Payment Procedures. (i) As soon as practicable after the Effective Time, Parent shall cause the Paying Agent to deliver: (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and (B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration. (ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II. (iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 3 contracts
Sources: Merger Agreement, Merger Agreement (Hexion Specialty Chemicals, Inc.), Merger Agreement (Huntsman International LLC)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event within five (5) Business Days thereafter, Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares, and (the “Certificates”ii) or (2) shares of non-certificated Company Common Stock Shares represented by book-entry (the “Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7(a), (A) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title in customary form reasonably satisfactory to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Company and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, as applicable, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7(a), by (y) the Merger Consideration, and the Certificates so surrendered shall forthwith be canceled. Each Non-Employee Option Holder and Non-Employee RSU Award Holder who provides the Paying Agent a completed and duly executed Form W-9 or Form W-8BEN, as applicable, shall be entitled to receive in exchange for such Company Award the consideration payable in respect thereof pursuant to the provisions of this Article II. Upon receipt of an “agent’s message” by the Payment Agent (or such other customary documents evidence, if any, of transfer as the Payment Agent may be reasonably required by request) in the Surviving Corporation or the Paying Agentcase of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for each share formerly represented pursuant to Section 2.7(a), by such Certificate or Book-Entry (y) the Merger Consideration, and the transferred Uncertificated Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry and Uncertificated Shares. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer Certificates and that the Person requesting such payment shall have paid Uncertificated Shares representing any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share Dissenting Company Shares) shall, subject to Section 2.2, be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying AgentTime, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article II.
Appears in 3 contracts
Sources: Merger Agreement, Merger Agreement (Horizon Pharma PLC), Merger Agreement (Raptor Pharmaceutical Corp)
Payment Procedures. Promptly (iand in any event, within 10 Business Days) As soon as practicable after following the Effective Time, Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates (the “Certificates”), which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares (the “Certificates”other than Dissenting Company Shares) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingPayment Agent) and (ii) instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates for cancellation to the Paying Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares Certificates shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly payable in respect thereof pursuant to the provisions of this Article III, and the Certificates so surrendered shall forthwith be canceled. The Payment Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. Promptly following the Effective Time, to the extent consistent with the Paying Agent’s standard procedures, Parent shall cause the Paying Agent to issue and deliver the Merger Consideration to holders of uncertificated Company Shares represented by such Certificate book-entry (the “Book-Entry Shares”) (either directly or through the Depository Trust Company), without each holder of Book-Entry Shares being required to deliver a Certificate or any executed letter of transmittal to the Paying Agent, and such Certificate or bookBook-entry Entry Shares shall then forthwith be canceledcancelled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect to the holders of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Company Shares that is not registered in the transfer records of the Company, the Merger Consideration is may be issued to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that transferee if the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting representing such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation Shares is presented to the Paying Agent, together with the Option Surrender Agreement, duly executed, accompanied by all documents required to evidence and effect such transfer and by evidence that any other documents reasonably required by the Surviving Corporation applicable stock transfer or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceledsimilar Taxes have been paid. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)so surrendered, each Company Stock Option outstanding Certificates shall be deemed at any time from and after the Effective Time Time, to represent for all purposes evidence only the right to receive the Option Merger Consideration as contemplated by payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 3 contracts
Sources: Merger Agreement (Nuance Communications, Inc.), Merger Agreement (Nuance Communications, Inc.), Merger Agreement (Transcend Services Inc)
Payment Procedures. (i) As soon as practicable after With respect to any certificate which immediately prior to the Effective TimeTime represented outstanding Company Shares (the “Certificates”), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
mail, promptly following the Effective Time (Abut in no event later than the fifth (5th) Business Day thereafter), to each holder of record holder, (as of immediately prior to the Effective Time, ) of such Certificates (1A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effectedin customary form reasonably satisfactory to the Company and Parent, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or pursuant to such instructions, Parent shall cause the Paying Agent, Agent to pay and deliver as promptly as practicable after the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor Effective Time the Merger Consideration Cash Amount payable for each share formerly Company Share represented by such Certificate or Bookpursuant to Section 3.7 (less any applicable withholding Tax pursuant to Section 3.8(e)), and the Certificates so surrendered shall forthwith be canceled.
(ii) With respect to non-Entry certificated Company Shares and such Certificate or represented in book-entry form (the “Uncertificated Shares”), Parent shall then be canceledcause the Paying Agent to pay and deliver the Cash Amount payable therefor (less any applicable withholding Tax pursuant to Section 3.8(e)), in each case promptly following the Effective Time and upon surrender thereof to the Paying Agent by receipt of an “agent’s message” (or such other evidence, if any, of transfer as the Paying Agent may reasonably request) (but in no event later than the fifth (5th) Business Day thereafter). The Company and Parent shall cooperate to, and Parent shall cause the Paying Agent to, (A) deliver to DTC or its nominees, or to holders of Uncertificated Shares, in each case to the extent applicable or required, any notice with respect to the effectiveness of the Merger and any instructions for surrendering Uncertificated Shares and (B) establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as practicable after the Effective Time, upon surrender of Company Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Cash Amount payable for each such Uncertificated Share pursuant to Section 3.7.
(iii) The Paying Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 3.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 3.8(e), payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 3 contracts
Sources: Merger Agreement (Johnson & Johnson), Merger Agreement (Abiomed Inc), Merger Agreement (Johnson & Johnson)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three Business Days), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) or (2) uncertificated shares of Company Common Stock that represented by book-entry outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Book-Entry Uncertificated Shares”), ) (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 3 contracts
Sources: Merger Agreement (Xactly Corp), Merger Agreement (Cvent Inc), Merger Agreement (Tibco Software Inc)
Payment Procedures. Any amount payable to a Tax Indemnitee pursuant to this Exhibit G shall be paid within 30 days after receipt of a written demand therefor from such Tax Indemnitee accompanied by a written statement describing in reasonable detail the basis for such indemnity and the computation of the amount so payable, provided that such amount need not be paid prior to the later of (i) As soon as practicable after the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately 1 business day prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to date that the Effective Time represented shares of Company Common Stock (the “Certificates”) indemnifiable Taxes are due or (2ii) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Sharesamounts which are being contested by the Lessee in good faith or by the Tax Indemnitee pursuant to Section 1.03, upon adherence the time such contest is finally resolved. Within 15 days following the Lessee's receipt of the computation of the amount of the indemnity, the Lessee may request that an accounting firm to be jointly selected by the Lessee and such Tax Indemnitee (but not including the accounting firm that regularly prepares the certified financial statements of the Lessee or such Tax Indemnitee unless such firm consists of one of the "Big 5" accounting firms in which case such firm shall be deemed acceptable to the procedures set forth in parties) determine whether such computations of the Letter Tax Indemnitee are correct. The computations of Transmittal, and which such accounting firm shall be in a customary form final, binding and agreed to by Parent conclusive upon the parties and the Company prior Lessee shall have no right to inspect the books, records or tax returns of the Tax Indemnitee to verify such computation. All fees and expenses payable in connection with such verification shall be borne by the Lessee unless such verification discloses an error adverse to the Closing) and instructions for use in effecting the surrender Lessee of more than 5% of the Certificates oramount computed by the Tax Indemnitee, in the which case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, fees and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest expenses shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IITax Indemnitee.
Appears in 3 contracts
Sources: Aircraft Purchase Agreement (Republic Airways Holdings Inc), Aircraft Purchase Agreement (Republic Airways Holdings Inc), Aircraft Purchase Agreement (Republic Airways Holdings Inc)
Payment Procedures. Promptly following the Pre-Closing Dividend Date, and no later than the third (i3rd) As soon Business Day following the Pre-Closing Dividend Date, the Company or the Surviving Corporation, as practicable the case may be, shall cause the Payment Agent to make payment to each holder of Company Shares that is entitled to receive the Pre-Closing Dividend: (A) for each Cash Electing Share, an amount of cash and a number of shares of Class A Stock, if any, in each case as set forth in Section 2.03(d)(1) (less any applicable withholding Taxes payable in respect thereof) and (B) for each Stock Electing Share, an amount of cash, if any, and a number of shares of Class A Stock, in each case as set forth in Section 2.03(d)(2) (less any applicable withholding Taxes payable in respect thereof); provided, in each case, that with respect to any holder of Parent Common Units Election Shares, the Payment Agent shall, in lieu of Class A Stock to be paid pursuant to this sentence with respect to such Company Shares, substitute an equal amount of Parent Common Units in accordance with the Parent Common Units Exchange set forth in Section 2.03(f). For the avoidance of doubt, each holder of Company Shares that receives shares of Class A Stock in the Pre-Closing Dividend (and does not exchange such shares of Class A Stock in the Parent Common Unit Exchange) shall be entitled to dividends declared on or after the Merger Effective Time with respect to such shares of Class A Stock. Promptly following the Merger Effective Time, and no later than the fifth (5th) Business Day following the Merger Effective Time, Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Merger Effective Time, ) of (1i) an outstanding a certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or which immediately prior to the Merger Effective Time represented outstanding Company Shares and (2ii) shares of uncertificated Company Common Stock represented by book-entry Shares (the “Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.07, (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by Parent and have such other provisions as the Company prior to the Closingmay reasonably specify) and (B) instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificates that were converted into the right to receive the Merger Consideration pursuant to Section 2.07, by (y) the Per Share Merger Consideration (less any applicable withholding Taxes payable in respect thereof), and such other customary documents as may Certificates so surrendered shall forthwith be reasonably required canceled. Upon receipt of an “agent’s message” by the Surviving Corporation Payment Agent (or such other evidence, if any, of transfer as the Paying AgentPayment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor the Per Share Merger Consideration for each share formerly Company Share represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration pursuant to Section 2.07 (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered shall forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. For the avoidance of doubt, in no event shall any holder of Uncertificated Shares be required to deliver a Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceledexecuted letter of transmittal to the Payment Agent in order to receive the Merger Consideration. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicablethis Section 2.09. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option Uncertificated Shares shall be deemed at any time from and after the Merger Effective Time Time, to represent for all purposes evidence only the right to receive the Option Merger Consideration as contemplated by (less any applicable withholding Taxes payable in respect thereof), without interest thereon, payable in respect thereof pursuant to the provisions of this Article II.
Appears in 3 contracts
Sources: Merger Agreement (Brookfield Property Partners L.P.), Merger Agreement (Brookfield Asset Management Inc.), Merger Agreement (GGP Inc.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) be mailed to each holder of record holder, as of immediately prior to the Effective Time, Time of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2ii) shares of Company Common Stock represented by book-entry (“each, a “Book-Entry SharesShare”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 3.7 (x) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter letter of Transmittaltransmittal), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(y) and instructions for use in effecting the surrender of the Certificates or, in the case of and Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Shares in exchange for the Option Merger Consideration.
(ii) . Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter a letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, thereto and such other customary documents as may be reasonably required by pursuant to such instructions, or delivery to the Surviving Corporation or the Paying Agent, the holder Payment Agent of such Certificate or an “agent’s message” in respect of Book-Entry Shares (or such other evidence, if any, of transfer as the Paying Agent may reasonably request), the holder shall be entitled to receive in exchange therefor a check in the Merger Consideration for each share formerly amount of U.S. dollars (after giving effect to any required withholdings pursuant to Section 3.10(d)) equal to the product of (x) the number of shares represented by such Certificate or holder’s properly surrendered Certificates and/or Book-Entry Shares, as applicable, and (y) the per share Merger Consideration, and the Certificates and Book-Entry Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or and Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Brigham Exploration Co), Merger Agreement (Statoil Asa)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the third Business Day following the Closing Date, Parent shall cause the Paying Exchange Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock or Company Preferred Stock whose shares were converted into the right to receive the Merger Consideration or the Preferred Merger Consideration, as applicable, pursuant to Section 2.1, (the “Certificates”A) or (2) shares a letter of Company Common Stock represented by book-entry (“transmittal with respect to Book-Entry Shares”), a customary letter of transmittal Shares (“Letter of Transmittal”to the extent applicable) and Certificates (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Exchange Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Book-Entry Shares (to the extent applicable) or Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration or the Preferred Merger Consideration, as applicable.
(ii) Upon On surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Exchange Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt of an “agent’s message” by the Exchange Agent, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Exchange Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the Merger Consideration for each share formerly or the Preferred Merger Consideration, as applicable, into which the shares represented by such Certificate Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (together with any Fractional Share Cash Amount and such Certificate any dividends or book-entry shall then be canceledother distributions payable pursuant to Section 2.2(c)). No interest shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration or Preferred Merger Consideration, as applicable, is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration or Preferred Merger Consideration, as applicable, to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject required to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpaid.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying The Exchange Agent, the holder of the Company Stock Option Company, Parent and Merger Sub, as applicable, shall be entitled to receive in exchange therefor the amount deduct and withhold from any amounts otherwise payable to holders of cash which such holder has the right to receive Company Common Stock or Company Preferred Stock pursuant to this Article 2 such amounts as are required to be withheld or deducted under the provisions Internal Revenue Code of 1986, as amended (the “Code”), or under any provision of state, local or foreign Tax Law with respect to the making of such payment; it being understood that, provided that the representation and warranty of the Company in Section 2.33.15(c) is true and correct as of the Effective Time, no deduction or withholding shall be made under the Laws of Canada (or any province thereof) from any such amounts (other than, for greater certainty, (A) any dividend or other distribution referenced in Section 2.2(c), and (B) amounts referred to in Section 2.3 that are attributable to personal services performed by the Company Stock Option so surrendered applicable payee in Canada or any province thereof or by an applicable payee who is a resident, for income Tax purposes, of Canada) except to the extent that any such deduction or withholding shall then be canceled. Until surrendered required by a change in accordance with Law after the provisions date of this Section 2.5(b)(iii)Agreement. To the extent that amounts are so deducted or withheld and timely paid over to the relevant Governmental Entity, each Company Stock Option such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right to receive the Option Consideration as contemplated by this Article IIPerson in respect of which such deduction or withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Canadian National Railway Co), Merger Agreement (Kansas City Southern)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates (the “Certificates”) and each holder of record (as of immediately prior to the Effective Time) of shares of Company Common Stock held in book-entry form, in each case which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”other than Dissenting Company Shares) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingPayment Agent) and (ii) instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Payment Agent or to such other agent or agents as may be appointed by Parent or delivery of a Certificate or Bookan agents’ message in respect of shares held in book-Entry Sharesentry form, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and the holders of such other customary documents as may be reasonably required by the Surviving Corporation Certificates or the Paying Agent, the holder holders of such Certificate or Bookshares held in book-Entry Shares entry form shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares payable in respect thereof pursuant to the provisions of this Article II, and such Certificate or book-entry the Certificates so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender of such Certificates pursuant to this Section 2.8. Until so surrendered, outstanding Certificates shall be deemed from and after the Effective Time, to evidence only the right to receive the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive thereof pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Autodesk Inc), Merger Agreement (Moldflow Corp)
Payment Procedures. (i) As soon as reasonably practicable after the First Effective TimeTime and in any event not later than the third (3rd) Business Day following the Closing Date, Parent shall cause the Paying Exchange Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock whose shares were converted into the right to receive the Merger Consideration, pursuant to Section 2.1, (the “Certificates”A) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal with respect to Book- Entry Shares (“Letter of Transmittal”to the extent applicable) and Certificates (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Exchange Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Book-Entry Shares (to the extent applicable) or Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration.
(ii) Upon On surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Exchange Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt of an “agent’s message” by the Exchange Agent, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Exchange Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the Merger Consideration for each share formerly into which the shares represented by such Certificate Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (together with any Fractional Share Cash Amount and such Certificate any dividends or book-entry shall then be canceledother distributions payable pursuant to Section 2.2(c)). No interest shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject required to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpaid.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying The Exchange Agent, the holder of the Company Stock Option Company, Parent and each Merger Sub, as applicable, shall be entitled to receive deduct and withhold from any amounts otherwise payable to any Person under this Agreement such amounts as are required to be deducted and withheld related to the making of such payment under applicable Law related to Taxes. To the extent that amounts are so deducted or withheld under this Section 2.2(b)(iii) and timely paid over to the relevant Governmental Entity, such deducted or withheld amounts shall be treated for purposes of this Agreement as having been paid to the Person in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIdeduction or withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Union Pacific Corp), Merger Agreement (Norfolk Southern Corp)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three (3) Business Days), Parent and the Surviving Corporation shall cause direct the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, Time of (1) an outstanding certificate one or more certificates which that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock (other than Owned Company Shares and Dissenting Company Shares, as applicable) (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), if any, (i) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, (or effective affidavits of loss in the case of Book-Entry Shares, upon adherence to the procedures set forth lieu thereof in the Letter of Transmittalaccordance with Section 2.11)), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price payable with respect to the shares of Company Common Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificates by (y) the Per Share Price, and the Certificates so surrendered will forthwith be cancelled. Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Common Stock (other than Owned Company Shares) (the “Uncertificated Shares”) will be required to deliver a Certificate or Book-Entry an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 in respect of such Uncertificated Shares. In lieu thereof, such record holder of Uncertificated Shares, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request), will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares by (2) the Per Share Price, and such Certificate or book-entry shall then the transferred Uncertificated Shares will be canceledcancelled. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand transfer of such Uncertificated Shares pursuant to this Section 2.9(c). If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate Until so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer transferred, outstanding Certificates and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by this Article IIPer Share Price payable in respect thereof pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (CVS HEALTH Corp), Merger Agreement (Oak Street Health, Inc.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three Business Days), Parent the Surviving Company shall cause the Paying Agent to deliver:
(A) mail or otherwise disseminate to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares (the “Certificates”A) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent orAgent, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closingand/or (B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Acquisition, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the Per Share Merger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Paying Agent (or such other customary documents evidence, if any, of transfer as may be reasonably required by the Surviving Corporation or the Paying AgentAgent may reasonably request) in the case of a book entry transfer of uncertificated Shares, the holder holders of such Certificate or Book-Entry uncertificated Shares shall be entitled to receive in exchange therefor for the cancellation of such uncertificated Shares an amount in cash equal to the Per Share Merger Consideration for each share formerly represented by such Certificate or Book-Entry to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the uncertificated Shares and such Certificate or book-entry shall then forthwith be canceled. The Paying Agent shall accept such Certificates and transferred uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and uncertificated Shares on the Per Share Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand uncertificated Shares pursuant to this Section 2.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it outstanding Certificates and uncertificated Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (China Yida Holding, Co.), Merger Agreement (China Yida Holding, Co.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (but in no event more than ten (10) business days thereafter), Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”other than Dissenting Company Shares) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalPayment Agent, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares Certificates shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares payable in respect thereof pursuant to the provisions of this Article II, and such Certificate or book-entry the Certificates so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender of such Certificates pursuant to this Section 2.8. Until so surrendered, outstanding Certificates shall be deemed from and after the Effective Time, to evidence only the right to receive the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive thereof pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Synopsys Inc), Merger Agreement (Insilicon Corp)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within two (2) Business Days), Parent and the Surviving Corporation shall cause the Paying Exchange Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, Time of (1) an outstanding certificate one or more certificates which that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Capital Stock (the “Certificates”” (if any)) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalExchange Agent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable to such holder with respect to Company Capital Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesExchange Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor the Merger Consideration for each share formerly payable to such holder with respect to Company Capital Stock represented by such Certificates, and the Certificates so surrendered will forthwith be cancelled. Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Capital Stock (the “Uncertificated Shares”) will be required to deliver a Certificate or Book-Entry an executed letter of transmittal to the Exchange Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect to such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Exchange Agent (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request), will be entitled to receive in exchange therefor the Merger Consideration payable to such holder with respect to the Company Capital Stock it held immediately prior to the Effective Time, and the Uncertificated Shares shall be cancelled. The Exchange Agent will accept such Certificates and Uncertificated Shares upon compliance with such Certificate or book-entry shall then be canceledreasonable terms and conditions as the Exchange Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Cash Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(d). Until so surrendered or cancelled, outstanding Certificates and Uncertificated Shares shall be deemed from and after the Effective Time to evidence only the right to receive the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject thereof pursuant to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II2.7.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Infinera Corp), Merger Agreement (Nokia Corp)
Payment Procedures. (i) As soon promptly as practicable after following the Effective Time, Parent the Surviving Corporation shall cause the Paying Agent to deliver:
mail (Aand to make available for collection by hand) to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate a Certificate or certificates which Book-Entry Share that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”i) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (transmittal, which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares, as applicable, shall pass, only upon proper delivery of the Certificates (or affidavits of loss together with any required bond or indemnity in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary the form and agreed to by have such other provisions as Parent and the Company prior to the Closingmay reasonably specify and (ii) and instructions for use in effecting the surrender of the Certificates or, in the case of or Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Shares in exchange for the Option Consideration.
(ii) Upon surrender to Merger Consideration into which the Paying Agent number of a shares of Common Stock previously represented by such Certificate or Book-Entry SharesShare shall have been converted pursuant to this Agreement. Parent shall require the paying agent agreement to provide that the Paying Agent deliver such letter of transmittal and instructions not later than five (5) Business Days after the Effective Time. Upon surrender of Certificates (or effective affidavits of loss together with any required bond or indemnity in lieu thereof) to the Paying Agent, including by the entry through a book-entry transfer agent of the surrender of any Shares held in book entry on a book-entry statement, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily and reasonably be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive from the Exchange Fund in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product of (A) the number of shares of Common Stock represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceled(B) the Merger Consideration (less any applicable withholding Taxes). No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment In the event of a transfer of ownership of shares of Common Stock that is not registered in the transfer records of the Merger Consideration is to be made to an individualCompany, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form payment upon due surrender of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall may be properly endorsed or shall be otherwise in proper form for paid to such a transferee if the Certificate formerly representing such shares of Common Stock is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that the Person requesting such payment shall have paid any applicable stock transfer and other applicable Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)The Merger Consideration, each Certificate and each Book-Entry Share shallpaid in full (less any applicable withholding Taxes) with respect to any share of Common Stock in accordance with the terms hereof, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right have been paid in full satisfaction of all rights pertaining to receive upon such surrender the Merger Consideration as contemplated by this Article IIshares of Common Stock.
(iiiii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the The Paying Agent, the holder of the Company Stock Option and its Subsidiaries, Parent and Merger Sub, as applicable, shall be entitled to receive in exchange therefor deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the amount Internal Revenue Code of cash which such holder has 1986 (the right to receive pursuant to the provisions of Section 2.3“Code”), and the Company Stock Option regulations promulgated thereunder, or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)deducted or withheld, each Company Stock Option such deducted or withheld amounts (A) shall be deemed at any time after remitted by the Effective Time applicable entity to represent the appropriate Governmental Entity and (B) shall be treated for all purposes only of this Agreement as having been paid to the right Person in respect of which such deduction or withholding was made. The parties hereto agree to receive cooperate in good faith in requesting and providing any information or documentation allowing for the Option Consideration as contemplated by this Article IIreduction or elimination of any such deduction and withholding.
Appears in 2 contracts
Sources: Merger Agreement (MWI Veterinary Supply, Inc.), Merger Agreement (Amerisourcebergen Corp)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time, but in no event more than three (3) Business Days after the Closing Date, Parent shall cause the Paying Exchange Agent to deliver:
(A) deliver to each record holderholder (other than record holders of Cancelled Shares or Appraisal Shares), as of immediately prior to the Effective Time, of (1A) an outstanding certificate or certificates which that immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2B) shares of Company Common Stock that were represented by book-entry (“Book-Entry Shares”), ) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Exchange Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Consideration, together with any amounts payable pursuant to Section 2.1(b)(i3.3(g); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Considerationif applicable.
(ii) Upon surrender to the Paying Exchange Agent of a Certificate or Book-Entry Shares, together with the Letter delivery of Transmittal, a duly completed and validly executed in accordance with the instructions theretoLetter of Transmittal, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Exchange Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to promptly receive in exchange therefor the Merger Consideration that such holder has the right to receive pursuant to this Article III, together with any amounts payable pursuant to Section 3.3(g), if applicable, for each share of Company Common Stock formerly represented by such Certificate or Book-Entry Shares Share, and such Certificate or book-entry all Certificates so surrendered shall then be canceledforthwith cancelled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registeredrecord holder of such shares of Company Common Stock, it shall be a condition of payment that the Certificate shares so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate such shares surrendered or shall have established to the satisfaction of the Surviving Corporation Entity that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii3.3(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender payable in respect of a such shares of Company Stock Option for cancellation to the Paying AgentCommon Stock, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled amounts payable to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii3.3(g), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIif applicable.
Appears in 2 contracts
Sources: Merger Agreement (Midstates Petroleum Company, Inc.), Merger Agreement (Amplify Energy Corp)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (but in no event later than five (5) business days thereafter), Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of non-certificated Company Common Stock Shares represented by book-entry (“Book-Entry Shares”), which immediately prior to the Effective Time represented outstanding Company Shares (other than Canceled Company Shares and Dissenting Company Shares) (i) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to or transfer of the Paying Agent or, in the case of Book-Entry Shares, upon adherence Shares to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingPayment Agent) and (ii) instructions for use in effecting the surrender of the Certificates or, in the case or transfer of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Shares in exchange for the Option Consideration.
(ii) Upon surrender Merger Consideration payable in respect thereof pursuant to the Paying provisions of this Article II. Upon (i) surrender of Certificates for cancellation to the Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and or (ii) receipt of an “agent’s message” by the Payment Agent (or such other customary documents evidence, if any, of the transfer as the Payment Agent may be reasonably required by request) in the Surviving Corporation or the Paying Agentcase of a transfer of Book-Entry Shares, the holder holders of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate payable in respect thereof pursuant to the provisions of this Article II, and the Certificates so surrendered or Book-Entry Shares and such Certificate or book-entry so transferred shall then forthwith be canceled. The Payment Agent shall accept such Certificates or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or transfer of Book-Entry Shares pursuant to this Section 2.6. Until so surrendered or transferred, outstanding Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Merger Consideration as contemplated by payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Acquisition Agreement (Ca, Inc.), Acquisition Agreement (Rally Software Development Corp)
Payment Procedures. (ia) As soon as practicable after Prior to the Partnership Merger Effective Time, Parent shall appoint a bank or trust company reasonably acceptable to the Company to act as paying agent with respect to the Mergers (the “Paying Agent”). At or prior to the Partnership Merger Effective Time, Parent shall deposit, or shall cause to be deposited, with the Paying Agent a cash amount in U.S. dollars that, when taken together with available cash of the Acquired Companies that is deposited with the Paying Agent at the Partnership Merger Effective Time, is sufficient in the aggregate to enable the Paying Agent to make the payments of the applicable Merger Consideration pursuant to Section 3.1(a)(i) and Section 3.2(a)(i) to holders of Partnership Units and Company Common Stock, as applicable, outstanding immediately prior to the Partnership Merger Effective Time or Company Merger Effective Time, as applicable, less the Partnership Unit Consideration or Common Stock Consideration, as applicable, to be paid in respect of the Company Compensatory Awards, which amounts in respect thereof shall be paid or delivered directly to the Surviving Company in accordance with Section 3.4(e) (the “Exchange Fund”). The Paying Agent shall make payments of the Merger Consideration out of the Exchange Fund in accordance with this Agreement. Any and all interest earned on cash deposited in the Exchange Fund shall be paid to the Surviving Company.
(b) Within five Business Days after the Company Merger Effective Time, Parent and the Surviving Entities shall cause the Paying Agent to deliverto, in accordance with, and as required by the Paying Agent’s customary procedures:
(Ai) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence that (1) immediately prior to the procedures set forth in Partnership Merger Effective Time, represented outstanding Partnership Units, or (2) immediately prior to the Letter Company Merger Effective Time, represented outstanding shares of TransmittalCompany Common Stock, and which were converted into the right to receive the Partnership Unit Consideration or the Common Stock Consideration pursuant to Section 3.1(a)(i) and Section 3.2(a)(i), as applicable (including, with respect to the Restricted Stock and the Deferred Stock Awards, pursuant to the provisions of Section 3.4(a) and Section 3.4(b)), an instruction request letter (which shall be in a customary form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and shall reasonably agree), including instructions for use in effecting the surrender of the Certificates or, in the case exchange of Book-Entry Shares, Shares for the surrender of such shares, for payment of the applicable Merger Consideration set forth in Section 2.1(b)(i)Consideration; and
(Bii) subject to each holder the requirements of a Company Stock Option as this Section 3.3(b), make, and the Paying Agent shall make, delivery and disbursement of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting applicable Merger Consideration out of the surrender Exchange Fund to the holders of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon Book-Entry Shares upon surrender to the Paying Agent of a Certificate or such Book-Entry SharesShares (which shall be deemed surrendered upon receipt by the Paying Agent of an “agent’s message” in customary form or such other evidence as the Paying Agent may reasonably request), together in each case, other than the holders of the Company Compensatory Awards and less any applicable Taxes required to be withheld with the Letter respect to such payment as provided in Section 3.5.
(c) The exchange of TransmittalBook-Entry Shares representing Partnership Units or Company Common Stock, duly completed and validly executed as applicable, shall be effected in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or ’s customary procedures with respect to book-entry securities. The Book-Entry Shares so surrendered shall forthwith be entitled to receive cancelled. In the event of a transfer of ownership of Partnership Units or Company Common Stock that is not registered in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders transfer records of the Certificates Partnership or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If Company, as applicable, payment of the applicable Merger Consideration is to may be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate Book-Entry Share so surrendered is registered if such Book-Entry Share shall be properly endorsed or shall otherwise be otherwise in proper form for transfer and that the Person requesting such payment shall have paid pay any transfer and or other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered transfer or shall have established establish to the reasonable satisfaction of the Surviving Corporation Parent that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)3.3, each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Partnership Merger Effective Time or Company Merger Effective Time, as applicable, to represent only the right to receive upon such surrender the applicable Merger Consideration as contemplated by this Article IIConsideration. No interest shall be paid or shall accrue on any payment to holders of Book-Entry Shares hereunder.
