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Title: |
Agreement and Plan of Merger |
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Date: |
2004 |
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Preview shows 11KB of 231KB total |
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$59 |
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ID: |
#822884 |
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AGREEMENT AND PLAN OF MERGER
BETWEEN
F.N.B. CORPORATION
AND
NSD BANCORP, INC.
October 14, 2004
{PAGE}
TABLE OF CONTENTS
Page
----
ARTICLE I CERTAIN DEFINITIONS........................................... 1
1.01 Certain Definitions................................................ 1
ARTICLE II THE MERGER.................................................... 9
2.01 The Merger......................................................... 9
2.02 Effective Date and Effective Time; Closing......................... 10
ARTICLE III MERGER CONSIDERATION; EXCHANGE PROCEDURES..................... 11
3.01 Conversion of Shares............................................... 11
3.02 Fractional Shares.................................................. 11
3.03 Exchange Procedures................................................ 12
3.04 Adjustments for Dilution and Other Matters......................... 14
3.05 Withholding Rights................................................. 14
3.06 NSD Options........................................................ 14
3.07 Bank Merger........................................................ 15
ARTICLE IV ACTIONS PENDING CLOSING....................................... 15
4.01 Forbearances of NSD................................................ 15
4.02 Forbearances of Parent............................................. 20
ARTICLE V REPRESENTATIONS AND WARRANTIES................................ 20
5.01 Disclosure Schedules............................................... 20
5.02 Standard 21
5.03 Representations and Warranties of NSD.............................. 21
5.04 Representations and Warranties of Parent........................... 36
ARTICLE VI COVENANTS..................................................... 42
6.01 Reasonable Best Efforts............................................ 42
6.02 Stockholder Meeting................................................ 42
6.03 Registration Statement............................................. 42
6.04 Regulatory Filings................................................. 44
6.05 Press Releases..................................................... 44
6.06 Access; Information................................................ 44
6.07 Affiliates......................................................... 45
6.08 Certain Actions.................................................... 46
6.09 Certain Policies................................................... 48
6.10 NYSE Listing....................................................... 49
6.11 Indemnification.................................................... 49
6.12 Benefit Plans...................................................... 50
6.13 Parent Board and Parent Bank Board................................. 52
6.14 Notification of Certain Matters.................................... 53
6.15 Regulatory Conditions.............................................. 53
6.16 Exemption From Liability Under Section 16(b)....................... 53
(i)
{PAGE}
6.17 Certain Post-Closing Matters....................................... 53
6.18 Employment Matters................................................. 54
6.19 Director Agreements................................................ 54
6.20 Rights Plan........................................................ 54
ARTICLE VII CONDITIONS TO CONSUMMATION OF THE MERGER...................... 54
7.01 Conditions to Each Party's Obligation to Effect the Merger......... 54
7.02 Conditions to Obligation of NSD.................................... 55
7.03 Conditions to Obligation of Parent................................. 56
ARTICLE VIII TERMINATION................................................... 56
8.01 Termination........................................................ 56
8.02 Effect of Termination.............................................. 59
ARTICLE IX MISCELLANEOUS................................................. 59
9.01 Survival 59
9.02 Waiver; Amendment.................................................. 59
9.03 Counterparts....................................................... 59
9.04 Governing Law...................................................... 59
9.05 Expenses 59
9.06 Notices 60
9.07 Entire Understanding; No Third Party Beneficiaries................. 61
9.08 Severability....................................................... 61
9.09 Enforcement........................................................ 61
9.10 Interpretation..................................................... 62
9.11 Assignment......................................................... 62
9.12 Alternative Structure.............................................. 62
ANNEX A -- Form of Bank Merger Agreement................................. A-1
ANNEX B -- Form of Affiliate Letter...................................... B-1
ANNEX C -- Form of Voting Agreement...................................... C-1
ANNEX D -- Form of Non-Solicitation Agreement............................ D-1
(ii)
{PAGE}
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER, dated as of October 14, 2004 (this
"Agreement"), between F.N.B. Corporation ("Parent") and NSD Bancorp, Inc.
("NSD").
RECITALS
A. NSD. NSD is a Pennsylvania corporation, having its principal place of
business in Pittsburgh, Pennsylvania.
B. Parent. Parent is a Florida corporation, having its principal place of
business in Hermitage, Pennsylvania.
C. Intention of the Parties. It is the intention of the parties to this
Agreement that the Merger provided for herein be treated as a "reorganization"
under Section 368(a) of the Internal Revenue Code of 1986, as amended (the
"Code"), and this Agreement constitutes a "plan of reorganization" within the
meaning of Section 1.368-1(c) of the Treasury Regulations.
D. Board Action. The respective Boards of Directors of Parent and NSD have
determined that it is in the best interests of their respective companies and
their stockholders to consummate the Merger provided for herein.
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants, representations, warranties and agreements contained herein the
parties agree as follows:
ARTICLE I
CERTAIN DEFINITIONS
1.01 Certain Definitions. The following terms are used in this Agreement
with the meanings set forth below:
"Acquisition Proposal" has the meaning set forth in Section 6.08(e)(i).
"Affiliate" has the meaning set forth in Section 3.03(h).
"Affiliate Letter" has the meaning set forth in Section 6.07.
"Agreement" means this Agreement, as amended or modified from time to time
in accordance with Section 9.02.
"Approval Recommendation" has the meaning set forth in Section 6.02.
"Articles of Merger" has the meaning set forth in Section 2.02(a).
1
{PAGE}
"Average Closing Price" as of any specified date shall mean the average
composite closing price of Parent Common Stock on the NYSE as reported in "New
York Stock Exchange Composite Transactions" in The Wall Street Journal (Eastern
Edition) for each of the twenty consecutive trading days ending on and including
the second such trading day prior to the specified date rounded to the nearest
whole cent.
"Bank Insurance Fund" means the Bank Insurance Fund maintained by the FDIC.
"Bank Merger Agreement" means the Agreement of Merger by and between Parent
Bank and NorthSide Bank, the form of which is attached hereto as Annex A.
"Bank Merger" has the meaning set forth in Section 3.08.
"Bank Regulatory Authority" means the Federal Reserve Board, the OCC, the
FDIC, the Department and any other state or federal bank regulatory agency
charged with the supervision or regulation of NSD, NorthSide Bank, Parent or
Parent Bank or the insurance of the deposits of NorthSide Bank or Parent Bank.
"Bank Secrecy Act" means the Bank Secrecy Act of 1970, as amended.
"Benefit Plans" has the meaning set forth in Section 5.03(m)(i).
"Break-up Fee" has the meaning set forth in Section 6.08(f).
"Business Day" means Monday through Friday of each week, except a legal
holiday recognized as such by the U.S. Government or any day on which banking
institutions in the Commonwealth of Pennsylvania are authorized or obligated to
close.
"Certificate" means any certificate that immediately prior to the Effective
Time represented shares of NSD Common Stock.
"Change in NSD Recommendation" has the meaning set forth in Section
6.08(b).
"Closing" and "Closing Date" have the meanings set forth in Section
2.02(b).
"Code" has the meaning set forth in the recitals to this Agreement.
"Community Reinvestment Act" means the Community Reinvestment Act of 1977,
as amended.
"Confidentiality Agreements" has the meaning set forth in Section 6.06(c).
"Department" means the Pennsylvania Department of Banking.
"Derivatives Contract" has the meaning set forth in Section 5.03(q).
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