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after the date of this Agreement, SR Bancorp and Somerset Bank will take all reasonable steps necessary to effect the Conversion. In addition, without limiting the generality of the foregoing, Somerset Bank and Regal Bancorp shall cause the following to be done:\n8.3.1. Somerset Bank will (i) as promptly as practicable after the Conversion Registration Statement is declared effective by the SEC, and the requisite approvals from the Bank Regulators have been obtained, take all steps necessary to duly call, give notice of, convene and hold a meeting of Depositors (the \u201cDepositors Meeting\u201d) for the purpose of approving the Plan of Conversion, and for such other purposes as may be, in the reasonable judgment of Somerset Bank, necessary or desirable, (ii) recommend to Depositors the approval of the aforementioned matters to be submitted by it to Depositors, and (iii) use commercially reasonable efforts to obtain from its depositors the approval of the Conversion.\n8.3.2. Somerset Bank and SR Bancorp will use all reasonable efforts to prepare and file all regulatory applications required in connection with the Conversion. SR Bancorp and Somerset Bank shall give Regal Bancorp and its counsel the opportunity to review and comment on all such applications prior to their being filed with any Bank Regulator and shall give Regal Bancorp and its counsel the opportunity to review and comment on all amendments and supplements to such applications and all responses to regulatory comments and requests for additional information prior to their being filed with, or sent to, any Bank Regulator, provided that the requirement to provide the opportunity to review and comment pursuant to this Section 8.3.2 shall be subject to Section 12.13 and limited to information with respect to Regal Bancorp, Regal Bank, the Merger and this Merger Agreement. Somerset Bank shall notify Regal Bancorp promptly of the receipt of any comments of any Bank Regulator with respect to such applications and of any requests by any Bank Regulator for any amendment or supplement thereto or for additional information and shall provide to Regal Bancorp promptly copies of all correspondence between SR Bancorp, Somerset Bank or any of their representatives and any Bank Regulator.\n8.3.3. Somerset Bank and SR Bancorp shall prepare as promptly as practicable, and Regal Bancorp shall cooperate in the preparation of, the Conversion Prospectus. Such Conversion Prospectus shall be a part of the Conversion Registration Statement. SR Bancorp shall file the Conversion Registration Statement with the SEC. SR Bancorp shall use its reasonable best efforts to have the Conversion Registration Statement declared effective under the Securities Act as promptly as practicable after such filing.\n8.3.4. Regal Bancorp shall provide Somerset Bank and SR Bancorp with any information concerning it that Somerset Bank or SR Bancorp may reasonably request in connection with the Conversion Prospectus, and Somerset Bank shall notify Regal Bancorp promptly of the receipt of any comments of the SEC, and any Bank Regulator with respect to the Conversion Prospectus and of any requests by the SEC, any Bank Regulator for any amendment or supplement thereto or for additional information, and, subject to Section 12.13, shall provide to Regal Bancorp promptly copies of all correspondence between SR Bancorp or any representative of SR Bancorp and the SEC, or any Bank Regulator. SR Bancorp shall give Regal Bancorp and its counsel the opportunity to review and comment on the Conversion Prospectus prior to its being filed with the SEC, and any Bank Regulator and shall give Regal Bancorp and its counsel the opportunity to review and comment on all amendments and supplements to the Conversion Prospectus and all responses to regulatory comments and requests for additional information prior to their being filed with, or sent to, the SEC and any Bank Regulator, provided that the requirement to provide the opportunity to review and comment pursuant to this Section 8.3.4 shall be subject to Section 12.13 and limited to information with respect to Regal Bancorp, Regal Bank, the Merger and this Merger Agreement. Each of Somerset Bank, SR Bancorp, Regal Bancorp and Regal Bank agrees to use all reasonable efforts, after consultation with the other Parties hereto, to respond promptly to all such comments of and requests by the SEC, and any Bank Regulator.