Manner of Exchange. Each holder of a certificate representing any shares of Bank Common Stock upon the surrender of his Bank Common Stock certificates to the Corporation, duly endorsed for transfer in accordance with this Section 4, will be entitled to receive in exchange therefor a certificate or certificates representing the number of shares of Corporation Common Stock for which his shares of Bank Common Stock are exchanged pursuant to Section 3(a). Holders of certificates representing shares of Bank Common Stock, however, shall not be required to surrender such certificates and, until surrendered, certificates representing shares of Bank Common Stock issued before the Effective Date shall represent an equivalent number of shares of Corporation Common Stock on and after the Effective Date.
Appears in 2 contracts
Sources: Agreement and Plan of Reorganization (Southern Community Financial Corp.), Agreement and Plan of Share Exchange (Monarch Financial Holdings, Inc.)