Nonsubmittal. For the purposes hereof, a holder of First Northern Common Stock who does not submit a Form of Election which is received by the Exchange Agent prior to the Election Deadline shall be deemed to have made a Non-Election. If Mutual or the Exchange Agent shall determine that any purported Cash Election or Stock Election was not properly made, such purported Cash Election or Stock Election shall be deemed to be of no force and effect and the Person making such purported Cash Election or Stock Election shall, for all purposes hereof, be deemed to have made a Non-Election.
Appears in 2 contracts
Sources: Merger Agreement (Mutual Savings Bank), Merger Agreement (First Northern Capital Corp)