\n8.3.5. Each Party hereto shall promptly notify the other Party if at any time it becomes aware that the Conversion Prospectus or the Conversion Registration Statement contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading. In such event, Regal Bancorp shall cooperate with Somerset Bank and SR Bancorp in the preparation of a supplement or amendment to such Conversion Prospectus, which corrects such misstatement or omission, and SR Bancorp shall file an amended Conversion Registration Statement with the SEC. Regal Bancorp shall provide to SR Bancorp, Somerset Bank and the underwriter for the sale of SR Bancorp Common Stock in the Conversion Offering a \u201ccomfort\u201d letter from the independent certified public accountants for Regal Bancorp, dated as of the date of the Conversion Prospectus and updated as of the date of consummation of the Conversion, with respect to certain financial information regarding Regal Bancorp, each in form and substance that is customary in transactions such as the Conversion, and shall cause its counsel to deliver to the underwriter for the Conversion such opinions as Somerset Bank and SR Bancorp may reasonably request.\n8.3.6. The aggregate price for which the shares of SR Bancorp Common Stock are sold to purchasers in the Conversion Offering shall be based on the Independent Valuation. The Independent Valuation shall be expressed as a range, the maximum and minimum of which shall vary 15% above and below the midpoint of such range. The maximum of such range may be increased by an additional 15%.\n8.3.7. 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things, that as of immediately following the effectiveness of the Conversion (the \u201cConversion Effective Time\u201d), (x) New PubCo shall be the sole managing member of WWE LLC and (y) the officers of the Surviving Entity as of immediately prior to the Conversion Effective Time shall remain the officers of WWE LLC until their respective successors are duly elected and qualified, or their earlier death, resignation, or removal) until the Initial WWE LLC Operating Agreement is thereafter amended in accordance with its terms and (iii) the issued and outstanding capital stock of the Surviving Entity shall be converted into a number of membership interests in New PubCo LLC equal to the number of WWE Shares outstanding immediately following the Effective Time.", "hash": "0da37eeef46f74bf5d126190fde0067b", "id": 3}, {"snippet_links": [{"key": "terms-and", "type": "clause", "offset": [9, 18]}, {"key": "subject-to-the", "type": "definition", "offset": [19, 33]}, {"key": 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As a result of the Conversion, the separate corporate existence of the Fund shall cease and the Corporation shall continue as the surviving corporation after the Conversion (the \u201cSurviving Corporation\u201d).", "hash": "1d5fa19d932d8c3dc6520d0940100249", "id": 5}, {"snippet_links": [{"key": "terms-and", "type": "clause", "offset": [9, 18]}, {"key": "the-conditions", "type": "clause", "offset": [30, 44]}, {"key": "in-this-agreement", "type": "definition", "offset": [55, 72]}, {"key": "at-the-closing", "type": "clause", "offset": [74, 88]}, {"key": "prior-to", "type": "clause", "offset": [102, 110]}, {"key": "the-effective-time", "type": "clause", "offset": [132, 150]}, {"key": "company-preferred-stock", "type": "clause", "offset": [166, 189]}, {"key": "issued-and-outstanding", "type": "clause", "offset": [190, 212]}, {"key": "pursuant-to-the", "type": "definition", "offset": [236, 251]}, {"key": "conversion-agreement", "type": "definition", "offset": [252, 272]}, {"key": "company-class-a-common-stock", "type": "definition", "offset": [301, 329]}, {"key": "the-shares", "type": "clause", "offset": [357, 367]}, {"key": "stock-shall", "type": "definition", "offset": [443, 454]}, {"key": "with-respect-to", "type": "clause", "offset": [591, 606]}], "size": 3, "samples": [{"hash": "pHEtagNKJB", "uri": "/contracts/pHEtagNKJB#the-conversion", "label": "Merger Agreement (Q Power LLC)", "score": 35.6420249939, "published": true}, {"hash": "iwS0wuaIxJt", "uri": "/contracts/iwS0wuaIxJt#the-conversion", "label": "Merger Agreement (Stronghold Digital Mining, Inc.)", "score": 35.639289856, "published": true}, {"hash": "fZ6VssiVCVs", "uri": "/contracts/fZ6VssiVCVs#the-conversion", "label": "Merger