Common use of Increase of Shares Deposited for Cash Clause in Contracts

Increase of Shares Deposited for Cash. If fewer than thirty percent (30%) of the total number of Metropolitan Common Shares issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or the Mixed Election and not withdrawn pursuant to Section 3.01(h), Sky will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan Common Shares deposited for Sky Common Shares pursuant to the All Stock Election (subject to the limitation described in Section 3.01(j)(iv)) so that the total number of Metropolitan Common Shares on deposit for cash pursuant to the All Cash Election or the Mixed Election on the Effective Date is not less than thirty percent (30%) of the Metropolitan Common Shares issued and outstanding on the Effective Date. The holders of Metropolitan Common Shares who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty percent (30%) of their Metropolitan Common Shares converted into cash. After giving effect to Section 3.01(c)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv), Sky will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Election, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky Common Shares pursuant to the All Stock Election, on a pro rata basis in relation to the total number of Metropolitan Common Shares deposited for Sky Common Shares pursuant to the All Stock Election minus the number of shares so deposited by the administrators of Metropolitan's 401(k) plan, such whole number of Metropolitan Common Shares not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash is thirty percent (30%) of the Metropolitan Common Shares issued and outstanding on the Effective Date; (ii) All Metropolitan Common Shares that are added pursuant to Section 3.01(j)(i) to the shares deposited for cash shall be converted into cash as provided by Section 3.01(c)(ii); (iii) Notice of such allocation shall be provided promptly to each shareholder whose Metropolitan Common Shares are added to the shares on deposit for cash pursuant to Section 3.01(j)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 3 contracts

Samples: Merger Agreement (Sky Financial Group Inc), Merger Agreement (Metropolitan Financial Corp /Oh/), Merger Agreement (Sky Financial Group Inc)

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Increase of Shares Deposited for Cash. If fewer than thirty twenty-five percent (3025%) of the total number of Metropolitan shares of Three Rivers Common Shares Stock issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or the Mixed Election and not withdrawn pursuant to Section 3.01(h3.01(f), Sky will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan shares of Three Rivers Common Shares Stock deposited for shares of Sky Common Shares Stock pursuant to the All Stock Election (subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv)) so that the total number of Metropolitan shares of Three Rivers Common Shares Stock on deposit for cash pursuant to the All Cash Election or the Mixed Election on the Effective Date is not less than thirty twenty-five percent (3025%) of the Metropolitan shares of Three Rivers Common Shares Stock issued and outstanding on the Effective Date. The holders of Metropolitan Three Rivers Common Shares Stock who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty twenty-five percent (3025%) of their Metropolitan shares of Three Rivers Common Shares Stock converted into cash. After giving effect to Section 3.01(c)(iv3.01(a)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv), Sky will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Election, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky Common Shares Stock pursuant to the All Stock Election, on a pro rata basis in relation to the total number of Metropolitan shares of Three Rivers Common Shares Stock deposited for shares of Sky Common Shares Stock pursuant to the All Stock Election minus the number of shares so deposited by the administrators of Metropolitan's Three Rivers' defined benefit pension plan and 401(k) plan, such whole number of Metropolitan whole shares of Three Rivers Common Shares Stock not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash is thirty equal, as nearly as practicable, to twenty-five percent (3025%) of the Metropolitan shares of Three Rivers Common Shares Stock issued and outstanding on the Effective Date; (ii) All Metropolitan shares of Three Rivers Common Shares Stock that are added pursuant to Section 3.01(j)(i3.01(h)(i) to the shares deposited for cash shall be converted into cash as provided by Section 3.01(c)(ii3.01(a)(ii); (iii) Notice of such allocation shall be provided promptly to each shareholder stockholder whose Metropolitan shares of Three Rivers Common Shares Stock are added to the shares on deposit for cash pursuant to Section 3.01(j)(i3.01(h)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's Three Rivers' defined benefit pension plan and 401(k) plan shall not be required to have any of the Metropolitan shares of Three Rivers Common Shares Stock held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than fortytwenty-five percent (4525%) of the shares of Metropolitan Three Rivers Common Shares Stock held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 2 contracts

