Manner of Converting Shares. (a) By virtue of the Bank Merger, automatically and without any action on the part of the holder thereof, each of the shares of Bank common stock issued and outstanding immediately prior to the Effective Date shall be cancelled and retired at the Effective Date, and no consideration shall be issued in exchange therefor. (b) Upon and after the Effective Date, each issued and outstanding share of Parent Bank common stock shall remain unchanged and shall continue to evidence the same number of shares of Parent Bank common stock.
Appears in 2 contracts
Sources: Merger Agreement (First Mid Bancshares, Inc.), Merger Agreement (First Mid Bancshares, Inc.)