Agreement (Bitfarms LTD)", "score": 35.639289856, "published": true}], "snippet": "Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, immediately prior to and conditioned upon the Effective Time, each share of Company Preferred Stock issued and outstanding as of such time shall, pursuant to the Conversion Agreement, convert into 250 shares of Company Class A Common Stock (the \u201cConversion\u201d). All of the shares of Company Preferred Stock converted into shares of Company Class A Common Stock shall no longer be outstanding and shall cease to exist, and each holder of Company Preferred Stock shall thereafter cease to have any rights with respect to such shares of Company Preferred Stock.", "hash": "0f9dd066c3d917a243d50334fee6242c", "id": 6}, {"snippet_links": [{"key": "following-the", "type": "definition", "offset": [34, 47]}, {"key": "prior-to-the-closing", "type": "clause", "offset": [77, 97]}, {"key": "plan-of-conversion", "type": "clause", "offset": [136, 154]}, {"key": "the-parties", "type": "clause", "offset": [188, 199]}, {"key": "in-accordance-with", "type": "definition", "offset": [204, 222]}, {"key": "exhibit-f", "type": "definition", "offset": [252, 261]}, {"key": "requirements-of-the", "type": "clause", "offset": [358, 377]}, {"key": "duly-executed", "type": "clause", "offset": [398, 411]}, {"key": "secretary-of-state-of-the-state-of-delaware", "type": "clause", "offset": [431, 474]}, {"key": "section-17", "type": "clause", "offset": [494, 504]}, {"key": "partnership-act", "type": "definition", "offset": [541, 556]}, {"key": "state-of-nevada", "type": "definition", "offset": [591, 606]}, {"key": "other-filings", "type": "definition", "offset": [667, 680]}, {"key": "required-by", "type": "definition", "offset": [695, 706]}, {"key": "in-connection-with", "type": "clause", "offset": [725, 743]}, {"key": "conversion-effective-time", "type": "definition", "offset": [767, 792]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [797, 821]}, {"key": "the-plan", "type": "clause", "offset": [846, 854]}, {"key": "nevada-corporation", "type": "clause", "offset": [895, 913]}, {"key": "in-this-agreement", "type": "definition", "offset": [1013, 1030]}, {"key": "the-certificates", "type": "definition", "offset": [1056, 1072]}, {"key": "without-limiting-the-generality-of-the-foregoing", "type": "clause", "offset": [1183, 1231]}, {"key": "the-rights", "type": "clause", "offset": [1295, 1305]}, {"key": "powers-of", "type": "clause", "offset": [1322, 1331]}, {"key": "all-property", "type": "clause", "offset": [1341, 1353]}, {"key": "all-debts", "type": "clause", "offset": [1385, 1394]}, {"key": "causes-of-action", "type": "definition", "offset": [1439, 1455]}, {"key": "property-of-the-company", "type": "clause", "offset": [1526, 1549]}, {"key": "duties-of", "type": "clause", "offset": [1582, 1591]}, {"key": "to-the-company", "type": "definition", "offset": [1618, 1632]}, {"key": "to-the-same-extent", "type": "definition", "offset": [1665, 1683]}, {"key": "amended-and-restated", "type": "definition", "offset": [1923, 1943]}, {"key": "articles-of-incorporation", "type": "clause", "offset": [1950, 1975]}, {"key": "company-charter", "type": "definition", "offset": [1982, 1997]}, {"key": "company-organizational-documents", "type": "clause", "offset": [2070, 2102]}, {"key": "approved-by", "type": "definition", "offset": [2197, 2208]}], "size": 6, "samples": [{"hash": "ifENvS9046f", "uri": "/contracts/ifENvS9046f#the-conversion", "label": "Business Combination Agreement (Avalon Acquisition Inc.)", "score": 33.7200546265, "published": true}], "snippet": "(a) To effectuate the Conversion, following the Initial Recapitalization and prior to the Closing and Contribution, BCG shall execute a Plan of Conversion, in a form mutually agreeable to the Parties and in accordance with the terms attached hereto as Exhibit F (the \u201cPlan of Conversion\u201d), and will cause certificates of conversion satisfying the applicable requirements of the DLLCA and NRS to be duly executed and filed with the Secretary of State of the State of Delaware in accordance with Section 17-219 of the Delaware Revised Uniform Partnership Act and the Secretary of State of the State of Nevada in accordance with Section 92A.195 of the NRS, and make all other filings or recordings required by the DLLCA and NRS in connection with the Conversion. At the Conversion Effective Time, on the terms and conditions set forth herein and in the Plan of Conversion, BCG shall convert into a Nevada corporation.