(iiid) Upon On or after the first anniversary of the Company Merger Effective Time, the Surviving Company shall be entitled to cause the Paying Agent to deliver to the Surviving Company any funds made available by Parent to the Paying Agent which have not been disbursed to holders of Book-Entry Shares representing Partnership Units or Company Common Stock, as applicable, and thereafter, such holders shall be entitled to look to the Surviving Company with respect to the cash amounts payable upon surrender of their Book-Entry Shares. None of Parent, the Surviving Entities, the Paying Agent or any other Person shall be liable to any holder of Partnership Units or Company Common Stock, as applicable, for any Merger Consideration or other amounts properly delivered to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any amounts remaining unclaimed by holders of Partnership Units or Company Common Stock, as applicable, immediately prior to the time at which such amounts would otherwise escheat to, or become the property of, any Governmental Authority shall, to the extent permitted by applicable Law, become the property of the Surviving Company, free and clear of any claims or interest of any such holders or their successors, assigns or personal representatives previously entitled thereto.
(e) As of the Partnership Merger Effective Time and the Company Merger Effective Time, as applicable, the stock or unit transfer books of the Partnership and the Company, as applicable, shall be closed, and thereafter, there shall be no further registration of transfers of Partnership Units or Company Common Stock. The applicable Merger Consideration paid in accordance with the terms of this Article III upon surrender of Book-Entry Shares representing Partnership Units and Company Common Stock, as applicable, shall be deemed to have been paid in full satisfaction of all rights pertaining to such Book-Entry Shares. From and after the Partnership Merger Effective Time, the holders of Partnership Units outstanding immediately prior to the Partnership Merger Effective Time shall cease to have any rights with respect to such Partnership Units except as otherwise provided for herein or by applicable Law. From and after the Company Merger Effective Time, the holders of Company Common Stock Option outstanding immediately prior to the Company Merger Effective Time shall cease to have any rights with respect to such shares of Company Common Stock, except as otherwise provided for cancellation herein or by applicable Law. If, after the Partnership Merger Effective Time or Company Merger Effective Time, as applicable, Book-Entry Shares representing Partnership Units or Company Common Stock, as applicable, are presented to the Paying Agent, together with Surviving Company or Surviving Partnership for transfer, they shall be cancelled and exchanged as provided in this Agreement.
(f) After the Option Surrender AgreementClosing Date, duly executed, and the Paying Agent shall invest any other documents reasonably required cash included in the Exchange Fund as directed by the Surviving Corporation Company. Any interest and other income resulting from such investments shall be paid to the Surviving Company. Until the termination of the Exchange Fund, to the extent that there are losses with respect to such investments, or the Paying Agent, the holder cash portion of the Company Stock Option shall be entitled Exchange Fund diminishes for other reasons below the level required to receive in exchange therefor make prompt payments of the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Merger Consideration as contemplated by this Article IIhereby, the Surviving Company shall promptly replace or restore the cash portion of the Exchange Fund lost through investments or other events so as to ensure that the cash portion of the Exchange Fund is, at all times, maintained at a level sufficient to make all such payments.
Appears in 2 contracts
Sources: Merger Agreement (American Campus Communities Inc), Merger Agreement (American Campus Communities Inc)
Payment Procedures. (i) As soon promptly as practicable after the Effective Time, but in any event no later than three (3) Business Days following the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) mail to each record holderPerson who was, as of immediately prior to at the Effective Time, a registered holder of Shares entitled to receive the Merger Consideration pursuant to Section 3.01(a): (1A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form for a company incorporated in the Cayman Islands reasonably acceptable to Parent and agreed the Company, and shall specify the manner in which the delivery of the Exchange Fund to by registered holders of Shares (other than the Excluded Shares and the Dissenting Shares) shall be effected and contain such other provisions as Parent and the Company prior to the Closingmay mutually agree) and (B) instructions for use in effecting the surrender of the Certificates orShares pursuant to such letter of transmittal. At the Effective Time, Parent shall also cause the Paying Agent to deliver to the Surviving Company a cash amount in immediately available funds sufficient to make the case of Book-Entry Shares, payments described under Section 3.04(b) and Section 3.04(c) and the surrender Surviving Company shall make such payments to the Persons entitled to receive such amounts through its payroll or the designated agent of such sharesPersons, for payment subject to all applicable income and employment Taxes and other authorized deductions (including pursuant to Section 3.06) as well as completeness of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, registrations under SAFE Share Incentive Rules and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationRegulations.
(ii) Upon surrender to the Paying Agent of a Share Certificate (or Book-Entry Shares, together affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g)) and/or such other documents as may be required pursuant to such instructions to the Paying Agent in accordance with the Letter terms of Transmittalsuch letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the each registered holder of Shares represented by such Share Certificate or Book-Entry and each registered holder of Uncertificated Shares shall be entitled to receive in exchange therefor an amount equal to (x) the number of Shares represented by such Share Certificate (or affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g)) or the number of Uncertificated Shares multiplied by (y) the Merger Consideration, and the Share Certificate so surrendered shall forthwith be marked as cancelled.
(iii) Prior to the Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (A) the Paying Agent will transmit to the Depositary as promptly as reasonably practicable following the Effective Time (but in any event no later than three (3) Business Days) an amount in cash in immediately available funds equal to the product of (x) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares and Dissenting Shares) and (y) the Merger Consideration, and (B) the Depositary will distribute the Merger Consideration for each share formerly represented by such Certificate or Book-Entry to holders of ADSs pro rata to their holdings of ADSs (other than ADSs representing Excluded Shares and Dissenting Shares) upon surrender by them of the ADSs. The holders of ADSs shall bear any applicable fees, charges and expenses of the Depositary and government charges due to or incurred by the Depositary in connection with distribution of the Merger Consideration to holders of ADSs, including applicable ADS cancellation fees, and any such Certificate or book-entry fees, charges and expenses incurred by the Depositary shall then be canceled. treated for all purposes of this Agreement as having been paid to the holders of ADSs.
(iv) No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares will accrue on the Merger Consideration any amount payable in respect of the Certificates or Book-Entry SharesShares (including Shares represented by ADSs) pursuant to the provisions of this ARTICLE III. If payment In the event of a transfer of ownership of Shares that is not registered in the register of members of the Company, the Merger Consideration is in respect of such Shares may be paid to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form such transferee upon delivery of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established evidence to the satisfaction of Parent (or any agent designated by Parent) of such transferee’s entitlement to the Surviving Corporation relevant Shares and evidence that such any applicable share transfer Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Chen Chris Shuning), Merger Agreement (Pactera Technology International Ltd.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event within three (3) Business Days thereafter, Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares and (ii) non-certificated Company Shares represented in book-entry form (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Uncertificated Shares”), in each case, whose Company Shares were converted into the right to receive the Merger Consideration pursuant to Section 3.7 (A) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effectedin customary form reasonably satisfactory to the Company and Parent, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required pursuant to such instructions, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 3.7, by (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 3.8(e)), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Surviving Corporation Paying Agent (or such other evidence, if any, of transfer as the Paying AgentAgent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of Company Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for pursuant to Section 3.7, by (2) the Merger Consideration (less any applicable withholding Tax pursuant to Section 3.8(e)), and the Uncertificated Shares so transferred shall forthwith be canceled. The Paying Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares represented by book-entry held through the Depository Trust Company shall be required to deliver a letter of transmittal to the Paying Agent to receive the Merger Consideration that such holder is entitled to receive pursuant to Section 3.7. In lieu thereof, each share formerly holder of record of one or more Uncertificated Shares held through the Depository Trust Company whose Company Shares were converted into the right to receive the Merger Consideration pursuant to Section 3.7, as applicable, shall automatically upon the Effective Time, be entitled to receive, and Parent shall cause the Paying Agent to pay and deliver to the Depository Trust Company or its nominee as promptly as practicable after the Effective Time (but in any event within one (1) Business Day thereof) an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificate or Book-Entry Uncertificated Shares held through the Depository Trust Company that were converted into the right to receive the Merger Consideration pursuant to Section 3.7, by (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 3.8(e)), and such Certificate or book-entry Uncertificated Shares of such holder shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 3.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 3.8(e), payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 2 contracts
Sources: Merger Agreement (Endo, Inc.), Merger Agreement (Endo International PLC)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time and in any event not later than the fifth (5th) Business Day following the Effective Time, Parent shall cause the Paying Exchange Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.1, (A) a letter of transmittal, in form and substance reasonably satisfactory to the “Certificates”) Company (which approval shall not be unreasonably withheld, conditioned or (2) shares of Company Common Stock represented by book-entry (“delayed), with respect to Book-Entry Shares”), a customary letter of transmittal Shares (“Letter of Transmittal”to the extent applicable) and Certificates (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Exchange Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Book-Entry Shares (to the extent applicable) or Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration.
(ii) Upon On surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Exchange Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt of an “agent’s message” by the Exchange Agent, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Exchange Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the Merger Consideration for each share formerly Consideration, into which the shares represented by such Certificate Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (together with any Fractional Share Cash Amount and such Certificate any dividends or book-entry shall then be canceledother distributions payable pursuant to Section 2.2(c)). No interest shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject required to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpaid.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, The Parties and any other documents reasonably required Person that has any withholding obligation with respect to any payment made pursuant to this Agreement as determined by the Surviving Corporation such Party or the Paying Agent, the holder of the Company Stock Option person in good faith shall be entitled to receive in exchange therefor deduct and withhold, or cause the amount Exchange Agent to deduct and withhold, from any payment such amounts as are required to be withheld or deducted under the Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”), or under any provision of state, local or non-U.S. Tax Law. To the extent that amounts are so withheld and paid over to the provisions of Section 2.3appropriate Governmental Entity, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right Person in respect of which the deduction and withholding was made. The Parties shall use reasonable best efforts to receive reduce or eliminate withholding tax in connection with any payment made pursuant to Section 7.3 hereof to the Option Consideration as contemplated extent permitted by this Article IIapplicable Law.
Appears in 2 contracts
Sources: Merger Agreement (Enerflex Ltd.), Merger Agreement (Exterran Corp)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time (but in no event later than five Business Days following the Effective Time), the Parent shall will cause the Paying Agent to deliver:
mail to each holder of record whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 3.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and that risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and have such other provisions as agreed to by between the Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(iCompany); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration. The Exchange Fund shall not be used for any purpose other than to fund payments in accordance with this Agreement.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or the receipt of an “agent’ s message” by the Paying Agent (or such evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of Book-Entry Shares, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, including a declaration form in which the holder of record of Certificate Shares states whether the holder is a resident of Israel as defined in the Israeli Tax Code and provides such other information as is required pursuant to the Israeli Tax Code and the Israeli Withholding Tax Ruling, if obtained, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor an amount (subject to any applicable withholding Tax as specified in Section 3.2(b)(iii)) equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Merger Consideration, not later than five (5) Business Day following Payment Agent’s receipt of such Certificates (or affidavit of loss in lieu thereof) or Book-Entry Shares, and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares shall be cancelled. No interest will be paid or accrued on any amount payable upon the Merger Consideration payable in respect surrender of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is to be made to an individualCompany, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form amounts payable upon due surrender of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, is properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting is accompanied by all documents required to evidence and effect such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established evidence to the Surviving Corporation’s reasonable satisfaction of the Surviving Corporation that such any applicable Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)3.2, each Certificate and each or Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender and in accordance with the terms hereof the Merger Consideration as contemplated by this Article IIIII.
(iii) Upon surrender Notwithstanding anything to the contrary in this Agreement, each of a Company Stock Option for cancellation to the Paying Agent, together with Merger Sub, the Option Surrender Agreement, duly executed, Parent and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive deduct and withhold from any consideration payable pursuant to this Agreement to any holder or former holder of Company Shares and Company Share Options (in exchange therefor the amount case of cash which such holder has the right to receive pursuant Company Share Options subject to the provisions of Section 2.33.3 hereunder), such amounts as may be required to be deducted or withheld therefrom under the Code, the Israeli Tax Code, or under any provision of state, local, Israeli or other applicable Law or any other applicable legal requirement; provided that (i) if the Israeli Withholding Tax Ruling is obtained, deduction and withholding of any amounts under the Company Stock Option so surrendered Israeli Tax Code or any other provision of Israeli law, if any, shall then be canceled. Until surrendered made only in accordance with the provisions of the Israeli Withholding Tax Ruling, and (ii) if any holder of Company Shares provides the Paying Agent, the Parent or the Surviving Corporation with a valid approval or ruling issued by the applicable Governmental Authority regarding the withholding (or reduction or exemption from withholding) of Israeli Tax from the consideration payable or otherwise deliverable pursuant to this Section 2.5(b)(iii)Agreement, each Company Stock Option which in the reasonable discretion of Israeli counsel to the Parent is sufficient to enable the Parent to conclude that no withholding or a reduced rate of withholding, as applicable, of Israeli Tax is required, then the deduction and withholding of any amounts under the Israeli Tax Code or any other provision of Israeli law, if any, from the consideration payable to such holder shall be deemed at made only in accordance with the provisions of such approval or ruling. To the extent such amounts are so deducted or withheld, (i) the Paying Agent, the Parent and/or the Surviving Corporation, as applicable, shall provide the holder of Company Shares from whom an amount was deducted or withheld with a written notice, as may be required by any time after applicable Law, stating the Effective Time to represent amount so deducted or withheld, (ii) such amounts shall be treated for all purposes only under this Agreement as having been paid to the right Person to receive whom such amounts would otherwise have been paid, and (iii) the Option Paying Agent and/or the Parent shall cause such amounts to be paid to the proper taxing authorities in accordance with applicable Laws not earlier than three (3) Business Days prior to the last day on which such payment is required, provided, however, that any such withheld or deducted amounts (or such applicable portion thereof) shall be released to any holder of Company Shares when and to the extent that the Paying Agent or the Parent has received, at least four (4) Business Days prior to the last day on which the amounts so withheld or deducted must be paid to the applicable authority (and before such amounts are paid), certificates or forms issued by the applicable tax authority as are sufficient, under applicable Law, to establish that withholding is not required, in whole or in part, with respect to Merger Consideration as contemplated by this Article IIpayable to such holder of Company Shares.
Appears in 2 contracts
Sources: Merger Agreement (Shamir Optica Holdings A.C.S. Ltd.), Merger Agreement (Essilor International /Fi)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the second (2nd) Business Day following the Closing Date, Parent shall cause the Paying Agent to deliver:
mail to each holder of record of Shares whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 2.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceled(y) the Merger Consideration. No interest shall be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, payment of the Merger Consideration is upon due surrender of a Certificate may be paid to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be such a condition of payment that transferee if the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that the Person requesting such payment shall have paid any applicable stock transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the The Paying Agent, the holder of the Company Stock Option Company, Parent and Merger Sub (and their respective Affiliates or agents), as applicable, shall be entitled to receive in exchange therefor deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the amount Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”), or under any provision of state, local or foreign Tax Law with respect to the provisions making of Section 2.3such payment. To the extent that such amounts are so deducted or withheld and paid over to the relevant Governmental Entity within the time and in the manner required by applicable Law, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right to receive the Option Consideration as contemplated by this Article IIPerson in respect of which such deduction or withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Aerojet Rocketdyne Holdings, Inc.), Merger Agreement (L3harris Technologies, Inc. /De/)
Payment Procedures. Promptly (iand in any event within three (3) As soon as practicable after Business Days) following the Effective Time, Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”other than Dissenting Company Shares) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates for cancellation to the Paying Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares Certificates shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares payable in respect thereof pursuant to the provisions of this Article III, and such Certificate or book-entry the Certificates so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender of such Certificates pursuant to this Section 3.8. Until so surrendered, outstanding Certificates shall be deemed from and after the Effective Time, to evidence only the right to receive the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive thereof pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIIII.
Appears in 2 contracts
Sources: Merger Agreement (Spectralink Corp), Merger Agreement (Polycom Inc)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, Time and in each case other than holders of Company Restricted Shares) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares and (ii) uncertificated Company Shares (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 3.7 (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalPayment Agent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 3.7, by (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 3.8(e)), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Payment Agent (or such other customary documents evidence, if any, of transfer as the Payment Agent may be reasonably required by request) in the Surviving Corporation or the Paying Agentcase of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for each share formerly represented pursuant to Section 3.7, by such Certificate or Book-Entry (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 3.8(e)), and the transferred Uncertificated Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 3.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it outstanding Certificates and Uncertificated Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 2 contracts
Sources: Merger Agreement (Receptos, Inc.), Merger Agreement (Celgene Corp /De/)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event not more than five (5) Business Days thereafter, Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) or (2) uncertificated shares of Company Common Stock that represented by book-entry outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Book-Entry Uncertificated Shares”), ) (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form and reasonably acceptable to the Company (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive receive, and the Payment Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive, and the Payment Agent shall then promptly pay, in exchange therefor, an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be canceledcancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.10(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Monotype Imaging Holdings Inc.), Merger Agreement (Nutraceutical International Corp)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time and in any event not later than the second Business Day following the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) mail to each holder of record holderof Shares whose Shares were converted into the Merger Consideration pursuant to Section 2.1, as of immediately prior to the Effective Time, of (1x) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay reasonably specify); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2y) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Merger Consideration. On the Closing Date, Parent shall cause the Paying Agent also to deliver, or cause to be delivered, to each holder of a Company Stock Option Considerationby wire transfer the amount due and payable to such holder pursuant to Section 5.5 hereof in respect of such Company Stock Option.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent together with, in the case of a Certificate or Book-Entry SharesCertificates, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt by the Paying Agent of an “agent’s message,” and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceledmultiplied by (y) the Merger Consideration. No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is Company, a check for any cash to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established Book-Entry Share may be paid to such a transferee if the Certificate or Book-Entry Share formerly representing such Shares is presented to the satisfaction of the Surviving Corporation Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either (as defined in Section 3.15(b)) have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)2.2, each Certificate and each or Company Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the applicable Merger Consideration as contemplated by this Article II.
(iii) Upon surrender For the avoidance of a Company Stock Option for cancellation to the Paying Agentdoubt, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the Surviving Corporation and Parent shall each be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Shares or holder of Company Stock Options, such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity (as defined in Section 3.3(b)), such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares or holder of the Company Stock Option shall be entitled to receive Options, in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding were made.
Appears in 2 contracts
Sources: Merger Agreement (W R Grace & Co), Merger Agreement (Synthetech Inc)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time and in any event not later than the second business day following the Effective Time (or, in the case of clause (y) below, not later than the date the first payroll checks are paid to employees of the Surviving Corporation following the Effective Time), Parent shall cause (x) the Paying Agent shall mail to deliver:
each holder of record of Shares whose Shares were converted into the Merger Consideration pursuant to Section 2.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other customary provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Merger Consideration and (y) the Paying Agent or the Surviving Corporation shall pay to each holder of a Company Stock Option or a Company Stock-Based Award the amount due and payable to such holder pursuant to Section 5.5 hereof in respect of such Company Stock Option in exchange for the Option Considerationor Company Stock-Based Award.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may reasonably be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceledmultiplied by (y) the Merger Consideration. No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is Company, a check for any cash to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the satisfaction of the Surviving Corporation Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either (as hereinafter defined) have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender The Paying Agent shall, at the Surviving Corporation’s request, deduct and withhold from the consideration otherwise payable under this Agreement to any holder of a Shares or holder of Company Stock Option for cancellation Options or Company Stock-Based Awards, such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986 (the “Code”) or any provision of U.S. state or local Tax Law with respect to the Paying Agent, together with the Option Surrender Agreement, duly executedmaking of such payment, and any other documents reasonably required by pay such amounts to the Surviving Corporation for payment over to the applicable Governmental Entity (as hereinafter defined). To the extent that amounts are so withheld or deducted and paid over to the Paying Agentapplicable Governmental Entity, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares or holder of the Company Stock Option shall be entitled to receive Options or Company Stock-Based Awards, in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding were made.
Appears in 2 contracts
Sources: Merger Agreement (Ceridian Corp /De/), Merger Agreement (Comdata Network, Inc. Of California)
Payment Procedures. Promptly after the Effective Time (i) As soon as practicable after but in no event more than five Business Days thereafter), MN8 Energy shall direct the Paying Agent to mail to each Person who was, at the Effective Time, Parent shall cause a holder of record of Company Shares (other than Canceled Shares, and other than to any holder of record of Company Shares who delivered the Required Materials pursuant to Section 2.04(a)(ii)) (i) a letter of transmittal substantially in the form attached hereto as Exhibit F, subject to such changes, modifications or supplements with respect thereto as the Company, Holdings and the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock may mutually agree in writing (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) and (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closingii) and instructions for use in effecting the surrender of the Certificates or, in the case of or Book-Entry Shares, the surrender of such shares, Shares in exchange for payment of the Merger Closing Consideration set forth as provided in Section 2.1(b)(i); and
2.01(c) and (Bin each case, if, as, when and to the extent payable pursuant to this Agreement) to each holder of a Company Stock Option as the holder’s Pro Rata Portion of the Effective Time (1) an Option Surrender Agreement, Representative Reserve Release Amount and (2) instructions for use in effecting the Post-Closing Additional Consideration Amount. On surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or a Book-Entry SharesShare for cancelation to the Paying Agent, together with the such Letter of Transmittal, duly completed and validly executed in accordance with the such letter’s instructions thereto, (and such other customary documents as may reasonably be reasonably required by the Surviving Corporation or the Paying Agent), the holder of such Certificate or Book-Entry Shares Share shall be entitled to receive in exchange therefor such holder’s Closing Consideration and (in each case, if, as, when and to the Merger extent payable pursuant to this Agreement) such holder’s Pro Rata Portion of the Representative Reserve Release Amount and the Post-Closing Additional Consideration Amount, in each case, for each share Company Share formerly represented by such Certificate or Book-Entry Shares Share, and such the Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry SharesShare so surrendered shall forthwith be canceled. If payment of the Merger Closing Consideration or (if, as, when and to the extent payable pursuant to this Agreement) the applicable Pro Rata Portion of the Representative Reserve Release Amount or the Post-Closing Additional Consideration Amount, in each case, is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate or Book-Entry Share is registered, it shall be a condition of payment that (A) the Certificate or Book-Entry Share so surrendered shall be properly endorsed or shall otherwise be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of such Closing Consideration or (in each case, if, as, when and to the Merger extent payable pursuant to this Agreement) the applicable Pro Rata Portion of the Representative Reserve Release Amount or the Post- Closing Additional Consideration Amount, in each case, to a Person other than the registered holder of the such Certificate or Book-Entry Share surrendered or and shall have established to the reasonable satisfaction of the Surviving Corporation Entity that such Taxes Tax either have has been paid or are is not applicable. To facilitate the payment of the Closing Consideration and (in each case if, as, when and to the extent payable pursuant to this Agreement) the Representative Reserve Release Amount and the Post-Closing Additional Consideration Amount, in each case, to the registered holders of Book-Entry Shares, the Company may (and at the request of the Company, MN8 Energy shall) cause the Paying Agent to collect Letters of Transmittal in advance of the Closing (it being understood that such Letters of Transmittal shall be contingent on, and shall be effective on, the occurrence of the Effective Time). Until surrendered as contemplated by this Section 2.5(b)(ii)2.05, each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon the Closing Consideration and Pro Rata Portion of each of the Representative Reserve Release Amount and the Post-Closing Additional Consideration Amount, in each case, attributable to such surrender the Merger Consideration Certificate or Book-Entry Share as contemplated by this Article II.
(iii) Upon surrender . Notwithstanding anything to the contrary in this Agreement, no holder of record of a Book-Entry Share, Company Stock Option for cancellation RSU or Company PSU will be required to the Paying Agentdeliver a Letter of Transmittal or surrender such Book-Entry Shares, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation Company RSUs or the Paying Agent, the holder of the Company Stock Option shall be entitled PSUs in order to receive in exchange therefor the amount of cash applicable Equity Election Consideration or Mixed Election Equity Consideration to which such holder has the right to receive it is entitled pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Greenbacker Renewable Energy Co LLC), Merger Agreement (Greenbacker Renewable Energy Co LLC)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the second (2nd) Business Day following the Closing Date, Parent shall cause direct the Paying Agent to deliver:
mail to each holder of record of Shares represented by Certificates or book entry whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 3.01, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of with respect to Book-Entry Shares, only upon adherence to delivery of an “agent’s message” regarding the procedures set forth in book-entry transfer of Book-Entry Shares (or such other evidence, if any, of the Letter book-entry transfer of Transmittal, Book-Entry Shares as the Paying Agent may reasonably request) and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration.
(ii) Upon Parent shall cause the Paying Agent to deliver, upon (A) in the case of a Certificate, surrender of such Certificate (or effective affidavits of loss in lieu thereof) to the Paying Agent of a Certificate or Book-Entry Sharesfor cancellation, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation Paying Agent or (B) in the case of Book-Entry Shares, the later of (i) the Effective Time and (ii) to the extent required by the Paying Agent, the time when an “agent’s message” is received by the Paying Agent (or such other evidence, if any, of the transfer as the Paying Agent may reasonably request), to the holder of such Certificate (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor Share, the Merger Consideration for each share formerly of Common Stock theretofore represented by such Certificate or Book-Entry Shares Share, as applicable, pursuant to Section 3.01(a), and such the Certificate or bookBook-entry Entry Share, as applicable, so surrendered shall then forthwith be canceledcancelled. No interest shall be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates loss in lieu thereof) or Book-Entry Shares on the Merger Consideration payable in respect cancellation of the Certificates or Book-Entry Shares. If In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, payment of the Merger Consideration is upon due surrender of a Certificate may be paid to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be such a condition of payment that transferee if the Certificate so surrendered shall be properly endorsed or shall be otherwise formerly representing such Shares is presented to the Paying Agent in proper form for transfer, accompanied by all documents required to evidence and effect such transfer and to evidence that the Person requesting such payment shall have paid any applicable stamp, stock transfer and other or similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation Notwithstanding anything herein to the Paying Agentcontrary, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of Company, the Company Stock Option Surviving Corporation, Parent and Merger Sub (and their respective Affiliates or agents), as applicable, and any other applicable withholding agent shall be entitled to receive in exchange therefor deduct and withhold (or cause to be deducted and withheld) from any amounts payable under this Agreement such amounts as are required to be withheld or deducted under the amount Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”) or the Treasury Regulations, or under any provision of applicable U.S. federal, state or local or non-U.S. Tax Law with respect to the provisions making of Section 2.3such payment. To the extent that such amounts are so deducted or withheld and paid over to the relevant Governmental Entity, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right Person in respect of which such deduction or withholding was made. Notwithstanding anything herein to receive the Option Consideration contrary, any compensatory amounts payable to any current or former employee or service provider of the Company pursuant to or as contemplated by this Article IIAgreement shall be remitted to the applicable payor for payment to the applicable Person through regular payroll procedures, as applicable, or, at the election of the Company and Parent, through a payroll agent, in either case subject to any required deductions or withholdings.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Radius Recycling, Inc.), Agreement and Plan of Merger (Radius Recycling, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the fifth Business Day following the Closing Date, Parent shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock whose shares were converted into the right to receive the Merger Consideration pursuant to Section 1.4(b), (the “Certificates”A) or (2) shares a letter of Company Common Stock represented by book-entry (“transmittal with respect to Book-Entry Shares”), a customary letter of transmittal Shares (“Letter of Transmittal”to the extent applicable) and Certificates (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Book-Entry Shares (to the extent applicable) or Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration.
(ii) Upon On surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt of an “agent’s message” by the Paying Agent, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor therefor, and the Paying Agent shall be required to promptly deliver to each such holder, the Merger Consideration for each share formerly into which the shares represented by such Certificate Certificates or Book-Entry Shares and such Certificate or book-entry shall then be canceledhave been converted pursuant to this Section 2.3. No interest shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that that
(A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject required to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpaid.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Sailpoint Technologies Holdings, Inc.), Merger Agreement (Sailpoint Technologies Holdings, Inc.)
Payment Procedures. (i) As soon promptly as reasonably practicable after the Effective TimeTime (and in any event within two Business Days thereafter), Parent the Surviving Corporation shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), deliver a customary letter of transmittal (which will be in customary form and reviewed by the Company prior to delivery) (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates representing the shares of Company Class A Common Stock (the “Certificates”) shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Company Class A Common Stock in book-entry (the “Book-Entry Shares”), upon adherence to the procedures set forth in the Letter of Transmittal), and which shall be in a customary form and agreed to by Parent and the Company parties prior to the Closing) Closing and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) Consideration, to each holder of a Company Stock Option record, as of immediately prior to the Effective Time, of (A) Certificates or (B) Book-Entry Shares. Each holder of Certificates or Book-Entry Shares may thereafter until the first (1st) anniversary of the Effective Time (1) an Option Surrender Agreementsurrender such Certificates or Book-Entry Shares to the Paying Agent, and (2) instructions as agent for use in effecting such holder, under cover of the surrender Letter of such Company Stock Option in exchange for the Option ConsiderationTransmittal, if applicable.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, if applicable, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares Share and such Certificate or bookBook-entry Entry Share shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registeredholder of record of such shares of Company Class A Common Stock, it shall be a condition of payment that the Certificate such shares of Company Class A Common Stock so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate such shares surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii3.3(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIIII.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Maxwell W Keith III), Merger Agreement (Via Renewables, Inc.)