Samples: Merger Agreement (Sky Financial Group Inc), Merger Agreement (Three Rivers Bancorp Inc)

Increase of Shares Deposited for Cash. If fewer than thirty twenty percent (3020%) of the total number of Metropolitan shares of Xxxxxx Common Shares Stock issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or and/or the Mixed Election and not withdrawn pursuant to Section 3.01(h2.2(e), Sky CBSI will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan shares of Xxxxxx Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election (subject to the limitation described in Section 3.01(j)(iv)) so that the total number of Metropolitan shares of Xxxxxx Common Shares Stock on deposit for cash pursuant to the All Cash Election or and the Mixed Election on immediately prior to the Effective Date Time, when added to the number of Dissenting Shares, is not less than thirty twenty percent (3020%) of the Metropolitan shares of Xxxxxx Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime. The holders of Metropolitan Xxxxxx Common Shares Stock who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty twenty percent (3020%) of their Metropolitan shares of Xxxxxx Common Shares Stock converted into cash. After giving effect to Section 3.01(c)(iv2.2(a)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv), Sky CBSI will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Election, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky CBSI Common Shares Stock pursuant to the All Stock Election, on a pro rata basis in relation to the total number of Metropolitan shares of Xxxxxx Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election minus the Election, such number of whole shares so deposited by the administrators of Metropolitan's 401(k) plan, such whole number of Metropolitan Xxxxxx Common Shares Stock not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash exchange with cash, when added to the number of Dissenting Shares, is thirty equal, as nearly as practicable, to twenty percent (3020%) of the Metropolitan shares of Xxxxxx Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime; (ii) All Metropolitan shares of Xxxxxx Common Shares Stock that are added pursuant to Section 3.01(j)(i2.2(g)(i) to the shares deposited for cash shall be converted into cash as provided by Section 3.01(c)(ii2.2(a)(ii);; and (iii) Notice of such allocation shall be provided by CBSI or the Exchange Agent promptly after the Election Deadline to each shareholder holder whose Metropolitan shares of Xxxxxx Common Shares Stock are added to the shares on deposit for cash pursuant to Section 3.01(j)(i2.2(g)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 2 contracts

Samples: Merger Agreement (Community Bank System Inc), Merger Agreement (Community Bank System Inc)

Increase of Shares Deposited for Cash. If fewer than thirty twenty seven and one half percent (3027.5%) of the total number of Metropolitan Belmont Common Shares issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or and the Mixed Election and not withdrawn pursuant to Section 3.01(h3.01(g), Sky will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan Belmont Common Shares deposited for Sky Common Shares pursuant to the All Stock Election and the Mixed Election (subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv)) so that the total number of Metropolitan Belmont Common Shares on deposit for cash pursuant to the All Cash Election or and the Mixed Election on the Effective Date is not less than thirty twenty seven and one half percent (3027.5%) of the Metropolitan Belmont Common Shares issued and outstanding on the Effective Date. The holders of Metropolitan Common Shares who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty percent (30%) of their Metropolitan Common Shares converted into cash. After giving effect to Section 3.01(c)(iv3.01(b)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv), Sky will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Electioncash, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky Common Shares pursuant to the All Stock Election and the Mixed Election, on a pro rata basis in relation to the total number of Metropolitan Belmont Common Shares deposited for Sky Common Shares pursuant to the All Stock Election minus and the number of shares so deposited by the administrators of Metropolitan's 401(k) planMixed Election, such whole number of Metropolitan Belmont Common Shares not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash is thirty twenty seven and one half percent (3027.5%) of the Metropolitan Belmont Common Shares issued and outstanding on the Effective Date; (ii) All Metropolitan Belmont Common Shares that are added eliminated pursuant to Section 3.01(j)(i3.01(i)(i) to from the shares deposited for cash to be converted into Sky Common Shares shall be converted into cash cash, as provided by Section 3.01(c)(iiSections 3.01(b)(ii) and 3.01(b)(iii);; and (iii) Notice of such allocation shall be provided promptly to each shareholder whose Metropolitan Belmont Common Shares are added to the shares on deposit for cash pursuant to Section 3.01(j)(i3.01(i)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 2 contracts

