Term of Plan. The Plan shall become effective upon its adoption by the Board; subject, however, to approval by the holders of at least two- thirds of the outstanding stock of each class of the Bank Holding Company within twelve (12) months thereafter. The exercise of any Option granted prior to such shareholder approval shall be conditioned on such shareholder approval. The Plan shall continue in effect for a term of ten (10) years unless sooner terminated under Section 14 of the Plan.
Appears in 4 contracts
Samples: Stock Option Agreement (Chase Cheryl A), Stock Option Agreement (Chase Arnold L), Stock Option Agreement (Chase Arnold L)
Term of Plan. The Plan shall become effective upon its approval by the shareholders of the Company within 12 months after the earlier of the date of its adoption by the Board; subject, however, to Board or the date of its approval by the holders of at least two- thirds of the outstanding stock of each class of the Bank Holding Company within twelve (12) months thereaftershareholders. The exercise of any Option granted prior to such Such shareholder approval shall be conditioned on such shareholder approvalobtained in the manner and to the degree required under applicable federal and state law. The Plan shall continue in effect for a term until the tenth anniversary of ten (10) years adoption of the Plan by the Board, unless sooner terminated earlier under Section 14 13 of the Plan.
Appears in 3 contracts
Samples: The Agreement and Plan of Merger (Angstrom Technologies Corp.), The Agreement and Plan of Merger (Angstrom Technologies Corp.), The Agreement and Plan of Merger (Angstrom Technologies Corp.)