Payment Procedures. (ia) As soon On or prior to the Closing Date, Parent shall select a reputable bank or trust company to act as practicable paying agent in the Merger (the “Paying Agent”). Promptly, and in any event within three (3) Business Days, after the Effective Time, Parent shall deposit or cause to be deposited with the Paying Agent cash in an amount equal to deliver:the total amount required for the payments in Section 2.4(a)(iii) and 2.4(a)(iv). The cash amount so deposited with the Paying Agent is referred to as the “Exchange Fund.”
(Ab) As soon as reasonably practicable after the Effective Time, the Paying Agent will mail to each the record holder, holders of Company Shares as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of whether such Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock Shares are represented by book-entry (“Certificates or Book-Entry Shares”), (i) a customary letter of transmittal in customary form and containing such provisions as Parent may reasonably specify (“Letter of Transmittal”) (which shall specify including a provision confirming that delivery of Company Share Certificates or Book-Entry Shares shall be effected, and risk of loss and title to the Company Share Certificates or Book-Entry Shares shall pass, only upon proper delivery of the such Company Share Certificates or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(iAgent); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2ii) instructions for use in effecting the surrender of such Company Stock Option Share Certificates or Book-Entry Shares in exchange for the Option Consideration.
(iiconsideration payable pursuant to Section 2.4(a)(iii) Upon surrender to and 2.4(a)(iv) for the Paying Agent number of a Certificate Company Shares previously represented by such Company Share Certificates or Book-Entry Shares, together with a duly executed letter of transmittal and such other documents as may be reasonably required pursuant to such instructions by the Letter Paying Agent or Parent. Until surrendered as contemplated by this Section 2.6, all Company Share Certificates or Book-Entry Shares shall be deemed, from and after the Effective Time, to represent only the right to receive the consideration payable pursuant to Section 2.4(a)(iii) and 2.4(a)(iv) as contemplated by Section 2. If any Company Share Certificate shall have been lost, stolen or destroyed, Parent may, in its discretion and as a condition to the payment of Transmittalthe consideration payable pursuant to Section 2.4(a)(iii), require the owner of such lost, stolen or destroyed Company Share Certificate to provide an appropriate affidavit of loss and to deliver a bond (in such sum as Parent may reasonably direct) as indemnity against any claim that may be made against the Paying Agent, Parent or the Surviving Corporation with respect to such Company Share Certificate.
(c) Upon surrender of a Company Share Certificate (or affidavit of loss and bond as indemnity, in accordance with Section 2.6(b), in lieu thereof) or Book-Entry Share for cancellation to the Paying Agent, together with a letter of transmittal duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agentpursuant to such instructions, the holder of such Company Share Certificate or Book-Entry Shares Share shall be entitled to receive the Per Share Merger Consideration in exchange therefor pursuant to Section 2.4(a)(iii), to be mailed (or made available for collection by hand if so elected by the Merger Consideration for each share formerly represented by surrendering holder) within five (5) Business Days following the later to occur of (i) the Paying Agent’s receipt of the Exchange Fund, and (ii) the Paying Agent’s receipt of such Company Share Certificate (or affidavit of loss and bond as indemnity, in accordance with Section 2.6(b), in lieu thereof) or Book-Entry Share, and the Company Share Certificate or Book-Entry Shares and such Certificate or book-entry Share so surrendered shall then forthwith be canceled. cancelled within five (5) Business Days.
(d) No interest shall be paid or accrued for the benefit of the holders of the Certificates Company Share Certificate or Book-Entry Shares on the Merger Consideration consideration payable in respect to such holders pursuant to this Agreement.
(e) Any portion of the Exchange Fund that remains undistributed to holders of Company Share Certificates or Book-Entry Shares. If Shares as of the date twelve (12) months after the date on which the Merger becomes effective shall be delivered to Parent upon demand, and any holders of Company Share Certificates or Book-Entry Shares who have not theretofore surrendered their Company Share Certificates or Book-Entry Shares in accordance with this Section 2.6 shall thereafter look only to Parent for payment of the Per Share Merger Consideration is pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association Section 2.4(a)(iii). Parent or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it as otherwise instructed by Parent shall be a condition the owner of payment that any interest or other amounts earned on the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer Exchange Fund and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Per Share Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of Consideration.
(f) Neither Parent nor the Surviving Corporation that such Taxes either have been paid shall be liable to any holder or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry former holder of Company Shares or to any other Person with respect to any Per Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by delivered to any public official pursuant to any applicable abandoned property law, escheat law or similar Legal Requirement. In the event that this Article II.
(iii) Upon surrender of a Company Stock Option Agreement is terminated for cancellation any reason and any cash has been transmitted to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required such cash shall promptly be returned to Parent or as otherwise instructed by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIParent.
Appears in 2 contracts
Sources: Merger Agreement (Voltaire Ltd.), Merger Agreement (Mellanox Technologies, Ltd.)
Payment Procedures. (i) As soon as practicable after With respect to any certificate which immediately prior to the Effective TimeTime represented outstanding Company Shares (the “Certificates”), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
mail, promptly following the Effective Time (Abut in no event later than the fifth (5th) Business Day thereafter), to each holder of record holder, (as of immediately prior to the Effective Time, ) of such Certificates (1A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title in customary form reasonably satisfactory to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Company and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or pursuant to such instructions, Parent shall cause the Paying Agent, Agent to pay and deliver as promptly as practicable after the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor Effective Time the Merger Consideration payable for each share formerly Company Share represented by such Certificate or Bookpursuant to Section 2.7 (less any applicable withholding Tax pursuant to Section 2.8(e)), and the Certificates so surrendered shall forthwith be canceled.
(ii) With respect to non-Entry certificated Company Shares and such Certificate or represented in book-entry form (the “Uncertificated Shares”), Parent shall then be canceledcause the Paying Agent to pay and deliver the Merger Consideration payable therefor (less any applicable withholding Tax pursuant to Section 2.8(e)), in each case promptly following the Effective Time and upon surrender thereof to the Paying Agent by receipt of an “agent’s message” (or such other evidence, if any, of transfer as the Paying Agent may reasonably request) (but in no event later than the fifth (5th) Business Day thereafter). The Company and Parent shall cooperate to, and Parent shall cause the Paying Agent to, (A) deliver to DTC or its nominees, or to holders of Uncertificated Shares, in each case to the extent applicable or required, any notice with respect to the effectiveness of the Merger and any instructions for surrendering Uncertificated Shares and (B) establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as practicable after the Effective Time, upon surrender of Company Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Merger Consideration payable for each such Uncertificated Share pursuant to Section 2.7.
(iii) The Paying Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 2.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, less any applicable withholding Taxes pursuant to Section 2.8(e), payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Intra-Cellular Therapies, Inc.), Merger Agreement (Intra-Cellular Therapies, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime (and in any event within five Business Days), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior Shares (other than Shares to the Effective Time, of (1be cancelled in accordance with Section 2.4(b) an outstanding certificate or certificates which and Dissenting Shares) immediately prior to the Effective Time represented shares of (other than The Depository Trust Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry SharesDTC”), ) (a) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Uncertificated Shares, upon adherence to the procedures set forth in the Letter letter of Transmittaltransmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(b) and instructions for use in effecting the surrender of such Certificates (or effective affidavits of loss in lieu thereof) or Uncertificated Shares in exchange for the Certificates applicable Merger Consideration payable in respect thereof pursuant to such letter of transmittal. The surrender of any Uncertificated Shares shall be effected in accordance with the Paying Agent’s customary procedures with respect to securities represented by book entry. Upon surrender of a Certificate or Uncertificated Shares to the Paying Agent together with such letter of transmittal, duly executed and completed in accordance with the instructions thereto and such other documents as may reasonably be requested by the Paying Agent, or, in the case of Book-Entry SharesDTC, the customary surrender procedures of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, DTC and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor for such properly surrendered Shares, and Parent and the Merger Consideration for each share formerly Surviving Corporation shall cause the Paying Agent to pay and deliver in exchange thereof as promptly as practicable after such proper surrender, cash in an amount equal to the product of (x) the number of Shares represented by such Certificate or Book-Entry Shares Uncertificated Shares, as the case may be, multiplied by (y) the Merger Consideration, and such the Certificate or book-entry Uncertificated Shares so surrendered shall then forthwith be canceledcancelled. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares will accrue on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpayable.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Pep Boys Manny Moe & Jack), Merger Agreement (Icahn Enterprises Holdings L.P.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within five (5) Business Days), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented shares of outstanding Shares (other than Dissenting Company Common Stock Shares and Owned Company Shares) (the “Certificates”); and (ii) or subject to the last sentence of this Section 2.9(c), uncertificated Shares that represented outstanding Shares (2other than Dissenting Company Shares and Owned Company Shares) shares of Company Common Stock represented by book-entry (the “Book-Entry Uncertificated Shares”), ) (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of Shares represented by such Certificate Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of Shares represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (RealPage, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time, and in any event not later than the fifth Business Day following the Effective Time, Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(Ax) mail to each holder of record holder, of Shares as of immediately prior to the Effective TimeTime whose Shares were converted into the Merger Consideration pursuant to Section 2.1, of (1A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall be in customary form and shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof which are reasonably acceptable to Parent) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closingshall reasonably determine) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Merger Consideration, and (y) pay, by check or wire transfer of immediately available funds to the account or accounts designated by the Company in writing no later than two Business Days prior to the Closing, to each holder of a Company Stock Option Considerationan amount in cash equal to the Option Consideration payable to such holder pursuant to Section 2.1(d) hereof in respect of such Company Stock Option.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor a check or, if requested in writing by the holder of such Certificates or Book-Entry Shares representing in excess of one percent (1%) of the Shares outstanding immediately prior to the Effective Time, a wire transfer of immediately available funds to an account designated by such holder, in an amount equal to the product of (x) the number of Shares represented by such holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Merger Consideration for each share formerly represented by such (less any applicable withholding Taxes) and the Certificate or Book-Entry Shares and such Certificate or book-entry so surrendered shall then forthwith be canceledcancelled. No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer or stock records of the Merger Consideration is Company, a check for any cash to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the satisfaction Paying Agent (or in the case of Book-Entry Shares, upon adherence to the Surviving Corporation applicable procedures set forth in the letter of transmittal), accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either (as hereinafter defined) have been paid or are not applicable. Until surrendered as contemplated by in accordance with this Section 2.5(b)(ii2.2(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration or such other consideration as contemplated by this Article IImay be due pursuant to Section 2.1(f).
(iii) Upon surrender The Surviving Corporation and the Paying Agent shall be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of a Shares or holder of Company Stock Option for cancellation Options such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable provision of federal, state, local or foreign Tax Law with respect to the Paying Agentmaking of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity (as hereinafter defined), together with such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the Option Surrender Agreement, duly executed, and any other documents reasonably required by holder of the Surviving Corporation Shares or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive Options in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding were made.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Silverleaf Resorts Inc)
Payment Procedures. (ia) As soon If the Sale Date shall occur prior to the Contingent Value End Date, then within ninety (90) days following the Sale Date (or such longer period agreed in writing as shall be reasonably necessary for the Stockholders’ Representative, Parent and the Company to determine the Distributable Proceeds, which determination shall be made in good faith), or at such time as otherwise mutually agreed upon by Parent and the Stockholders’ Representative, it being understood that the Contingent Value End Date will be correspondingly extended to permit the distribution of the Distributable Proceeds, Parent shall deliver to the Rights Agent and the Stockholders’ Representative the calculation of the Distributable Proceeds as agreed to by Parent, the Company and the Stockholders’ Representative (the “Distributable Proceeds Notice”) establishing a payment date (the “CVR Payment Date”) with respect to the Distributable Proceeds that is within five (5) Business Days after the receipt of the Distributable Proceeds Notice. The Stockholders’ Representative shall be responsible for distributing the Distributable Proceeds Notice to the Holders. Any Contingent Value Rights held by Company stockholders who have perfected and not withdrawn a demand for appraisal rights pursuant to Section 262 of the Delaware General Corporation Law, as amended, shall be deemed to be outstanding for purposes of determining the amount to be paid per Contingent Value Right and Parent shall be paid the amount which would otherwise be paid in respect of such Contingent Value Right.
(b) On or before the CVR Payment Date, Parent shall cause an amount of cash equal to the Distributable Proceeds to be deposited with the Rights Agent. On the CVR Payment Date or as promptly as practicable after the Effective Timethereafter, Parent shall cause the Paying Rights Agent to deliver:pay the applicable amount to each of the Holders by check mailed to the address of each Holder as reflected in the CVR Register as of the close of business on the last Business Day prior to such payment date. The amount paid in respect of each Contingent Value Right shall be equal to the quotient obtained by dividing the Distributable Proceeds by the number of Contingent Value Rights outstanding as reflected on the CVR Register (the “CVR Payment Amount”).
(Ac) Parent’s obligation to each record holderpay the Distributable Proceeds shall be conditioned on no court or other Governmental Entity of competent jurisdiction having enacted, as issued, promulgated, enforced or entered any Order (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits or imposes any penalty upon the payment of immediately prior the Distributable Proceeds and the payment being otherwise lawful. If the Distributable Proceeds shall not have been paid to the Holders by the later of (i) the one year anniversary of the Contingent Value End Date and (ii) the fourth anniversary of the Effective Time, none of Parent, the Company or any of their Affiliates shall have any further obligation to pay the Distributable Proceeds.
(1d) an outstanding certificate Any funds comprising the cash deposited with the Rights Agent under Section 4.4(b) that remain undistributed to the Holders of Contingent Value Rights twelve (12) months after the CVR Payment Date shall be delivered to Parent by the Rights Agent, upon demand, and any Holders of Contingent Value Rights who have not theretofore received payment in exchange for such Contingent Value Rights shall thereafter look only to Parent for payment of their claim therefor. Notwithstanding any other provisions of this Agreement, any portion of the consideration provided by Parent to the Rights Agent that remains unclaimed 180 days after termination of this Agreement in accordance with Section 8.8 of this Agreement (or certificates which such earlier date immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”such time as such amounts would otherwise escheat to, or become property of, any Governmental Entity) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”)shall, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall passextent permitted by law, only upon proper delivery become the property of the Certificates Company free and clear of any claims or interest of any person previously entitled thereto, subject to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Considerationany escheatment laws.
(iie) Upon surrender The Rights Agent shall deduct and withhold, or cause to be deducted or withheld, from each CVR Payment Amount otherwise payable pursuant to this Agreement, the amounts, if any, that Parent or its Affiliates are required to deduct and withhold with respect to the Paying making of such payment under the Code; provided that in determining the required amount to be withheld, the Rights Agent of a Certificate will give effect to any properly presented form (e.g., Form W-8 or Book-Entry Shares, together W-9 as applicable) eliminating or reducing the amount required to be withheld. To the extent that amounts are so withheld or paid over to or deposited with the Letter of Transmittalrelevant Governmental Entity, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares withheld amounts shall be entitled treated for all purposes of this Agreement as having been paid to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable Holder in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Leap Wireless International Inc), Contingent Value Rights Agreement (At&t Inc.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event not more than three (3) Business Days thereafter, Parent shall and the Surviving Corporation will cause the Paying Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Shares, the “Certificates”) or (2) Rollover Shares, and shares of Company Common Stock described in Section 3.1(a)(iii)) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented by book-entry outstanding shares of Company Common Stock (other than Dissenting Shares, the Rollover Shares, and shares of Company Common Stock described in Section 3.1(a)(iii)) (the “Book-Entry Uncertificated Shares”), (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form and reasonably acceptable to the Company (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
Merger Consideration payable in respect thereof pursuant to Section 3.1(a)(ii) and any dividends or other distributions to which they are entitled pursuant to clause (ii) of the first sentence of Section 3.3(c). Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive receive, and the Paying Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the Merger Consideration for each share formerly payable in respect of the number of shares of Company Common Stock represented by such Certificate Certificate, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Paying Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive, and the Paying Agent shall then promptly pay, in exchange therefor, an amount in cash equal to the Merger Consideration payable in respect of the number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares, and the transferred Uncertificated Shares so surrendered will be canceledcancelled. The Paying Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares. Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Merger Consideration, without interest thereon, payable in respect thereof pursuant to Section 3.1(a)(ii) and any dividends or other distributions pertaining to Company Common Stock formerly represented by such Certificates or Uncertificated Shares as contemplated by clause (ii) of the first sentence of Section 3.3(c). Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Paying Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 3.1(a)(ii).
(ii) Prior to the Effective Time, Parent and the Company will cooperate to establish procedures with the Paying Agent and the Depository Trust Company with the objective that the Paying Agent will transmit to the Depository Trust Company or its nominees on the first Business Day after the Closing Date an amount in cash, by wire transfer of immediately available funds, equal to the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment number of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or shares of Company Common Stock (excluding any other form shares of business or professional entity (“Person”Company Common Stock described in Section 3.1(a)(iii), the Rollover Shares and Dissenting Shares, and including any dividends or other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting distributions pertaining to such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered shares as contemplated by this clause (ii) of the first sentence of Section 2.5(b)(ii3.3(c), each Certificate and each Book-Entry Share shall, subject ) held of record by the Depository Trust Company or such nominee immediately prior to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IITime.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Qad Inc), Merger Agreement (Qad Inc)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time (but in no event more than five (5) Business Days following the Effective Time), Parent shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of Shares (1other than Excluded Shares) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify in customary form as reasonably agreed by Purchaser and the Company specifying that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, (or effective affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Merger Consideration.
. Upon the proper surrender of a Certificate (iior effective affidavit of loss in lieu thereof) Upon surrender to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter a properly completed letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions theretoexecuted, and such other customary documents as may reasonably be reasonably required requested by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall will be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable cash in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which (after giving effect to any required tax withholdings) that such holder has the right to receive pursuant to this Article III in the provisions form of Section 2.3a check, to be mailed, as soon as reasonably practicable (but in no event more than five (5) Business Days after the receipt thereof), and the Company Stock Option Certificate so surrendered shall then will forthwith be canceledcancelled. Until surrendered No interest will be paid or accrued on any amount payable upon due surrender of the Certificates. In the event of a transfer of ownership of Shares that is not registered in accordance with the provisions transfer records of this Section 2.5(b)(iii)the Company, each Company cash to be paid upon due surrender of the Certificate may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable. All payments owed to the holders of Stock Option Options or holders of Warrants shall be deemed at any time made from the Payment Fund as soon as reasonably practicable after the Effective Time to represent for all purposes only (but in no event more than five (5) Business Days after the right to receive the Option Consideration as contemplated by this Article IIEffective Time).
Appears in 2 contracts
Sources: Merger Agreement (American Fiber Systems, Inc.), Merger Agreement (Fibernet Telecom Group Inc\)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three Business Days), Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, Time (other than Owned Company Shares) of (1) an outstanding certificate one or more certificates which that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock (other than Owned Company Shares and Dissenting Company Shares, as applicable) (the “Certificates”” (if any)) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalPayment Agent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price payable with respect to the shares of Company Common Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificates by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Common Stock (other than Owned Company Shares and Dissenting Company Shares, as applicable) (the “Uncertificated Shares”) will be required to deliver a Certificate or Book-Entry an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect of such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request), will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and such Certificate or book-entry shall then the transferred Uncertificated Shares will be canceledcancelled. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand transfer of Uncertificated Shares pursuant to this Section 2.9(c). If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate Until so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer transferred, outstanding Certificates and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by this Article IIPer Share Price without interest thereon, payable in respect thereof pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Datto Holding Corp.), Merger Agreement (Datto Holding Corp.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the fifth Business Day following the Closing Date, Parent shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock whose shares were converted into the right to receive the Merger Consideration pursuant to Section 1.4(b), (the “Certificates”A) or (2) shares a letter of Company Common Stock represented by book-entry (“transmittal with respect to Book-Entry Shares”), a customary letter of transmittal Shares (“Letter of Transmittal”to the extent applicable) and Certificates (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Book-Entry Shares (to the extent applicable) or Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration.
(ii) Upon On surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the case of Book-Entry Shares, receipt of an “agent’s message” by the Paying Agent, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor therefor, and the Paying Agent shall be required to promptly deliver to each such holder, the Merger Consideration for each share formerly into which the shares represented by such Certificate Certificates or Book-Entry Shares and such Certificate or book-entry shall then be canceledhave been converted pursuant to this Section 2.3. No interest shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject required to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpaid.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (UserTesting, Inc.), Merger Agreement (Proofpoint Inc)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event within three Business Days, Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of Company Common Stock outstanding Shares, and (the “Certificates”ii) or (2) shares of Company Common Stock non-certificated Shares represented by book-entry (the “Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7, (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form reasonably satisfactory to the Company and Parent (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalAgent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 2.9(e)), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Paying Agent (or such other customary documents evidence, if any, of transfer as may be reasonably required by the Surviving Corporation or the Paying AgentAgent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for each share formerly represented pursuant to Section 2.7, by such Certificate or Book-Entry (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 2.9(e)), and the transferred Uncertificated Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Paying Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry and Uncertificated Shares. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer Certificates and that the Person requesting such payment shall have paid Uncertificated Shares representing any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share Dissenting Shares) shall, subject to Section 2.2, be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying AgentTime, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Agreement and Plan of Merger, Merger Agreement (Black Box Corp)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the second (2nd) Business Day following the Closing Date, Parent shall cause the Paying Agent to deliver:
mail to each holder of record of Shares whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 2.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceled(y) the Merger Consideration. No interest shall be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, payment of the Merger Consideration is upon due surrender of a Certificate may be paid to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be such a condition of payment that transferee if the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that the Person requesting such payment shall have paid any applicable stock transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the The Paying Agent, the holder of Company, the Company Stock Option Surviving Corporation, Parent and Merger Sub, as applicable, shall be entitled to receive in exchange therefor deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the amount Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”), or under any provision of applicable state, local or foreign Tax Law with respect to the provisions making of Section 2.3such payment. To the extent that amounts are so deducted or withheld and timely and properly paid over to the relevant Governmental Entity, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right to receive the Option Consideration as contemplated by this Article IIPerson in respect of which such deduction or withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (National Instruments Corp), Merger Agreement (Emerson Electric Co)
Payment Procedures. Promptly following the Closing (iand in any event within three (3) As soon as practicable after Business Days following the Effective TimeClosing), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares, Owned Company Shares and Subsidiary Owned Shares, as applicable) (the “Certificates”) or (2ii) uncertificated shares of Company Common Stock represented by book-entry (other than Dissenting Company Shares, Owned Company Shares and Subsidiary Owned Shares, as applicable) (the “Book-Entry Uncertificated Shares”), ): (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry and Uncertificated Shares, the surrender of such sharesas applicable, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate Certificate; by (y) the Per Share Price (subject to Section 2.13), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (subject to Section 2.13), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price, payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.10(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (R1 RCM Inc. /DE), Merger Agreement (R1 RCM Inc. /DE)
Payment Procedures. (i) As soon as practicable Promptly after the Effective Time (but no later than three (3) Business Days after the Effective Time), Parent shall cause the Paying Exchange Agent to deliver:
(A) will mail to each holder of record holder, as of immediately prior to the Effective Time, a certificate representing outstanding shares of (1) an outstanding certificate or certificates which Company Common Stock immediately prior to the Effective Time represented shares of Company Common Stock (the a “CertificatesCertificate”) or whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.01(a):
(21) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (transmittal, which shall specify that delivery shall be effected, and that risk of loss and title to the Certificates shall held by such holder will pass, only upon proper delivery of the such Certificates to the Paying Exchange Agent or, in the case of Book-Entry Shares, upon adherence to accordance with the procedures set forth in the Letter letter of Transmittal, transmittal and which shall be in a customary form and agreed substance reasonably satisfactory to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i)Company; and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Certificates in exchange for the Option Consideration.
Merger Consideration with respect to such shares; provided, however, with respect to each holder of Certificates whose shares cease to be Dissenting Shares following the Effective Time pursuant to Section 2.05, Parent shall instruct the Exchange Agent promptly after the date on which Parent becomes aware that such Dissenting Shares have ceased to be Dissenting Shares to mail to such holder the letter of transmittal and instructions referred to above with respect to such shares. (ii) Upon surrender to to, and acceptance in accordance with Section 2.03(b)(iii) by, the Paying Exchange Agent of a Certificate (or Book-Entry Shares, affidavits of loss in lieu thereof under Section 2.03(g)) together with the Letter letter of Transmittaltransmittal, if applicable, duly completed and validly executed in accordance with the instructions thereto, the holder thereof will be entitled to the Merger Consideration payable in respect of the number of shares of Company Common Stock formerly represented by such Certificate surrendered under this Agreement.
(iii) The Exchange Agent will accept Certificates upon compliance with such reasonable terms and conditions as the Exchange Agent may impose to effect an orderly exchange of the Certificates in accordance with customary exchange practices.
(iv) Notwithstanding anything herein to the contrary, any holder of uncertificated shares of Company Common Stock (including any shares held pursuant to the Company Benefit Plans) represented by book entry immediately prior to the Effective Time and whose shares were converted into the right to receive the Merger Consideration (“Book-Entry Shares”), shall not be required to deliver a Certificate or an executed letter of transmittal to the Exchange Agent. In lieu thereof, each holder of record of one (1) or more Book-Entry Shares that are converted into the right to receive the Merger Consideration shall automatically upon the Effective Time be entitled to receive, and Parent shall cause the Exchange Agent to pay and deliver as promptly as reasonably practicable after the Effective Time, cash in an amount equal to the Merger Consideration multiplied by the number of uncertificated shares of Company Common Stock previously represented by such other customary documents as Book-Entry Shares. No interest shall be paid or accrue on any cash payable upon conversion of any Book-Entry Shares.
(v) From and after the Effective Time, no further transfers may be reasonably required by made on the Surviving Corporation records of the Company or its transfer agent of Certificates or Book-Entry Shares, and if any Certificate or Book-Entry Share is presented to the Paying AgentCompany for transfer, the holder of such Certificate or Book-Entry Shares Share shall be entitled to receive in exchange therefor canceled against delivery of the Merger Consideration for each share formerly payable in respect of the shares of Company Common Stock represented by such Certificate or Book-Entry Shares and Share.
(vi) If any Merger Consideration is to be remitted to a name other than that in which a Certificate or Book-Entry Share is registered, no Merger Consideration may be paid in exchange for such surrendered Certificate or Book-Entry Share unless:
(1) either (A) the Certificate so surrendered is properly endorsed, with signature guaranteed, or otherwise in proper form for transfer or (B) the Book-Entry Share is properly transferred; and
(2) the Person requesting such payment shall (A) pay any transfer or other Taxes required by reason of the payment to a Person other than the registered holder of the Certificate or Book-Entry Share or (B) establish to the satisfaction of the Exchange Agent that such Taxes have been paid or are not payable.
(vii) At any time after the Effective Time until surrendered as contemplated by this Section 2.03, each Certificate or Book-Entry Share shall be deemed to represent only the right to receive upon such surrender the Merger Consideration payable in respect of the shares of Company Common Stock represented by such Certificate or bookBook-entry shall then be canceledEntry Share as contemplated by Section 2.01(a). No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the shares of Company Common Stock represented by Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Allete Inc), Merger Agreement (Allete Inc)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares and (ii) non-certificated Company Shares represented in book-entry form (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7 (A) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effectedin customary form reasonably satisfactory to the Company and Parent, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required pursuant to such instructions, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (y) the Merger Consideration (less any applicable withholding Tax pursuant to Section 2.8(e)), and the Certificates so surrendered shall forthwith be canceled. Notwithstanding the foregoing, upon receipt of an “agent’s message” by the Surviving Corporation Paying Agent (or such other evidence, if any, of transfer as the Paying AgentAgent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for each share formerly represented pursuant to Section 2.7, by such Certificate or Book-Entry (y) the Merger Consideration (less any applicable withholding Tax deductible in respect thereof pursuant to Section 2.8(e)), and the Uncertificated Shares and such Certificate or book-entry so transferred shall then forthwith be canceled. The Paying Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 2.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity outstanding Certificates and Uncertificated Shares (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 2.8(e), payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Ambrx Biopharma, Inc.), Merger Agreement (Ambrx Biopharma, Inc.)
Payment Procedures. Promptly following the Closing (i) As soon as practicable after and in any event within three Business Days following the Effective TimeClosing), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”); (ii) or (2) uncertificated shares of Company Common Capital Stock represented by book-entry (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Book-Entry Uncertificated Shares”), ): (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry and Uncertificated Shares, the surrender of such sharesas applicable, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Capital Stock represented by such Certificate Certificate; by (y) the Per Share Price (subject to Section 2.12), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Capital Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (subject to Section 2.12), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price, payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Vista Equity Partners Fund Viii, L.P.), Merger Agreement (Duck Creek Technologies, Inc.)
Payment Procedures. (i) As soon promptly as practicable after following the Effective Time, Parent and Merger Sub shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”other than shares cancelled pursuant to Section 2.7(a)(ii) or hereof and Dissenting Shares) (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form and reasonably acceptable to the Company (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingAgent) and (ii) instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article II. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares Certificates shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares payable in respect thereof pursuant to the provisions of this Article II, and such Certificate or book-entry the Certificates so surrendered shall then forthwith be canceled. The Paying Agent shall accept such Certificates upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable upon the surrender of such Certificates pursuant to this Section 2.8. Until so surrendered, outstanding Certificates shall be deemed from and after the Effective Time to evidence only the right to receive the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive thereof pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Kellwood Co), Merger Agreement (Kellwood Co)
Payment Procedures. (ia) As soon as practicable after The Borrower hereby authorizes the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) charge the Loan Account with the amount of all principal, interest, fees, expenses and other payments to each record holderbe made hereunder and under the other Loan Documents. The Agent may, as of immediately prior to but shall not be obligated to, discharge the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to Borrower's payment obligations hereunder by so charging the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationLoan Account.
