Adjustment to Conversion Ratio. If, prior to the Effective Time of the Merger, IUB shall pay a dividend in, subdivide, combine into a smaller number of shares or issue by reclassification of its shares any IUB Common Stock, the Conversion Ratio shall be multiplied by a fraction, the numerator of which shall be the number of shares of IUB Common Stock outstanding immediately after, and the denominator of which shall be the number of such shares outstanding immediately before, the occurrence of such event, and the product shall be the Conversion Ratio for purposes of Section 2.1(b).
Appears in 2 contracts
Sources: Merger Agreement (Indiana United Bancorp), Merger Agreement (PTC Bancorp)