Samples: Merger Agreement (Sky Financial Group Inc), Merger Agreement (Belmont Bancorp)

Increase of Shares Deposited for Cash. If fewer than thirty forty percent (3040%) of the total number of Metropolitan shares of Oneida Common Shares Stock issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or and/or the Mixed Election and not withdrawn pursuant to Section 3.01(h2.2(e), Sky CBSI will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan shares of Oneida Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election (subject to the limitation described in Section 3.01(j)(iv)) so that the total number of Metropolitan shares of Oneida Common Shares Stock on deposit for cash pursuant to the All Cash Election or and the Mixed Election on immediately prior to the Effective Date Time is not less than thirty forty percent (3040%) of the Metropolitan shares of Oneida Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime. The holders of Metropolitan Oneida Common Shares Stock who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty forty percent (3040%) of their Metropolitan shares of Oneida Common Shares Stock converted into cash. After giving effect to Section 3.01(c)(iv2.2(a)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv), Sky CBSI will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Election, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky CBSI Common Shares Stock pursuant to the All Stock Election, on a pro rata basis in relation to the total number of Metropolitan shares of Oneida Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election minus the Election, such number of whole shares so deposited by the administrators of Metropolitan's 401(k) plan, such whole number of Metropolitan Oneida Common Shares Stock not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for exchange with cash is thirty equal, as nearly as practicable, to forty percent (3040%) of the Metropolitan shares of Oneida Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime; (ii) All Metropolitan shares of Oneida Common Shares Stock that are added pursuant to Section 3.01(j)(i2.2(g)(i) to the shares deposited for cash shall be converted into cash as provided by Section 3.01(c)(ii2.2(a)(ii);; and (iii) Notice of such allocation shall be provided by CBSI or the Exchange Agent promptly after the Election Deadline to each shareholder holder whose Metropolitan shares of Oneida Common Shares Stock are added to the shares on deposit for cash pursuant to Section 3.01(j)(i2.2(g)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 2 contracts

Samples: Merger Agreement (Oneida Financial Corp.), Merger Agreement (Community Bank System, Inc.)

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Increase of Shares Deposited for Cash. If fewer than thirty percent (30%A) of the total number of Metropolitan Falls Common Shares issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent at the Election Deadline for cash pursuant to the All Cash Election or and the Mixed Election and not withdrawn pursuant to Section 3.01(h3.01(g) (including Falls Common Shares for which no Election has been made by the holder by the Election Deadline and which are allocated to be converted into cash pursuant to Section 3.01(b)(iv)), plus (B) the number of Dissenting Shares, if any, is less than nineteen percent (19%) of the total number of Falls Common Shares issued and outstanding on the Effective Date, Sky will promptly add, or cause to be added by the Exchange Agent, to such the shares deposited sharesfor cash, a sufficient number of Metropolitan Falls Common Shares deposited for Sky Common Shares pursuant to the All Stock Election and the Mixed Election (subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv)) so that the total number of Metropolitan Falls Common Shares on deposit for cash pursuant to the All Cash Election or and the Mixed Election on the Effective Date (after giving effect to Section 3.01(b)(iv)), plus the number of Dissenting Shares, is not less than thirty nineteen percent (3019%) of the Metropolitan Falls Common Shares issued and outstanding on the Effective Date. The holders of Metropolitan Common Shares who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty percent (30%) of their Metropolitan Common Shares converted into cash. After giving effect to Section 3.01(c)(iv3.01(b)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv3.01(h)(iv), Sky will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Electioncash, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky Common Shares pursuant to the All Stock Election and the Mixed Election, on a pro rata basis in relation to the total number of Metropolitan Falls Common Shares deposited for Sky Common Shares pursuant to the All Stock Election minus and the number of shares so deposited by the administrators of Metropolitan's 401(k) planMixed Election, such whole number of Metropolitan Falls Common Shares not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash cash, plus the number of Dissenting Shares, if any, is thirty nineteen percent (3019%) of the Metropolitan Falls Common Shares issued and outstanding on the Effective Date; (ii) All Metropolitan Falls Common Shares that are added eliminated pursuant to Section 3.01(j)(i3.01(i)(i) to from the shares deposited for cash to be converted into Sky Common Shares shall be converted into cash cash, as provided by Section 3.01(c)(iiSections 3.01(b)(ii) and 3.01(b)(iii);; and (iii) Notice of such allocation shall be provided promptly to each shareholder whose Metropolitan Falls Common Shares are added to the shares on deposit for cash pursuant to Section 3.01(j)(i3.01(i)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 1 contract

