stock or Warrants (the “"Certificates”") whose shares were converted into the right to receive shares of Acquiror Stock pursuant to Section 2.3 hereof: (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeAgent), and (Bii) instructions for use in effecting the surrender of the Certificates in exchange for the portion certificates representing shares of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesAcquiror Stock. Upon surrender surrendering of a Certificate for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by Acquiror, together with such Letter letters of Transmittaltransmittal, properly completed and duly executed, 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 the portion that amount of the Merger Consideration or Warrant Payment (as applicable) cash and a certificate representing that number of whole shares of Acquiror Stock which such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (Sections 2.3 and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)2.4 hereof, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a Certificate is surrendered representing Target Stock, the transfer of ownership of shares of Company Capital Stock or Warrants that which is not registered in the transfer records of Target, a certificate representing the Company, the portion proper number of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Acquiror Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Target Stock or Warrants is presented to the Exchange Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by this Section 3.12.5 and except as provided in subsection (g) hereof, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the certificate representing shares of Acquiror Stock and cash in lieu of any fractional shares of stock as contemplated by this Section 2.5. Notwithstanding anything to the contrary set forth herein, if any holder of shares of Target should be unable to surrender the Certificates for such shares, because they have been lost or destroyed, such holder may deliver in lieu thereof, in the discretion of Acquiror, such bond in form and substance and with surety reasonably satisfactory to Acquiror and shall be entitled to receive the certificate representing the proper number of shares of Acquiror Stock and cash in lieu of fractional shares in accordance with Sections 2.3 and 2.4 hereof.
(c) No dividends or other distributions declared or made after the Effective Time with respect to Acquiror Stock with a record date after the Effective Time shall be paid to the holder of any unsurrendered Certificate with respect to the shares of Acquiror Stock represented thereby and no cash payment in lieu of fractional shares shall be paid to any such holder pursuant to Section 2.4 until the holder of record of such Certificate shall surrender such Certificate. Subject to the effect of applicable laws, following surrender of any such Certificate, there shall be paid to the record holder of the certificates representing whole shares of Acquiror Stock issued in exchange thereof, without interest, (i) at the time of such surrender, the amount of any cash payable in lieu of a fractional share of Acquiror Stock to which such holder is entitled pursuant to Section 2.4 and the amount of dividends or other distribution with a record date after the Effective Time theretofore paid with respect to such whole shares of Acquiror Stock, and (ii) at the appropriate payment date, the amount of dividends or other distributions with a record date after the Effective Time but prior to surrender and a payment date subsequent to surrender payable with respect to such whole shares of Acquiror Stock.
(d) All shares of Acquiror Stock issued upon the surrender for exchange of Target Stock in accordance with the terms hereof (including any cash paid pursuant to Section 2.4) shall be deemed to have been issued in full satisfaction of all rights pertaining to such shares of Target Stock, and there shall be no further registration of transfers on the stock transfer books of Target or Acquiror of the shares of Target Stock which were outstanding immediately prior to the Effective Time. If after the Effective Time, Certificates are presented to Acquiror for any reason, they shall be canceled and exchanged as provided in this Agreement.
(e) Any portion of the Merger Consideration Exchange Fund which remains undistributed to the shareholders of Target following the passage of six months after the Effective Time shall be delivered to Acquiror, upon demand, and any shareholders of Target who have not theretofore complied with this Section 2.5 shall thereafter look only to Acquiror for payment of their claim for Acquiror Stock, any cash in lieu of fractional shares of Acquiror Stock and any dividends or Warrant Payment distributions with respect to Acquiror Stock.
(as applicablef) payable Neither Acquiror nor Target shall be liable to any holder of shares of Target Stock for such shares (or dividends or distributions with respect thereto) or cash from the Exchange Fund delivered to a public official pursuant to any applicable abandoned property, escheat or similar law.
(g) The Exchange Agent shall not be entitled to vote or exercise any rights of ownership with respect to the shares of Acquiror Stock held by it from time to time hereunder, except that it shall receive and hold all dividends or other distributions paid or distributed with respect to such shares of Acquiror Stock for the account of the Persons entitled thereto. Former shareholders of record of Target shall be entitled to vote after the Effective Time at any meeting of Acquiror shareholders the number of whole shares of Acquiror Stock into which their respective shares of Target Stock are converted, regardless of whether such holders have exchanged their Certificates for certificates representing Acquiror Stock in respect accordance with the provisions of such Certificate as set forth in Section 2.6this Agreement.
