Common use of Escrow of Certain Shares Clause in Contracts

Escrow of Certain Shares. At the Closing, Purchaser shall deliver (or ------------------------ cause to be delivered) to the escrow agent set forth in the Escrow Agreement in the form of Exhibit 3.2 hereto (the "Escrow Agreement"), one certificate for ----------- Purchaser Common Stock equal to ten percent (10%) of the Purchaser Common Stock to be issued in connection with the Merger pursuant to Section 3.1(a) (collectively, the "Escrow Shares") for the escrow established pursuant to the Escrow Agreement. Until such Escrow Shares are disbursed under the terms of the Escrow Agreement, the Shareholders shall be entitled to vote such Escrow Shares according to their pro rata interest, as provided in the Escrow Agreement. Dividends, distributions and other proceeds, if any, paid with respect to the Escrow Shares during the escrow period shall be held in escrow and disbursed under the Escrow Agreement in the same manner as the Escrow Shares. Certificates for the remaining shares of Purchaser Common Stock to be delivered in connection with the Merger shall be delivered to the Shareholders in accordance with Section 3.5 below.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Netzee Inc), Agreement and Plan of Merger (Intercept Group Inc)

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Escrow of Certain Shares. At the Closing, Purchaser shall deliver (or ------------------------ cause to be delivered) to the escrow agent set forth in the Escrow Agreement in substantially the form of Exhibit 3.2 hereto (the "Escrow Agreement"), one certificate for ----------- Purchaser Common Stock equal to ten percent (10%) of the Purchaser Common Stock to be issued in connection with the Merger pursuant to Section 3.1(a) (collectively, the "Escrow Shares") for the escrow established pursuant to the Escrow Agreement. Until such Escrow Shares are disbursed under the terms of the Escrow Agreement, the Shareholders shall be entitled to vote such Escrow Shares according to their pro rata interestinterests, as provided in the Escrow Agreement. Dividends, distributions and other proceeds, if any, paid with respect to the Escrow Shares during the escrow period shall be held in escrow and disbursed under the Escrow Agreement in the same manner as the Escrow Shares. Certificates for the remaining shares of Purchaser Common Stock to be delivered in connection with the Merger shall be delivered to the Shareholders in accordance with Section 3.5 below3.5.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Netzee Inc)

Escrow of Certain Shares. At the Closing, Purchaser Parent shall deliver (or ------------------------ cause to be delivered) to the escrow agent set forth in the Escrow Agreement in the form of Exhibit 3.2 2.1 hereto (the "Escrow AgreementESCROW AGREEMENT"), one certificate for ----------- Purchaser Parent Common Stock equal to ten percent (10%) of the Purchaser Parent Common Stock to be issued in connection with the Merger pursuant to Section 3.1(a2.1(a) (collectively, the "Escrow SharesESCROW SHARES") for the escrow established pursuant to the Escrow Agreement. Until such Escrow Shares are disbursed under the terms of the Escrow Agreement, the Shareholders Company Stockholders and holders of the Outstanding Options shall be entitled to vote such Escrow Shares according to their pro rata interest, as provided in the Escrow Agreement. Dividends, distributions Dividends and other proceedsdistributions, if any, paid with respect to the Escrow Shares during the escrow period shall be held in escrow and disbursed under the Escrow Agreement in the same manner as the Escrow Shares. Certificates for the remaining shares of Purchaser Parent Common Stock to be delivered in connection with the Merger shall be delivered to the Shareholders Company Stockholders in accordance with Section 3.5 2.3 below.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Towne Services Inc)

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Escrow of Certain Shares. At the Closing, Purchaser shall deliver (or ------------------------ cause to be delivered) to the escrow agent set forth in the Escrow Agreement in the form of Exhibit 3.2 hereto (the "Escrow Agreement"), one certificate for ----------- Purchaser InterCept Common Stock equal to ten percent (10%) of the Purchaser InterCept Common Stock to be issued in connection with the Merger pursuant to Section 3.1(a) (collectively, the "Escrow Shares") for the escrow established pursuant to the Escrow Agreement. Until such Escrow Shares are disbursed under the terms of the Escrow Agreement, the Shareholders shall be entitled to vote such Escrow Shares according to their pro rata interest, as provided in the Escrow Agreement. Dividends, distributions and other proceeds, if any, paid with respect to the Escrow Shares during the escrow period shall be held in escrow and disbursed under the Escrow Agreement in the same manner as the Escrow Shares. Certificates for the remaining shares of Purchaser InterCept Common Stock to be delivered in connection with the Merger shall be delivered to the Shareholders in accordance with Section 3.5 below.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Intercept Group Inc)

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