Samples: Merger Agreement (Sky Financial Group Inc)

Increase of Shares Deposited for Cash. If fewer than thirty twenty percent (3020%) of the total number of Metropolitan shares of Wxxxxx Common Shares Stock issued and outstanding have, at the Election Deadline, been deposited with the Exchange Agent for cash pursuant to the All Cash Election or and/or the Mixed Election and not withdrawn pursuant to Section 3.01(h2.2(e), Sky CBSI will promptly add, or cause to be added by the Exchange Agent, to such deposited shares, a sufficient number of Metropolitan shares of Wxxxxx Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election (subject to the limitation described in Section 3.01(j)(iv)) so that the total number of Metropolitan shares of Wxxxxx Common Shares Stock on deposit for cash pursuant to the All Cash Election or and the Mixed Election on immediately prior to the Effective Date Time, when added to the number of Dissenting Shares, is not less than thirty twenty percent (3020%) of the Metropolitan shares of Wxxxxx Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime. The holders of Metropolitan Wxxxxx Common Shares Stock who have elected to have their shares converted pursuant to the Mixed Election shall not be required to have more than thirty twenty percent (3020%) of their Metropolitan shares of Wxxxxx Common Shares Stock converted into cash. After giving effect to Section 3.01(c)(iv2.2(a)(iv), such addition will be effected as follows: (i) Subject to the limitation described in Section 3.01(j)(iv), Sky CBSI will add or cause to be added to the shares deposited for cash pursuant to the All Cash Election or the Mixed Election, and the Exchange Agent will eliminate or cause to be eliminated from the shares deposited for Sky CBSI Common Shares Stock pursuant to the All Stock Election, on a pro rata basis in relation to the total number of Metropolitan shares of Wxxxxx Common Shares Stock deposited for Sky shares of CBSI Common Shares Stock pursuant to the All Stock Election minus the Election, such number of whole shares so deposited by the administrators of Metropolitan's 401(k) plan, such whole number of Metropolitan Wxxxxx Common Shares Stock not then on deposit for cash as may be necessary so that the number of shares remaining on deposit for cash exchange with cash, when added to the number of Dissenting Shares, is thirty equal, as nearly as practicable, to twenty percent (3020%) of the Metropolitan shares of Wxxxxx Common Shares Stock issued and outstanding on immediately prior to the Effective DateTime; (ii) All Metropolitan shares of Wxxxxx Common Shares Stock that are added pursuant to Section 3.01(j)(i2.2(g)(i) to the shares deposited for cash shall be converted into cash as provided by Section 3.01(c)(ii2.2(a)(ii);; and (iii) Notice of such allocation shall be provided by CBSI or the Exchange Agent promptly after the Election Deadline to each shareholder holder whose Metropolitan shares of Wxxxxx Common Shares Stock are added to the shares on deposit for cash pursuant to Section 3.01(j)(i2.2(g)(i); and (iv) Notwithstanding the foregoing, the administrators of the Metropolitan's 401(k) plan shall not be required to have any of the Metropolitan Common Shares held in such plans converted into cash if the appropriate administrator has elected the All Stock Election, and shall not be required to have less than thirty percent (30%) nor more than forty-five percent (45%) of the shares of Metropolitan Common Shares held in such plans converted into cash if the administrator has elected the Mixed Election.

Appears in 1 contract

Samples: Merger Agreement (Wilber CORP)

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