Appears in 2 contracts
Samples: Merger Agreement (Americorp), Merger Agreement (Mid-State Bancshares)
Exchange Procedures. Subject to Section 3.1(c), promptly Promptly following the Effective Time (but in no event later than two three (23) Business Days following the Effective Time), Parent shall instruct the Exchange Paying Agent to mail to each holder of record of a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants (the “Certificates”,” it being understood that any references herein to “Certificates” shall be deemed to include references to book-entry account statements relating to the ownership of shares of Company Common Stock) and whose shares of Company Common Stock have been converted into the right to receive Merger Consideration pursuant to Article I (excluding, for the avoidance of doubt, the Company, Parent, Merger Sub, any Subsidiary of the Company or Parent or holders of Dissenter Shares who have not subsequently withdrawn or lost their rights of appraisal) (Aa) a letter of transmittal substantially in the customary form attached hereto and with such other provisions as Exhibit C Parent may reasonably determine (“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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Paying Agent) and (Bb) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Certificate for cancellation to the Exchange Paying Agent together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be reasonably required pursuant to such instructionsinstructions (or, if such shares are held in book-entry or other uncertificated form, upon the entry through a book-entry transfer agent of the surrender of such shares on a book-entry account statement), the holder of such Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect of the shares of Company Capital Common Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Certificate, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Common Stock or Warrants is presented to the Exchange Paying Agent, accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1Article II, each Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (the right to demand to be paid the “fair value” of the shares represented thereby as applicable) payable in respect of such Certificate as set forth in contemplated by Section 2.61.8.
Appears in 2 contracts
Samples: Merger Agreement (Thoma Bravo Fund Xii, L.P.), Merger Agreement (Imprivata Inc)
Exchange Procedures. Subject to Section 3.1(c), promptly following As soon as possible after the Topco Merger Effective Time (but but, in any event, no event later than two three (23) Business Days following the Topco Merger Effective Time), Parent shall instruct cause the Exchange Agent to mail (and to make available for collection by hand) to each holder of record of a certificate Certificate or certificates which Certificates that immediately prior to the Topco Merger Effective Time represented outstanding New Liberty Holdco Common Shares whose shares of Company Capital Stock or Warrants were converted into the right to receive the Merger Consideration pursuant to Section 3.1(b)(i): (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (a “Letter of Transmittal”), ) which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof), to the Exchange Agent and Agent, which Letter of Transmittal shall be in such form and have such other customary form reasonably satisfactory to provisions as Parent and the Equityholders’ RepresentativeCompany may reasonably agree upon, and (Bii) instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof) in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable into which the number of New Liberty Holdco Common Shares previously represented by such Certificate shall have been converted pursuant to this Agreement, together with any amounts payable in respect of such Certificatesthe Fractional Share Consideration in accordance with Section 3.8 and dividends or other distributions on shares of Parent Common Stock in accordance with Section 3.4(e). Upon surrender of a Certificate for cancellation (or affidavit of loss in lieu thereof) to the Exchange Agent Agent, together with such Letter of Transmittal, properly Transmittal duly completed and duly executedvalidly executed in accordance with the instructions thereto, and such other documents as may reasonably be required pursuant to such instructionsby the Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor the portion (or affidavit of loss in lieu thereof) the Merger Consideration or Warrant Payment (as applicable) which payable in respect of the New Liberty Holdco Common Shares previously represented by such Certificate pursuant to the provisions of this Article III, plus any Fractional Share Consideration that such holder has the right to receive pursuant to the provisions of Section 3.8 and any amounts that such holder has the right to receive in respect of the dividends or other distributions on shares of Company Capital Parent Common Stock in accordance with Section 3.4(e) to be mailed or Warrants formerly represented delivered by wire transfer, as soon as reasonably practicable following the later to occur of (A) the Topco Merger Effective Time or (B) the Exchange Agent’s receipt of such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account or affidavit of loss in accordance with the Escrow Agreement and Section 3.3lieu thereof), and the such Certificate so surrendered shall be forthwith be canceled. Following any receipt The Exchange Agent shall accept such Certificates (or affidavits of an Excess Payment, loss in lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent will deliver may impose to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives effect an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion orderly exchange thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatesin accordance with customary exchange practices. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Common Shares that is not registered in the transfer records of the CompanyCompany or a transfer of ownership of New Liberty Holdco Common Shares that is not registered in the transfer records of New Liberty Holdco, payment may be made to a Person other than the portion Person in whose name the Certificate so surrendered is registered, if such Certificate (or affidavit of loss in lieu thereof) shall be properly endorsed or otherwise be in proper form for transfer and the person requesting such payment shall pay any transfer or other taxes required by reason of the Merger Consideration or Warrant Payment (as applicable) payable in respect payment to a Person other than the registered holder of such shares of Company Capital Stock Certificate or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented establish to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of Parent that such transfer and by evidence that any applicable stock transfer Taxes have tax has been paidpaid or is not applicable. Until surrendered as contemplated by this Section 3.13.4, each Certificate shallshall be deemed, subject to Section 3.2, be deemed at any time after the Topco Merger Effective Time Time, to represent only the right to receive receive, upon such surrender the portion of surrender, the Merger Consideration as contemplated by this Article III. No interest shall be paid or Warrant Payment accrue on any cash payable upon surrender of any Certificate (as applicable) payable or affidavit of loss in respect of such Certificate as set forth in Section 2.6lieu thereof).