\n(b) From and after the Conversion Effective Time, the Conversion shall have the effects set forth in this Agreement, the Plan of Conversion, the Certificates of Conversion, Section 17-219 of the Delaware Revised Uniform Partnership Act and Section 92A.250 of the NRS. Without limiting the generality of the foregoing, and subject thereto, at the Conversion Effective Time, all of the rights, privileges and powers of BCG, and all property, real, personal and mixed, and all debts due to BCG, as well as all other things and causes of action belonging to BCG, shall remain vested in the Company and shall be the property of the Company; and all debts, liabilities and duties of BCG shall remain attached to the Company, and may be enforced against it to the same extent as if said debts, liabilities and duties had originally been incurred or contracted by it in its capacity as the Company.\n(c) At the Conversion Effective Time, by virtue of the Conversion, the Amended BCG Organizational Documents shall be amended and restated by an articles of incorporation (the \u201cCompany Charter\u201d) and bylaws (the \u201cBylaws\u201d, and together with the Company Charter, the \u201cCompany Organizational Documents\u201d), which shall be in accordance with the terms set forth on Exhibit F and otherwise in a form approved by Avalon (such approval not to be unreasonably withheld, conditioned or delayed).", "hash": "c9dcac42091c0a378879bb785654d3e5", "id": 2}, {"snippet_links": [{"key": "adoption-of-this-agreement", "type": "clause", "offset": [25, 51]}, {"key": "the-board-of-directors", "type": "definition", "offset": [53, 75]}, {"key": "plan-of-conversion", "type": "clause", "offset": [99, 117]}, {"key": "to-convert", "type": "clause", "offset": [118, 128]}, {"key": "the-capital-stock", "type": "clause", "offset": [134, 151]}, {"key": "form-of", "type": "definition", "offset": [152, 159]}, {"key": "the-parent", "type": "clause", "offset": [209, 219]}, {"key": "shares-of-common-stock", "type": "clause", "offset": [254, 276]}, {"key": "the-participants", "type": "definition", "offset": [280, 296]}, {"key": "based-on", "type": "clause", "offset": [355, 363]}, {"key": "independent-valuation", "type": "definition", "offset": [368, 389]}, {"key": "section-83", "type": "clause", "offset": [405, 416]}, {"key": "the-price", "type": "clause", "offset": [419, 428]}, {"key": "the-shares", "type": "clause", "offset": [442, 452]}, {"key": "par-value", "type": "definition", "offset": [470, 479]}, {"key": "newco-common-stock", "type": "definition", "offset": [513, 531]}, {"key": "issued-in", "type": "definition", "offset": [540, 549]}, {"key": "conversion-price-per-share", "type": "definition", "offset": [588, 614]}, {"key": "common-stock-to-be-issued", "type": "clause", "offset": [694, 719]}, {"key": "in-connection-with", "type": "clause", "offset": [720, 738]}, {"key": "the-merger", "type": "clause", "offset": [739, 749]}, {"key": "to-the-extent", "type": "clause", "offset": [846, 859]}, {"key": "authorized-but-unissued-shares", "type": "clause", "offset": [889, 919]}, {"key": "completion-of-the", "type": "clause", "offset": [994, 1011]}], "size": 3, "samples": [{"hash": "W1noqDtnQY", "uri": "/contracts/W1noqDtnQY#the-conversion", "label": "Merger Agreement (Partners Trust Financial Group Inc)", "score": 21.0, "published": true}, {"hash": "4TCziIwNWsL", "uri": "/contracts/4TCziIwNWsL#the-conversion", "label": "Merger Agreement (Partners Trust Financial Group Inc)", "score": 21.0, "published": true}], "snippet": "Contemporaneous with the adoption of this Agreement, the Board of Directors of MHC is adopting the Plan of Conversion to convert into the capital stock form of organization. Newco is being organized to become the parent of SBU Bank and to offer for sale shares of common stock to the Participants (as defined in the Plan of Conversion) in the Conversion, based on the Independent Valuation (as defined in Section 8.3). The price per share of the shares of common stock, par value $.0001 per share, of Newco (the \u201cNewco Common Stock\u201d) to be issued in the Conversion is referred to as the \u201cConversion Price Per Share.