(iib) Upon surrender Each payment by the Borrower on account of principal, interest, fees or expenses hereunder shall be made to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on Agent and the Merger Consideration payable in respect of Lenders according to the Certificates or Book-Entry Sharestheir respective rights thereto. If payment of the Merger Consideration is All payments to be made by the Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to an individual2:00 P.M. (New York time) on the due date thereof to the Agent, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form for the account of business or professional entity the Lenders according to their Pro Rata Shares (“Person”except as expressly otherwise provided), other than at the Person Agent's Payment Account in whose name immediately available funds. Except for payments which are expressly provided to be made (i) for the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason account of the payment Agent only or (ii) under the settlement provisions of Section 2.3(i), the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or Agent shall have established distribute all payments to the satisfaction Lenders on the Business Day following receipt in like funds as received. Notwithstanding anything to the contrary contained in this Agreement, if a Lender exercises its right of setoff under Section 11.3 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject other Lenders according to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IItheir respective Pro Rata Shares.
(iiic) Upon surrender The Agent shall apply all amounts received by it on account of a Company Stock Option for cancellation the Obligations from the Borrower, from the Blocked Account Banks or from any other source first, to fees, costs and expenses, second, to interest and third, to the Paying Agentprincipal amount of the Obligations, together except that, during the continuance of an Event of Default, the Agent may, with the Option Surrender Agreementconsent of the Required Lenders, duly executed, apply such amounts to such of the Obligations and in such order as it may elect in its sole and absolute discretion.
(d) Whenever any other documents reasonably required by the Surviving Corporation or the Paying Agentpayment to be made hereunder shall be stated to be due on a day that is not a Business Day, the holder payment may be made on the next succeeding Business Day (except as specified in clause (ii) of the Company Stock Option definition of Interest Period) and such extension of time shall be entitled to receive included in exchange therefor the computation of the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIinterest due hereunder.
Appears in 2 contracts
Sources: Loan and Security Agreement (American Railcar Industries, Inc./De), Loan and Security Agreement (American Railcar Industries, Inc./De)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1x) an outstanding a certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2y) uncertificated shares of Company Common Stock represented by book-entry (“Book-Book Entry Shares”), which, in each case, represented, immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares) (i) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter letter of Transmittaltransmittal, as applicable, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case of or Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender to the Paying Agent of a Certificate Certificates or Book-Entry SharesShares for cancellation to the Payment Agent or to such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate payable in respect thereof pursuant to the provisions of this Article III, and the Certificates or Book-Entry Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharespursuant to this Section 3.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it outstanding Certificates shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Merger Consideration as contemplated by payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 2 contracts
Sources: Merger Agreement (Hewlett Packard Co), Merger Agreement (ArcSight Inc)
Payment Procedures. (i) As soon as practicable possible after the Effective TimeTime (but in no event later than three (3) Business Days thereafter), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate a Certificate or certificates which Certificates or Book-Entry Shares that immediately prior to the Effective Time represented shares of Company Common Stock outstanding Shares (the “Certificates”other than Excluded Shares and Dissenting Shares) or (2A) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates or Book-Entry Shares shall passpass to the Paying Agent, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalAgent, and which letter shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closingmay reasonably specify) and (B) instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry SharesShares to which the holder thereof is entitled. Upon surrender of any Certificate (or affidavits of loss in lieu thereof) or Book-Entry Shares for cancellation to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly executed and completed and validly executed in accordance with the instructions thereto, and such other customary documents as may reasonably be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the amount of Merger Consideration for each share formerly payable in cash in respect of the Shares previously represented by such Certificate or Book-Entry Shares and pursuant to the provisions of this Article II, to be paid within three (3) Business Days (or such longer period required by the Paying Agent) of the Paying Agent’s receipt of such Certificate (or bookaffidavits of loss in lieu thereof) or Book-entry shall then be canceled. No interest shall be paid or accrued for Entry Shares, the benefit duly executed and completed letter of holders of transmittal and any other documents as reasonably required by the Certificates Paying Agent, and the Certificate or Book-Entry Shares on so surrendered shall forthwith be canceled. In the Merger Consideration payable event of a transfer of ownership of Shares that is not registered in respect the transfer records of the Certificates or Book-Entry Shares. If Company, payment of the Merger Consideration is to may be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the Certificate so surrendered Certificate is registered, it shall be a condition of payment that the if such Certificate so surrendered shall be properly endorsed or shall otherwise be otherwise in proper form for transfer and that the Person requesting such payment shall have paid pay any transfer and or other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the such Certificate surrendered or shall have established establish to the satisfaction of the Surviving Corporation Parent that such Taxes either have Tax has been paid or are is not applicable. Until surrendered as contemplated by No interest shall be paid or accrue on any cash payable pursuant to this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 2 contracts
Sources: Merger Agreement (Ingredion Inc), Merger Agreement (Penford Corp)
Payment Procedures. (i) As soon as reasonably practicable after Parent’s deposit of the Effective TimeAdditional Merger Consideration portion of the Payment Fund pursuant to Section 2.4(a) hereof, Parent shall cause the Paying Agent to shall deliver:
(A) to each holder of record holderof a certificate or certificates that, as of immediately prior to the Effective Time, of (1) an represented outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the each, a “CertificatesCertificate”) or (2) ), which holder’s shares of Company Common Stock represented by book-entry were converted into the right to receive the Merger Consideration pursuant to Section 2.1: (“Book-Entry Shares”), x) a customary form of letter of transmittal (the “Letter of Transmittal”) (which shall specify ), reasonably acceptable to Parent and the Company, specifying that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Exchange Agent; and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(y) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, exchange for payment of the Merger Consideration set forth in Section 2.1(b)(i)Consideration; and
(B) to each holder of a an outstanding Company Stock Option as of entitled to receive the Effective Time Option Consideration: (1x) an option surrender agreement (an “Option Surrender Agreement, ”) that shall be in substantially the form attached hereto as Exhibit A; and (2y) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender of a Certificate for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter of Transmittal, duly completed and validly executed executed, or an “agent’s message” in accordance with the instructions theretocase of a book entry transfer, and such any other customary documents as may be reasonably required by the Surviving Corporation Parent or the Paying Agent, (A) the holder of such a Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor an amount equal to the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment product of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form multiplied by the number of business or professional entity (“Person”), other than the Person in whose name shares of Company Common Stock formerly represented by the surrendered Certificate is registeredCertificate, it shall be a condition of payment that and (B) the Certificate so surrendered shall forthwith be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicablecanceled. Until surrendered as contemplated by this Section 2.5(b)(ii)2.4, each Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the appropriate amount of Merger Consideration as contemplated by this Article IISection 2.1. In no event shall the holder of any such surrendered Certificate be entitled to receive any interest on any cash to be received in the Merger.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation Parent or the Paying Agent, (A) the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which that such holder has the right to receive pursuant to the provisions of Section 2.32.2, and (B) the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)2.4, each outstanding Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIConsideration. In no event shall the holder of any Company Stock Option be entitled to receive any interest on any cash to be received in the Merger.
Appears in 2 contracts
Sources: Merger Agreement (Occupational Health & Rehabilitation Inc), Merger Agreement (Concentra Operating Corp)
Payment Procedures. (i) As soon as reasonably practicable after following the Effective TimeClosing, Parent shall cause the Paying Payment Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), mail a customary letter of transmittal in the form supplied by Parent (the “Letter of Transmittal”) (which shall specify that delivery shall be effectedto each Company Stockholder, Company Warrantholder and risk of loss and title to each Non-Employee Company Option Holder at the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures address set forth in opposite each such Person’s name on the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationClosing Spreadsheet.
(ii) Upon surrender to For Company Stockholders, after receipt by the Paying Payment Agent of a Certificate Letter of Transmittal (with respect to shares of Company Capital Stock) and any other documents (including applicable Tax forms and a duly executed Joinder Agreement) that Parent or Book-Entry Sharesthe Payment Agent may reasonably require in connection therewith (the “Exchange Documents”), together duly completed and validly executed in accordance with the Letter instructions thereto and the original certificate representing shares of TransmittalCompany Capital Stock (a “Company Stock Certificate”) or Affidavit of Loss therefor, Parent shall cause the Payment Agent to pay to the holder of such Company Stock Certificate in exchange therefor that portion of the Merger Consideration payable in respect thereto pursuant to Section 1.3(b)(i)-(x) (less (A) the cash amounts to be withheld and deposited in the Escrow Fund on such holder’s behalf pursuant to Section 2.3(b)(ii), and, if applicable, (B) the cash amounts to be deposited with the Stockholders’ Representative on such holder’s behalf pursuant to Section 2.3(b)(iii)), and the Company Stock Certificate so surrendered shall be cancelled. No portion of the Merger Consideration shall be paid or payable to the holder of any Company Stock Certificate until the holder of record of such Company Stock Certificate shall surrender such Company Stock Certificate (or Affidavit of Loss therefor) and validly executed Exchange Documents in accordance with the terms and conditions hereof.
(iii) For Company Warrantholders and Non-Employee Company Option Holders, after receipt by the Payment Agent of the Exchange Documents and any other documents (including applicable Tax forms) that Parent or the Payment Agent may reasonably require in connection therewith (which for the avoidance of doubt, will not include a Joinder Agreement), each of which shall be duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by Parent shall cause the Surviving Corporation Payment Agent to pay to the applicable Company Warrantholder or the Paying Agent, the holder of such Certificate or BookNon-Entry Shares shall be entitled to receive Employee Company Option Holder in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit that portion of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Sharesthereto pursuant to Section 1.3(c)(i) and Section 1.3(d) (as applicable). If payment No portion of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed paid or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration payable to a Person other than the registered holder of the Certificate surrendered Company Warrantholder or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each BookNon-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Employee Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered Holder without executed Exchange Documents in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIterms and conditions hereof.
Appears in 2 contracts
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and Merger Sub shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of non-certificated Company Common Stock Shares represented by book-entry (“Book-Entry Shares”), which immediately prior to the Effective Time represented outstanding Company Shares (other than Canceled Company Shares and Dissenting Company Shares) (i) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to or transfer of the Paying Agent or, in the case of Book-Entry Shares, upon adherence Shares to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingPayment Agent) and (ii) instructions for use in effecting the surrender of the Certificates or, in the case or transfer of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Shares in exchange for the Option Consideration.
(ii) Upon surrender Merger Consideration payable in respect thereof pursuant to the Paying provisions of this Article II. Upon (i) surrender of Certificates for cancellation to the Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and or (ii) receipt of an “agent’s message” by the Paying Agent (or such other customary documents evidence, if any, of the transfer as may be reasonably required by the Surviving Corporation or the Paying AgentAgent may reasonably request) in the case of a transfer of Book-Entry Shares, the holder holders of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate payable in respect thereof pursuant to the provisions of this Article II, and the Certificates so surrendered or Book-Entry Shares and such Certificate or book-entry so transferred shall then forthwith be canceled. The Payment Agent shall accept such Certificates or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or transfer of Book-Entry Shares pursuant to this Section 2.8. Until so surrendered or transferred, outstanding Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Merger Consideration as contemplated by payable in respect thereof pursuant to the provisions of this Article II.
Appears in 2 contracts
Sources: Acquisition Agreement (Salesforce Com Inc), Acquisition Agreement (ExactTarget, Inc.)
Payment Procedures. (a) In the event that the Milestone is attained, then, on or prior to the Milestone Notice Date, Parent shall deliver or cause to be delivered to the Rights Agent (i) As soon a notice (the “Milestone Notice”) indicating which Milestone was attained and an Officer’s Certificate certifying the same and (ii) cash, by wire transfer of immediately available funds to an account specified by the Rights Agent, equal to the aggregate amount necessary to pay the Milestone Payment Amount to all Holders (other than Holders who received CVRs in consideration of the Covered Equity Awards) pursuant to Section 4.2, along with any letter of instruction reasonably required by the Rights Agent, solely to the extent such requirement has been communicated to Parent by the Rights Agent. The Milestone Notice shall include the Net Revenue Statement.
(b) The Rights Agent shall promptly, and in any event within ten (10) Business Days of receipt of the items set forth in Section 2.4(a), send each Holder at its registered address a copy of such Milestone Notice. If a Milestone Payment is payable to the Holders (other than Holders who received CVRs in consideration of the Covered Equity Awards), then at the time the Rights Agent sends a copy of the Milestone Notice to such Holders, the Rights Agent shall also pay the Milestone Payment Amount to each of the Holders in accordance with the corresponding letter of instruction (i) by check mailed to the address of such Holder reflected in the CVR Register as practicable after of 5:00 p.m. Eastern Time on the Effective Timedate of the Milestone Notice or (ii) with respect to any such Holder that is due an amount in excess of $100,000 in the aggregate who has provided the Rights Agent wiring instructions in writing as of the close of business on the date of the Milestone Notice, by wire transfer of immediately available funds to the account specified on such instructions. With respect to any Covered Milestone Payment that is payable to Holders of Covered Equity Awards, Parent shall or shall cause the Surviving Corporation or an affiliate of Parent (or, at Parent’s election, a third-party payroll provider of national reputation) to pay, as soon as reasonably practicable following the date on which the Milestone Notice has been delivered to the Rights Agent (but in no event later than March 15th of the calendar year following the calendar year in which the applicable Milestone was attained), the Covered Milestone Payment applicable to such Holder through Parent’s, the Surviving Corporation’s or an Affiliate of Parent’s (or such third-party payroll provider’s) payroll system or third-party payroll agent or by the Paying Agent. If any such payment in accordance with this Section 2.4(b) cannot be made through the applicable payroll system or payroll provider or by the Paying Agent, then the Parent shall cause to be issued a check for such payment to such Holder of Covered Equity Awards (less applicable withholding Taxes, if any), as soon as reasonably practicable following the delivery of the Milestone Notice (but in no event later than March 15th of the calendar year following the calendar year in which the applicable Milestone was attained) at the address for such Holder set forth in the CVR Register or, if such person is then employed by Parent or a Subsidiary of Parent, at the most recent address on the Parent’s or such Subsidiary’s personnel records for such Holder. For the avoidance of doubt, each Covered Milestone Payment is intended to constitute payments within the “short-term deferral” period following the lapse of a “substantial risk of forfeiture” (as such terms are defined for purposes of Section 409A) or shall otherwise be paid in compliance with or under an alternative exemption from Section 409A; provided, however, that to the extent any such payment would cause an impermissible acceleration event under Section 409A, such amount shall instead be paid at the earliest time such payment would not cause or reasonably be expected to cause an impermissible acceleration event under Section 409A.
(c) Parent (or its applicable Affiliate) shall be entitled to deduct or withhold, or cause the Rights Agent to deliver:deduct or withhold, from any payments made pursuant to this Agreement such amounts as are required to be deducted or withheld therefrom under the Code, the U.S. Treasury Regulations thereunder, or any other applicable Law. Any such withholding with respect to Holders who received CVRs in consideration of the Covered Equity Awards shall be made, or caused to be made, through making payments through the payroll systems of the Surviving Corporation or any of its Affiliates. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder (other than ordinary course payroll withholding and reporting on the Covered Milestone Payments), Parent shall instruct the Rights Agent to solicit from such Holder an IRS Form W‑9, IRS Form W‑8 or other applicable Tax form within a reasonable amount of time in order to provide the opportunity for the Holder to provide any necessary Tax forms in order to avoid or reduce such withholding amounts. To the extent any such amounts are so deducted or withheld and paid over to the appropriate Tax authority, such amounts shall be treated for all purposes under this Agreement and the Merger Agreement as having been paid to the Holder to whom such amounts would otherwise have been paid. To the extent such amounts are so deducted or withheld from the Covered Milestone Payments (as defined below), the Rights Agent shall, as soon as reasonably practicable, deliver such amounts to Parent for the purposes of remitting such amounts to the IRS. In no event shall the Rights Agent have any duty, obligation or responsibility for wage or Form W‑2 reporting with respect to Milestone Payments (including Covered Milestone Payments) made to the Holders.
(Ad) If any funds delivered to each record holderthe Rights Agent for payment to the Holders as Milestone Payment Amounts remain undistributed to the Holders on the date that is six (6) months after the date of the Milestone Notice, Parent shall be entitled to require the Rights Agent to deliver to Parent or its designee any funds which had been made available to the Rights Agent in connection with such Milestone Payment Amounts and not disbursed to the Holders (including, all interest and other income received by the Rights Agent in respect of all funds made available to it), and, thereafter, such Holders shall be entitled to look to Parent or any successor in interest of Parent (subject to abandoned property, escheat and other similar Laws) only as general unsecured creditors thereof with respect to the Milestone Payment Amounts that may be payable, without interest.
(e) Neither Parent, the Rights Agent nor any of their Affiliates shall be liable to any Person (including any Holder) for any Milestone Payment Amounts delivered to a public official pursuant to any abandoned property, escheat or other similar Laws. If, despite Parent’s and the Rights Agent’s commercially reasonable efforts to deliver a Milestone Payment Amount to the applicable Holder, such Milestone Payment Amount has not been paid immediately prior to the Effective Timedate on which such Milestone Payment Amount would otherwise escheat to or become property of any Governmental Authority, of (1) an outstanding certificate or certificates which immediately prior such Milestone Payment Amount shall become, to the Effective Time represented shares extent permitted by applicable Laws, the property of Company Common Stock Parent or its designee, free and clear of all claims or interest of any Person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless the Rights Agent with respect to any liability, penalty, cost or expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent.
(f) Except as otherwise required by applicable law, including to the extent any portion of any Milestone Payment Amount is required to be treated as imputed interest pursuant to applicable Law (including Section 483 of the Code), the parties hereto intend to treat, for all U.S. federal and applicable state and local income Tax purposes, (i) any CVRs and Milestone Payment Amounts received with respect to Shares pursuant to the Merger Agreement as additional consideration for such Shares and (ii) Milestone Payment Amounts paid in respect of each CVR that was received with respect to Covered Equity Awards pursuant to the Merger Agreement (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry SharesCovered Milestone Payments”), and not the receipt of such CVR, as wages in the year in which the applicable Milestone Payment Amount is made. Parent shall (and shall instruct the Rights Agent to) report for all Tax purposes in a customary letter manner consistent with the foregoing, including by instructing the Rights Agent to deliver to applicable Holders IRS Form 1099-B with respect to the receipt of transmittal Milestone Payments (“Letter of Transmittal”) (which shall specify that delivery shall be effectedother than Covered Milestone Payments), and risk none of loss and title the parties hereto will take any position to the Certificates shall passcontrary on any U.S. federal and applicable state and local income Tax Return or for other U.S. federal and applicable state and local income tax purposes, only upon proper delivery of except as required by applicable Law. To the Certificates to the Paying Agent orextent required by applicable Law, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalParent shall, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by cause the Surviving Corporation or the Paying Agentto, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No report imputed interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable Milestone Payment Amounts in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established CVRs received with respect to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive Shares pursuant to the provisions Merger Agreement pursuant to Section 483 of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IICode.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Paragon 28, Inc.), Agreement and Plan of Merger (Paragon 28, Inc.)
Payment Procedures. Promptly following the Closing (i) As soon as practicable after and in any event within three Business Days following the Effective TimeClosing), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”) ); or (2ii) uncertificated shares of Company Common Capital Stock represented by book-entry (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Book-Entry Uncertificated Shares”)): (A) in the case of holders of Certificates, a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry and Uncertificated Shares, the surrender of such sharesas applicable, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash (less any applicable withholding Taxes payable in respect thereof) equal to the Merger Consideration for each share formerly product obtained by multiplying (1) the aggregate number of shares of Company Capital Stock represented by such Certificate Certificate; by (2) the Per Share Price, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash (less any applicable withholding Taxes payable in respect thereof) equal to the product obtained by multiplying (x) the aggregate number of shares of Company Capital Stock represented by such ▇▇▇▇▇▇’s transferred Uncertificated Shares; by (y) the Per Share Price, and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price, payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Restaurant Brands International Limited Partnership), Merger Agreement (Carrols Restaurant Group, Inc.)
Payment Procedures. (i) As soon promptly as practicable after the Effective TimeTime (but in no event more than three Business Days thereafter), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each record holderPerson who was, as of immediately prior to the Effective Time, a holder of a Share Certificate (1other than a Share Certificate representing (A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) Canceled Shares or (2B) shares of Company Common Stock represented by book-entry Appraisal Shares, which shall be treated in accordance with Section 2.06) (“Book-Entry Shares”), x) a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates such Share Certificate shall pass, only upon proper delivery of the Certificates such Share Certificate (or affidavits in lieu thereof in accordance with Section 2.02(d)) to the Paying Agent orAgent), in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by shall have such other customary provisions as Parent and the Company may reasonably agree prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender AgreementClosing Date, and (2y) instructions for use in effecting the surrender of such Company Stock Option Share Certificate to the Paying Agent in exchange for payment of the Option ConsiderationMerger Consideration as provided in Section 2.01(c).
(ii) Upon surrender to the Paying Agent delivery of a Certificate or Book-Entry Shares, together with the Letter letter of Transmittaltransmittal, duly completed and validly executed in accordance with the such letter’s instructions thereto, (and such other customary documents as may reasonably be reasonably required by the Paying Agent), and surrender to the Paying Agent of Share Certificates (or affidavits in lieu thereof in accordance with Section 2.02(d)), as contemplated in subsection (i) of this Section 2.02(b), Parent and the Surviving Corporation or shall instruct the Paying AgentAgent to, as promptly as practicable, pay and deliver to the holder of such Share Certificate or Book-Entry Shares shall be entitled the aggregate Merger Consideration that such holder has the right to receive pursuant to this Agreement (in exchange therefor each case, with respect to the Merger Consideration for each share shares of Company Common Stock formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”Share Certificate), other than and the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate Share Certificates so surrendered shall forthwith be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicablecanceled. Until surrendered as contemplated by this Section 2.5(b)(ii)2.02, each Share Certificate and each Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II. No interest shall be paid or accrue on any cash payable pursuant to this Section 2.02.
(iii) Upon surrender (A) The Persons who were, at the Effective Time, holders of Book-Entry Shares (other than (i) Canceled Shares or (ii) Appraisal Shares, which shall be treated in accordance with Section 2.06) shall not be required to deliver a Company Stock Option for cancellation Share Certificate or an executed letter of transmittal to the Paying Agent, together with the Option Surrender Agreement, duly executed, and Agent or to take any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled action to receive in exchange therefor the amount of cash which Merger Consideration that such holder has the right is entitled to receive pursuant to Section 2.01(c); provided, that such Persons may be required to comply with procedures as may customarily be required by the provisions Paying Agent for holders of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIBook-Entry Shares.
Appears in 2 contracts
Sources: Merger Agreement (Western Union CO), Merger Agreement (International Money Express, Inc.)
Payment Procedures. (i) As soon as practicable possible after the Effective TimeTime (and in any event within three (3) Business Days thereafter), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate a Certificate or certificates which Certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”other than Excluded Shares) or (2A) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall passpass to the Paying Agent, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalAgent, and which letter shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior may reasonably agree), (B) a draft of the declaration, in a form reasonably agreed by the Parties, in which the beneficial owner of Company Stock provides certain declarations and information necessary for Parent to determine, reasonably and in good faith, the Tax amounts (if any) which need to be withheld from the consideration payable to such beneficial owner pursuant to the Closingterms of the Ordinance, the Code, or any provision of state, local, Israeli or foreign Law (a “Tax Declaration”), and (C) and instructions for use in effecting the surrender of the Certificates or, (or affidavits of loss in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Blieu thereof) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Merger Consideration to which the holder thereof is entitled. Upon surrender of any Certificate (or affidavit of loss in lieu thereof) to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly executed and completed and validly executed in accordance with the instructions thereto, the Tax Declaration, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor an amount of cash in immediately available funds equal to (x) the Merger Consideration for each share formerly number of shares of Company Stock represented by such Certificate (or Book-Entry Shares affidavits of loss in lieu thereof) multiplied by (y) the Per Share Merger Consideration (less any required Tax withholdings as provided in Section 2.08(h)), and such the Certificate or book-entry so surrendered shall then forthwith be canceledcancelled. No interest shall be paid or accrued for In the benefit event of holders a transfer of ownership of shares of Company Stock that is not registered in the transfer records of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If Company, payment of the Merger Consideration is to may be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the Certificate so surrendered Certificate is registered, it shall be a condition of payment that the if such Certificate so surrendered shall be properly endorsed or shall otherwise be otherwise in proper form for transfer and that the Person requesting such payment shall have paid pay any transfer and or other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the such Certificate surrendered or shall have established establish to the satisfaction of the Surviving Corporation Parent that such Taxes either have Tax has been paid or are is not applicable. Until surrendered as contemplated by No interest shall be paid or accrue on any cash payable pursuant to this Section 2.5(b)(ii)2.08.
(ii) Notwithstanding anything to the contrary in this Agreement, each Certificate and each any holder of Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation Shares shall deliver to the Paying AgentAgent the Tax Declaration, together with the Option Surrender Agreement, duly executed, and any other documents reasonably but shall not be required by the Surviving Corporation to deliver a Certificate or the Paying Agent, the holder an executed letter of the Company Stock Option shall be entitled transmittal to receive in exchange therefor the amount of cash which Per Share Merger Consideration that such holder has the right is entitled to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceledthis Article 2. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)In lieu thereof, each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only holder of record of one or more Book-Entry Shares whose shares were converted into the right to receive the Option Per Share Merger Consideration shall upon receipt by the Paying Agent of an “agent’s message” in customary form (or such other documentation or evidence, if any, as contemplated by this Article IIthe Paying Agent may reasonably request), be entitled to receive, and Parent shall cause the Paying Agent to pay and deliver as promptly as reasonably practicable after the Effective Time, the Per Share Merger Consideration in respect of each such share of Company Stock (less any required Tax withholdings as provided in Section 2.08(h)), and the Book-Entry Shares of such holder shall forthwith be cancelled.
Appears in 2 contracts
Sources: Merger Agreement (Magicjack Vocaltec LTD), Merger Agreement (B. Riley Financial, Inc.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, LKQ, Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented shares of outstanding Company Common Stock Shares or Company Restricted Shares and (ii) uncertificated Company Shares or Company Restricted Shares (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Uncertificated Shares”), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 3.7: (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form agreed to by the parties (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalPayment Agent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares and Company Restricted Shares represented by such Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 3.7, by (y) the Merger Consideration (less withholding pursuant to Section 3.8(e)), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Payment Agent (or such other customary documents evidence, if any, of transfer as the Payment Agent may be reasonably required by request) in the Surviving Corporation or the Paying Agentcase of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of Company Shares and Company Restricted Shares represented by such holder’s transferred Uncertificated Shares that were converted into the right to receive the Merger Consideration for each share formerly represented pursuant to Section 3.7, by such Certificate or Book-Entry (y) the Merger Consideration (less withholding pursuant to Section 3.8(e)), and the transferred Uncertificated Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effectuate an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 3.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it outstanding Certificates and Uncertificated Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed, from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article IIIII.
Appears in 2 contracts
Sources: Merger Agreement (LKQ Corp), Merger Agreement (Coast Distribution System Inc)
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime (but in no event later than (x) two Business Days following the Effective Time with respect to Cede & Co. and (y) five Business Days following the Effective Time with respect to all other holders), Parent shall cause will instruct the Paying Agent to deliver:
mail to each holder of record whose Shares were converted into the Merger Consideration pursuant to Section 3.1, (A) to each record holder, as a form of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and that risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and may reasonably specify that are consistent with the Company prior to the Closing) and instructions for use in effecting the surrender terms of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(ithis Agreement); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, or the receipt of an “agent’s message” by the Paying Agent (or such evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of Book-Entry Shares, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive promptly in exchange therefor an amount (subject to any applicable withholding Tax as specified in Section 3.2(b)(iii)) equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or Book-effective affidavits of loss in lieu thereof) or Book- Entry Shares multiplied by (y) the Merger Consideration, and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares shall be cancelled. No interest will be paid or accrued on any amount payable upon the Merger Consideration payable in respect surrender of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is to be made to an individualCompany, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form amounts payable upon due surrender of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, is properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting is accompanied by all documents required to evidence and effect such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established evidence to the Surviving Corporation’s reasonable satisfaction of the Surviving Corporation that such any applicable Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)3.2, each Certificate and each or Book-Entry Share shall, subject to Section 2.2, shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender and in accordance with the terms hereof the Merger Consideration as contemplated by this Article IIIII. Notwithstanding anything to the contrary contained in this Agreement, any holder of Book-Entry Shares shall not be required to deliver a Certificate or an executed letter of transmittal to the Paying Agent in order to receive the amount of the aggregate Merger Consideration that such holder is entitled to receive pursuant to this Article III.
(iii) Upon surrender of a Company Stock Option for cancellation Notwithstanding anything to the Paying Agent, together with the Option Surrender contrary in this Agreement, duly executedeach of Parent, Merger Sub and any other documents reasonably required by the Surviving Corporation shall be entitled to deduct and withhold, or cause the Paying AgentAgent to deduct or withhold, from the consideration otherwise payable under this Agreement to any holder of Shares, Restricted Stock Units or Company Stock Options such amounts as are required to be withheld or deducted under the Code or any applicable provision of U.S. state, U.S. local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares, Restricted Stock Units or Company Stock Option shall be entitled to receive Options in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding were made.