Appears in 2 contracts
Samples: Merger Agreement (Prologis, L.P.), Merger Agreement (Liberty Property Limited Partnership)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time Promptly (but and in no any event later than two within five (25) Business Days following Days) after the Effective Time), Parent shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock (each, a “Certificate”), and to each Option Holder from which Parent (or Warrants agent thereof) received prior to the Closing Date an Option Consent pursuant Section 4.3(b), (the “Certificates”) (Ai) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 shall be in customary form and as reasonably satisfactory to Parent and approved by the Equityholders’ Representative, Company and (Bii) instructions for use in effecting the surrender of (A) the Certificates in exchange for the portion of the Merger Consideration payable with respect thereto or Warrant Payment (as applicableB) receivable in respect the agreements representing the grant of such CertificatesCompany Stock Option (each, an “Option Agreement”) (or other reasonably acceptable evidence of surrender of such Company Stock Option as required by the Exchange Agent) in exchange for the Option Payments payable with respect thereto. Upon surrender of a Certificate or Option Agreement (or effective affidavit of loss required by Section 4.2(g) in lieu thereof) for cancellation to the Exchange Agent Agent, together with such Letter letter of Transmittaltransmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, the holder of such Certificate or Option Agreement shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Option Payment (as applicable) which that such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right this Article IV, after giving effect to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement any required withholding taxes pursuant to Section 4.2(f) and Section 3.3)4.3(b) hereof, and the Certificate or Option Agreement so surrendered shall forthwith immediately be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on any Merger Consideration the cash payable upon the surrender of such Certificates or Warrant Payment (as applicable) payable to holders of CertificatesOption Agreements. In the event of a transfer of ownership of shares of Company Capital Common Stock or Warrants that which is not registered in the transfer records of the Company, the portion it will be a condition of payment of the Merger Consideration that the surrendered Certificate be properly endorsed, with signatures guaranteed, or Warrant Payment (as applicable) payable otherwise in respect proper form for transfer and that the Person requesting such payment will pay any transfer or other Taxes required by reason of such shares of Company Capital Stock or Warrants may be issued the payment to a transferee if Person other than the registered holder of the surrendered Certificate representing or such shares of Company Capital Stock or Warrants is presented Person will establish to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect satisfaction of Parent that such transfer and by evidence that any applicable stock transfer Taxes have been paidpaid or are not applicable. Until surrendered as contemplated by this Section 3.14.2, each Certificate shall, subject to or Option Agreement (or effective affidavit of loss required by Section 3.2, 4.2(g) in lieu thereof) shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration as contemplated by this Section 4.2 or Warrant the Option Payment (as applicable) payable in respect contemplated by Section 4.3(b). For purposes of such Certificate as set forth in Section 2.6this Agreement, the term “Person” shall mean an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity.
Appears in 2 contracts
Samples: Merger Agreement (Netopia Inc), Merger Agreement (Netopia Inc)
Exchange Procedures. Subject to Section 3.1(c), As promptly following as practicable after the Effective Time Time, and in any event within seven (but in no event later than two (27) Business Days following the Effective Time)thereafter, Parent Eurasian shall instruct cause the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior Bullion Shares whose shares were converted into the right to receive the Effective Time represented outstanding shares of Company Capital Stock or Warrants Merger Consideration: (the “Certificates”) (Ai) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, effected and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Agent) and (Bii) instructions for use in effecting the surrender of surrendering the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for certificates or book-entries representing Eurasian Shares comprising the Share Consideration portion of the Merger Consideration and cash comprising the Cash Consideration portion of the Merger Consideration and any dividends or Warrant Payment (as applicableother distributions to which holders of Certificates or Book-Entry Shares are entitled pursuant to Section 3.2(c) receivable and cash in respect lieu of any fractional Eurasian Shares to which such Certificatesholders are entitled pursuant to Section 3.2(d). Upon surrender of a Certificate or Book-Entry Share for cancellation to with the Exchange Agent Agent, together with such Letter letter of Transmittaltransmittal, properly duly completed and duly validly executed, and and/or such other documents as may reasonably be required pursuant to such instructionsrequested by the Exchange Agent, the holder of such Certificate or Book-Entry Share shall be entitled to receive in exchange therefor the portion therefor: (A) a certificate or book-entry representing that number of the Merger Consideration or Warrant Payment (as applicable) which Eurasian Shares that such holder has the right to receive in respect pursuant to the provisions of this Article 3 after taking into account all the Bullion Shares then held by such holder under all such Certificates or Book-Entry Shares so surrendered and (B) a check for the cash that such holder is entitled to receive pursuant to the provisions of this Article 3, including (1) the Cash Consideration portion of the shares Merger Consideration (2) any dividends or other distributions to which such holder is entitled pursuant to Section 3.2(c), and (3) any cash in lieu of Company Capital Stock or Warrants formerly represented by fractional Eurasian Shares to which such Certificate (and the right holder is entitled pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.33.2(d), and the Certificate or Book-Entry Share so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatescancelled. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Bullion Shares that is not registered in the transfer records of Bullion, (x) a certificate or book-entry representing the Company, number of Eurasian Shares comprising the Share Consideration portion of the Merger Consideration and (y) a check for the proper amount of cash (i) comprising the Cash Consideration portion of the Merger Consideration, (ii) comprising any dividends or Warrant Payment other distributions to which such holder is entitled pursuant to Section 3.2(c), and (as applicableiii) payable any cash in respect lieu of fractional Eurasian Shares to which such shares of Company Capital Stock or Warrants may holder is entitled pursuant to Section 3.2(d) shall be issued to a transferee if Person other than the Person in whose name the Certificate representing such shares of Company Capital Stock or Warrants so surrendered is presented registered, if, upon presentation to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such Certificate shall be properly endorsed or otherwise be in proper form for transfer and the Person requesting such issuance shall pay any transfer or other Taxes required by evidence reason of the issuance of Eurasian Shares to a Person other than the registered holder of such Certificate or establish to the reasonable satisfaction of the Exchange Agent that any such Tax has been paid or is not applicable. The Eurasian Shares constituting the Share Consideration, at Eurasian’s option, shall be in uncertificated book-entry form unless a physical certificate is requested by a holder of Bullion Shares or is otherwise required under applicable stock transfer Taxes have been paidLaw. Until surrendered as contemplated by this Section 3.13.2(b), each Certificate shall, subject to Section 3.2, and Book-Entry Share shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender surrender, the portion Merger Consideration, any dividends or other distributions to which the holder of such Certificate or Book-Entry Share is entitled pursuant to Section 3.2(c) and any cash in lieu of fractional Eurasian Shares to which such holder is entitled pursuant to Section 3.2(d). No interest will be paid or will accrue for the benefit of holders of Bullion Shares on the Merger Consideration or Warrant Payment (as applicable) on any other cash payable in respect to holders of such Certificate as set forth in Section 2.6Bullion Shares pursuant to this Article 3.
