Converting and Exchanging Shares Sample Clauses
Converting and Exchanging Shares. Subject to the provisions of this Article 3, the manner of converting and exchanging the outstanding common shares of Surviving Bank and Merging Target Bank at the Effective Time of the Merger shall be as follows:
(a) Each of the shares of common stock of Surviving Bank (“Surviving Bank Common Stock”), outstanding immediately prior to the Effective Time of the Merger shall remain outstanding immediately after the Effective Time of the Merger.
(b) Each of the [100,000] shares of the common stock, no par value per share, of Merging Target Bank (the “Merging Target Bank Common Stock”) outstanding immediately prior to the Effective Time of the Merger shall, at the Effective Time of the Merger, be cancelled without additional consideration therefor.
Converting and Exchanging Shares. Subject to the provisions of this Article 4, the manner of converting and exchanging the outstanding common shares of F&M Bank and ▇▇▇▇▇▇▇ Bank at the Effective Time of the Merger shall be as follows:
(a) Each of the shares of common stock, $500 par value per share of F&M Bank ("F&M BANK COMMON STOCK"), outstanding immediately prior to the Effective Time of the Merger shall remain outstanding immediately after the Effective Time of the Merger.
(b) Each of the 4,000 shares of the common stock, $1.00 par value per share, of ▇▇▇▇▇▇▇ Bank (the "▇▇▇▇▇▇▇ BANK COMMON STOCK") outstanding immediately prior to the Effective Time of the Merger shall, at the Effective Time of the Merger, be cancelled without consideration therefore, other than the Merger Consideration to be paid to ▇▇▇▇▇▇▇ pursuant to the terms and conditions of the Agreement of Merger.