Mechanics of the Distribution. (a) On the Distribution Date, (i) Carrols will distribute, immediately prior to the Distribution Time, all of the outstanding shares of Fiesta Common Stock to CRG and (ii) CRG will direct the Distribution Agent to distribute, at the Distribution Time, to each Record Holder one share of Fiesta Common Stock for each share of CRG Common Stock held by such Record Holder. All of the shares of Fiesta Common Stock so issued will be validly issued, fully paid and non-assessable. The Distribution will be effective as of the Distribution Time.
Appears in 4 contracts
Samples: Separation and Distribution Agreement, Separation and Distribution Agreement (Carrols Restaurant Group, Inc.), Separation and Distribution Agreement (Fiesta Restaurant Group, Inc.)