Change In Control Definition Example

Change In Control. Any of the following events: (1) Merger: The Company or the Association merges into or consolidates with another entity, or merges another bank or corporation into the Association or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Association immediately before the merger or consolidation; (2) Acquisition of Significant Share... Ownership: There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company's or the Association's voting securities; provided, however, this clause (b) shall not apply to beneficial ownership of the Company's or the Association's voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; (3) Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company's or the Association's Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company's or the Association's Board of Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or (4) Sale of Assets: The Company or the Association sells to a third party all or substantially all of its assets. View More