\u201d The Conversion Price Per Share is expected to be $10.00. The shares of Newco Common Stock to be issued in connection with the Merger may be either shares unsubscribed for in the Conversion subscription or community offerings, or to the extent such shares are unavailable, authorized but unissued shares of Newco Common Stock, which shares shall be issued immediately following completion of the Conversion.", "hash": "9d5f81e97b9465202f7ae231cb9b21a4", "id": 8}, {"snippet_links": [{"key": "adoption-of-this-agreement", "type": "clause", "offset": [25, 51]}, {"key": "the-board-of-directors", "type": "definition", "offset": [53, 75]}, {"key": "plan-of-conversion", "type": "clause", "offset": [107, 125]}, {"key": "to-convert", "type": "clause", "offset": [144, 154]}, {"key": "the-capital-stock", "type": "clause", "offset": [158, 175]}, {"key": "form-of", "type": "definition", "offset": [176, 183]}, {"key": "to-act", "type": "definition", "offset": [228, 234]}, {"key": "the-holding-company", "type": "clause", "offset": [238, 257]}, {"key": "shares-of-common-stock", "type": "clause", "offset": [299, 321]}, {"key": "based-on", "type": "clause", "offset": [355, 363]}, {"key": "independent-valuation", "type": "definition", "offset": [368, 389]}, {"key": "the-price", "type": "clause", "offset": [391, 400]}, {"key": "the-shares", "type": "clause", "offset": [414, 424]}, {"key": "issued-in", "type": "definition", "offset": [458, 467]}, {"key": "conversion-price-per-share", "type": "definition", "offset": [506, 532]}, {"key": "in-connection-with", "type": "clause", "offset": [618, 636]}, {"key": "the-merger", "type": "clause", "offset": [637, 647]}, {"key": "authorized-but-unissued-shares", "type": "clause", "offset": [661, 691]}, {"key": "completion-of-the", "type": "clause", "offset": [771, 788]}, {"key": "in-addition", "type": "clause", "offset": [801, 812]}, {"key": "new-jersey", "type": "definition", "offset": [890, 900]}, {"key": "commercial-bank", "type": "definition", "offset": [901, 916]}, {"key": "immediately-upon-the", "type": "clause", "offset": [934, 954]}, {"key": "charter-conversion", "type": "definition", "offset": [990, 1008]}], "size": 3, "samples": [{"hash": "cB5kUATteUK", "uri": "/contracts/cB5kUATteUK#the-conversion", "label": "Merger Agreement (SR Bancorp, Inc.)", "score": 34.5195083618, "published": true}, {"hash": "ap1xY7wbkB3", "uri": "/contracts/ap1xY7wbkB3#the-conversion", "label": "Merger Agreement (SR Bancorp, Inc.)", "score": 34.1937026978, "published": true}, {"hash": "cs4LrHOI9WR", "uri": "/contracts/cs4LrHOI9WR#the-conversion", "label": "Merger Agreement (SR Bancorp, Inc.)", "score": 33.8213539124, "published": true}], "snippet": "Contemporaneous with the adoption of this Agreement, the Board of Directors of Somerset Bank is adopting a Plan of Conversion for Somerset Bank to convert to the capital stock form of organization. SR Bancorp is being organized to act as the holding company for Somerset Bank, and to offer for sale shares of common stock to Depositors in the Conversion, based on the Independent Valuation. The price per share of the shares of SR Bancorp Common Stock to be issued in the Conversion is referred to as the \u201cConversion Price Per Share,\u201d which is expected to be $10.00. The shares of SR Bancorp Common Stock to be issued in connection with the Merger will be from authorized but unissued shares of SR Bancorp Common Stock, which shares shall be issued immediately following completion of the Conversion. In addition, it is contemplated that Somerset Bank will convert its charter to that of a New Jersey commercial bank, to be effective immediately upon the completion of the Conversion (the \u201cCharter Conversion\u201d).", "hash": "ffaa71b97eb8649730dddc084b529153", "id": 7}, {"snippet_links": [{"key": "the-merger-effective-time", "type": "clause", "offset": [49, 74]}, {"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [91, 129]}, {"key": "conversion-effective-time", "type": "definition", "offset": [138, 163]}, {"key": "section-22", "type": "clause", "offset": [179, 190]}, {"key": "in-accordance-with", "type": "definition", "offset": [249, 267]}, {"key": "form-of", "type": "definition", "offset": [371, 378]}, {"key": "cayman-islands", "type": "definition", "offset": [381, 395]}, {"key": "exempted-company", "type": "clause", "offset": [396, 412]}, {"key": "relevant-sections", "type": "definition", "offset": [504, 