Sale of Fractional Shares. The Distribution Agent shall not distribute any fractional shares of Company Common Stock ("Fractional Shares") to any holder of CFI Common Stock. The Distribution Agent shall be instructed to aggregate all such Fractional Shares and sell them in an orderly manner after the Distribution Date in the open market at then-prevailing prices and, after completion of all such sales, distribute a pro rata portion of the proceeds from such sales to each holder of CFI Common Stock who would otherwise have received a Fractional Share. CFI will bear the cost of brokerage commissions incurred in connection with such sales.
Appears in 2 contracts
Samples: Distribution Agreement (Consolidated Freightways Corp), Distribution Agreement (Consolidated Freightways Inc)
Sale of Fractional Shares. The Distribution Agent shall not distribute any fractional shares of Company Common Stock ("Fractional Shares") to any holder of CFI Common Stock. The Distribution Agent shall be instructed to aggregate all such Fractional Shares and sell them in an orderly manner after the Distribution Date in the open market at then-prevailing prices and, after completion of all such sales, distribute a pro rata PRO RATA portion of the proceeds from such sales to each holder of CFI Common Stock who would otherwise have received a Fractional Share. CFI will bear the cost of brokerage commissions incurred in connection with such sales.
Appears in 1 contract
Samples: Distribution Agreement (Consolidated Freightways Corp)
Sale of Fractional Shares. The Distribution Agent shall not distribute any fractional shares of Company Common Stock ("Fractional Shares") to any holder of CFI Common Stock. The Distribution Agent shall be instructed to aggregate all such Fractional Shares and sell them in an orderly manner after the Distribution Date in the open market at then-prevailing prices and, after completion of all such sales, distribute a pro rata PRO RATA portion of the proceeds from such sales to each holder of CFI Common Stock who would otherwise have received a Fractional Share. CFI will bear the cost of brokerage commissions incurred in connection with such sales.
Appears in 1 contract
Samples: Distribution Agreement (Consolidated Freightways Corp)