Subscription Offering Right Sample Clauses

Subscription Offering Right. Subject to the provisions of the Act and the Plan of Conversion, Lebanon Mutual agrees to provide in the Plan of Conversion that it will grant MTS the right to purchase up to 50,000 shares of HoldCo Class B Common Stock, which right shall be subordinate to the rights of Eligible Members, the Qualified Stock Plan and the LMIC Legacy Participants (each as defined in the Plan of Conversion). MTS agrees to exercise in full such subscription right and purchase 50,000 shares of HoldCo Class B Common Stock.