Common use of Manner of Exchange Clause in Contracts

Manner of Exchange. The manner and basis of exchanging the Bank Common Stock to be acquired for the Corporation Common Stock is as follows: On the Effective Date, each share of Bank Common Stock then issued and outstanding shall, without any action on the part of the holder thereof, be converted into one share of Corporation Common Stock; certificates representing Bank Common Stock shall thereafter represent the right to receive certificates representing Corporation Common Stock in the aforementioned proportions; such Bank Common Stock certificates may at any time thereafter be exchanged by the holders thereof for new certificates for the appropriate number of Corporation Common Stock.