Appears in 2 contracts
Samples: Merger Agreement (Eurasian Minerals Inc), Merger Agreement (Bullion Monarch Mining, Inc. (NEW))
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later i) No less than two five (25) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares Closing Date, Exchange Agent shall deliver to each Company Stockholder, Non-Employee Cashed-Out Option Holder and holder of Company Capital Stock or Warrants (the “Certificates”) (A) Cashed-Out Warrants, a letter of transmittal substantially in the form attached hereto as Exhibit C EXHIBIT F (the “Letter of Transmittal”), which shall specify that delivery shall be effected, and risk ) at the address set forth opposite each such Company Holder’s name on the Closing Allocation Schedule.
(ii) After receipt of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructions, (A) the holder of such Certificate shall be entitled to receive in exchange therefor Company Stockholders will surrender the portion of the Merger Consideration or Warrant Payment (as applicable) which such holder has the right to receive in respect of the certificates representing their shares of Company Capital Stock (the “Company Stock Certificates”) and (B) holders of Cashed-Out Warrants will surrender each agreement representing any Cashed-Out Warrant (a “Cashed-Out Warrant Agreement”), in each case, to the Exchange Agent for cancellation, together with a duly completed and validly executed Letter of Transmittal. Upon delivery of such documents to the Exchange Agent, subject to the terms of Section 1.11(d) hereof, the Exchange Agent shall, no later than (1) the Closing Date (so long as such documents are delivered to the Exchange Agent at least three (3) Business Days prior to the Closing Date) or Warrants formerly represented (2) following the Closing Date, but no more than three (3) Business Days after receipt of such documents, pay to such Company Stockholder, Non-Employee Cashed-Out Option Holders or holder of Cashed-Out Warrants, the applicable portion of the Initial Merger Consideration to which such holder is entitled pursuant to Section 1.6 hereof and as set forth on the Closing Allocation Schedule, and any Company Stock Certificate or Cashed-Out Warrant Agreement so surrendered shall be cancelled.
(iii) Until so surrendered by such Certificate Company Holders (and other than Employee Cashed-Out Option Holders), each Company Stock Certificate, Cashed-Out Option Agreement or Cashed-Out Warrant Agreement will be deemed, for all corporate purposes thereafter, to evidence only the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and applicable cash amounts payable to such Company Holder pursuant to Section 3.3)1.6 hereof, and the Certificate so surrendered shall forthwith be canceledwithout interest thereon. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata No portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Total Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on to the holder of any Merger Consideration or Warrant Payment unsurrendered (as applicableA) payable Company Stock Certificate with respect to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock formerly represented thereby, (B) Cashed-Out Option Agreement, or Warrants that is not registered in (C) Cashed-Out Warrant Agreement until the transfer records holder of the Companyrecord of such Company Stock Certificate, the portion of the Merger Consideration Cashed-Out Option Agreement or Cashed-Out Warrant Payment (Agreement shall surrender such Company Stock Certificate, Cashed-Out Option Agreement or Cashed-Out Warrant Agreement, as applicable) payable in respect , and the Letter of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6Transmittal pursuant hereto.
Appears in 2 contracts
Exchange Procedures. Subject (a) At or before the Effective Time, for the benefit of the holders of Certificates, (i) Buyer shall cause to Section 3.1(cbe delivered to a bank or trust company designated by Buyer and reasonably satisfactory to the Company (the “Exchange Agent”), for exchange in accordance with this Article II, certificates representing the shares of Buyer Common Stock issuable pursuant to this Article II (“New Certificates”) and (ii) Buyer shall deliver, or shall cause to be delivered, to the Exchange Agent an aggregate amount of cash sufficient to pay the estimated amount of cash to be paid in lieu of fractional shares of Buyer Common Stock (such New Certificates and cash hereinafter referred to as the “Exchange Fund”).
