Common use of Failure to Surrender Certificates Clause in Contracts

Failure to Surrender Certificates. All Miners Common Stock --------------------------------- certificates must be surrendered to the Exchange Agent within two (2) years after the Effective Date. In the event that any former shareholder of Miners shall not have properly surrendered his Miners Common Stock certificates within two (2) years after the Effective Date, the shares of MP Corp. Common Stock that would otherwise have been issued to him may, at the option of MP Corp., be sold and the net proceeds of such sale, together with the cash (if any) to which he is entitled in lieu of the issuance of a fractional share and any previously accrued dividends, shall be held in a non-interest bearing account for his benefit. From and after any such sale, the sole right of such former shareholder of Miners shall be the right to collect such net proceeds, cash and accumulated dividends. Subject to all applicable laws of escheat, such net proceeds, cash and accumulated dividends shall be paid to such former shareholder of Miners, without interest, upon proper surrender of his Miners Common Stock certificates.

Appears in 1 contract

Samples: Merger Agreement (Mid Penn Bancorp Inc)

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Failure to Surrender Certificates. All Miners SFC Common Stock --------------------------------- certificates must be actually or constructively (as referenced in (b) above) surrendered to the Exchange Agent within two (2) years after the Effective Date. In the event that any former shareholder of Miners SFC shall not have properly surrendered his Miners SFC Common Stock certificates within two (2) years after the Effective Date, the shares of MP Corp. FFC Common Stock that would otherwise have been issued to him may, at the option of MP Corp.FFC, be sold and the net proceeds of such sale, together with the cash (if any) to which he is entitled in lieu of the issuance of a fractional share and any previously accrued dividends, shall be held by the Exchange Agent in a non-interest noninterest bearing account for his benefit. From and after any such sale, the sole right of such former shareholder of Miners SFC shall be the right to collect such net proceeds, cash and accumulated dividends. Subject to all applicable laws of escheat, such net proceeds, cash and accumulated dividends shall be paid to such former shareholder of MinersSFC, without interest, upon proper actual or constructive surrender of his Miners SFC Common Stock certificates.

Appears in 1 contract

Samples: Merger Agreement (Fulton Financial Corp)

Failure to Surrender Certificates. All Miners DBC Common Stock --------------------------------- certificates must be actually or constructively (as referenced in (b) above) surrendered to the Exchange Agent within two (2) years after the Effective Date. In the event that any former shareholder of Miners DBC shall not have properly surrendered his Miners DBC Common Stock certificates within two (2) years after the Effective Date, the shares of MP Corp. FFC Common Stock that would otherwise have been issued to him may, at the option of MP Corp.FFC, be sold and the net proceeds of such sale, together with the cash (if any) to which he is entitled in lieu of the issuance of a fractional share and any previously accrued dividends, shall be held by the Exchange Agent in a non-interest noninterest bearing account for his benefit. From and after any such sale, the sole right of such former shareholder of Miners DBC shall be the right to collect such net proceeds, cash and accumulated dividends. Subject to all applicable laws of escheat, such net proceeds, cash and accumulated dividends shall be paid to such former shareholder of MinersDBC, without interest, upon proper actual or constructive surrender of his Miners DBC Common Stock certificates.

Appears in 1 contract

Samples: Merger Agreement (Fulton Financial Corp)

Failure to Surrender Certificates. All Miners WNB Common Stock --------------------------------- certificates must be surrendered to the Exchange Agent within two (2) years after the Effective Date. In the event that any former shareholder stockholder of Miners WNB shall not have properly surrendered his Miners WNB Common Stock certificates within two (2) years after the Effective Date, the shares of MP Corp. FFC Common Stock that would otherwise have been issued to him may, at the option of MP Corp.FFC, be sold and the net proceeds of such sale, together with the cash (if any) to which he is entitled in lieu of the issuance of a fractional share and any previously accrued dividends, shall be held by the Exchange Agent in a non-interest noninterest bearing account for his benefit. From and after any such sale, the sole right of such former shareholder stockholder of Miners WNB shall be the right to collect such net proceeds, cash and accumulated dividends. Subject to all applicable laws of escheat, such net proceeds, cash and accumulated dividends shall be paid to such former shareholder stockholder of MinersWNB, without interest, upon proper surrender of his Miners WNB Common Stock certificates.

Appears in 1 contract

Samples: Merger Agreement (Fulton Financial Corp)

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Failure to Surrender Certificates. All Miners KHG Common Stock --------------------------------- certificates must be surrendered to the Exchange Agent within two (2) years after the Effective Date. In the event that any former shareholder stockholder of Miners KHG shall not have properly surrendered his Miners KHG Common Stock certificates within two (2) years after the Effective Date, the shares of MP Corp. FFC Common Stock that would otherwise have been issued to him may, at the option of MP Corp.FFC, be sold and the net proceeds of such sale, together with the cash (if any) to which he is entitled in lieu of the issuance of a fractional share and any previously accrued dividends, shall be held by the Exchange Agent in a non-interest noninterest bearing account for his benefit. From and after any such sale, the sole right of such former shareholder stockholder of Miners KHG shall be the right to collect such net proceeds, cash and accumulated dividends. Subject to all applicable laws of escheat, such net proceeds, cash and accumulated dividends shall be paid to such former shareholder stockholder of MinersKHG, without interest, upon proper surrender of his Miners KHG Common Stock certificates.

Appears in 1 contract

Samples: Merger Agreement (Fulton Financial Corp)

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