Appears in 2 contracts
Sources: Merger Agreement (FGX International Holdings LTD), Merger Agreement (Essilor International /Fi)
Payment Procedures. (a) Within ten (10) Business Days following receipt of any LO2A Consideration by the Wize Subsidiaries, or to the extent applicable, by Wize, Wize shall deliver to the Rights Agent (x) an Officer’s Certificate certifying the CVR Payment Amount, if any, received by the Wize Subsidiaries, or to the extent applicable, Wize (or its Affiliates), with a copy to the Holders’ Representative (the “CVR Certificate”) and (y) the CVR Payment Amount. If the CVR Payment Amount is to be paid in cash, then such amount will be transferred by wire transfer of immediately available funds to an account designated in writing by the Rights Agent, the applicable CVR Payment Amount, if any. To the extent that any CVR Payment Amount is paid to the Rights Agent, such amounts shall be treated for all purposes of this Agreement as having been paid to the Holders and any delay, failure or mistake in payment by Rights Agent shall not be the liability or obligation of Wize or the Wize Subsidiaries, as applicable (it being clarified such delay, failure or mistake in payment by Rights Agent being treated, and subject to the liability limitations, set forth in Article III). If the Wize Subsidiaries, or to the extent applicable, the Company fails to timely deliver the CVR Payment Amount (as may be adjusted upwards following resolution of a disagreement underlying a Notice of Objection) due hereunder to the Rights Agent, other than due to reasons which are a ‘force majeur’ or act of God, then, without derogating from the other rights and remedies available herein, such CVR Payment Amount shall bear a default interest of 6% per annum (from the date it was due until the transfer date) and such default interest shall be added to, and become part of, the CVR Payment Amount.
(b) On or prior to the 10th Business Day immediately following delivery of the CVR Certificate and the applicable CVR Payment Amount to the Rights Agent in accordance with Section 2.05, the Rights Agent shall (i) As soon as practicable after send each Holder a copy of such CVR Certificate to such Holder’s registered address and (ii) distribute the Effective TimeCVR Payment Amount, Parent shall cause the Paying Agent to deliver:
(A) to each record holderif any, as of immediately prior to the Effective TimeHolders pro rata in accordance with their respective CVRs as reflected on the CVR Register, of by checks (1if such payment is to be made in cash) an outstanding certificate or certificates which immediately prior mailed to the Effective Time represented shares respective addresses of Company Common Stock such Holders as reflected in the CVR Register (the earlier of such 10th Business Day and the date on which the Rights Agent distributes the CVR Payment in accordance with this subsection(b), in each case if a CVR Payment Amount shall have been required to be delivered to the Rights Agent in accordance with Section 2.05, the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry SharesCVR Payment Date”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(iic) Upon surrender The Wize Subsidiaries, or to the Paying Agent of a Certificate or Book-Entry Sharesextent applicable, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares Wize shall be entitled to receive in exchange therefor deduct and withhold, or cause to be deducted or withheld, from each CVR Payment Amount otherwise payable pursuant to this Agreement, such amounts as Wize or the Merger Consideration for each share formerly represented by applicable subsidiary of Wize is required to deduct and withhold with respect to the making of such Certificate payment under the U.S. Internal Revenue Code of 1986, as amended, or Book-Entry Shares and any provision of state, local or foreign tax law. To the extent that amounts are so withheld or paid over to or deposited with the relevant governmental entity, such Certificate or book-entry shall then be canceled. No interest withheld amounts shall be treated for all purposes of this Agreement as having been paid or accrued for to the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable Holders in respect of which such deduction and withholding was made. The Wize Subsidiaries, or to the Certificates or Book-Entry Shares. If extent applicable, the Company and the Holders’ Representative may agree to defer any payment of the Merger Consideration is CVR Payment Amount as needed to secure a tax ruling or other procedure that would allow Wize to refrain from deducting or reduce the amount to be made to an individualdeducted, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than at source from the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IICVR Payment Amount.
(iiid) Upon surrender Any portion of a Company Stock Option for cancellation CVR Payment Amount that remains undistributed by the Rights Agent to the Paying Agent, together with Holders (including by means of uncashed checks or invalid addresses on the Option Surrender Agreement, duly executedCVR Register) twelve (12) months after the relevant CVR Payment Date shall be delivered by the Rights Agent to Wize, and any other documents reasonably required by Holder shall thereafter look only to Wize for payments of such CVR Payment Amount, without interest, but such Holder shall have no greater rights against Wize than those accorded to general unsecured creditors of Wize under applicable law. Neither Wize nor the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option Rights Agent shall be entitled liable to receive any Holder in exchange therefor the amount respect of any cash which such holder has the right delivered to receive a public official in compliance with any applicable state, federal or other abandoned property, escheat or similar law. If any checks delivered pursuant to the provisions hereof shall not have been cashed prior to the date on which the cash in respect of Section 2.3such checks would otherwise escheat to or become the property of any governmental authority, and any cash in respect of such checks shall, to the Company Stock Option so surrendered shall then be canceledextent permitted by law, immediately prior to such time become the property of Wize. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)Thereafter, each Company Stock Option Wize shall be deemed at any time after the Effective Time to represent responsible for all purposes only the right to receive the Option Consideration as contemplated by this Article IIcompliance with unclaimed property obligations.
Appears in 2 contracts
Sources: Contingent Value Rights Agreement (Wize Pharma, Inc.), Contingent Value Rights Agreement (Wize Pharma, Inc.)
Payment Procedures. (a) If a Payment Triggering Event occurs at any time prior to the termination of this Agreement, then, within thirty (30) Business Days after the occurrence of such Payment Triggering Event, the Company, or a Person nominated by the Company (with written notice thereof from the Company to the Rights Agent), as the case may be, will deliver to the Rights Agent (i) As soon as practicable after an Officer’s Certificate certifying the Effective Timedate of the Payment Triggering Event, Parent shall cause the Paying Agent amount of the payment and that the Holders are entitled to deliver:
(A) to each record holder, as of immediately prior to receive the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock applicable TIGIT Payment Amount in respect thereof (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry SharesPayment Triggering Event Notice”), a customary letter of transmittal and (“Letter of Transmittal”ii) (which shall specify that delivery shall be effected, and risk of loss and title an amount in cash equal to the Certificates shall pass, only upon proper delivery applicable TIGIT Payment Amount (for further distribution to the Holders in accordance with the terms hereof) by wire transfer of immediately available funds to an account designated by the Rights Agent.
(b) Upon receipt of the Certificates wire transfer referred to in Section 2.4(a), the Rights Agent will promptly (and in any event within ten (10) Business Days) pay, by check mailed, first-class postage prepaid, to the Paying Agent or, in the case address of Book-Entry Shares, upon adherence to the procedures each Holder set forth in the Letter CVR Register at such time or by other method of Transmittaldelivery as specified by the applicable Holder in writing to the Rights Agent, an amount in cash equal to such Holder’s Pro Rata Share of the applicable TIGIT Payment Amount.
(c) With respect to any TIGIT Payment Amount, the Company shall have no further liability in respect of such TIGIT Payment Amount upon delivery of the relevant funds to the Rights Agent in accordance with Section 2.4(a).
(d) The Company and the Rights Agent will be entitled to deduct and withhold, or cause to be deducted and withheld, from any TIGIT Payment Amount otherwise payable pursuant to this Agreement, such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of applicable Law relating to Taxes. To the extent that amounts are so deducted and withheld, such deducted and withheld amounts will be treated for all purposes of this Agreement as having been paid to the Holder in respect of which such deduction and withholding was made. Prior to making any such Tax deductions or withholdings or causing any such Tax deductions or withholdings to be made with respect to any Holder, the Rights Agent will, to the extent reasonably practicable, provide notice to the Holder of such potential Tax deduction or withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms in order to avoid or reduce such withholding amounts; provided that the time period for payment of a TIGIT Payment Amount by the Rights Agent set forth in Section 2.4(b) will be extended by a period equal to any delay caused by the Holder providing such forms, provided, further, that in no event shall such period be in a customary form extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by Parent and the Rights Agent.
(e) Any portion of a TIGIT Payment Amount that remains undistributed to the Holders on the date that is six (6) months after the Rights Agent’s receipt of the applicable Payment Triggering Event Notice (including by means of uncashed checks or invalid addresses on the CVR Register) will be delivered by the Rights Agent to the Company prior or a Person nominated in writing by the Company (with written notice thereof from the Company to the Closing) Rights Agent), and instructions for use in effecting any Holder will thereafter look only to the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, Company for payment of the Merger Consideration set forth in Section 2.1(b)(isuch TIGIT Payment Amount (which shall be without interest); and.
(Bf) to each holder of If any TIGIT Payment Amount (or portion thereof) remains unclaimed by a Company Stock Option as Holder on the date that is four (4) years after the Rights Agent’s receipt of the Effective Time applicable Payment Triggering Event Notice (1or immediately prior to such earlier date on which such TIGIT Payment Amount would otherwise escheat to or become the property of any governmental authority), then: (i) an Option Surrender Agreementsuch TIGIT Payment Amount (or portion thereof) will, to the extent permitted by applicable Law, become the property of the Company and will be transferred to the Company or a Person nominated in writing by the Company (with written notice thereof from the Company to the Rights Agent), free and clear of all claims or interest of any Person previously entitled thereto, and no consideration or compensation shall be payable therefor, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender the CVRs to which such payment relate shall, to the Paying Agent of a Certificate or Book-Entry Sharesextent permitted by applicable Law, together with the Letter of Transmittal, duly completed and validly executed be deemed abandoned in accordance with Section 2.6 and, from and after the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder date of such Certificate or Book-Entry Shares abandonment, shall no longer be entitled deemed outstanding for any purpose (including for purposes of calculating a Holder’s Pro Rata Share from and after the date of such abandonment). Neither the Company nor the Rights Agent will be liable to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable any Person in respect of the Certificates a TIGIT Payment Amount delivered to a public official pursuant to any applicable abandoned property, escheat or Book-Entry Sharessimilar legal requirement under applicable Law. If payment In addition to and not in limitation of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business indemnity obligation herein, the Company agrees to indemnify and hold harmless the Rights Agent with respect to any liability, penalty, cost or professional entity (“Person”), other than expense the Person Rights Agent may incur or be subject to in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting connection with transferring such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established property to the satisfaction of the Surviving Corporation that such Taxes either have been paid Company or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIa public official.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Sources: Contingent Value Rights Agreement (OncoMed Pharmaceuticals Inc)
Payment Procedures. (i) As soon as practicable after the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior Prior to the Effective TimeClosing, Buyer, the Company and the Payment Agent shall agree upon a form of letter of transmittal. The Company may distribute letters of transmittal in the form agreed upon by Buyer, the Company and the Payment Agent (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”)each, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the certain Company Shareholders prior to the Closing) and instructions for use in effecting . As soon as reasonably practicable following the surrender Closing, Buyer or the Payment Agent shall distribute Letters of Transmittal, to each Company Shareholder that has not already returned to the Certificates orPayment Agent a Letter of Transmittal distributed by the Company, in at the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration address or email address set forth in Section 2.1(b)(i); and
(B) to opposite each holder of a Company Stock Option as of such Person’s name on the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationClosing Payment Spreadsheet.
(ii) Upon surrender to After receipt by the Paying Payment Agent of a Certificate letter of transmittal and any other documents (including applicable tax forms) that Buyer or Book-Entry Shares, together with the Letter of TransmittalPayment Agent may reasonably require in connection therewith (the “Exchange Documents”), duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by Buyer shall cause the Surviving Corporation or the Paying Agent, Payment Agent to pay to the holder of such Certificate or Book-Entry Company Shares shall be entitled to receive in exchange therefor the Merger Total Closing Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceledpayable in respect thereto pursuant to Section 1.3. No interest portion of the Total Closing Consideration shall be paid or accrued for payable to the benefit holder of holders any Company Shares until the holder of such Company Shares and delivered validly executed Exchange Documents in accordance with the Certificates or Book-Entry Shares on terms and conditions hereof. Notwithstanding the Merger Consideration foregoing, Buyer shall cause the Payment Agent to pay to each Company Shareholder that has returned a Letter of Transmittal at least three (3) Business Days prior to the Closing Date and whose Company Share Closing Payment amounts to at least $10,000,000 in the aggregate, the Company Share Closing Payment payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject Company Shareholder’s Company Shares pursuant to Section 2.2, be deemed 1.3 at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIClosing.
(iii) Upon surrender In the event that any Person entitled to consideration hereunder has outstanding loans from the Company or any Subsidiary as of a Company Stock Option for cancellation the Effective Time, the consideration payable to such Person pursuant to Section 1.3 shall be reduced by an amount equal to the Paying Agentoutstanding principal plus accrued interest, together with if any, of such Person’s loans as of the Option Surrender AgreementEffective Time, duly executed, and plus any other documents reasonably required amounts owed by such Person to the Surviving Corporation Company or any Subsidiary (collectively, such Person’s “Loan Repayment Amount”). Such loans shall be satisfied as to the Paying Agentamount by which the consideration is reduced pursuant to this Section 2.3(c)(iii). To the extent the consideration payable to such Person is so reduced, the holder such amount shall be treated for all purposes under this Agreement as having been paid to such Person.
(iv) The cash amounts paid in respect of the cancellation of Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered Shares in accordance with the provisions terms of this Section 2.5(b)(iii), each Company Stock Option Agreement shall be deemed at any time after to be full satisfaction of all rights pertaining to such Company Shares, and there shall be no further registration of transfers on the records of the Surviving Corporation of Company Shares which were outstanding immediately prior to the Effective Time Time.
(v) Notwithstanding anything to represent the contrary in this Section 2.3, none of Buyer, the Payment Agent, the Surviving Corporation, nor any party hereto shall be liable to any Person for all purposes only the right any amount paid to receive the Option Consideration as contemplated by this Article IIa public official pursuant to any applicable abandoned property, escheat or similar law.
Appears in 1 contract
Sources: Merger Agreement (F5 Networks, Inc.)
Payment Procedures. (i) As promptly as practicable after the Effective Time, but in any event no later than three (3) Business Days following the Effective Time, Parent shall cause the Paying Agent to mail to each Person who was, at the Effective Time, a holder of record of Shares entitled to receive the Merger Consideration pursuant to Section 3.01(a): (A) a letter of transmittal (which shall be in customary form for a company incorporated in the Cayman Islands reasonably acceptable to Parent and the Company, and shall specify the manner in which the delivery of the Exchange Fund to registered holders of Shares (other than the Excluded Shares and the Dissenting Shares) shall be effected and contain such other provisions as Parent and the Company may mutually agree) and (B) instructions for effecting the surrender of the Shares pursuant to such letter of transmittal. As soon as practicable after the Effective Time, Parent shall also cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior deliver to the Effective Time, of (1Surviving Company a cash amount in immediately available funds sufficient to make the payments described under Section 3.04(b) an outstanding certificate or certificates which immediately prior and Section 3.04(c) and the Surviving Company shall make such payments to the Effective Time represented shares of Company Common Stock Persons entitled to receive such amounts through its payroll, subject to all applicable income and employment Taxes and other authorized deductions (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”including pursuant to Section 3.06), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Share Certificate (or Book-Entry Shares, together affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g) and/or such other documents as may be required pursuant to such instructions to the Paying Agent in accordance with the Letter terms of Transmittalsuch letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the each registered holder of Shares represented by such Share Certificate or Book-Entry and each registered holder of Uncertificated Shares shall be entitled to receive in exchange therefor an amount equal to (x) the number of Shares represented by such Share Certificate (or affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g)) or the number of Uncertificated Shares multiplied by (y) the Per Share Merger Consideration, and the Share Certificate so surrendered shall forthwith be marked as cancelled.
(iii) Prior to the Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (A) the Paying Agent will transmit to the Depositary as promptly as reasonably practicable (but in any event no later than three (3) Business Days) following the Effective Time an amount in cash in immediately available funds equal to the product of (x) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) and (y) the Per ADS Merger Consideration, and (B) the Depositary will distribute the Per ADS Merger Consideration to holders of ADSs pro rata to their holdings of ADSs (other than ADSs representing Excluded Shares) upon surrender by them of the ADSs. The holders of ADSs shall bear any applicable fees, charges and expenses of the Depositary and government charges due to or incurred by the Depositary in connection with distribution of the Merger Consideration to holders of ADSs, including applicable ADS cancellation fees, and any such fees, charges and expenses incurred by the Depositary shall be treated for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. all purposes of this Agreement as having been paid to the holders of ADSs.
(iv) No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares will accrue on the Merger Consideration any amount payable in respect of the Certificates Shares (including Shares represented by ADSs) or Book-Entry SharesADSs pursuant to the provisions of this ARTICLE III. If payment In the event of a transfer of ownership of Shares that is not registered in the register of members of the Company, the Per Share Merger Consideration is in respect of such Shares may be paid to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form such transferee upon delivery of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established evidence to the satisfaction of Parent (or any agent designated by Parent) of such transferee’s entitlement to the Surviving Corporation relevant Shares and evidence that such any applicable share transfer Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Sources: Merger Agreement (Ho Chi Sing)
Payment Procedures. Each Indemnitor agrees to pay any amount owed under this Section 2 within fifteen (15) days after receipt of written notice (each, a “Payment Notice”) from the applicable Guarantor setting forth the amount owed, together with supporting documentation indicating the Loss and/or Repayment Cost, as applicable, suffered and the Indemnitor’s share thereof. In the event that any Indemnitor fails to timely make any payment required pursuant to this Agreement (each, a “Failed Payment”), then (i) As soon as practicable after each Failed Payment shall incur interest at a rate of the Effective Time, Parent shall cause lower of 18% per annum and the Paying Agent maximum rate of interest permitted under applicable law and (ii) the Guarantor may elect to deliver:
have (A) the Member Affiliated with such Indemnitor be deemed a “Non-Contributing Member” pursuant to each record holder(and as defined under) the JV Agreement, as of immediately prior to and the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery Member not Affiliated with such Indemnitor shall be effected, deemed a “Contributing Member” pursuant to (and risk of loss as defined under) the JV Agreement; and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder and the amount of the corresponding Failed Payment plus interest be deemed a Company Stock Option “Contribution Loan” (as defined under the JV Agreement) as of the Effective Time (1) an Option Surrender Agreementdate such corresponding Payment Notice is delivered to the Non-Contributing Member, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender otherwise pursuant to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with Section 8.2 of the instructions theretoJV Agreement provided, and such other customary documents as may however, that the Parties Affiliated with the non-funding Indemnitors under all circumstances (notwithstanding actions taken under the JV Agreement) shall remain liable for the repayment of the Failed Payment with interest. Until a Guarantor is repaid in full for any amount payable to it hereunder (together with all interest accrued thereon), any amounts that would be reasonably required by distributed to the Surviving Corporation or Member Affiliated with the Paying Agent, non-funding Indemnitors under the holder of such Certificate or Book-Entry Shares JV Agreement shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall instead be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIGuarantor.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Sources: Contribution Agreement (Medalist Diversified, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time, Parent shall cause and in any event not later than the fifth Business Day following the Closing Date, the Paying Agent shall mail to deliver:
each holder of record of a Certificate representing Shares that were converted into the Merger Consideration pursuant to Section 2.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closingmay mutually agree) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) in exchange for the Option Merger Consideration.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) shall be entitled to promptly receive in exchange therefor an amount in cash equal to the product of (A) the number of Shares represented by such holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) and (B) the Merger Consideration (less any applicable withholding Taxes). Holders of Book-Entry Shares shall not be entitled required to deliver a Certificate or an executed letter of transmittal and such Book-Entry Shares shall automatically be exchanged at the Effective Time for the right to receive from the Paying Agent (as promptly as practicable following the Effective Time and in exchange therefor any event not later than the Merger Consideration for each share formerly represented by such Certificate or second Business Day following the Closing Date) an amount in cash equal to the product of (x) the number of Book-Entry Shares and such Certificate or book-entry shall then be canceled(y) the Merger Consideration (less any applicable withholding Taxes). No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates loss in lieu thereof) or Book-Entry Shares on the Merger Consideration payable in respect exchange of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is Company, a check for any cash to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the satisfaction of the Surviving Corporation Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the The Paying Agent, the holder of Company, Parent, Merger Sub, the Company Stock Option Surviving Corporation and any other withholding agent, as applicable, shall be entitled to receive in exchange therefor the amount of cash which deduct and withhold from any amounts otherwise payable under this Agreement such holder has the right to receive pursuant amounts only to the provisions extent required to be withheld or deducted under the Internal Revenue Code of Section 2.31986, and as amended (the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii“Code”), each Company Stock Option or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right person in respect of which such deduction or withholding was made. In addition, any compensatory amount, to receive the Option Consideration extent applicable, payable pursuant to, or as contemplated by by, this Article IIAgreement shall be paid to the applicable person through regular payroll procedures.
Appears in 1 contract
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time and in any event not later than the thirty (30) days following the Effective Time, Parent the Surviving Entity shall cause the Paying Agent to deliver:
mail to each holder of record of Units whose Units were converted into the Merger Consideration pursuant to Section 2.1(a), (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (the “Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof pursuant to Section 2.2(g)) to the Paying Agent or, in the case of Book-Entry SharesUnits, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a such customary form and agreed to by have such other provisions as Parent and the Company prior to the ClosingPartnership Parties shall reasonably determine) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender surrendering Certificates (or affidavits of such Company Stock Option loss in lieu thereof pursuant to Section 2.2(g)) or Book-Entry Units in exchange for the Option Merger Consideration.
(ii) Upon (A) surrender to the Paying Agent of a Certificate (or an affidavit of loss in lieu thereof pursuant to Section 2.2(g)) or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or Units to the Paying Agent, accompanied by a properly completed Letter of Transmittal or (B) receipt of an “agent’s message” by the Paying Agent (or such other evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of certain Book-Entry Units represented by DTC participants for the benefit of certain beneficial owners of Units that hold such Units in “street name”, the holder of such Certificate or Book-Entry Shares Units shall be entitled to receive promptly after the Effective Time, but in exchange therefor any event within ten (10) Business Days after such surrender, a check in an amount equal to the Merger Consideration for each share formerly product of (x) the number of Units represented by such Certificate holder’s properly surrendered Certificates (or affidavits of loss in lieu thereof pursuant to Section 2.2(g)) or Book-Entry Shares and such Certificate or book-entry shall then be canceledUnits multiplied by (y) the Merger Consideration. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares Units on the Merger Consideration payable in respect of the Certificates or Book-Entry SharesUnits. If payment In the event of a transfer of ownership of Units that is not registered in the unit transfer register of the Merger Consideration is Partnership, a check for any amount to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such a transferee if the Certificate formerly representing such Units is presented to the satisfaction of the Surviving Corporation Paying Agent accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable unit transfer or other Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to Parent, the Surviving Entity and the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option Agent shall be entitled to receive in exchange therefor deduct and withhold from the amount consideration otherwise payable under this Agreement to any Unitholder such amounts as are required to be withheld or deducted under the Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”), or any provision of federal, state, local or foreign Tax Law with respect to the provisions making of Section 2.3such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such withheld or deducted amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right to receive the Option Consideration as contemplated by this Article IIUnitholder in respect of which such deduction and withholding were made.
Appears in 1 contract
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three (3) Business Days), Parent and the Surviving Company shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior to the Effective Time, Time (other than Owned Company Shares) of (1) an outstanding certificate one or more certificates which that immediately prior to the Effective Time represented shares of issued and outstanding Company Common Stock Shares (other than Owned Company Shares) (the “Certificates”” (if any)) or (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Payment Agent or, (or affidavit and indemnity of loss in the case lieu of Book-Entry Shares, upon adherence to the procedures set forth such certificate as provided for in the Letter of TransmittalSection 2.11)), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(ii) and instructions for use in effecting the surrender of the Certificates or, in the case (or such affidavit of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(Bloss) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price payable with respect to the Company Shares formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates (or such affidavit of loss) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of Company Shares represented by such Certificates by (y) the Per Share Price, and the Certificates so surrendered (or the subject of an affidavit of loss so provided) will forthwith be cancelled. Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated Company Shares (other than Owned Company Shares) (the “Uncertificated Shares”) will be required to deliver a Certificate or Book-Entry an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect of such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request), will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of Company Shares represented by such holder’s transferred Uncertificated Shares by (2) the Per Share Price, and such Certificate or book-entry shall then the transferred Uncertificated Shares will be canceledcancelled. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand transfer of Uncertificated Shares pursuant to this Section 2.9(c). If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate Until so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer transferred, outstanding Certificates and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by this Article IIPer Share Price payable in respect thereof pursuant to Section 2.7.
Appears in 1 contract
Sources: Merger Agreement (Cision Ltd.)
Payment Procedures. (a) In the event that the Wesco Closing occurs, then Parent shall deliver or cause to be delivered to the Rights Agent (i) As soon on or prior to the date that is twenty (20) Business Days following the occurrence of the Wesco Closing, a notice (the “Wesco Closing Notice”) indicating that the Wesco Closing has occurred and (ii) promptly (but no later than five (5) Business Days following the delivery of the Wesco Closing Notice, cash, by wire transfer of immediately available funds to an account specified by the Rights Agent, equal to the aggregate amount necessary to pay the Contingent Payment to all Holders, along with any letter of instruction reasonably required by the Rights Agent.
(b) The Rights Agent shall promptly, and in any event within ten (10) Business Days of receipt of cash pursuant to Section 2.4(a), by wire transfer of immediately available funds, equal to the aggregate amount necessary to pay the Contingent Payment to all Holders pursuant to Section 2.4(a)(ii) as practicable after well as any letter of instruction reasonably required by the Effective TimeRights Agent, pay the Contingent Payment to each of the Holders in accordance with the corresponding letter of instruction (i) by check mailed to the address of such Holder reflected in the CVR Register as of 5:00 p.m. New York City time on the date of the Wesco Closing Notice or (ii) with respect to any such Holder that is due an amount in excess of $100,000 in the aggregate who has provided the Rights Agent wiring instructions in writing as of the close of business on the date of the Wesco Closing Notice, by wire transfer of immediately available funds to the account specified on such instructions.
(c) Parent shall be entitled to deduct and withhold, or cause to be deducted and withheld (including by causing the Rights Agent to deduct and withhold), from any payments made pursuant to this Agreement such amounts as are required to be deducted or withheld therefrom under the Code, the U.S. Treasury Regulations thereunder, or any other applicable Law relating to Taxes, including with respect to Covered Contingent Payments. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder (other than payroll withholding and reporting in respect of any Covered Contingent Payments), Parent shall cause instruct the Paying Rights Agent to deliver:use commercially reasonable efforts to solicit from such Holder an IRS Form W-9 or other applicable Tax form within a reasonable amount of time in order to provide the opportunity for the Holder to provide such Tax forms to avoid or reduce such withholding amounts. To the extent any such amounts are so deducted and withheld, such amounts shall be treated for all purposes under this Agreement and the Merger Agreement as having been paid to the Holder to whom such amounts would otherwise have been paid. To the extent such amounts are so deducted or withheld from the Covered Contingent Payments (as defined below), the Rights Agent shall, as soon as reasonably practicable, deliver such amounts to Parent for the purposes of remitting such amounts to the IRS. In no event shall the Rights Agent have any duty, obligation or responsibility for wage or W-2 reporting with respect to Contingent Payments (including Covered Contingent Payments) made to the Holders.
(Ad) to each record holder, as of immediately prior If any funds delivered to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior Rights Agent for payment to Holders as Contingent Payments remain undistributed to the Effective Time represented Holders on the date that is six (6) months after the date of the Wesco Closing Notice, Parent shall be entitled to require the Rights Agent to deliver to Parent or its designee any funds which had been made available to the Rights Agent in connection with the Contingent Payments and not disbursed to the Holders (including, all interest and other income received by the Rights Agent in respect of all funds made available to it), and, thereafter, such Holders shall be entitled to look to Parent (subject to abandoned property, escheat and other similar Laws) only as general creditors thereof with respect to any Contingent Payments that may be payable.
(e) Neither Parent, the Rights Agent nor any of their Affiliates shall be liable to any Holder for any Contingent Payments delivered to a public official pursuant to any abandoned property, escheat or other similar Laws. Any amounts remaining unclaimed by such Holders at such time at which such amounts would otherwise escheat to or become property of any Governmental Body shall become, to the extent permitted by applicable Laws, the property of Parent or its designee, free and clear of all claims or interest of any Person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless the Rights Agent with respect to any liability, penalty, cost or expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent.
(f) Except to the extent any portion of any Contingent Payment is required to be treated as imputed interest pursuant to applicable Law, the parties hereto intend to treat (i) the CVRs received with respect to the shares of Company Common Stock (pursuant to the “Certificates”) or (2) Merger Agreement for all U.S. federal and applicable state and local income Tax purposes as additional consideration paid at the Effective Time for the shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title pursuant to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable any Contingent Payments received in respect of such CVRs as amounts realized on the Certificates or Book-Entry Shares. If payment disposition of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer applicable CVRs and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender Covered Contingent Payments, for all U.S. federal and applicable state and local income Tax purposes, as wages in the year in which such Covered Contingent Payments are made. No Covered Contingent Payment that constitutes nonqualified deferred compensation for purposes of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder Section 409A of the Company Stock Option shall Code will be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time made later than five years after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIClosing Date.