(b) As promptly following the Effective Time (but in no event later than two (2) Business Days as practicable following the Effective Time), Parent shall instruct and provided that the Company has delivered, or caused to be delivered, to the Exchange Agent all information which is necessary for the Exchange Agent to perform its obligations as specified herein, the Exchange Agent shall mail to each holder of record of a certificate Certificate or certificates which immediately prior to the Effective Time represented outstanding shares Certificates a form of Company Capital Stock or Warrants (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“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 Agent) and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender of the Certificates in exchange for the portion of the Merger Consideration into which the shares of Company Common Stock represented by such Certificate or Warrant Payment (as applicable) receivable in respect Certificates shall have been converted pursuant to Section 2.1 and Section 2.3 of such Certificatesthis Agreement. Upon proper surrender of a Certificate for exchange and cancellation to the Exchange Agent Agent, together with such Letter of Transmittal, a properly completed and letter of transmittal, duly executed, 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 the portion of the Merger Consideration or Warrant Payment (therefor, as applicable, (i) a New Certificate representing that number of shares of Buyer Common Stock to which such former holder of Company Common Stock shall have become entitled pursuant to this Agreement and (ii) a check representing the amount of cash (if any) payable in lieu of a fractional share of Buyer Common Stock which such former holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right surrendered pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)this Agreement, and the Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.12.4(b), each Certificate shall, subject to Section 3.2, (other than Certificates representing Treasury Stock) shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration provided in Section 2.1 and Section 2.3 and any unpaid dividends and distributions thereon as provided in Section 2.4(c). No interest shall be paid or accrued on (x) any cash in lieu of fractional shares or (y) any such unpaid dividends and distributions payable to holders of Certificates.
(c) No dividends or other distributions with a record date after the Effective Time with respect to Buyer Common Stock shall be paid to the holder of any unsurrendered Certificate until the holder thereof shall surrender such Certificate in accordance with this Section 2.4. After the surrender of a Certificate in accordance with this Section 2.4, 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 Buyer Common Stock represented by such Certificate.
(d) The Exchange Agent and Buyer, as the case may be, shall not be obligated to deliver a New Certificate or New Certificates representing shares of Buyer Common Stock (or any cash in lieu of fractional shares) to which a holder of Company Common Stock would otherwise be entitled as a result of the Merger until such holder surrenders the Certificate or Certificates representing the shares of Company Common Stock for exchange as provided in this Section 2.4, or an appropriate affidavit of loss and indemnity agreement and/or a bond in an amount as may be required in each case by Buyer. If any New Certificates evidencing shares of Buyer Common Stock are to be issued in a name other than that in which the Certificate evidencing Company Common Stock 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 executed form of assignment separate from the Certificate and otherwise in proper form for transfer, and that the Person requesting such exchange pay to the Exchange Agent any transfer or other tax required by reason of the issuance of a New Certificate for shares of Buyer Common Stock in any name other than that of the registered holder of the Certificate surrendered or otherwise establish to the satisfaction of the Exchange Agent that such tax has been paid or is not payable.
(e) Any portion of the Exchange Fund that remains unclaimed by the shareholders of the Company for six (6) months after the Effective Time (as well as any interest or proceeds from any investment thereof) shall be delivered by the Exchange Agent to Buyer. Any shareholders of the Company who have not theretofore complied with Section 2.4(b) shall thereafter look only to the Surviving Corporation for the Merger Consideration or Warrant Payment (as applicable) payable deliverable in respect of each share of Company Common Stock such shareholder holds as determined pursuant to this Agreement, in each case without any interest thereon. If outstanding Certificates for shares of Company Common Stock are not surrendered or the payment for them is not claimed prior to the date on which such shares of Buyer Common Stock or cash 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 and any other applicable law, become the property of Buyer (and to the extent not in its possession shall be delivered to it), free and clear of all claims or interest of any Person previously entitled to such property. Neither the Exchange Agent nor any party to this Agreement shall be liable to any holder of shares of Company Common Stock represented by any Certificate for any consideration paid to a public official pursuant to applicable abandoned property, escheat or similar laws. Buyer and the Exchange Agent shall be entitled to rely upon the stock transfer books of the Company to establish the identity of those Persons entitled to receive the Merger Consideration specified in this Agreement, which books shall be conclusive with respect thereto. In the event of a dispute with respect to ownership of any shares of Company Common Stock represented by any Certificate, Buyer and the Exchange Agent shall be entitled to deposit any Merger Consideration represented thereby in escrow with an independent third party and thereafter be relieved with respect to any claims thereto.
(f) Buyer (through the Exchange Agent, if applicable) shall be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement to any holder of shares of Company Common Stock such amounts as set forth Buyer is required to deduct and withhold under applicable law. Any amounts so deducted and withheld shall be treated for all purposes of this Agreement as having been paid to the holder of Company Common Stock in Section 2.6respect of which such deduction and withholding was made by Buyer.