521]}, {"key": "cayman-companies-law", "type": "definition", "offset": [541, 561]}, {"key": "the-share-exchange", "type": "clause", "offset": [582, 600]}, {"key": "integrated-transaction", "type": "definition", "offset": [622, 644]}], "size": 5, "samples": [{"hash": "cKZKgZ8CPEi", "uri": "/contracts/cKZKgZ8CPEi#the-conversion", "label": "Merger Agreement (Pantheon Arizona Corp.)", "score": 21.0, "published": true}, {"hash": "5B9sB6BHwjr", "uri": "/contracts/5B9sB6BHwjr#the-conversion", "label": "Merger Agreement (Pantheon China Acquisition Corp.)", "score": 21.0, "published": true}, {"hash": "lAjZcHa8VCd", "uri": "/contracts/lAjZcHa8VCd#the-conversion", "label": "Merger Agreement (China Cord Blood Corp)", "score": 19.0, "published": true}], "snippet": "The Conversion will take place immediately after the Merger Effective Time. Subject to the terms and conditions of this Agreement, at the Conversion Effective Time (as defined in Section 2.2 below), Pantheon Arizona shall convert to Pantheon Cayman in accordance with this Agreement and shall thereupon continue its existence, without interruption, in the organizational form of a Cayman Islands exempted company rather than an Arizona corporation. The Conversion shall have the effects specified in the relevant sections of the ARS and the Cayman Companies Law. The Conversion and the Share Exchange are part of the same integrated transaction, such that neither the Conversion nor the Share Exchange shall occur without the other.", "hash": "d21f750c55e612ae5dab2d350fc6cbbd", "id": 4}, {"snippet_links": [{"key": "terms-and", "type": "clause", "offset": [13, 22]}, {"key": "conditions-of-this-agreement", "type": "clause", "offset": [38, 66]}, {"key": "at-the-closing", "type": "clause", "offset": [68, 82]}, {"key": "the-company-shall", "type": "clause", "offset": [84, 101]}, {"key": "secretary-of-state-of-the-state-of-delaware", "type": "clause", "offset": [129, 172]}, {"key": "certificate-of-conversion", "type": "definition", "offset": [179, 204]}, {"key": "form-of", "type": "definition", "offset": [212, 219]}, {"key": "exhibit-a", "type": "definition", "offset": [220, 229]}, {"key": "incorporation-of", "type": "definition", "offset": [336, 352]}, {"key": "exhibit-b", "type": "clause", "offset": [376, 385]}, {"key": "become-effective", "type": 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"samples": [{"hash": "bK195AvNgYM", "uri": "/contracts/bK195AvNgYM#the-conversion", "label": "Conversion Agreement", "score": 31.3408622742, "published": true}, {"hash": "5ZQgt5zSEwZ", "uri": "/contracts/5ZQgt5zSEwZ#the-conversion", "label": "Conversion Agreement (Express Parent LLC)", "score": 21.3258037567, "published": true}], "snippet": "(a) Upon the terms and subject to the conditions of this Agreement, at the Closing, the Company shall cause to be filed with the Secretary of State of the State of Delaware (i) a certificate of conversion in the form of Exhibit A attached hereto (the \u201cCertificate of Conversion\u201d) providing for the Conversion, and (ii) a certificate of incorporation of Express in the form of Exhibit B attached hereto (the \u201cCertificate of Incorporation\u201d). The Conversion shall become effective at the time and date as provided under the DGCL and as specified in the Certificate of Conversion (the \u201cConversion Effective Time\u201d). References to the Company from and after the Conversion Effective Time shall mean Express.\n(b) The Conversion shall have the effects set forth under Delaware Law. Without limiting the generality of the foregoing, and subject thereto, at the Conversion Effective Time, all the properties, rights, privileges, and powers of the Company shall vest in Express, and all debts, liabilities, and duties of the Company shall become the debts, liabilities, and duties of Express.\n(c) The Certificate of Incorporation and bylaws of Express (in the form of Exhibit C attached hereto), as in effect as of the Conversion Effective Time, shall be the certificate of incorporation and bylaws of Express until thereafter amended in accordance with the provisions thereof and applicable Law.\n(d) Subject to applicable Law, (i) the members of the board of managers of the Company as of the Conversion Effective Time shall be the members of the board of directors of Express and shall hold office until their respective successors are duly elected and qualified, or their earlier death, resignation, or removal, and (ii) the officers of the Company as of the Conversion Effective Time shall be the officers of Express and shall hold office until their respective successors are duly elected and qualified, or their earlier death, resignation, or removal.