Appears in 1 contract
Sources: Agreement and Plan of Merger (Anixter International Inc)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and the Surviving Corporation shall cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock and (ii) uncertificated shares of Company Common Stock (the “CertificatesUncertificated Shares”) or (2A) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent orPayment Agent), in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closingand/or (B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Per Share Price payable in respect thereof pursuant to the provisions of this Article I. Upon surrender of Certificates for cancellation to the Paying Payment Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate, by (y) the Per Share Price (less any applicable withholding taxes payable in respect thereof), and the Certificates so surrendered shall forthwith be canceled. Upon receipt of an “agent’s message” by the Payment Agent (or such other customary documents evidence, if any, of transfer as the Payment Agent may be reasonably required by request) in the Surviving Corporation or the Paying Agentcase of a book-entry transfer of Uncertificated Shares, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate or Book-Entry holder’s transferred Uncertificated Shares, by (y) the Per Share Price (less any applicable withholding taxes payable in respect thereof), and the transferred Uncertificated Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. The Payment Agent shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Sharesand Uncertificated Shares pursuant to this Section 2.8. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it outstanding Certificates and Uncertificated Shares shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer deemed from and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without interest thereon, payable in respect thereof pursuant to the provisions of this Article II.
Appears in 1 contract
Payment Procedures. (ia) As soon as practicable after At least five (5) days prior the Effective TimeClosing, Parent shall cause the Paying Agent deliver to deliver:
each Specified Holder (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal in customary form (including an accompanying Substitute Form W-9) (each, a “Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates certificates representing outstanding shares of Company Capital Stock (each, a “Company Certificate”) shall pass, only upon proper delivery of the Company Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the ClosingPayment Agent) and (B) instructions for use in effecting the surrender of the Company Certificates orin exchange for the Merger Consideration, when and if payable. At the Closing, Parent shall deliver (i) to JPMorgan Chase Bank, National Association (or another payment agent designated by Parent and reasonably acceptable to the Company), acting as payment agent for the Company Securityholders, other than the Company Optionholders, and to the Company, acting as payment agent for the Company Optionholders (collectively, the “Payment Agent”; it being understood that the Company may delegate some or all of its responsibilities as Payment Agent to JPMorgan Chase Bank, National Association), in exchange for shares of the case of Book-Entry SharesCompany Capital Stock and Eligible Options and Warrants outstanding immediately prior to the Effective Time an aggregate amount equal to the Base Merger Consideration minus the Escrowed Amount, SR Amount, Transaction Fees and Closing Payments, (ii) to the Escrow Agent, Six Million Five Hundred Thousand Dollars ($6,500,000) (the “Escrowed Amount”), (iii) to an account designated to Parent by the Securityholder Representatives on or prior to the Effective Time, Two Hundred Fifty Thousand Dollars ($250,000) (the “SR Amount”), (iv) pursuant to wire instructions delivered to Parent by the Securityholder Representatives on or prior to the Effective Time, an amount equal to the Transaction Fees, (v) pursuant to instructions delivered to Parent by the Securityholder Representatives, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
Closing Payments and (Bvi) to each holder of record of shares of Company Capital Stock that were converted into the right to receive cash (other than the Specified Holders) (A) a Company Stock Option as Letter of the Effective Time (1) an Option Surrender Agreement, Transmittal and (2B) instructions for use in effecting the surrender of such the Company Stock Option Certificates in exchange for the Option relevant portion of the Merger Consideration. On the Closing Date, the Parent will instruct the Payment Agent to pay, and the Payment Agent will pay, by wire transfer of same day funds, the amount payable to each Specified Holder provided such Specified Holder has delivered an executed Letter of Transmittal and otherwise complied with the terms and conditions set forth in Section 1.8(c) below. Prior to the Closing, the Company and Parent shall each pay 50% of the fees and expenses of the Payment Agent.
(iib) The Escrowed Amount shall be deposited into escrow with the Escrow Agent and subject to the terms of the Escrow Agreement and this Agreement, subject to release as described in Section 1.9 below.
(c) Upon surrender of Company Certificates to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the a Letter of TransmittalTransmittal (including the accompanying Substitute Form W-9), duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares Company Certificates (if such holder is not a Specified Holder) shall be entitled to receive in exchange therefor the portion of Base Merger Consideration for each share formerly represented by to which such holder is entitled pursuant to Section 1.6 (subject to Sections 1.8, 1.9 and 1.15), and the Company Certificate or Book-Entry Shares and such Certificate or book-entry so surrendered shall then forthwith be canceled. No interest shall Until so surrendered, each outstanding Company Certificate that, prior to the Effective Time, represented one or more shares of Company Capital Stock will be paid or accrued deemed from and after the Effective Time, for all corporate purposes to evidence only the benefit right to receive that portion of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. such shares of Company Capital Stock pursuant to this Agreement.
(d) If payment of the Merger Consideration any cash is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), paid in a name other than that in which the Person Company Certificate surrendered in whose name the surrendered Certificate exchange therefor is registered, it shall be a condition of the payment thereof that the Company Certificate so surrendered shall be has been properly endorsed or shall be and otherwise in proper form for transfer and that the Person person requesting such payment shall have exchange has paid to Parent or any agent designated by it any transfer and or other Taxes taxes required by reason of the payment of the Merger Consideration to a Person cash in any name other than that of the registered holder of the Company Certificate surrendered surrendered, or shall have established to the reasonable satisfaction of the Surviving Corporation Parent or any agent designated by Parent that such Taxes either have tax has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpayable.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeClosing Date, Parent or the Exchange Agent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), mail a customary letter of transmittal in the form set forth in Exhibit F (a “Letter of Transmittal”) ), a Joinder Agreement, a Market Stand-off Agreement and an Investor Rights Agreement to each Stockholder at the address set forth opposite each such Stockholder’s name on the Payment Spreadsheet (which shall specify that delivery shall be effected, and risk of loss and title except to the Certificates shall pass, only upon proper delivery extent any of the Certificates such documents have previously been received by Parent prior to the Paying Agent or, Closing from such Stockholder). Promptly (but in the case of Book-Entry Shares, upon adherence no event more than five Business Days) following delivery to the procedures set forth in the Exchange Agent of a Letter of Transmittal, a Joinder Agreement and which shall be a Market Stand-off Agreement and any applicable tax forms that the Exchange Agent may reasonably require in a customary form and agreed connection therewith (except to the extent any of such documents have previously been received by Parent and the Company prior to the ClosingClosing from such Stockholder) and instructions for use in effecting (the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i“Exchange Documents”); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by a certificate representing shares of Company Capital Stock (the Surviving Corporation or “Company Stock Certificates”), (i) Parent shall cause the Paying Agent, Exchange Agent to pay to the holder of such Company Stock Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit cash portion of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect thereto pursuant to Section 1.6(b)(i) as set forth in the Payment Spreadsheet (less the amount of cash withheld and deposited in the Certificates or Book-Entry Shares. If payment Representative Escrow Fund pursuant to 1.8(b)(iii) as set forth in the Payment Spreadsheet), (ii) Parent shall cause its transfer agent to issue to the holder of such Company Stock Certificate the stock portion of the Merger Consideration is issuable in respect thereto pursuant to be made Section 1.6(b)(i) as set forth in the Payment Spreadsheet (less the number of shares of Parent Common Stock withheld and deposited in the Escrow Fund pursuant to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”Section 1.8(b)(ii) as set forth in the Payment Spreadsheet), other than and the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Company Stock Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer cancelled and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation Parent shall cause its transfer agent to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, issue to the holder of the such Company Stock Option shall be entitled to receive Certificate the shares of Parent Common Stock issuable in exchange therefor the amount of cash which such holder has the right to receive respect thereto pursuant to this Section 1.6(b)(iv)(A) as set forth in the provisions of Section 2.3Payment Spreadsheet, and the Company Stock Option Certificate so surrendered shall then be canceledcancelled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii)so surrendered, each Company Stock Option shall be deemed at any time Certificate outstanding after the First Merger Effective Time to represent will be deemed, for all corporate purposes thereafter, to evidence only the right to receive the Option cash and stock amounts payable hereunder in exchange for shares of Company Capital Stock (without interest). Subject to Section 1.8(e), no portion of the Merger Consideration as contemplated by this Article IIwill be paid to the holder of any unsurrendered Company Stock Certificate with respect to shares of Company Capital Stock formerly represented thereby until the holder of record of such Company Stock Certificate shall surrender such Company Stock Certificate and validly executed Exchange Documents pursuant hereto.
Appears in 1 contract
Sources: Agreement and Plan of Reorganization (FireEye, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Company Merger Effective TimeTime (but in no event later than five Business Days thereafter), Parent shall cause the Paying Agent to deliver:
mail (Aand to make available for collection by hand) to each holder of record holder, of one or more Certificates as of immediately prior to the Company Merger Effective Time, of (1A) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (a “Letter of Transmittal”) (), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, pass only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof), to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalAgent, and which Letter of Transmittal shall be in a customary such form and agreed to by have such other provisions as Parent may reasonably specify, and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Considerationcash consideration issuable pursuant to Section 2.1 that such holder is entitled to receive pursuant to the Company Merger or the LLC Merger, as applicable.
(ii) Upon surrender of a Certificate (or affidavit of loss in lieu thereof) for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the a Letter of Transmittal, Transmittal duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may reasonably be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration contemplated by the provisions of this Article II to be mailed, made available for each share formerly represented collection by hand or delivered by wire transfer, within five Business Days following the later to occur of (A) the Company Merger Effective Time or (B) the Paying Agent’s receipt of such Certificate (or affidavit of loss in lieu thereof), and the Certificate (or affidavit of loss in lieu thereof) so surrendered shall be forthwith cancelled. The Paying Agent shall accept such Certificates (or affidavits of loss in lieu thereof) upon compliance with such reasonable and customary terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. Until surrendered as contemplated by this Section 2.2(b), each Certificate shall be deemed, at any time after the LLC Merger Effective Time, to represent only the right to receive, upon such surrender, the cash consideration as expressly set forth in this Article II.
(iii) No holder of record of Book-Entry Shares Securities as of immediately prior to the Company Merger Effective Time shall be required to deliver a Certificate or an executed Letter of Transmittal to the Paying Agent to receive the applicable Merger Consideration in respect of such Book-Entry Securities. In lieu thereof, such holder of record shall, upon receipt by the Paying Agent of an “agent’s message” in customary form (or such other evidence, if any, as the Paying Agent may reasonably request) to be requested by the Paying Agent as promptly as practicable after the Company Merger Effective Time (but in no event later than five Business Days thereafter), be entitled to receive in exchange therefor, the applicable Merger Consideration and such Certificate Book-Entry Securities shall be cancelled. Payment of the applicable Merger Consideration with respect to Book-Entry Securities shall only be made to the Person in whose name such Book-Entry Securities are registered. Until such “agent’s message” (or booksuch other evidence) is received, each Book-entry shall then Entry Security will be canceleddeemed at any time after the Company Merger Effective Time to represent only the right to receive the applicable Merger Consideration and will not evidence any interest in, or any right to exercise the rights of an equityholder of, the Company, Company OP, the Surviving Corporation or the Surviving Company OP. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares accrue on the Merger Consideration cash payable in respect of the Certificates or a Book-Entry Shares. If payment Security.
(iv) Notwithstanding anything to the contrary herein, with respect to any shares of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity Company Common Stock held through The Depository Trust Company (“PersonDTC”), other Parent and the Company shall cooperate to establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as reasonably practicable after the Company Merger Effective Time and in any event not later than the Person fifth Business Day following the Closing Date, upon surrender of Company Common Stock held of record by DTC or its nominees in whose name accordance with DTC’s customary surrender procedures, the surrendered Certificate applicable Merger Consideration that such holder is registeredentitled to receive pursuant to this Article II.
(v) In the event of a transfer of ownership of shares of Company Common Stock or Company OP Common Units, in each case, that is not registered in the transfer records of the Company or Company OP, as applicable, it shall be a condition of payment that any Certificate surrendered in accordance with the Certificate so surrendered procedures set forth in this Section 2.2 shall be properly endorsed or shall be otherwise in proper form for transfer transfer, or any Book-Entry Securities shall be properly transferred, and that the Person requesting such payment shall have paid any transfer transfer, stamp and other Taxes required by reason of the payment of the Merger Consideration consideration to a Person other than the registered holder of the Certificate surrendered or Book-Entry Securities properly transferred, or shall have established to the reasonable satisfaction of the Surviving Corporation Paying Agent that such Taxes Tax either have has been paid or are is not applicable. Until surrendered as contemplated by No interest shall be paid or accrued for the benefit of (A) holders of Certificates on the consideration otherwise payable upon the surrender of the Certificate pursuant to this Section 2.5(b)(ii), each Certificate and each Article II or (B) Book-Entry Share shall, subject Securities on the consideration otherwise payable in respect of such shares pursuant to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Payment Procedures. (a) Borrower agrees and acknowledges that Borrower will, immediately upon an Event of Default or an Other RF Event of Default (i) As soon re-register any securities (other than the Certificate) delivered as practicable after Collateral hereunder into Lender's name and (ii) subject to Section 3.7 of the Effective TimeTrust Agreement, Parent shall cause upon the Paying Agent to deliver:request of Lender, re-register the Certificate in the name of a Bankruptcy Remote Entity designated by Lender.
(Ab) to each record holder, as of immediately On or prior to the Effective TimeClosing Date, of (1) an outstanding certificate or certificates which immediately prior Borrower will provide Trust Collateral Agent under the Sale and Servicing Agreement with a notice providing for, among other things, all remittances on the Certificate to be paid to Lender to the Effective Time represented shares full extent of Company Common Stock (Borrower's Obligations to Lender hereunder and Borrower's Other RF Obligations to Lender under the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”)Other Residual Financing Agreements, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall notice to Trust Collateral Agent will be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery irrevocable for so long as any of the Certificates Obligations or Other RF Obligations remain outstanding (unless otherwise consented to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to writing by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(iLender); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable All amounts received in respect of the Certificates Certificate or Book-Entry Sharesother Collateral will be applied first to satisfy the Obligations and then to satisfy the Other RF Obligations. If payment Any amounts received by Lender in excess of the Merger Consideration is Obligations and Other RF Obligations due and owing to Lender shall be remitted by Lender to Borrower. Any amounts received by Lender pursuant to this Section 2.7(b) prior to 6:00 p.m., New York City time, on any Business Day shall be deemed to be made to an individualreceived on such Business Day, partnershipand any amounts received by Lender after 6:00 p.m., limited liability companyNew York City time, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or on any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Business Day shall be a condition of payment that deemed to be received on the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IInext succeeding Business Day.
(iiic) Upon surrender All payments to Lender hereunder or under the Promissory Note shall be made in immediately available funds, and free and clear of a Company Stock Option and without deduction for cancellation any taxes, levies, duties, charges, counterclaims, set-offs, fees or withholdings of any nature hereafter imposed, assessed or collected, not later than the due date for such payment through the Federal Reserve Fedwire System for credit to the Paying Agentaccount of Lender (Account No. 140095961 at The Chase Manhattan Bank, together with ABA No. ▇▇▇▇▇▇▇▇▇, or such other account or accounts as Lender shall specify to Borrower in writing no later than one Business Day prior to the Option Surrender Agreementrelated due date).
(d) Any payments made hereunder shall be applied first against costs and expenses due hereunder pursuant to Section 9.1; then against default interest, duly executed, if any; then against interest due on the Loans; and any other documents reasonably required by thereafter against the Surviving Corporation or the Paying Agent, the holder unpaid principal of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IILoans.
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, Parent and the Surviving Company shall cause the Paying Agent to mail (or in the case of the Depository Trust Company, deliver:
(A) to each holder of record holder, (as of immediately prior to the Effective Time) of Company Shares, of (1) an outstanding certificate or certificates including Company Shares which immediately prior to the Effective Time were (x) represented shares of Company Common Stock by a certificate or certificates (the “Certificates”) or and (2y) shares of Company Common Stock not represented by book-entry a certificate or certificates (the “Book-Entry Uncertificated Shares”) which were cancelled in exchange for the right to receive the Per Share Merger Consideration pursuant to Section 3.1 (and excluding, for the avoidance of doubt, the Excluded Shares), (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of TransmittalAgent), and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationPer Share Merger Consideration payable in respect thereof pursuant to the provisions of this Article III. Promptly after a Dissenting Shareholder has effectively withdrawn or lost his, her or its appraisal rights under the Cayman Companies Law, Parent shall cause the Paying Agent to mail to such Dissenting Shareholder such letter of transmittal and instructions.
(ii) Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry Sharesto such other agent or agents as may be appointed by Parent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and the holders of the Company Shares represented by such other customary documents as may Certificates shall be reasonably required entitled to receive in exchange therefor an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Surviving Corporation or Per Share Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered shall forthwith be canceled. Upon receipt by the Paying AgentAgent of confirmation by the Company that the Uncertificated Shares have been canceled, the holder holders of such Certificate or Book-Entry Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product of the number of such Uncertified Shares multiplied by the Per Share Merger Consideration for each share formerly represented by to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof). The Paying Agent shall accept such Certificate or Book-Entry Shares Certificates and such Certificate or book-entry shall then be canceledconfirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Company Shares represented by the Certificates or Book-Entry and the cancellation of such Uncertificated Shares on the aggregate Per Share Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 3.2. Until so surrendered, outstanding Certificates shall be deemed from and after the Effective Time, to evidence only the right to receive an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Per Share Merger Consideration, without interest thereon, payable in respect thereof pursuant to the provisions of this Article III.
(iii) Prior to the Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) multiplied by (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders (other than with respect to ADSs representing Excluded Shares) upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, the ADS holders will pay any applicable fees, charges and expenses of the Depositary and government charges (including withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the aggregate Per ADS Merger Consideration to ADS holders. No interest will be paid or accrued on any amount payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIADSs.
(iiiiv) Upon surrender Remittances for the Per Share Merger Consideration or the Per ADS Merger Consideration, as the case may be, shall not be sent to holders of Company Shares or ADSs who are untraceable unless and until, except as provided below, they notify the Paying Agent or the Depositary, as applicable, of their current contact details. A holder of Company Shares or ADSs will be deemed to be untraceable if (x) such Person has no registered address in the register of members (or branch register) maintained by the Company or the Depositary, as applicable, (y) on the last two (2) consecutive occasions on which a dividend has been paid by the Company Stock Option a check payable to such Person either (A) has been sent to such person and has been returned undelivered or has not been cashed or (B) has not been sent to such person because on an earlier occasion a check for cancellation a dividend so payable has been returned undelivered, and in any such case no valid claim in respect thereof has been communicated in writing to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation Company or the Paying AgentDepositary, the holder as applicable or (z) notice of the Company Stock Option Shareholders Meeting convened to vote on the Merger has been sent to such Person and has been returned undelivered. Monies due to Dissenting Shareholders and shareholders of the Company who are untraceable shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant returned to the provisions Surviving Company on demand and held in a non-interest bearing bank account for the benefit of Section 2.3, Dissenting Shareholders and shareholders of the Company Stock Option so surrendered shall then be canceled(including holders of ADSs) who are untraceable. Until surrendered in accordance with Monies unclaimed after a period of seven (7) years from the provisions of this Section 2.5(b)(iii), each Company Stock Option Closing Date shall be deemed at any time after forfeited and shall revert to the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IISurviving Company.
Appears in 1 contract
Payment Procedures. (i) As soon as practicable after the Effective Time, Parent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate At or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing, Parent shall deposit (or cause to be deposited) with the Company, by wire transfer of immediately available funds, the aggregate Vested Equity Award Consideration owed to all holders of Company Options, Vested Company RSUs and Vested Company PSUs (collectively, the “Equity Award Holders”). As promptly as reasonably practicable, but in any event no later than the first regularly scheduled payroll date that is no less than five Business Days after the Closing Date, the Equity Award Holders will be paid by the Company or the Surviving Corporation, through its payroll system or payroll provider, all amounts required to be paid to such holders in respect of Company Options, Vested Company RSUs and Vested Company PSUs that are cancelled and converted pursuant to this Section 2.8, less any required withholding pursuant to Section 2.12. Notwithstanding anything to the contrary in this Section 2.8(d) (and, with respect to the Section 102 Shares, if any, also Section 2.9 below), the Option Consideration payable pursuant to Section 2.8(a) with respect to Section 102 Options and Section 3(i) Options (if any), the Vested RSU Consideration and Cash Replacement Company RSU Amounts payable pursuant to Sections 2.8(b)(i)-(ii) with respect to S▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇(▇) ▇▇▇▇ (▇▇ any), the Vested PSU Consideration and Cash Replacement Company PSU Amounts payable pursuant to Sections 2.8(c)(i)-(ii) with respect to Section 102 PSUs and Section 3(i) PSUs (if any) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Sharesconsideration payable pursuant to Section 2.7 with respect to Section 102 Shares (collectively, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B“102 Trustee Amounts”) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid (either directly or accrued indirectly) to the Section 102 Trustee for the benefit of holders the beneficial owners thereof, who shall pay out the 102 Trustee Amounts, as applicable, and withhold the applicable tax either directly or through the applicable Israeli Subsidiary of the Certificates or Book-Entry Shares on the Merger Consideration payable Company, in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered case in accordance with the provisions of this Section 2.5(b)(iii102 or Section 3(i), each Company Stock Option shall be deemed at any time after as applicable, the Effective Time to represent for all purposes only Interim Options Tax Ruling, if obtained, and the right to receive the Option Consideration as contemplated by this Article IIOptions Tax Ruling, if obtained.
Appears in 1 contract
Payment Procedures. (i) As soon as practicable after Promptly following the Effective Time, and in any event not more than three (3) Business Days thereafter, Parent shall and the Surviving Corporation will cause the Paying Agent to deliver:
(A) mail to each holder of record holder(or in the case any holders of Uncertificated Shares held through the Depository Trust Company, then to the Depository Trust Company) (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”) or (2) other than Dissenting Shares and shares of Company Common Stock represented by described in Section 3.1(a)(iii)) (the “Certificates”); and (ii) uncertificated or book-entry shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Shares and shares of Company Common Stock described in Section 3.1(a)(iii)) (the “Book-Entry Uncertificated Shares”), (A) a customary letter of transmittal (“Letter of Transmittal”) in form and substance reasonably acceptable to the Company and Parent (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Merger Consideration payable in respect thereof pursuant to Section 3.1(a)(ii). Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesAgent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive receive, and the Paying Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the Merger Consideration for each share formerly payable in respect of the number of shares of Company Common Stock represented by such Certificate Certificate, and the Certificates so surrendered will forthwith be canceled. Upon receipt of an “agent’s message” by the Paying Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Uncertificated Shares will be entitled to receive, and the Paying Agent shall then promptly pay, in exchange therefor, an amount in cash equal to the Merger Consideration payable in respect of the number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares, and the transferred Uncertificated Shares so surrendered will be canceled. The Paying Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Paying Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration payable in respect upon the surrender of the such Certificates or Book-Entry and Uncertificated Shares. If payment of the Merger Consideration is to be made to an individualUntil so surrendered, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer outstanding Certificates and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by this Article IIMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 3.1(a)(ii).
Appears in 1 contract
Sources: Merger Agreement (SOC Telemed, Inc.)
Payment Procedures. (a) Borrower agrees and acknowledges that Borrower will, immediately upon an Event of Default or an Other RF Event of Default (i) As soon re-register any securities (other than the Excess Cash Flow Certificate) delivered as practicable after Collateral hereunder into Lender's name and (ii) subject to Section 5.5(d) of the Effective TimePooling and Servicing Agreement, Parent shall cause upon the Paying Agent to deliver:request of Lender, re-register the Excess Cash Flow Certificate in the name of a Bankruptcy Remote Entity designated by Lender.
(Ab) to each record holder, as of immediately On or prior to the Effective TimeClosing Date, of (1) an outstanding certificate or certificates which immediately prior Borrower will provide Trustee under the Pooling and Servicing Agreement with a notice providing for, among other things, all remittances on the Excess Cash Flow Certificate to be paid to Lender to the Effective Time represented shares full extent of Company Common Stock (Borrower's Obligations to Lender hereunder and Borrower's Other RF obligations to Lender under the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”)Other Residual Financing Agreements, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall notice to Trustee will be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery irrevocable for so long as any of the Certificates obligations or Other RF Obligations remain outstanding (unless otherwise consented to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to writing by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(iLender); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable All amounts received in respect of the Certificates Excess Cash Flow Certificate or Book-Entry Sharesother Collateral will be applied first to satisfy the Obligations and then to satisfy the Other RF Obligations. If payment Any amounts received by Lender in excess of the Merger Consideration is obligations and Other RF Obligations due and owing to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Lender shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required remitted by reason of the payment of the Merger Consideration Lender to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIBorrower.
(iiic) Upon surrender All payments to Lender hereunder or under the Note shall be made in immediately available funds, and free and clear of a Company Stock Option and without deduction for cancellation any taxes, levies, duties, charges, counterclaims, set-offs, fees or withholdings of any nature hereafter imposed, assessed or collected, not later than the due date for such payment through the Federal Reserve Fedwire System for credit to the Paying Agentaccount of Lender (Account No. 140095961 at Chase Manhattan Bank, together with ABA No. ▇▇▇▇▇▇▇▇▇).
(d) Any payments made hereunder shall be applied first against costs and expenses due hereunder pursuant to Section 9.1; then against default interest, if any; then against interest due on the Option Surrender Agreement, duly executed, Loan; and any other documents reasonably required by thereafter against the Surviving Corporation or the Paying Agent, the holder unpaid principal of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IILoan.
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Payment Procedures. (a) Subject to the remainder of this Section 2.4(a), if the Milestone is achieved prior to the Milestone Deadline Date, Parent shall, within thirty (30) business days of the achievement of the Milestone, deliver to the Rights Agent a notice in writing (a “Milestone Notice”) indicating the achievement of the Milestone and that the Holders are entitled to receive the applicable Milestone Payment or Covered Equity Award Milestone Payment.
(b) The Rights Agent shall promptly, and in any event within ten (10) business days of receipt of funds from Parent as required pursuant to Section 4.2, (i) As soon as practicable after the Effective Time, Parent shall cause the Paying Agent to deliver:
send each Holder at its registered address (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry SharesCede & Co., upon adherence pursuant to the applicable procedures set forth in the Letter of Transmittal, and which shall be in DTC) a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender copy of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, Milestone Notice and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender pay to the Paying Agent each Holder, subject to receipt of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed cash from Parent in accordance with the instructions thereto, Section 4.2 and such other customary documents as may be any letter of instruction reasonably required by the Surviving Corporation or the Paying Rights Agent, an amount equal to the holder product of (x) the applicable Milestone Payment and (y) the number of CVRs (excluding Covered Equity Award CVRs, which are addressed by the next sentence) held by such Holder, which payment shall be made (x) by check mailed to the address of such Certificate Holder reflected in the CVR Register as of 5:00 p.m. New York City time on the date of the Milestone Notice, (y) with respect to any such Holder that is due an amount in excess of $5,000 in the aggregate who has provided the Rights Agent wiring instructions in writing as of the close of business on the date of the Milestone Notice, by wire transfer of immediately available funds to the account specified on such instructions or Book-Entry Shares (z) with respect to Cede & Co., by wire transfer of immediately available funds pursuant to the applicable procedures of DTC. Notwithstanding the foregoing, with respect to any Covered Equity Award Milestone Payment, Parent shall or shall cause one of its Subsidiaries as an agent on its behalf to (A) promptly following the achievement of the Milestone, notify the Rights Agent in writing of the Covered Equity Award Milestone Payments and (B) prior to or substantially concurrently with the payment of the Milestone Payments by the Rights Agent under this Section 2.4(b), pay to each Holder of Covered Equity Award CVRs, through Parent’s applicable payroll system, an amount equal to the product of (x) the applicable Covered Equity Award Milestone Payment and (y) the number of Covered Equity Award CVRs held by such Holder, provided that such payments shall be made no later than sixty (60) days following the achievement of the Milestone.
(c) If any funds delivered to the Rights Agent for payment to Holders as Milestone Payments remain undistributed to the Holders on the date that is one (1) year after the date of the Milestone Notice, Parent shall be entitled to receive require the Rights Agent to deliver to Parent or its designee any funds which had been made available to the Rights Agent in exchange therefor connection with such Milestone Payments and not disbursed to the Merger Consideration for each share formerly represented Holders (including, all interest and other income received by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable Rights Agent in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is all funds made available to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”it), other than the Person in whose name the surrendered Certificate is registeredand, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting thereafter, such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option Holders shall be entitled to receive look to Parent for the payment in exchange therefor respect of such Holder’s CVRs (subject to abandoned property, escheat and other similar applicable Legal Requirements) only as general creditors thereof with respect to the amount Milestone Payments that may be payable.
(d) Neither Parent, the Rights Agent nor any of cash their Affiliates shall be liable to any Holder for any Milestone Payments delivered to a public official pursuant to any abandoned property, escheat or other similar applicable Legal Requirements. Any amounts remaining unclaimed by such Holders at such time at which such holder has the right amounts would otherwise escheat to receive pursuant or become property of any Regulatory Authority shall become, to the provisions extent permitted by applicable Legal Requirements, the property of Section 2.3Parent or its designee, free and clear of all claims or interest of any Person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless the Rights Agent with respect to any liability, penalty, cost or expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent.
(e) If the Milestone is not achieved prior to the Milestone Deadline Date, Parent shall, within thirty (30) days of the Milestone Deadline Date, deliver to the Rights Agent a notice in writing (a “Milestone Non-Achievement Notice”) indicating that the Milestone has not been timely achieved. The Rights Agent shall promptly, and in any event within ten (10) business days of receipt, deliver a copy of such Milestone Non-Achievement Notice to the Company Stock Option so surrendered shall then be canceledHolders. Until surrendered in accordance with The Rights Agent will deliver to Parent a certificate certifying the provisions date of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after delivery of such Milestone Non-Achievement Notice to the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIHolders.