Appears in 2 contracts
Samples: Merger Agreement (NBT Bancorp Inc), Merger Agreement (Alliance Financial Corp /Ny/)
Exchange Procedures. Subject to Section 3.1(c)(i) The Parent shall cause the Exchange Agent, promptly following after the Effective Time (but and in no event later than two five (25) Business Days following the Effective Time), Parent shall instruct the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Common Stock or Warrants Certificates (the “Company Common Stock Certificates”) that were converted into the right to receive the Merger Consideration pursuant to Section 2.1(a), (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, effected and risk of loss and title to the Company Common Stock Certificates shall pass, pass only upon proper delivery of the Company Stock Certificates to the Exchange Agent and shall be in such form and have such other customary form reasonably satisfactory to provisions as Parent and the Equityholders’ Representative, Company may reasonably specify) and (B) instructions for completion and use in effecting the surrender of the Company Common Stock Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesConsideration. Upon surrender of a Company Common Stock Certificate for cancellation to the Exchange Agent (or, in default thereof, an appropriate affidavit of loss and indemnity agreement and/or a bond in an amount as may be reasonably required by Parent as set forth in subsection (g) hereto), together with such Letter letter of Transmittal, properly completed and transmittal duly executed, and such other documents as may be required pursuant to such instructionsexecuted in accordance with the instructions contained therein, the holder of such Company Common Stock Certificate shall be entitled to receive in exchange therefor the portion of the Merger Consideration or Warrant Payment (as applicable) which that such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (pursuant to this Article II and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3), and the Company Common Stock Certificate so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatescancelled. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants Shares that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee of the record holder of such Company Shares if the Company Common Stock Certificate representing such shares of Company Capital Stock or Warrants Shares is presented to the Exchange Agent, Agent accompanied by any all documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid. Until surrendered as contemplated by this Section 3.12.4, each Company Common Stock Certificate shall, subject to Section 3.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in contemplated by this Section 2.62.4.
Appears in 2 contracts
Samples: Merger Agreement (Placer Sierra Bancshares), Merger Agreement (Southwest Community Bancorp)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following Promptly after the Effective Time), Parent the Surviving Corporation shall instruct cause the Exchange Agent to mail to each holder the former stockholders of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants IRBC appropriate transmittal materials (the “Certificates”) (A) a letter of transmittal substantially in the form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates theretofore representing shares of IRBC Common Stock shall pass, only upon proper delivery of the Certificates such certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, and (B) instructions for use in effecting the surrender Agent). After completion of the Certificates allocation procedure set forth in exchange for the portion of the Merger Consideration or Warrant Payment (as applicableSection 3.1(c)(5) receivable in respect of such Certificates. Upon and upon surrender of a Certificate certificate or certificates for exchange and cancellation to the Exchange Agent (such shares to be free and clear of all liens, claims and encumbrances), together with such Letter a properly executed letter of Transmittal, properly completed and duly executed, and such other documents as may be required pursuant to such instructionstransmittal, the holder of such Certificate certificate or certificates shall be entitled to receive in exchange therefor therefore: (a) a certificate representing that number of whole shares of ANB Common Stock which such holder of IRBC Common Stock became entitled to receive pursuant to the portion provisions of Article 3 hereof and (b) a check representing the Merger Consideration or Warrant Payment (as applicable) aggregate cash consideration, if any, which such holder has the right to receive in respect pursuant to the provisions of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3)Article 3 hereof, and the Certificate certificate or certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereofcancelled. No interest will be paid or accrued on the Per Share Cash Consideration, any Merger cash in lieu of fractional shares, any Additional Optional Cash Consideration or Warrant Payment (as applicable) any unpaid dividends and distributions, if any, payable to holders of Certificatescertificates for IRBC Common Stock. In The Surviving Corporation shall not be obligated to deliver the event consideration to which any former holder of IRBC Common Stock is entitled as a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion result of the Merger Consideration until such holder surrenders his certificate or Warrant Payment (as applicable) payable in respect of such certificates representing the shares of Company Capital IRBC Common Stock for exchange as provided in this Section 4.1. The certificate or Warrants certificates for IRBC Common Stock so surrendered shall be duly endorsed as the Exchange Agent may require. Any other provision of this Agreement notwithstanding, neither the Surviving Corporation, ANB nor the Exchange Agent shall be issued liable to a transferee if the Certificate representing such shares holder of Company Capital IRBC Common Stock for any amounts paid or Warrants is presented property delivered in good faith to the Exchange Agent, accompanied by any documents reasonably required a public official pursuant to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in Section 2.6abandoned property Law.
