Common use of Minority Ownership Percentage Clause in Contracts

Minority Ownership Percentage. Based upon the Independent Appraiser's valuation of the Stock Holding Company and the Bank as updated prior to the commencement of the Minority Stock Offering, the Board of Directors will establish the minimum and maximum ownership percentage applicable to the Minority Stock Offering ("Minority Ownership Range"). The final minority ownership percentages or interest will be determined by the Stock Holding Company and the Bank as follows: (a) the product of (x) the total number of shares of Common Stock to be issued and sold and (y) the Purchase Price shall be by divided by (b) the estimated aggregate pro forma market value of the Stock Holding Company and the Bank immediately after the Minority Stock Offering as determined by the Independent Appraiser, expressed in terms of a specific aggregate dollar amount upon the closing of the Minority Stock Offering or sale of all the Common Stock.