Appears in 1 contract
Payment Procedures. At or prior to the Effective Time, Parent will deposit (or cause to be deposited) with the Company, by wire transfer of immediately available funds, the aggregate (i) Option Consideration owed to all holders of Company Options that are not Cash Rollover Company Options (such Company Options, “Cashout Company Options”); (ii) RSU Consideration (other than Pre 2018 RSU Cash Amounts) owed to all holders of Company RSUs that are not Cash Rollover Company RSUs (such Company RSUs, “Cashout Company RSUs”); and (iii) PSU Consideration owed to all holders of Specified Company PSUs that are not Cash Rollover Specified Company PSUs (such Specified Company PSUs, “Cashout Specified Company PSUs”). As soon as practicable after the Effective TimeClosing Date but in any event no later than the later of (x) three (3) Business Days following the Closing Date and (y) the first regularly scheduled payroll date following the Closing Date, Parent shall cause the Paying Agent to deliver:
applicable holders of Cashout Company Options, Cashout Company RSUs and Cashout Specified Company PSUs (Acollectively, “Cashout Company Equity Awards”) to each record holderwill receive a payment from the Company or the Surviving Corporation, as of immediately prior to the Effective Timethrough its payroll system or payroll provider, of (1all amounts required to be paid to such holders in respect of such Cashout Company Equity Awards that are cancelled and converted pursuant to Section 2.8(a), Section 2.8(b) an outstanding certificate or certificates which immediately prior and Section 2.8(c) as applicable; provided, that if any payment owed to the Effective Time represented shares a holder of Cashout Company Common Stock (the “Certificates”Equity Awards pursuant to Section 2.8(a), Section 2.8(b) or Section 2.8(c) as applicable, cannot be made through the Company’s or the Surviving Corporation’s payroll system or payroll provider, then the Surviving Corporation will (2i) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”)wire transfer or direct deposit, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
or (ii) Upon surrender by a check sent by overnight courier to such holder promptly following the Closing Date (but in no event later than the later of (x) three (3) Business Days following the Closing Date and (y) the first regularly scheduled payroll date following the Closing Date) provide such payment owed to such holder. Notwithstanding the foregoing, to the Paying Agent extent any such amounts relate to a Company RSU or Specified Company PSU that is nonqualified deferred compensation subject to Section 409A of a Certificate or Book-Entry Sharesthe Code, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or shall pay such amounts at the Paying Agent, earliest time permitted under the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders terms of the Certificates applicable agreement, plan or Book-Entry Shares on the Merger Consideration payable in respect arrangement relating to such Company RSU or Specified Company PSU that will not trigger a tax or penalty under Section 409A of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IICode.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeClosing, Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
deliver (Athrough mail or electronically) to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (the “Certificates”) or (2) uncertificated shares of Company Common Stock represented by book-entry (the “Book-Entry Uncertificated Shares”), in each case, other than Dissenting Company Shares, (i) instructions for use in effecting the surrender of the Certificates or Uncertificated Shares, as applicable, in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.1, and (ii) in the case of a holder of record of Certificates, a customary form letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof)). Upon surrender of Certificates for cancellation to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate Certificates; by (y) the Per Share Price (less any applicable withholding Taxes deductible in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes deductible in respect thereof), and such Certificate or book-entry shall then Uncertificated Shares so surrendered will be canceledcancelled. The Payment Agent will accept such Certificates and Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.3(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without any interest thereon, payable in respect thereof pursuant to Section 2.1. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.1.
Appears in 1 contract
Sources: Merger Agreement (LogicMark, Inc.)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three Business Days), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) or (2) uncertificated shares of Company Common Capital Stock that represented by book-entry outstanding shares of Company Capital Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Book-Entry Uncertificated Shares”), ) (A) a customary letter of transmittal (“Letter in customary form and reasonably acceptable to each of Transmittal”) the Company and Parent prior to the Effective Time (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent Payment Agent, or, in the case of Book-Entry Uncertificated Shares, upon adherence to the procedures set forth in the Letter such letter of Transmittal, transmittal); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) applicable Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Capital Stock represented by such Certificate Certificate; by (y) the applicable Per Share Price payable in respect thereof pursuant to Section 2.7 (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Capital Stock represented by such holder’s transferred Uncertificated Shares; by (2) the applicable Per Share Price payable in respect thereof pursuant to Section 2.7 (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration applicable Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by applicable Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Payment Procedures. (ia) As soon as practicable after The Borrower hereby authorizes the Effective Time, Parent shall cause the Paying Administrative Agent to deliver:
(A) charge the Loan Account with the amount of all principal, interest, fees, expenses and other payments to each record holderbe made hereunder and under the other Loan Documents. The Administrative Agent may, as of immediately prior to but shall not be obligated to, discharge the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to Borrower's payment obligations hereunder by so charging the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationLoan Account.
(iib) Upon surrender Each payment by the Borrower on account of principal, interest, fees or expenses hereunder shall be made to the Paying Administrative Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders the Administrative Agent and the Lenders according to the their respective rights thereto. All payments to be made by the Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to 2:00 P.M. (New York time) on the due date thereof to the Administrative Agent, for the account of the Certificates or Book-Entry Shares Lenders according to their Pro Rata shares (except as expressly otherwise provided), in immediately available funds. Any payment after such time shall be deemed made on the Merger Consideration payable in respect next Business Day. Borrower may, at the time of payment, specify to the Certificates or Book-Entry Shares. If Administrative Agent the Obligations to which such payment of the Merger Consideration is to be made to an individualapplied, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than but the Person Administrative Agent shall in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only all events retain the right to receive upon apply such surrender payment in such manner as the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Administrative Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled is permitted to receive in exchange therefor the amount of cash which such holder has the right to receive direct pursuant to the provisions of this Agreement. Except for payments which are expressly provided to be made (i) for the account of the Administrative Agent only or (ii) under the settlement provisions of Section 2.32.3(i), the Administrative Agent shall distribute all payments to the Lenders on the Business Day following receipt in like funds as received. Notwithstanding anything to the contrary contained in this Agreement, if a Lender exercises its right of setoff under Section 10.3 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the other Lenders according to their respective Pro Rata shares.
(c) Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day (except as specified in clause (ii) of the definition of Interest Period) and such extension of time shall be included in the Company Stock Option so surrendered computation of the amount of interest due hereunder.
(d) At any time that an Event of Default exists or the Administrative Agent receives a payment or Collateral proceeds in an amount that is insufficient to pay all amounts then due and payable to the Administrative Agent and Lenders, all monies to be applied to the Obligations, whether such monies represent voluntary or mandatory payments or prepayments by one or more the Borrower or are received pursuant to demand for payment or realized from any disposition of Collateral and irrespective of any designation by Borrower of the Obligations that are intended to be satisfied, shall be allocated among the Administrative Agent and such of the Lenders as are entitled thereto (and, with respect to monies allocated to Lenders, on a Pro Rata basis unless otherwise provided herein): (i) first, to the Administrative Agent to pay the amount of Extraordinary Expenses that have not been reimbursed to the Administrative Agent by Borrower or Lenders, together with interest accrued thereon at the rate applicable to Revolving Credit Loans that are Base Rate Advances, until Full Payment of all such Obligations; (ii) second, to the Administrative Agent to pay principal and accrued interest on any portion of the Revolving Credit Loans which the Administrative Agent may have advanced on behalf of any Lender and for which the Administrative Agent has not been reimbursed by such Lender or Borrower, until Full Payment of all such Obligations; (iii) third, to BofA to pay the principal and accrued interest on any portion of the Swingline Loans outstanding, to be shared with Lenders that have acquired and paid for a participating interest in such Swingline Loans, until Full Payment of all such Obligations; (iv) fourth, to the extent that Issuing Bank has not received from any Participating Lender a payment as required by Section 2.2, to Issuing Bank to pay all such required payments from each Participating Lender, until Full Payment of all such Obligations; (v) fifth, to the Administrative Agent to pay any Claims that have not been paid pursuant to any indemnity of the Agent Indemnitees by the Borrower, or to pay amounts owing by Lenders to the Agent Indemnitees pursuant to Section 9.6, in each case together with interest accrued thereon at the rate applicable to Revolving Credit Loans that are Base Rate Advances, until Full Payment of all such Obligations; (vi) sixth, to the Administrative Agent to pay any fees due and payable to the Administrative Agent, until Full Payment of all such Obligations; (vii) seventh, to each Lender, ratably, for any Claims that such Lender has paid to the Agent Indemnitees pursuant to its indemnity of the Agent Indemnitees and any Extraordinary Expenses that such Lender has reimbursed to the Administrative Agent or such Lender has incurred, to the extent that such Lender has not been reimbursed by the Borrower therefor, until Full Payment of all such Obligations; (viii) eighth, to Issuing Bank to pay principal and interest with respect to LC Obligations (or to the extent any of the LC Obligations are contingent and an Event of Default then exists, deposited in the Cash Collateral Account to Cash Collateralize the LC Obligations), which payment shall be canceled. Until surrendered shared with the Participating Lenders in accordance with Section 2.2, until Full Payment of all such Obligations; (ix) ninth, to Lenders in payment of the unpaid principal and accrued interest in respect of the Loans and other Obligations (excluding Banking Relationship Indebtedness) then outstanding, in such order of application as shall be designated by the Administrative Agent (acting at the direction or with the consent of the Required Lenders), until Full Payment of all such Obligations; and (x) tenth, to BofA or any Lender or any Affiliate of BofA or of any Lender in payment of any Banking Relationship Indebtedness owed to such Person and secured by the Collateral hereunder, until Full Payment of all such Obligations. The allocations set forth in this Section 2.9(d) are solely to determine the rights and priorities of the Administrative Agent and Lenders as among themselves and may be changed by the Administrative Agent and Lenders without notice to or the consent or approval of the Borrower or any other Person.
(e) The Administrative Agent shall not be liable for any allocation or distribution of payments made by it in good faith and, if any such allocation or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to which payment was due but not made shall be to recover from the other Lenders any payment in excess of the amount to which such other Lenders are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them).
(f) The Borrower irrevocably waives the right to direct the application of any payments or Collateral proceeds, and agrees that the Administrative Agent shall have the continuing, exclusive right to apply and reapply same against the Obligations, in such manner as the Administrative Agent deems advisable, notwithstanding any entry by the Administrative Agent in its records; provided, however, that any payments or proceeds of Collateral received by the Administrative Agent on any date that an Event of Default does not exist shall be applied in accordance with any provisions of this Section 2.5(b)(iii)Agreement that govern the application of such payment or proceeds. If, each Company Stock Option as a result of the Administrative Agent's receipt of Payment Items or proceeds of Collateral, a credit balance exists, the balance shall not accrue interest in favor of the Borrower and shall be deemed at any time after made available to the Effective Time to represent for all purposes only the right to receive the Option Consideration Borrower as contemplated by this Article IIlong as no Default or Event of Default exists.
Appears in 1 contract
Sources: Loan and Security Agreement (Westpoint International Inc)
Payment Procedures. (ia) As soon as practicable Parent or Merger Sub shall deposit the Merger Consideration with such bank or trust company identified by Parent and Company (the “Disbursing Agent”) upon the Closing before the Effective Time by wire transfer of immediately available funds according to wire instructions supplied by the Disbursing Agent to Parent (such excess, the “Payment Fund”).
(b) Within one business day after the Effective Time, Parent shall cause will instruct the Paying Disbursing Agent to deliver:
(A) pay by check or, in some cases, wire transfer of same day funds, to each record holderCompany Securityholder such Company Securityholder’s portion thereof under Section 2.2.2 other than the portion of the Merger Consideration to be deposited with the Escrow Agent; provided, that, as a condition to receipt of immediately prior to its portion of the Effective TimeMerger Consideration, of (1) an outstanding certificate or certificates which immediately prior to each Company Securityholder shall comply with the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), provisions set forth in a customary letter of transmittal (the “Letter of Transmittal”) delivered to each Company Securityholder by the Disbursing Agent, including, at the request of Surviving Company, delivery of Certificates representing all of the Company Shares (as defined in Section 3.1.2(a)) held by such Company Securityholder (which Certificate will then be canceled). (If any Certificate has been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming such document to be lost, stolen, or destroyed and, if required by the Disbursing Agent, the payment of any bond premiums, the Disbursing Agent will issue the applicable payment to which the Company Securityholder is entitled.) Parent shall specify direct the Disbursing Agent to make available to each Company Securityholder the form of Letter of Transmittal promptly after the Closing Date.
(c) Any portion of the Payment Fund (including the proceeds of any investments thereof) that delivery shall remains undistributed for 12 months after the Effective Time may be effecteddelivered to Surviving Company upon its demand, and risk of loss any Company Securityholder who has not theretofore exchanged such Company Securityholder’s Company Shares in accordance with this Section 2.2.3 and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures instructions set forth in the Letter of TransmittalTransmittal will thereafter look only to Surviving Company or its agent (subject to abandoned property, and which shall be in escheat, or other similar laws) only as a customary form and agreed to by Parent and the general creditor of Surviving Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of its portion of the Merger Consideration set forth without interest deliverable in Section 2.1(b)(i); and
(B) to respect of each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the Share such Company Securityholder holds upon due surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender Securityholder’s Certificates and as determined pursuant to the Paying Agent this Agreement. None of a Certificate or Book-Entry SharesParent, together with the Letter of TransmittalSurviving Company, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall Disbursing Agent will be entitled to receive in exchange therefor the Merger Consideration liable for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment any portion of the Merger Consideration is delivered to be made a public official pursuant to an individualany applicable abandoned property, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organizationescheat, or any other form of business or professional entity similar law.
(“Person”)d) At the Effective Time, other than the Person in whose name the surrendered Certificate is registered, it Register shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer closed and that the Person requesting such payment shall have paid any transfer from and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying AgentTime, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option there shall be entitled to receive in exchange therefor no further registration of transfers of Company Shares that were outstanding on the amount records of cash which such holder has Company immediately before the right to receive pursuant to the provisions of Section 2.3, Effective Time. From and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time, the Company Securityholders immediately before the Effective Time shall cease to represent for all purposes only have any rights with respect to such Company Shares (other than the right to receive the Option Merger Consideration attributable to such Company Shares (as contemplated defined in Section 3.1.2(a)), except as otherwise provided herein or by this Article IILaw. At or after the Effective Time, any Certificates presented to the Disbursing Agent or Surviving Company for any reason shall be cancelled and at the request of Surviving Company surrendered.
Appears in 1 contract
Sources: Merger Agreement (Renren Inc.)
Payment Procedures. (i) As soon No later than two (2) Business Days prior to the Closing Date, the Company shall deliver written instruction to its transfer agent, eShares, Inc., d/b/a Carta, Inc. (the “Transfer Agent”), with a copy to Buyer, directing the Transfer Agent to (A) cancel all electronic certificates representing Company Shares (the “Book-Entry Entitlements”), such cancellation to be effective as practicable of the Effective Time, and (B) deliver to Buyer and the Payment Agent, as promptly as practicable, but in no event later than two (2) Business Days after the Effective Time, Parent shall cause written confirmation of the Paying Agent to deliver:
(A) to each record holder, as cancellation of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock all Book-Entry Entitlements (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry SharesCancellation Certificate”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender As soon as reasonably practicable following the Closing, Buyer or the Payment Agent shall distribute a letter of transmittal in customary form and substance to each Company Shareholder at the Paying address or e-mail address set forth opposite each such Person’s name on the Payment Spreadsheet.
(iii) After receipt by the Payment Agent of a Certificate letter of transmittal and any other documents (including applicable tax forms) that Buyer or Book-Entry Shares, together with the Letter of TransmittalPayment Agent may reasonably require in connection therewith (the “Exchange Documents”), duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by Buyer shall cause the Surviving Corporation or the Paying Agent, Payment Agent to pay to the holder of such Certificate or Book-Entry Company Shares shall be entitled to receive in exchange therefor the Merger Total Closing Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceledpayable in respect thereto pursuant to Section 1.3. No interest portion of the Total Closing Consideration shall be paid or accrued for payable to the benefit holder of holders any Company Shares until the Transfer Agent shall have delivered the Cancellation Certificate and the holder of such Company Shares and delivered validly executed Exchange Documents in accordance with the terms and conditions hereof.
(iv) In the event that any Person entitled to consideration hereunder has outstanding loans from the Company or any Subsidiary as of the Certificates or Book-Entry Shares on Effective Time, the Merger Consideration consideration payable in respect to such Person pursuant to Section 1.3 shall be reduced by an amount equal to the outstanding principal plus accrued interest, if any, of such Person’s loans as of the Certificates Effective Time, plus any other amounts owed by such Person to the Company or Book-Entry Sharesany Subsidiary (collectively, such Person’s “Loan Repayment Amount”). Such loans shall be satisfied as to the amount by which the consideration is reduced pursuant to this Section 2.3(c)(iv). To the extent the consideration payable to such Person is so reduced, such amount shall be treated for all purposes under this Agreement as having been paid to such Person.
(v) If payment of the Merger Consideration is any cash amounts are to be made disbursed pursuant to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), Section 1.3 to a Person other than the Person in whose name is reflected in the surrendered Certificate is registeredBook-Entry Entitlement, it shall will be a condition of payment the issuance or delivery thereof that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person person requesting such payment shall exchange will have paid to Buyer or any agent designated by it any transfer and or other Taxes required by reason of the payment of any portion of the Merger Total Closing Consideration to a Person in any name other than the registered holder that of the Certificate surrendered owner of the Book-Entry Entitlement, or shall have established to the satisfaction of the Surviving Corporation Buyer or any agent designated by it that such Taxes either have Tax has been paid or are is not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpayable.
(iiivi) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder The cash amounts paid in respect of the cancellation of Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered Shares in accordance with the provisions terms of this Section 2.5(b)(iii), each Company Stock Option Agreement shall be deemed at any time after to be full satisfaction of all rights pertaining to such Company Shares, and there shall be no further registration of transfers on the records of the Surviving Corporation of Company Shares which were outstanding immediately prior to the Effective Time Time.
(vii) Notwithstanding anything to represent the contrary in this Section 2.3, none of Buyer, the Payment Agent, the Surviving Corporation, nor any party hereto shall be liable to any Person for all purposes only the right any amount paid to receive the Option Consideration as contemplated by this Article IIa public official pursuant to any applicable abandoned property, escheat or similar law.
Appears in 1 contract
Sources: Merger Agreement (F5 Networks Inc)
Payment Procedures. (i) As soon as practicable Promptly after the Effective Time, Parent shall cause the Paying Agent to deliver:
shall (and Parent shall direct the Paying Agent to) mail (A) to each holder of record holderof Shares whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 3.1, as (i) a letter of immediately prior to transmittal (which shall specify that, in the Effective Timecase of certificated Shares, delivery shall be effected, and risk of (1) an outstanding certificate or loss and title shall pass, only upon delivery of the certificates which that immediately prior to the Effective Time represented shares of Company Common Stock such Shares (the “Certificates”) or to the Paying Agent (2) shares or, in the case of Company Common Stock non-certificated Shares represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that only upon delivery in compliance with reasonable delivery procedures established by the Paying Agent), and shall be effected, in such form and risk of loss have such other provisions as Parent and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of Certificates or Book-Entry Shares in exchange for the Merger Consideration and (B) to the extent Parent elects to have the Paying Agent pay amounts payable in respect of Company Stock Options or Restricted Shares, pay to each holder of a Company Stock Option or Restricted Share, a check in an amount due and payable to such holder pursuant to Section 3.3 hereof in respect of such Company Stock Option in exchange for the Option Considerationor Restricted Share.
(ii) Upon surrender of Certificates for cancellation to the Paying Agent or compliance with the reasonable procedures established by the Paying Agent for delivery of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly properly completed and validly duly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such holder’s properly surrendered Certificates or Book-Entry Shares multiplied by (y) the Merger Consideration, and the Certificate or Book-Entry Shares and such Certificate or book-entry so surrendered shall then forthwith be canceledcancelled. No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a person other than the Person person in whose name the surrendered Certificate a Share is registered, it shall a check for any cash to be a condition paid upon due surrender of payment that the Certificate so surrendered shall may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, properly endorsed or shall be otherwise in proper form for transfer (or in the case of Book-Entry Shares, accompanied by all documents (if any) required to evidence and that the Person requesting effect such payment shall have paid any transfer transfer) and other Taxes required in each case accompanied by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established evidence to the satisfaction of the Surviving Corporation Paying Agent that such any applicable stock transfer or other Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.this
Appears in 1 contract
Payment Procedures. Promptly following the Closing (i) As soon as practicable after and in any event within three Business Days following the Effective TimeClosing), Parent shall cause and the Paying Surviving Corporation will direct the Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1i) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”) or and (2ii) uncertificated shares of Company Common Stock represented by book-entry (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Book-Entry Uncertificated Shares”), ): (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry and Uncertificated Shares, the surrender of such sharesas applicable, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Per Share Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock 27 represented by such Certificate Certificate; by (y) the Per Share Price (subject to Section 2.12), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (subject to Section 2.12), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with customary exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price, payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated Per Share Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7. (d) DTC Payment. Prior to the Closing, Parent and the Company will cooperate to establish procedures with the Payment Agent and the Depository Trust Company (“DTC”) with the objective that (i) if the Closing occurs at or prior to 11:30 a.m. Eastern time on the Closing Date, then the Payment Agent will transmit to DTC or its nominees on the Closing Date an amount in cash, by this Article IIwire transfer of immediately available funds, equal to (A) the number of shares of Company Common Stock (other than Owned Company Shares and Dissenting Company Shares) held of record by DTC or such nominee immediately prior to the Effective Time; multiplied by (B) the Per Share Price (such amount, the “DTC Payment”); and (ii) if the Closing occurs after 11:30 a.m. Eastern time on the Closing Date, then the Payment Agent will transmit the DTC Payment to DTC or its nominees on the first Business Day after the Closing Date.
Appears in 1 contract
Sources: Merger Agreement (Squarespace, Inc.)
Payment Procedures. (ia) As soon promptly as practicable after following the Effective TimeAgreement Date (but in no event later than two (2) Business Days following the Agreement Date), Parent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), deliver a customary letter of transmittal in the form attached hereto as Exhibit H (the “Letter of Transmittal)”) , to each holder of record of a certificate representing outstanding shares of Company Capital Stock (collectively, the “Stock Certificates”), which shall specify (A) that delivery of a Stock Certificate shall be effected, and risk of loss and title to the Certificates such Stock Certificate shall pass, only upon proper delivery of the Certificates such Stock Certificate to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender AgreementParent, and (2B) instructions for use in effecting the surrender of Stock Certificates upon receipt of Total Closing Merger Consideration payable at the Closing to the Company Stockholders pursuant to Section 1.7(a). As a condition precedent to each Stock Certificate holder’s receipt of his, her or its portion of such Company consideration, such holder shall surrender such Stock Option Certificate to the Paying Agent for cancellation (or, if such Stock Certificate has been lost, stolen or destroyed, make an affidavit of that fact with appropriate indemnification, in exchange for a form reasonably acceptable to Parent and the Option ConsiderationPaying Agent).
(iib) Upon surrender Subject to Section 1.11(b), as promptly as practicable following receipt by the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of TransmittalTransmittal and IRS Form W-9 or the appropriate version of IRS Form W-8, as applicable (collectively, the “Exchange Documents”), duly completed and validly executed in accordance 1.9(a)(i), (i) Parent shall cause the Paying Agent to pay to each Company Stockholder the portion of the Total Closing Merger Consideration payable to such holder pursuant to Section 1.7(a) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule), (ii) Parent shall cause the Paying Agent to pay to each Company Vested Optionholder (solely with respect to Non-Employee Options) the portion of the Total Closing Merger Consideration payable to such holder in respect of Non-Employee Options pursuant to Section 1.7(b)(i) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule), and (iii) Parent shall cause the Paying Agent to pay to each Company Warrantholder (other than holders of [***]) the portion of the Total Closing Merger Consideration payable to such Company Warrantholder pursuant to Section 1.7(c)(i) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule).
(c) At any time following the date that is two (2) years following the Effective Time, Parent shall be entitled to require the Paying Agent to deliver to Parent or its designated successor or assign all cash amounts that have been deposited with the instructions theretoPaying Agent pursuant to Section 1.8, and such any and all interest thereon or other customary documents income or proceeds thereof, not disbursed to the Company Security Holders pursuant to Section 1.9, and thereafter the Company Security Holders shall be entitled to look only to Parent as general creditors thereof with respect to any and all cash amounts that may be reasonably required by payable to such holders pursuant to Section 1.8 upon the Surviving Corporation or due surrender of duly executed Exchange Documents in the manner set forth in Section 1.9(b). No interest shall be payable to the Company Security Holders for the cash amounts delivered to Parent pursuant to the provisions of this Section 1.9(c) and which are subsequently delivered to the Company Security Holders.
(d) Notwithstanding anything to the contrary in this Section 1.9, none of Parent, the Paying Agent, the holder of such Certificate or Book-Entry Shares Surviving Corporation nor any party hereto shall be entitled liable to receive in exchange therefor any Person for any amount paid to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any portion of the Total Closing Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established remains unclaimed immediately prior to the satisfaction of the Surviving Corporation that such Taxes either have been paid date on which it would otherwise become subject to any abandoned property, escheat or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share similar Law shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agentextent permitted by applicable Law, together with become the Option Surrender Agreementproperty of Parent, duly executed, free and clear of all claims or interest of any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be Person previously entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIthereto.
Appears in 1 contract
Sources: Merger Agreement (Cardlytics, Inc.)
Payment Procedures. (i) As soon Amounts from the Escrow Amount shall remain on deposit in the Escrow Account until released from time to time as practicable after the Effective Time, Parent shall cause the Paying Agent to deliverfollows:
(Aa) In the event ACE Hi is required to each record holdermake a payment to Buyer (any such payment, as a “Direct Payment Obligation”) under the Acquisition Agreement, ACE Hi (with the prior written consent of AREH, which shall not be unreasonably withheld or delayed) may provide a written instruction to the Escrow Agent directing the Escrow Agent to release the amount of such Direct Payment Obligation from the Escrow Amount directly to Buyer in satisfaction of such Direct Payment Obligation by wire transfer of immediately prior available funds to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures wire transfer instructions set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior such written instruction to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationEscrow Agent.
(iib) In the event an AREH Party seeks payment from ACE Hi in respect of an Indemnifiable Loss pursuant to Section 1 of this Agreement, AREH shall provide written notice to ACE Hi indicating that an AREH Party has become obligated to and has or will make a payment in respect of an Indemnifiable Loss, briefly setting forth the nature of the underlying claim and the amount of such Indemnifiable Loss (any such amount, the “Indemnification Amount”) and setting forth the wire transfer instructions (any such wire transfer instructions the “Applicable Wire Transfer Instructions”) to which the applicable payment is to be made (any such notice, a “Payment Notice”). Within three (3) business days following the receipt by ACE Hi of a Payment Notice, ACE Hi and AREH shall provide a joint written instruction to the Escrow Agent directing the Escrow Agent to release the Indemnification Amount from the Escrow Account (or in the event the remaining Escrow Amount is less than the Indemnification Amount, the entire remaining Escrow Amount) by wire transfer of immediately available funds to the Applicable Wire Transfer Instructions. In the event that ACE Hi does not execute such joint written instruction within such three (3) business day period, AREH shall have the right to provide a unilateral notice to the Escrow Agent directing such payment; provided, however, that in the event AREH does not provide such unilateral notice in good faith and is determined by a court of competent jurisdiction (by final and non-appealable order) to not be entitled to such payment, AREH shall reimburse ACE Hi for the portion of such payment to which AREH was so determined to not be entitled plus interest at a rate of 8% per annum accruing from the date such payment was made from the Escrow Amount.
(c) Upon surrender the later of (x) the eighteen month anniversary of the Closing Date provided any and all outstanding obligations relating to any claims for which notice has then been given under Article 12 of the Acquisition Agreement has been then fully discharged and all obligations that could result in Losses to the Paying AREH Parties under the terms of Article 12 of the Acquisition Agreement (other than as a result of breaches of post closing obligations not included in Article 12) for AREH Obligations have expired or (y) the termination of the GB Indemnification Escrow Agreement and the satisfaction of the Holdback Condition, ACE Hi and AREH shall provide a joint written instruction to the Escrow Agent directing the Escrow Agent to release any Escrow Amounts remaining in the Escrow Account to ACE Hi by wire transfer of a Certificate immediately available funds to an account designated by ACE Hi in writing to the Escrow Agent. For the avoidance of doubt, ACE Hi’s obligations in respect of Indemnifiable Losses pursuant to this Agreement are not contingent upon any obligation of any AREH Party to first make payment or Bookotherwise incur out-Entry Sharesof-pocket Losses in respect of any Indemnifiable Losses. Rather, together with ACE Hi’s obligations in respect of Indemnifiable Losses pursuant to this Agreement shall accrue and ACE Hi shall be obligated to make the Letter of Transmittal, duly completed applicable payments to the AREH Parties and validly executed in accordance with the instructions thereto, and such other customary documents as same may be reasonably released from the Escrow Amounts in respect thereof, upon written notice from AREH to ACE Hi stating that AREH has concluded that an AREH Obligation is required by to be paid. In the Surviving Corporation or event that the Paying Agentremaining Escrow Amount is insufficient to satisfy any of ACE Hi’s obligations in respect of Indemnifiable Losses pursuant to the Indemnification Agreement, the holder of such Certificate or Book-Entry Shares AREH shall be entitled to receive in exchange therefor proceed against any and all other assets of ACE Hi and to exercise any and all other rights available under applicable law. In the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for event of any conflict between the benefit of holders terms of the Certificates or Book-Entry Shares on Indemnification Agreement and this Agreement, the Merger Consideration payable in respect terms of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it Indemnification Agreement shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIgovern.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Sources: Escrow Agreement (Atlantic Coast Entertainment Holdings Inc)
Payment Procedures. (a) Within thirty (30) days after the receipt of any portion of the Total Payment Amount, Parent shall (i) As soon deliver to the Rights Agent a certificate certifying to and specifying in reasonable detail (A) the amount of the applicable Total Payment Amount received by Parent or its Affiliates, (B) a calculation of the CVR Payment Amount and CVR Payment, and (C) the Permitted Deductions reflected in such CVR Payment Amount, (ii) deliver to the Rights Agent an amount equal to the aggregate CVR Payment Amount in immediately available funds (each, a “CVR Payment”) and (iii) instruct the Rights Agent to deliver the CVR Payment to the Holders. The Rights Agent will promptly, and in any event within ten (10) Business Days after receipt of each applicable CVR Payment, pay to each Holder, by check mailed to the address of each Holder as practicable after reflected in the Effective TimeCVR Register as of the close of business on the date of the receipt of the CVR Payment statement, such Holder’s CVR Payment Amount less any applicable tax withholding. Until such certificate, CVR Payment and instructions are received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that such portion of the Total Payment Amount has not been received.