Appears in 2 contracts
Samples: Merger Agreement (Alabama National Bancorporation), Merger Agreement (Indian River Banking Company)
Exchange Procedures. Subject to Section 3.1(c), As promptly following as practicable after the Effective Time (but in no event later than two (2) Business Days following the Xtribe Merger Effective Time), Parent WinVest shall instruct use commercially reasonable efforts to cause the Exchange Agent to mail to each holder of record Company Common Units entitled to receive a portion of a certificate or certificates which immediately prior the Aggregate Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Capital Stock or Warrants (the “Certificates”) (A) Section 3.01 a letter of transmittal substantially transmittal, which shall be in a form reasonably acceptable to WinVest and the form attached hereto as Exhibit C Company (the “Letter of Transmittal”), which and shall specify (i) that delivery shall be effected, and risk of loss and title to the Certificates certificates evidencing such Company Common Units (the “Certificates”) shall pass, only upon proper delivery and surrender of the Certificates to the Exchange Agent and shall be in customary form reasonably satisfactory to Parent and the Equityholders’ Representative, Agent; and (Bii) instructions for use in effecting the surrender of the Certificates pursuant to the Letter of Transmittal. Within two (2) Business Days (but in exchange for no event prior to the portion of Xtribe Merger Effective Time) after the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such Certificates. Upon surrender of a Certificate for cancellation to the Exchange Agent of all Certificates held by such holder for cancellation, together with such a Letter of Transmittal, properly duly completed and duly executed, 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 Certificates shall be entitled to receive in exchange therefor therefor, and WinVest shall cause the Exchange Agent to deliver, the portion of the Aggregate Merger Consideration or Warrant Payment (as applicable) to which such holder has the right to receive in respect of the shares of Company Capital Stock or Warrants formerly represented by such Certificate (and the right to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account is entitled in accordance with the Escrow Agreement and provisions of Section 3.3)3.01, and the Certificate Certificates so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes have been paidcancelled. Until surrendered as contemplated by this Section 3.13.02, each Certificate shall, subject entitled to receive the applicable portion of the Aggregate Merger Consideration in accordance with Section 3.2, 3.01 shall be deemed at any time all times after the Xtribe Merger Effective Time to represent only the right to receive upon such surrender of such Certificate the portion of the Aggregate Merger Consideration or Warrant Payment (as applicable) payable in respect that the holder of such Certificate as set forth is entitled to receive in accordance with the provisions of Section 2.63.01.
Appears in 2 contracts
Samples: Business Combination Agreement (WinVest Acquisition Corp.), Business Combination Agreement (WinVest Acquisition Corp.)
Exchange Procedures. Subject to Section 3.1(c), promptly following the Effective Time (but in no event later than two (2) Business Days following On the Effective Time), (i) each SFC Stockholder shall execute and deliver to Parent shall instruct either the Exchange Agent to mail to each holder of record of a certificate or certificates which immediately prior to the Effective Time represented outstanding shares of Company Capital Stock or Warrants certificates(s) evidencing such SFC Stockholder’s Shares (the “Certificates”) (A) a letter or an affidavit of transmittal substantially lost certificate, in the form attached hereto as Exhibit C (“Letter provided by Parent with respect thereto with full indemnity in favor 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 shall be in customary form reasonably satisfactory to Parent and the Equityholders’ RepresentativeParent, and (Bii) instructions for use each SFC Optionholder shall deliver to Parent either the original, fully-executed stock option agreement(s) evidencing such SFC Equityholder’s Options (the “Option Agreements”) or an affidavit of lost stock option agreement, in effecting the surrender form provided by Parent with respect thereto with full indemnity in favor of the Certificates in exchange for the portion of the Merger Consideration or Warrant Payment (as applicable) receivable in respect of such CertificatesParent. Upon surrender of a Certificate for cancellation to the Exchange Agent together with such Letter Parent of Transmittal, properly completed the Shares and duly executed, and such other documents as may be required pursuant to such instructionsOptions for cancellation, the holder of SFC Equityholder holding such Certificate Shares and/or Options shall be entitled to receive in exchange therefor (A) at Closing upon the portion surrender of such Shares and/or Options (i) the Merger aggregate Per Share Cash Closing Consideration or Warrant Payment (as applicable) and Per Option Cash Closing Consideration which such holder SFC Equityholder has the right to receive in respect of the such Shares and/or Options, and (ii) a certificate representing that number of whole shares of Company Capital aggregate Per Share Stock or Warrants formerly represented by Closing Consideration and Per Option Stock Closing Consideration which such Certificate (and SFC Equityholder has the right to receive payments from the General Escrow Account in respect of such Shares and/or Options (after taking into account all Shares and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.3Options then held by such SFC Equityholder), and (B) at the Certificate times stated in and subject to the terms and conditions of this Agreement and the Escrow Agreement, the Escrow Amount, Equityholder Representative Holdback Amount, Earn Out Amounts, Earn Out Shares and post-Closing adjustments under Section 2.08(c) due in respect of such Shares and/or Options, and the Certificates and/or Option Agreements so surrendered shall forthwith be canceled. Following any receipt of an Excess Payment, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificatescancelled. In the event of a transfer of ownership of shares of Company Capital Stock Shares or Warrants Options that is not registered in the transfer records of the Company, the portion of the applicable Merger Consideration and any dividends or Warrant Payment (as applicable) payable in respect other distributions to which the holder of such shares of Company Capital Stock Shares or Warrants Options is entitled pursuant to Section 2.02(b) may be delivered and issued to a transferee if the Certificate representing such shares Shares (or affidavit of Company Capital Stock lost certificate) or Warrants original Option Agreement representing such Options (or affidavit of lost stock option agreement), as applicable, is presented to the Exchange AgentParent, accompanied by any all documents reasonably deemed necessary by Parent required to evidence and effect such transfer and by evidence that any applicable stock transfer Taxes taxes have been paid, and in such event Schedule A-3 hereto will be revised by the parties to reflect such transfer. Until surrendered as contemplated by this Section 3.12.02, each Certificate shall, subject to Section 3.2, and Option Agreement shall be deemed at any time all times after the Effective Time to represent only the right to receive upon such surrender the portion applicable Merger Consideration and any dividends or other distributions to which such SFC Equityholder is entitled pursuant to Section 2.02(b), without any interest thereon and subject to any required withholding Taxes. In furtherance of the Merger foregoing, the (i) Aggregate Cash Closing Consideration or Warrant Payment shall be paid at Closing to the SFC Equityholders in the amounts set forth opposite such person’s name on Schedule A-3 (as applicablefinalized in accordance with Section 2.01(d)) payable in respect of such Certificate as by wire transfer to the accounts set forth thereon, and (ii) the Aggregate Stock Closing Consideration shall be delivered at Closing to the SFC Equityholders in the amounts set forth opposite such person’s name on Schedule A-3 (as finalized in accordance with Section 2.62.01(d)).