\n(e) All of the equity interests of the Company outstanding as of immediately prior to the Conversion Effective Time shall, as of the Conversion Effective Time, by virtue of the Conversion and without any action on the part of any Party hereto or the holder thereof or any other Person, be canceled and extinguished and converted into the right to receive the Common Stock specified in Section 2.01(f). All of such outstanding equity interests of the Company when so converted, shall no longer be outstanding and shall automatically be canceled and the former holders thereof shall cease to have any rights with respect thereto, except the right to receive the Common Stock specified in Section 2.01(f).\n(f) At the Conversion Effective Time, all the outstanding equity interests of Company immediately prior to the Conversion Effective Time shall, by reason of the Conversion, be converted into the number of shares of Common Stock of Express set forth opposite the name of the holder thereof on Exhibit D attached hereto. Neither any provision of the Transaction Documents nor the consummation of the transactions contemplated thereby will limit, impair or otherwise modify any vesting restrictions or repurchase rights with respect to any equity issued by the Company to any officer or employee of the Company, which vesting restrictions and repurchase rights shall continue to apply to the Common Stock of Express issued hereby to any such Persons until the expiration of such vesting restrictions and repurchase rights in accordance with their terms.\n(g) As of the Conversion Effective Time, that certain Limited Liability Company Agreement of the Company, dated as of June 28, 2008 (as amended or otherwise modified from time to time, the \u201cCompany LLC Agreement\u201d) shall be terminated and of no further force and effect, and no party thereto shall have any further rights, duties or obligations pursuant to the Company LLC Agreement, except that the following provisions of the Company LLC Agreement shall survive the Closing: (i) with respect to any tax matters relating to tax periods of the Company ending on or prior to the Closing, Sections 4.06, 4.07, 6.02, 6.04(a) and 6.04(b), and (ii) for the avoidance of doubt, the provisions of the Company LLC Agreement memorialized in the agreements set forth in Section 2.02(ii)(B) and (C) hereof. Notwithstanding the foregoing, the termination of the Company LLC Agreement pursuant to this Section 2.01(g) shall not relieve any party thereto from any liability arising in connection with any breach by such party of the Company LLC Agreement whether arising prior to or after the Conversion Effective Time.\n(h) In consideration of the aforementioned termination of the Company LLC Agreement, upon consummation of the Initial Public Offering, Express, in its capacity as successor-in-interest to the Company, shall make a cash payment, by wire transfer of immediately available funds, to, at the direction of EXP and LBSO, either EXP, LBSO or a designee thereof, in the amount of $3,333,333.", "hash": "963dabddb1c98dcdae208682d67f0051", "id": 9}, {"snippet_links": [{"key": "the-closing-date", "type": "clause", "offset": [3, 19]}, {"key": "following-the-effective-time", "type": "clause", "offset": [33, 61]}, {"key": "the-merger", "type": "clause", "offset": [98, 108]}, {"key": "terms-and", "type": "clause", "offset": [117, 126]}, {"key": "the-conditions", "type": "clause", "offset": [138, 152]}, {"key": "in-this-agreement", "type": "definition", "offset": [163, 180]}, {"key": "in-accordance-with", "type": "definition", "offset": [186, 204]}, {"key": "pursuant-to", "type": "clause", "offset": [266, 277]}, {"key": "a-limited", "type": "clause", "offset": [327, 336]}, {"key": "certificate-of-formation", "type": "definition", "offset": [374, 398]}, {"key": "certificate-of-conversion", "type": "definition", "offset": [405, 430]}, {"key": "secretary-of-state-of-the-state-of-delaware", "type": "clause", "offset": [440, 483]}, {"key": "sole-managing-member", "type": "clause", "offset": [545, 565]}, {"key": "limited-liability-company-operating-agreement", "type": "definition", "offset": [668, 