Common use of Method of Converting Shares Clause in Contracts

Method of Converting Shares. All of the shares of Southside Common Stock issued and outstanding at the Effective Time shall remain issued and outstanding after the Effective Time and shall be unaffected by the Bank Merger. At the Effective Time, the certificates representing all of the issued and outstanding shares of OmniAmerican Common Stock shall be surrendered to Southside for cancellation and no consideration shall be issued in exchange therefor.

Method of Converting Shares. All of the shares of Southside Common Stock issued and outstanding at the Effective Time shall remain issued and outstanding after the Effective Time and shall be unaffected by the Bank Merger. At the Effective Time, the certificates representing all of the issued and outstanding shares of OmniAmerican First Bank Common Stock shall be surrendered to Southside for cancellation and no consideration shall be issued in exchange therefor.