Appears in 2 contracts
Samples: Merger Agreement (Navarre Corp /Mn/), Merger Agreement (Navarre Corp /Mn/)
Exchange Procedures. Subject to Section 3.1(c), promptly following As soon as reasonably practicable after the Effective Time (but in no event later than two three (23) Business Days following the Effective Timethereafter), Parent shall instruct cause the Exchange Agent to mail to each holder of record as of the Effective Time of one or more certificates (each, a certificate “Certificate”) or certificates which uncertificated Company Shares (“Uncertificated Shares”) that immediately prior to the Effective Time represented issued and outstanding shares of Company Capital Stock or Warrants Shares that were converted into the right to receive Merger Consideration pursuant to Section 2.3: (the “Certificates”) (Ai) a letter of transmittal substantially in the customary form attached hereto as Exhibit C (“Letter of Transmittal”), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates Certificate or Uncertificated Shares shall pass, only upon proper delivery of the Certificates Certificate or the Uncertificated Shares to the Exchange Agent and Agent), that shall also be in customary such form reasonably satisfactory to and have such other provisions as Parent and the Equityholders’ RepresentativeCompany may reasonably specify, and (Bii) instructions for use in effecting the surrender of the Certificates Certificate or the transfer of Uncertificated Shares in exchange for the portion Merger Consideration and (iii) a certificate or declaration in customary form to be used to confirm the status of a Person as a Resident of Israel within the meaning of the Merger Consideration or Warrant Payment Ordinance (as applicable) receivable in respect of such Certificatesa “Residence Certificate”). Upon (x) surrender of a Certificate Certificates for cancellation to the Exchange Agent or (y) receipt of an “agent’s message” by the Exchange Agent (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, together with such Letter letter of Transmittaltransmittal, properly duly completed and duly executed, and such other documents as may be required pursuant to such instructionsvalidly executed in accordance with the instructions thereto, the holder holders of such Certificate Certificates or Uncertificated Shares shall be entitled to receive in exchange therefor the portion Merger Consideration, cash in lieu of the Merger Consideration or Warrant Payment (as applicable) fractional shares of Parent Common Stock to which such holder has the right is entitled pursuant to receive in respect of the shares of Company Capital Stock Section 2.3(e) and any dividends or Warrants formerly represented by other distributions to which such Certificate (and the right holder is entitled pursuant to receive payments from the General Escrow Account and the Equityholders’ Representative Escrow Account in accordance with the Escrow Agreement and Section 3.32.4(d), and the Certificate Certificates so surrendered or the Uncertificated Shares so transferred shall forthwith be canceled. Following any receipt of an Excess PaymentUntil so surrendered or canceled, the Exchange Agent will deliver to each holder of surrendered Certificates, such holder’s pro rata portion thereof; provided, that if the Exchange Agent receives an Excess Payment prior to receipt of surrendered Certificates, then payment of the portion thereof applicable to such unsurrendered outstanding Certificates shall be made at the same time as payment of the balance of the applicable Merger Consideration or Warrant Payment (as applicable) upon surrender thereof. No interest and Uncertificated Shares will be paid or accrued on any Merger Consideration or Warrant Payment (as applicable) payable to holders of Certificates. In the event of a transfer of ownership of shares of Company Capital Stock or Warrants that is not registered in the transfer records of the Company, the portion of the Merger Consideration or Warrant Payment (as applicable) payable in respect of such shares of Company Capital Stock or Warrants may be issued to a transferee if the Certificate representing such shares of Company Capital Stock or Warrants is presented to the Exchange Agent, accompanied by any documents reasonably required to evidence deemed from and effect such transfer and by evidence that any applicable stock transfer Taxes have been paid. Until surrendered as contemplated by this Section 3.1, each Certificate shall, subject to Section 3.2, be deemed at any time after the Effective Time to represent evidence only the right to receive receive, upon such surrender the portion of and without interest, the Merger Consideration into which the Company Shares theretofore represented by such Certificates shall have been converted pursuant to Section 2.3, cash in lieu of fractional shares of Parent Common Stock pursuant to Section 2.3(e) and any dividends or Warrant Payment (as applicable) payable in respect of such Certificate as set forth in other distributions pursuant to Section 2.62.4(d).
Appears in 2 contracts
Samples: Merger Agreement (S1 Corp /De/), Merger Agreement (Fundtech LTD)