HomeMy WebLinkAbout5643 3. k}ith respect to t.he mer~;er of Plastic Speci~l-
tie:~ c•rith and into Van Dorn,
(a) Eac}~ of the conditions of Section 608.:.1 of the
Flor: ~ Ger. •r.!1 Coroo?~ation L~~a h~s been or rrill be complied
~tiith pr' or to t!:e effective date of the mer~*E r; namc~l~, the
Aoard of Directors of Plastic Soecialtips at a me^tin~ dul,y
held has authorizec? Plastic Soecialties to enter tnto this
Ap~reement of Ir:erger and has authorized L. C. Jones, Jack L.
Jones, and John L. Dampeer, a ~:~a~ority of the r~embers of
the noard of Directors of Plastic Specialties, to sip~n the
same; this A~reem:en:• cf I~ez•rer shall be submitted to a meet-
in~ of sto:;~cholders of rec rd of Plastic Specialtic~s; and,
if tnis AfTreer.:ent of I•Ier~c is adopted by the sto~::. -:lders
of rec~rd ~f Plastic Specfalties, i~ shall be adoptc d, si~;ned,
and ac'•:::oitirled~ed bY Plastic Specialties in accordance with
Section 608. 20 of the Florida Gener:.l Corpor: ~ion La;y .
(b) Each of t' conditions of Section 1701.80(A)
of the Ohio Ger.. :_~.l Corporut~~~ ~ La:•. has been complied with;
nar~.el~•, V~n Dor : is the owner and hclder of all of the issuPd
and outs~andin~ s:-.3res of Plastic Specialties, Van Dorn is
an ~:~io domestic co:~noration, and, in the ca. ~ of Van Dorn,
th^ ondit'ons se`. forth in Divisi~ns (D)(1), (2), (3), and
(4; f:ec.ion 1701.78 of the Ohio General Co aoration Law
do exist. Accordin~ly, no approval by the shareholders
o`' an Dorn is r~qui red for the merg;er.
4. `:e terr~s and co: ?i : ions of the merger, the
mode of carr~•i~,;; tr. ~ into e ff'ect, and the mar.~ =r and basis c"
makin~ dist~ib: tlons or pa,yme:~~s to the shareholders of eacr; ~on-
I
; st' ~uent Co^?pan;~ in ex*in~uish~:ent of or in substitution for their
S
5 shares si:all be as fo~lows:
i
~ (a) Common Shares rrithcut ~ ar value o~ Va•
~ Dorr., ou~stan^in~ at the effective d~te of t~is ~::erTer,
~ shall 1 :ain et~tsta::31n;; and shall becorne, b,y virtu,. of
the me=- ~r and ~,~it~iout an~~ reissuance of such shares or
~ an~~ exc::ar.~e of the certificates evidencing suc~: shares,
~ Co::MOn Sh~ ~~s ;;i~::ou~ par va?ue of the Survivin~ Companv.
~ (b ) Co^:~r ? Shares ~~~ithe~•t par value of 16th
~
Stre~t Cor^:.a•~~•, outstar~':n~; at the effective date of
t~.'s r~e er, :~all be can~el2: ~~i and extin~uished anc: all
y r•~Rhts r. ec~ ther,~of shal ° cea~~~, and no shares of
~ Van Do: n sh~_i ~e issu :i in re ;pect there~f.
( c) St~ Q s of C$i)i ~ .`itock , a. 5Q ~ar vaZue ,
of Pla:~~ic 'peci~ _ties, oi;1~iJ~:~~: at the eff'c:~~:,ive da~e
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