Non-Elections Clause Samples
Non-Elections. Shareholders who fail or choose not to make an election as to whether they wish to receive all cash, all PCC common stock, or a mixture of cash and stock, and shareholders who do not make a valid election, will be deemed to have made a "non-election." Shareholders who are deemed to have made a non-election will receive for each share of SPS common stock owned (i) $21.50 in cash and (ii) 0.68 of a share of PCC common stock, subject to the adjustments and pro-ration procedures described below, plus cash in lieu of any fractional share.
Non-Elections. For those employees electing not to participate in any part of the insurance program, $130 per month may be received as a cash benefit in the employee’s monthly pay, as long as this is permitted by the insurance policy that the District and TEA accept.
Non-Elections. Shareholders who fail or choose not to make an election as to whether they wish to receive all cash, all PCC common stock, or a mixture of cash and stock, and shareholders who do not make a valid election, will be deemed to have made a “non-election.” Shareholders who are deemed to have made a non-election will receive for each share of SPS common stock owned (i) $21.50 in cash and (ii) 0.68 of a share of PCC common stock, subject to the adjustments and pro-ration procedures described below, plus cash in lieu of any fractional share. Pro-ration Procedures. Pursuant to the terms of the merger agreement, 50% of the total number of shares of SPS common stock outstanding immediately prior to the effective time of the merger will be converted into the right to receive PCC common stock and the remaining 50% will be converted into the right to receive cash. Therefore, all elections and non-elections are subject to pro-ration to preserve these limitations, as more fully described in the proxy statement/prospectus under the caption “The Merger Agreement?Merger Consideration”. You may obtain a copy of the proxy statement/prospectus free of charge at the SEC website, ▇▇▇.▇▇▇.▇▇▇ or by contacting SPS Investor Relations at (▇▇▇) ▇▇▇-▇▇▇▇ or PCC’s Director of Communications at (▇▇▇) ▇▇▇-▇▇▇▇.
Non-Elections. Employees who had elected prior to January 1, 2021 may waive Telluride School District’s coverage in lieu of the grandfathered $130 monthly cash benefits long as this is permitted by the insurance policy that the District and TEA accept.