(b) All payments by Parent to the Rights Agent under this Agreement shall be made in U.S. dollars.
(c) Parent shall be entitled to deduct or withhold, or cause the Rights Agent to deduct or withhold from any CVR Payment Amount otherwise payable or otherwise deliverable pursuant to this Agreement, in each case directly or through an authorized payroll agent, such amounts as are reasonably determined to be required to be deducted or withheld therefrom under the Code or any other provision of any applicable federal, state, local or non-U.S. Tax Law as may be determined by Parent. To the extent such amounts are so deducted or withheld and paid over or deposited with the relevant Tax authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Holder(s) to whom such amounts would otherwise have been paid or delivered. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder, Parent shall cause instruct the Paying Rights Agent, to the extent practicable, to provide notice to the Holder of such potential withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms (including an IRS Form W-9 or an applicable IRS Form W-8) in order to avoid or reduce such withholding amounts; provided, that the time period for payment of a CVR Payment Amount by the Rights Agent set forth in Section 2.4(a) shall be extended by a period equal to any delay caused by the Holder providing such forms; provided, further, that in no event shall such period be extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by the Rights Agent.
(d) Any portion of any CVR Payment that remains undistributed to any Holder six (6) months after such CVR Payment is received by the Rights Agent from Parent, provided, that the Rights Agent has fully complied with Section 2.4(a), will be delivered by the Rights Agent to deliver:Parent, upon demand, and such Holder will thereafter look only to Parent for payment of its share of such returned CVR Payment, without interest.
(Ae) Neither Parent nor the Rights Agent will be liable to each record holderany person in respect of any CVR Payment Amount delivered to a public official pursuant to any applicable abandoned property, as of escheat or similar Law. If, despite Parent’s and/or the Rights Agent’s commercially reasonable efforts to deliver a CVR Payment Amount to the applicable Holder, such CVR Payment Amount has not been paid immediately prior to the Effective Timedate on which such CVR Payment Amount would otherwise escheat to or become the property of any Governmental Body, of (1) an outstanding certificate or certificates which immediately prior any such CVR Payment Amount will, to the Effective Time represented shares extent permitted by applicable Law, become the property of Company Common Stock (Parent, free and clear of all claims or interest of any person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, P▇▇▇▇▇ agrees to indemnify and hold harmless the “Certificates”) Rights Agent with respect to any liability, penalty, cost or (2) shares expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent and such indemnification obligation shall survive the termination of Company Common Stock represented by book-entry (“Book-Entry Shares”)this Agreement, a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effectedthe resignation, and risk of loss and title to the Certificates shall pass, only upon proper delivery replacement or removal of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Rights Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with payment, termination and the provisions expiration of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IICVRs.
Appears in 1 contract
Sources: Contingent Value Rights Agreement (Carisma Therapeutics Inc.)
Payment Procedures. (i) As soon promptly as practicable after the Effective TimeTime (and in any event within three (3) Business Days thereafter), Parent the Surviving Corporation shall cause the Paying Agent to deliver:
(A) send to each record holderholder of record, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”other than holders of Cancelled Shares and Dissenting Shares)
(i) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify in customary form specifying that delivery shall be effected, and risk of loss and and, with respect to shares of Common Stock represented by Certificates, title to the Certificates shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof as provided in Section 2.2(f)) to the Paying Agent orAgent, in the case such letter of Book-Entry Shares, upon adherence transmittal to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior may reasonably agree, and (ii) with respect to the Closing) and shares of Common Stock represented by Certificates, instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof as provided in Section 2.2(f)) or, in the case of with respect to Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option the Book-Entry Shares in exchange for the Option Per Share Merger Consideration.
(ii) Upon surrender of a Certificate (or affidavit of loss in lieu thereof as provided in Section 2.2(f)) or Book-Entry Shares to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions theretoterms of such letter of transmittal, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agentduly executed, the holder of such Certificate or Book-Entry Shares shall be entitled to receive receive, in exchange therefor therefor, the Per Share Merger Consideration Consideration, without interest and subject to withholding Taxes, for each share formerly of Common Stock represented by such Certificate (or affidavit of loss in lieu thereof as provided in Section 2.2(f)) or Book-Entry Shares and such Certificate or book-entry shall then be canceledShare. No interest shall be paid or accrued for the benefit of holders of the Certificates or With respect to Book-Entry Shares on held, directly or indirectly, through The Depository Trust Company or any successor thereto (“DTC”), Parent and the Merger Consideration payable in respect Company will cooperate to establish procedures with the Paying Agent, DTC, DTC’s nominees and such other necessary third-party intermediaries to ensure that the Paying Agent will transmit to DTC or its nominees as promptly as practicable after the Effective Time, upon surrender of the Certificates or Book-Entry Shares. If Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Per Share Merger Consideration to which the beneficial owners thereof are entitled to receive as a result of the Merger.
(iii) In the event of a transfer of ownership of shares of Common Stock that is not registered in the transfer records of the Company, payment of the Per Share Merger Consideration is may be issued to be made the holder of such shares of Common Stock as of the Effective Time if (A) to an individualthe extent such shares of Common Stock are certificated, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so formerly representing such shares of Common Stock is surrendered shall be properly endorsed or shall be otherwise in proper form for to the Paying Agent and (B) such Person provides all documents reasonably required to evidence and effect such transfer and to evidence that the Person requesting such payment shall have paid any applicable stock transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either taxes have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
Appears in 1 contract
Sources: Merger Agreement (Open Lending Corp)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeTime (and in any event within three Business Days), Parent shall and the Surviving Corporation will cause the Paying Payment Agent to deliver:
(A) mail to each holder of record holder, (as of immediately prior to the Effective Time, ) of (1) an outstanding a certificate or certificates which that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”) or ); and (2) uncertificated shares of Company Common Stock that represented by book-entry outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Book-Entry Uncertificated Shares”), ) (A) a customary letter of transmittal (“Letter of Transmittal”) in customary form (which shall will specify that delivery shall will be effected, and risk of loss and title to the Certificates shall will pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, Payment Agent); and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(B) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option Uncertificated Shares in exchange for the Option Consideration.
(ii) Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Paying Agent of a Certificate or Book-Entry SharesPayment Agent, together with the Letter such letter of Transmittal, transmittal duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder holders of such Certificate or Book-Entry Shares shall Certificates will be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or Book-Entry Shares and such Certificate or other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry shall then transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be canceledentitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (I) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (II) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry and Uncertificated Shares on the Merger Consideration Per Share Price payable in respect upon the surrender of the such Certificates or Book-Entry Shares. If payment of the Merger Consideration is and Uncertificated Shares pursuant to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”this Section 2.9(c), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii)so surrendered, each Certificate outstanding Certificates and each Book-Entry Share shall, subject to Section 2.2, Uncertificated Shares will be deemed at any time from and after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes evidence only the right to receive the Option Consideration as contemplated by Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Article IIAgreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Sources: Merger Agreement (Blue Nile Inc)
Payment Procedures. (i) As soon as practicable after Promptly following the Effective TimeClosing, Parent the Surviving Corporation shall, or shall cause the Paying Agent to deliver:
(A) to, deliver to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), Stockholder a customary letter of transmittal (the “Letter of Transmittal”), which shall, among other things: (A) contain instructions for surrendering such Stockholder’s Certificates (which shall if applicable), delivering the Letter of Transmittal and receiving (if applicable) such Stockholder’s Pre-Preference-Satisfaction Pro Rata Share of the Net Estimated Merger Consideration and (if and when ever applicable) until the point of Preference Satisfaction, such holder’s Pre-Preference-Satisfaction Pro Rata Share of the Additional Merger Consideration (if any) and (if and when ever applicable) after the point of Preference Satisfaction, such holder’s Post-Preference-Satisfaction Pro Rata Share of the Additional Merger Consideration (if any); (B) contain warranties of such Stockholder as to title to such Stockholder’s shares of Company Capital Stock and the authority to execute and deliver the relevant documents; and (C) specify that delivery shall be effected, and risk of loss and title to the Certificates such shares of Company Capital Stock shall pass, only upon proper delivery of the Certificates to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the such Stockholder’s Certificates (if applicable) and a properly completed Letter of Transmittal, ; and which shall (D) contain an acknowledgement of such Stockholder’s indemnification obligations under this Agreement and an agreement to be in a customary form and agreed to bound by Parent and the Company prior provisions of this Agreement applicable to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option ConsiderationStockholders.
(ii) Upon surrender With respect to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, any duly completed and validly executed Letter of Transmittal delivered to the Paying Agent after the Closing, together with surrender of the Stockholder’s Certificates (if applicable), the Paying Agent shall, as promptly as practicable, pay to such Stockholder such Stockholder’s Pre-Preference-Satisfaction Pro Rata Share of the Net Estimated Merger Consideration, without interest and net of any Taxes required to be withheld therefrom, by wire transfer of immediately available funds to an account or accounts specified in accordance with the instructions theretoLetter of Transmittal (or, and such other customary documents as may be reasonably required if so expressly requested by the Surviving Corporation or Stockholder in writing to the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. check).
(iii) If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), a Person other than the Person in whose name the surrendered shares of Company Capital Stock represented by a Certificate is or equivalent book-entry are registered, it shall be a condition of payment that that: (A) the Certificate so surrendered shall be properly endorsed or shall otherwise be otherwise in proper form for transfer transfer; (B) the Letter of Transmittal delivered to the Paying Agent shall be properly executed and that otherwise in proper form; and (C) the Person requesting such payment shall have paid pay any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder Person in whose name the shares of the Certificate surrendered Company Capital Stock are registered, or shall have established establish to the satisfaction of the Surviving Corporation Paying Agent that such Taxes either have Tax has been paid or are is not applicable.
(iv) After the Effective Time, there shall be no transfers of shares of Company Capital Stock on the transfer books of the Surviving Corporation. Until surrendered as contemplated by this Section 2.5(b)(ii)If, each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time Time, a request for the transfer of shares of Company Capital Stock or any Certificate or equivalent book-entry is presented to represent Parent, the Paying Agent or the Surviving Corporation, the relevant shares of Company Capital Stock shall be canceled and exchanged for the consideration as provided in Section 2.6 and this Section 2.11.
(v) In the event that any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed (which affidavit shall contain a binding undertaking to indemnify Parent, the Paying Agent and the Surviving Corporation against any claim that may be made against Parent, the Paying Agent or the Surviving Corporation on account of the loss, theft or destruction of such Certificate), the Paying Agent shall pay in respect of such lost, stolen or destroyed Certificate the consideration payable in respect of the shares of Company Capital Stock formerly represented by such Certificate in accordance with Section 2.6(c)/Section 2.6(d).
(vi) Any portion of the Payment Fund that remains undistributed to the Stockholders 12 months after the Closing Date will be promptly delivered to Parent by the Paying Agent along with any and all earnings thereon, and any Stockholder shall look only to Parent or the Surviving Corporation for satisfaction of any claims for their right to receive upon such surrender the Merger Consideration as contemplated Consideration. Any portion of the Payment Fund that remains undistributed immediately before the time at which such amounts would otherwise escheat or become property of any Governmental Entity shall, to the extent permitted by this Article II.
(iii) Upon surrender applicable Law, become the property of a Company Stock Option for cancellation to Parent, free and clear of all claims or interest of any Person previously entitled thereto. None of the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by Parent or the Surviving Corporation or the Paying Agent, the holder will be liable to any Stockholder for any part of the Company Stock Option shall be entitled Merger Consideration delivered to receive in exchange therefor the amount of cash which such holder has the right to receive a public official pursuant to the provisions of Section 2.3any applicable abandoned property, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIescheat or similar Law.
Appears in 1 contract
Payment Procedures. (ia) As soon promptly as practicable after following the Effective TimeAgreement Date (but in no event later than two (2) Business Days following the Agreement Date), Parent shall cause the Paying Agent to deliver:
(A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), deliver a customary letter of transmittal in the form attached hereto as Exhibit H (the “Letter of Transmittal)”) , to each holder of record of a certificate representing outstanding shares of Company Capital Stock (collectively, the “Stock Certificates”), which shall specify (A) that delivery of a Stock Certificate shall be effected, and risk of loss and title to the Certificates such Stock Certificate shall pass, only upon proper delivery of the Certificates such Stock Certificate to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender AgreementParent, and (2B) instructions for use in effecting the surrender of Stock Certificates upon receipt of Total Closing Merger Consideration payable at the Closing to the Company Stockholders pursuant to Section 1.7(a). As a condition precedent to each Stock Certificate holder’s receipt of his, her or its portion of such Company consideration, such holder shall surrender such Stock Option Certificate to the Paying Agent for cancellation (or, if such Stock Certificate has been lost, stolen or destroyed, make an affidavit of that fact with appropriate indemnification, in exchange for a form reasonably acceptable to Parent and the Option ConsiderationPaying Agent).
(iib) Upon surrender Subject to Section 1.11(b), as promptly as practicable following receipt by the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of TransmittalTransmittal and IRS Form W-9 or the appropriate version of IRS Form W-8, as applicable (collectively, the “Exchange Documents”), duly completed and validly executed in accordance with the instructions theretothereto and the surrender of Stock Certificates in accordance with Section 1.9(a)(i), (i) Parent shall cause the Paying Agent to pay to each Company Stockholder the portion of the Total Closing Merger Consideration payable to such holder pursuant to Section 1.7(a) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule), (ii) Parent shall cause the Paying Agent to pay to each Company Vested Optionholder (solely with respect to Non-Employee Options) the portion of the Total Closing Merger Consideration payable to such holder in respect of Non-Employee Options pursuant to Section 1.7(b)(i) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule), and (iii) Parent shall cause the Paying Agent to pay to each Company Warrantholder (other than holders of [***] Warrants) the portion of the Total Closing Merger Consideration payable to such Company Warrantholder pursuant to Section 1.7(c)(i) at the Closing as set forth opposite such holder’s name in the Allocation Schedule (such amount, for the avoidance of doubt, to exclude such holder’s contribution to the Escrow Funds and the Expense Fund as set forth on the Allocation Schedule).
(c) At any time following the date that is two (2) years following the Effective Time, Parent shall be entitled to require the Paying Agent to deliver to Parent or its designated successor or assign all cash amounts that have been deposited with the Paying Agent pursuant to Section 1.8, and any and all interest thereon or other customary documents income or proceeds thereof, not disbursed to the Company Security Holders pursuant to Section 1.9, and thereafter the Company Security Holders shall be entitled to look only to Parent as general creditors thereof with respect to any and all cash amounts that may be reasonably required by payable to such holders pursuant to Section 1.8 upon the Surviving Corporation or due surrender of duly executed Exchange Documents in the manner set forth in Section 1.9(b). No interest shall be payable to the Company Security Holders for the cash amounts delivered to Parent pursuant to the provisions of this Section 1.9(c) and which are subsequently delivered to the Company Security Holders.
(d) Notwithstanding anything to the contrary in this Section 1.9, none of Parent, the Paying Agent, the holder of such Certificate or Book-Entry Shares Surviving Corporation nor any party hereto shall be entitled liable to receive in exchange therefor any Person for any amount paid to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any portion of the Total Closing Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established remains unclaimed immediately prior to the satisfaction of the Surviving Corporation that such Taxes either have been paid date on which it would otherwise become subject to any abandoned property, escheat or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share similar Law shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agentextent permitted by applicable Law, together with become the Option Surrender Agreementproperty of Parent, duly executed, free and clear of all claims or interest of any other documents reasonably required Person previously entitled thereto. Certain information has been excluded from this agreement (indicated by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall “[***]”) because such information (i) is not material and (ii) would be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIcompetitively harmful if publicly disclosed.
Appears in 1 contract
Sources: Merger Agreement (Cardlytics, Inc.)
Payment Procedures. (i) As soon as reasonably practicable after the Effective Time and in any event not later than the third (3rd) business day following the Effective Time, Parent the Surviving Corporation shall cause the Paying Agent to deliver:
mail (A) to each holder of record holderof Shares whose Shares were converted into the Merger Consideration pursuant to Section 2.1, as of immediately prior to the Effective Time, of (1x) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by Parent have such other provisions as the Parents and the Company prior to the Closingmay mutually agree) and (y) instructions for use in effecting the surrender of the Certificates or, (or effective affidavits of loss in the case of lieu thereof) or Book-Entry Shares, the surrender of such shares, Shares in exchange for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
and (B) to each holder of a Company Stock Option as of the Effective Time (1) Option, a Company Restricted Share, a Company Restricted Stock Unit or a Company Stock-Based Award, a check in an Option Surrender Agreement, amount due and (2) instructions for use payable to such holder pursuant to Section 5.5 hereof in effecting the surrender respect of such Company Stock Option Option, Company Restricted Share, Company Restricted Stock Unit or Company Stock-Based Award; provided that, in exchange lieu of the payments contemplated by subsection (B), the Parents and the Surviving Corporation may direct the Paying Agent to reimburse the Surviving Corporation (or its designees) for (but only to the Option Considerationextent of) any amounts actually paid by or on behalf of the Surviving Corporation to the holders of Company Stock Options, Company Restricted Shares, Company Restricted Stock Units or Company Stock-Based Awards in respect of the consideration payable therefor pursuant to Section 5.5.
(ii) Upon surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount equal to the Merger Consideration for each share formerly product of (A) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceledmultiplied by (B) the Merger Consideration. No interest shall will be paid or accrued for the benefit on any amount payable upon due surrender of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is Company, a check for any cash to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the satisfaction of the Surviving Corporation Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender Each of a Company Stock Option for cancellation to the Paying AgentCompany, together with the Option Surrender AgreementMetro Parent, duly executedCable Buyer, and any other documents reasonably required by the Surviving Corporation or and the Paying AgentAgent shall be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Shares or holder of Company Stock Options, Company Restricted Shares, Company Restricted Stock Units or Company Stock-Based Awards such amounts as are required to be withheld or deducted by such person under the Internal Revenue Code of 1986 (the “Code”) or any provision of U.S. state or local Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares or the holder of the Company Stock Option shall be entitled to receive Options, Company Restricted Shares, Company Restricted Stock Units or Company Stock-Based Awards, in exchange therefor the amount respect of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, deduction and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article IIwithholding were made.
Appears in 1 contract
Sources: Merger Agreement (RCN Corp /De/)
Payment Procedures. (a) Promptly following completion of the annual financial statements of the Business for the fiscal year ending September 30, 2023 and in no event later than January 31, 2024, Purchaser shall prepare in good faith and deliver to Seller a true and correct statement of the Adjusted EBITDA of the Business for the Reference Period, which shall be derived from the audited financial statements of the Business for the Reference Period and calculated in a manner consistent with the illustrative calculation and principles set forth on Section 1.1(a) of the Seller Disclosure Schedules, and the resulting Earn-Out Payment (the “Earn-Out Statement”). Promptly following completion of (i) As soon as practicable after the Effective TimeGGB Project and the final resolution of all GGB Claims and (ii) the receipt of any GGB Claim Recoveries (and in no event later than sixty (60) days following any such event), Parent Purchaser shall cause prepare in good faith and deliver to Seller a true and correct statement of the Paying Agent to deliver:
(A) to each record holder, aggregate GGB Losses as of immediately prior such date, which shall be calculated in a manner consistent with the illustrative calculation and principles set forth on Section 1.1(d) of the Seller Disclosure Schedules, and the resulting amount of any Retained Claim Recovery payable to the Effective Time, Seller Parent in respect of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock GGB Claim Recoveries in accordance with this Section 2.12 and Section 2.13 (the “CertificatesGGB Loss Statement” and each such GGB Loss Statement or the Earn-Out Statement, a “Statement”). After receipt of a Statement, Seller shall have forty-five (45) days (in respect of each Statement, a “Review Period”) to review such Statement. Each Statement shall set forth in reasonable detail Purchaser’s calculations of the applicable amounts. Until the final determination of the Earn-Out Payment, the aggregate GGB Losses and the aggregate Retained Claim Recovery payable to Seller Parent (or its designated Subsidiaries) hereunder in respect of GGB Claim Recoveries, Seller and its Representatives shall be permitted to access and review the books, records and work papers of Purchaser and its Affiliates (2including the Purchased Companies and their Subsidiaries) shares for the purpose of Company Common Stock represented enabling Seller and its Representatives to review any Statement (and to prepare any objections to such Statement) and Purchaser’s compliance with its applicable obligations under Section 2.11, this Section 2.12 and Section 2.13, or otherwise in connection with the Earn-Out Payment, the GGB Claims, the GGB Claim Recoveries, Seller Parent’s Applicable GGB Portion or the GGB Losses, and Purchaser shall, and shall cause its Affiliates and its and their respective employees, accountants and other Representatives to, reasonably cooperate with and assist Seller and its Representatives in connection with such review, including by bookproviding access to such books, records and work papers and making available personnel to the extent requested, in each case, upon reasonable notice and during normal business hours. In addition, promptly following the reasonable request of Seller Parent (and in no event later than thirty (30) days following any such reasonable request), Purchaser shall prepare and deliver to Seller Parent such information as Seller Parent reasonably requests, including a calculation of Adjusted EBITDA, GGB Losses, Seller Parent’s Applicable Portion of GGB Claim Recoveries, expected GGB Claim Recoveries or any component of the foregoing, in each case as of a date no more than sixty (60) and no later than thirty (30) days prior to such request.
(b) In the event that Seller disputes the manner in which the Earn-entry Out Statement or a GGB Loss Statement has been prepared or the calculation of the Adjusted EBITDA of the Business for the Reference Period, the Earn-Out Payment, the GGB Losses, Seller Parent’s Applicable GGB Portion or any Retained Claim Recovery in respect of GGB Claim Recoveries, Seller shall give written notice thereof to Purchaser within the Review Period (the “Book-Entry SharesDeferred Payment Dispute Notice”). During the fifteen (15)-day period following Purchaser’s receipt of the Deferred Payment Dispute Notice, Purchaser and Seller shall negotiate in good faith to resolve any differences that they may have with respect to the matters identified in the Deferred Payment Dispute Notice. If at the end of such fifteen (15)-day period Seller and Purchaser have been unable to resolve any such differences, Seller and Purchaser shall submit all matters that remain in dispute to the Independent Accounting Firm for resolution as though it were a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effecteddispute pursuant to Section 2.9, and risk the dispute resolution provisions of loss Section 2.9(d) and title Section 2.9(e) shall apply mutatis mutandis to the Certificates shall pass, only upon proper delivery such dispute. The Adjusted EBITDA of the Certificates to Business and resulting Earn-Out Payment or the Paying Agent or, in GGB Losses and the case of Book-Entry Shares, upon adherence to the procedures resulting Retained Claim Recovery (i) as set forth in the Letter of Transmittalapplicable Statement, if Seller does not deliver to Purchaser a Deferred Payment Dispute Notice with respect thereto during the Review Period, (ii) as determined by the Independent Accounting Firm pursuant to this Section 2.12(b) (absent manifest error) or (iii) as agreed in writing between Seller and which Purchaser, as the case may be, shall be in a customary form and agreed to by Parent and constitute the Company prior to the Closing) and instructions for use in effecting the surrender final determination of the Certificates or, in Adjusted EBITDA of the case of Book-Entry SharesBusiness, the surrender of such sharesEarn-Out Payment, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
GGB Losses (B) to each holder of a Company Stock Option as of the Effective Time date of determination), or any Retained Claim Recovery in respect of a GGB Claim Recovery (1as of the date of determination) an Option Surrender Agreementas applicable, and (2) instructions for use in effecting shall be final and binding upon the surrender of Parties, and the Earn-Out Payment or such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender Retained Claim Recovery, if any, as so determined shall be paid to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed Seller in accordance with the instructions theretoSection 2.11 or Section 2.13, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor the Merger Consideration for each share formerly represented by such Certificate or Book-Entry Shares and such Certificate or book-entry shall then be canceled. No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
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Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime and in any event not later than the second (2nd) Business Day following the Closing Date, Parent shall cause the Paying Agent to deliver:
mail to each holder of record of Shares whose Shares were converted into the right to receive the Merger Consideration pursuant to Section 2.1, (A) to each record holder, as of immediately prior to the Effective Time, of (1) an outstanding certificate or certificates which immediately prior to the Effective Time represented shares of Company Common Stock (the “Certificates”) or (2) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and which shall be in a customary such form and agreed to by have such other provisions as Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(imay mutually reasonably agree); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and (2B) instructions for use in effecting the surrender of such Company Stock Option Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Option Merger Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry SharesShares to the Paying Agent, together with the Letter such letter of Transmittaltransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may customarily be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the Merger Consideration for each share formerly product of (x) the number of Shares represented by such Certificate holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares and such Certificate or book-entry shall then be canceled(y) the Merger Consideration. No interest shall be paid or accrued for the benefit on any amount payable upon due surrender of holders Certificates (or effective affidavits of the Certificates or Book-Entry Shares on the Merger Consideration payable loss in respect of the Certificates or lieu thereof) and Book-Entry Shares. If payment In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Merger Consideration is to be made to an individualCompany, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder upon due surrender of the Certificate surrendered or shall have established may be paid to such transferee if the Certificate formerly representing such Shares is presented to the satisfaction of the Surviving Corporation Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that such any applicable stock transfer Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the The Paying Agent, the holder of the Company Stock Option Company, Parent and Merger Sub, as applicable, shall be entitled to receive in exchange therefor deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the amount Internal Revenue Code of cash which such holder has 1986, as amended (the right to receive pursuant “Code”), or under any provision of state, local or foreign Tax Law with respect to the provisions making of Section 2.3such payment. To the extent that amounts are so deducted or withheld and paid over to the relevant Governmental Entity, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option such deducted or withheld amounts shall be deemed at any time after the Effective Time to represent treated for all purposes only of this Agreement as having been paid to the right to receive the Option Consideration as contemplated by this Article IIPerson in respect of which such deduction or withholding was made.
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Payment Procedures. (i) As soon as reasonably practicable after the Effective TimeTime (and in any event within five Business Days), Parent and the Surviving Corporation shall cause the Paying Agent to deliver:
(A) mail to each holder of record holder, as of immediately prior Shares (other than Shares to the Effective Time, of (1be cancelled in accordance with Section 2.4(b) an outstanding certificate or certificates which and Dissenting Shares) immediately prior to the Effective Time represented shares of (other than The Depository Trust Company Common Stock (the “Certificates”"DTC")) or (2a) shares of Company Common Stock represented by book-entry (“Book-Entry Shares”), a customary letter of transmittal (“Letter of Transmittal”) (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Paying Agent or, in the case of Book-Entry Uncertificated Shares, upon adherence to the procedures set forth in the Letter letter of Transmittaltransmittal, and which shall be in a customary form and agreed to by Parent and the Company prior to the Closing(b) and instructions for use in effecting the surrender of such Certificates (or effective affidavits of loss in lieu thereof) or Uncertificated Shares in exchange for the Certificates applicable Merger Consideration payable in respect thereof pursuant to such letter of transmittal. The surrender of any Uncertificated Shares shall be effected in accordance with the Paying Agent's customary procedures with respect to securities represented by book entry. Upon surrender of a Certificate or Uncertificated Shares to the Paying Agent together with such letter of transmittal, duly executed and completed in accordance with the instructions thereto and such other documents as may reasonably be requested by the Paying Agent, or, in the case of Book-Entry SharesDTC, the customary surrender procedures of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, DTC and (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender to the Paying Agent of a Certificate or Book-Entry Shares, together with the Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the Surviving Corporation or the Paying Agent, the holder of such Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor for such properly surrendered Shares, and Parent and the Merger Consideration for each share formerly Surviving Corporation shall cause the Paying Agent to pay and deliver in exchange thereof as promptly as practicable after such proper surrender, cash in an amount equal to the product of (x) the number of Shares represented by such Certificate or Book-Entry Shares Uncertificated Shares, as the case may be, multiplied by (y) the Merger Consideration, and such the Certificate or book-entry Uncertificated Shares so surrendered shall then forthwith be canceledcancelled. No interest shall will be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares will accrue on the Merger Consideration payable in respect of the Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.5(b)(ii), each Certificate and each Book-Entry Share shall, subject to Section 2.2, be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article IIpayable.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Option Consideration as contemplated by this Article II.
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