713]}, {"key": "newco-llc-operating-agreement", "type": "definition", "offset": [728, 757]}, {"key": "officers-of-the-surviving-entity", "type": "clause", "offset": [771, 803]}, {"key": "issued-and-outstanding-shares", "type": "clause", "offset": [852, 881]}, {"key": "a-number", "type": "definition", "offset": [930, 938]}, {"key": "membership-interests", "type": "definition", "offset": [942, 962]}, {"key": "equal-to", "type": "definition", "offset": [976, 984]}, {"key": "common-stock-outstanding", "type": "definition", "offset": [1017, 1041]}], "size": 3, "samples": [{"hash": "4ts7Mu4GhYA", "uri": "/contracts/4ts7Mu4GhYA#the-conversion", "label": "Transaction Agreement and Plan of Merger (General Electric Co)", "score": 27.8391513824, "published": true}], "snippet": "On the Closing Date, immediately following the Effective Time and as part of a plan that includes the Merger, on the terms and subject to the conditions set forth in this Agreement, and in accordance with the DGCL and the DLLCA: (i) the Conversion shall be effected pursuant to which the Surviving Entity shall be converted to a limited liability company by the filing of a Certificate of Formation and a Certificate of Conversion with the Secretary of State of the State of Delaware in accordance with the DGCL and the DLLCA, with Newco as the sole managing member, (ii) Newco, as sole managing member of Newco LLC, shall adopt, and Newco LLC shall be governed by, a limited liability company operating agreement (the \u201cInitial Newco LLC Operating Agreement\u201d), (iii) the officers of the Surviving Entity shall be the officers of Newco LLC and (iv) the issued and outstanding shares of the Surviving Entity shall be converted into a number of Membership Interests in Newco LLC equal to the number of shares of Class A Common Stock outstanding immediately following the Effective Time.", "hash": "e08e6fa11f9b75d350d8ce23db29c46a", "id": 10}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ihd0aGUtY29udmVyc2lvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["the-merger", "The Merger"], ["the-conversion", "The Conversion"], ["conversion", "Conversion"], ["regulatory-and-other-matters", "Regulatory and Other Matters"], ["the-merger-conversion-transfer-and-issuance", "THE MERGER, CONVERSION, TRANSFER AND ISSUANCE"]], "size": 98, "children": [["closing", "Closing"], ["the-conversion", "The Conversion"], ["effect-of-the-conversion", "Effect of the Conversion"], ["directors-and-officers", "Directors and Officers"], ["certificate-of-incorporation-and-bylaws", "Certificate of Incorporation and Bylaws"]], "title": "The Conversion", "id": "the-conversion", "related": [["optional-conversion", "Optional Conversion", "Optional Conversion"], ["mandatory-conversion", "Mandatory Conversion", "Mandatory Conversion"], ["casual-conversion", "Casual Conversion", "Casual Conversion"], ["automatic-conversion", "Automatic Conversion", "Automatic Conversion"], ["date-of-conversion", "Date of Conversion", "Date of Conversion"]], "related_snippets": [], "updated": "2026-02-07T05:29:46+00:00", "also_ask": ["What are the essential elements that must be included in a 'Conversion' clause to ensure enforceability?", "How can the conversion terms be strategically negotiated to maximize value or minimize dilution?", "What are the most common legal pitfalls or fatal flaws in poorly drafted conversion provisions?", "How do conversion rights in this agreement compare to market standards or statutory defaults?", "What are the key factors courts consider when interpreting and enforcing conversion clauses?"], "drafting_tip": "Specify conversion conditions and procedures to prevent disputes; define conversion rate calculation to ensure fairness; require written notice to provide clear evidence.", "explanation": "The Conversion clause defines the terms and conditions under which one type of security or financial instrument can be converted into another, typically equity in a company. This clause outlines the specific events or triggers that allow for conversion, such as a financing round or maturity date, and details the conversion ratio or price. Its core practical function is to provide a clear mechanism for investors or holders to change their investment form, often from debt to equity, thereby aligning interests and facilitating future investment or exit strategies."}, "json": true, "cursor": ""}}