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Title: |
Rights Agreement |
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Date: |
2001 |
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Size: |
Preview shows 12KB of 188KB total |
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Price: |
$61 |
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ID: |
#844031 |
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USBANCORP, INC.
and
USBANCORP TRUST COMPANY
as rights agent
RIGHTS AGREEMENT
Dated as of February 24, 1995
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Section Page
------- ----
{S} {C}
1. Certain Definitions........................................................................................ 1
2. Appointment of Rights Agent................................................................................ 5
3. Issue of Rights Certificates............................................................................... 6
4. Form of Rights Certificates................................................................................ 7
5. Countersignature and Registration.......................................................................... 8
6. Transfer, Split Up, Combination, or Exchange of Rights Certificates; Mutilated, Destroyed, Lost, or Stolen
Rights Certificates.................................................................................... 9
7. Exercise of Rights; Purchase Price; Expiration Date of Rights.............................................. 10
8. Cancellation and Destruction of Rights Certificates........................................................ 12
9. Reservation and Availability of Capital Stock.............................................................. 13
10. Preferred Stock Record Date................................................................................ 14
11. Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights................................ 15
12. Certificate of Adjusted Purchase Price or Number of Shares................................................. 27
13. Consolidation, Merger, or Sale or Transfer of Assets or Earning Power...................................... 27
14. Fractional Rights and Fractional Shares.................................................................... 30
15. Rights of Action........................................................................................... 31
16. Agreement of Rights Holders................................................................................ 31
{/TABLE}
(i)
{PAGE} 3
{TABLE}
{S} {C}
17. Rights Certificate Holder Not Deemed a Shareholder......................................................... 32
18. Concerning the Rights Agent................................................................................ 33
19. Merger or Consolidation or Change of Name of Rights Agent.................................................. 33
20. Duties of Rights Agent..................................................................................... 34
21. Change of Rights Agent..................................................................................... 36
22. Issuance of New Rights Certificates........................................................................ 37
23. Redemption and Termination................................................................................. 37
24. Exchange................................................................................................... 39
25. Notice of Certain Events................................................................................... 40
26. Notices.................................................................................................... 41
27. Supplements and Amendments................................................................................. 41
28. Successors................................................................................................. 42
29. Determinations and Actions by the Board of Directors....................................................... 42
30. Benefits of this Agreement................................................................................. 43
31. Severability............................................................................................... 43
32. Governing Law.............................................................................................. 43
33. Counterparts............................................................................................... 43
34. Descriptive Headings....................................................................................... 43
{/TABLE}
Exhibit A - Terms of Series C Junior Participating Preferred Stock
(ii)
{PAGE} 4
Exhibit B - Form of Rights Certificate
Exhibit C - Summary of Rights to Purchase Preferred Shares
(iii)
{PAGE} 5
RIGHTS AGREEMENT
RIGHTS AGREEMENT, dated as of February 24, 1995 (the "Agreement"),
between USBANCORP, INC., a Pennsylvania business corporation (the "Company"),
and USBANCORP TRUST COMPANY, a Pennsylvania trust company, as rights agent (the
"Rights Agent").
BACKGROUND
On February 24, 1995 (the "Rights Dividend Declaration Date"),
the Board of Directors of the Company authorized and declared a dividend
distribution of one Right (as hereinafter defined) for each share of common
stock, par value $2.50 per share, of the Company (the "Common Stock")
outstanding at the close of business on the Rights Dividend Declaration Date,
payable to shareholders of record as of the close of business on March 15, 1995
(the "Record Date"), and has authorized the issuance of one Right (as such
number may hereinafter be adjusted pursuant to the provisions of Section 11(p)
hereof) for each share of Common Stock issued between the Record Date (whether
originally issued or delivered from the Company's treasury) and the Distribution
Date, each Right initially representing the right to purchase one one-hundredth
of a share of Series C Junior Participating Preferred Stock of the Company
having the rights, powers, and preferences herein set forth, upon the terms and
subject to the conditions hereinafter set forth (the "Rights"). This Agreement
supercedes and replaces the Shareholder Rights Protection Agreement dated
November 10, 1989 between the Company and United States National Bank in
Johnstown, as rights agent.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto, intending to be legally bound,
hereby agree as follows:
Section 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings indicated:
(a) "Acquiring Person" shall mean any Person who or which,
together with all Affiliates and Associates of such Person, shall be the
Beneficial
4
{PAGE} 6
Owner of (i) 19.9% or more of the shares of Common Stock or (ii) Voting
Securities that in the aggregate represent 19.9% or more of the Total Voting
Power, but shall not include the Company, any Subsidiary of the Company, any
employee stock option plan or other employee benefit plan of the Company or of
any Subsidiary of the Company, or any Person or entity organized, appointed, or
established by the Company for or pursuant to the terms of any such plan.
(b) "Adverse Person" shall mean any Person declared to be an
Adverse Person by the Board of Directors upon a determination that the criteria
set forth in Section 11(a)(ii)(B) apply to such Person.
(c) "Affiliate" and "Associate" shall have the respective meanings
ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
the Exchange Act, as in effect on the date hereof.
(d) A Person shall be deemed the "Beneficial Owner", of, and shall
be deemed to "beneficially own," any securities:
(i) which such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to acquire (whether
such right is exercisable immediately or only after the passage of
time) pursuant to any agreement, arrangement, or understanding (whether
or not in writing) or upon the exercise of conversion rights, exchange
rights, rights, warrants or options, or otherwise; provided, however,
that a Person shall not be deemed the "Beneficial Owner" of, or to
"beneficially own," (A) securities tendered pursuant to a tender offer
or exchange offer made by such Person or any of such Person's
Affiliates or Associates until such tendered securities are accepted
for purchase or exchange, or (B) securities issuable upon exercise of
Rights at any time prior to the occurrence of a Triggering Event, or
(C) securities issuable upon exercise of Rights from and after the
occurrence of a Triggering Event which Rights were acquired by such
Person or any of such Person's Affiliates or Associates prior to the
Distribution Date or pursuant to Section 3(a) or Section 22 hereof (the
"Original Rights") or pursuant to Section 11(i) hereof in connection
with an adjustment made with respect to any Original Rights;
5
{PAGE} 7
(ii) which such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to vote or dispose of
or has "beneficial ownership" of (as determined pursuant to Rule 13d-3
of the General Rules and Regulations under the Exchange Act), including
pursuant to any agreement, arrangement, or understanding, whether or
not in writing; provided, however, that a Person shall not be deemed
the "Beneficial Owner" of, or to "beneficially own," any security under
this subparagraph (ii) as a result of an agreement, arrangement, or
understanding to vote such security if such agreement, arrangement, or
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