Shares Authorized. The shares of First Union Common Stock to be ----------------- issued in exchange for shares of Company Common Stock upon consummation of the Merger in accordance with Article II of this Plan, have been duly authorized ---------- and, when issued in accordance with the terms of this Plan, and in the case of shares issued upon the exercise of such Options, the related stock option plan, will be validly issued, fully paid and nonassessable and subject to no preemptive rights.
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Sources: Agreement and Plan of Merger (Everen Capital Corp), Merger Agreement (Everen Capital Corp)
Shares Authorized. The In the case of First Union, the shares of First Union Common Stock to be ----------------- issued (1) in exchange for shares of Company Common Stock upon consummation of the Corporate Merger in accordance with Article II of this Plan, and (2) upon exercise of outstanding Stock Options pursuant to Section 2.07, have been duly authorized ---------- and, when issued in accordance with the terms of this Plan, and in the case of shares issued upon the exercise of such Options, the related stock option plan, will be validly issued, fully paid and nonassessable and subject to no preemptive rights.
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