PCC Terminating Event. Shall mean the occurrence of any of the following events: (i) the consummation of a plan of dissolution or liquidation of PCC II or PSB; (ii) the individuals who, as of the 2002 Annual Meeting of Shareholders of PCC II, are members of the Board of Directors of PCC II (the "PCC II Incumbent Board"), cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment of any new director or the election or nomination for
... election by PCC II's shareholders of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened "Election Contest" (as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a "Person") (as the term person is used for purposes of Section 13(d) or 14(d) of the Exchange Act) other than the Board of Directors (a "Proxy Contest") including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; (iii) the consummation of a plan of reorganization, merger or consolidation involving PCC II or PSB, except for a reorganization, merger or consolidation where (A) the shareholders of PCC II immediately prior to such reorganization, merger or consolidation own directly or indirectly at least 50% of the combined voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger or consolidation (the "Surviving Corporation") in substantially the same proportion as their ownership of voting securities of PCC II immediately prior to such reorganization, merger or consolidation and the individuals who were members of the PCC II Incumbent Board immediately prior to the execution of the agreement providing for such reorganization, merger or consolidation constitute at least 50% of the members of the board of directors of the Surviving Corporation, or a corporation beneficially directly or indirectly owning a majority of the voting securities of the Surviving Corporation, or (B) PCC II or PSB is reorganized, merged or consolidated with a corporation in which any shareholder owning at least 50% of the combined voting power of the outstanding voting securities of PCC II immediately prior to such reorganization, merger or consolidation, owns at least 50% of the combined voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger or consolidation. (iv) the sale of all or substantially all of the assets of PCC II or PSB to another Person; (v) the acquisition of beneficial ownership of stock representing more than fifty percent (50%) of the voting power of PCC II or PSB then outstanding by another Person.
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