Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 107

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 107
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 has agreed that, prior to the effective time (or earlier termination of the merger agreement), subject to specified exceptions, it will, and will cause each of its subsidiaries to, (a) maintain its existence under applicable law, (b) use commercially reasonable best efforts to maintain and preserve intact its business operations, assets, rights and franchises, and (c) take no action that would reasonably be expected to adversely affect or delay the ability of the parties to obtain any necessary regulatory approvals to consummate the merger or to perform its obligations under the merger agreement or to consummate the merger on a timely basis.

Additionally, Old Second has undertaken further covenants. Prior to the closing date of the merger, subject to specified exceptions, Old Second may not, and Old Second may not permit any of its subsidiaries to, without the prior written consent of Bancorp Financial, undertake the following:

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with certain exceptions, amend its certificate of incorporation or bylaws in a manner that changes any material term or provision of Old Second common stock or that otherwise would materially and adversely affect the economic benefits of the merger to Bancorp Financial stockholders or would materially impede Old Second’s ability to consummate the transactions contemplated by this Agreement;

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with certain exceptions, adjust, split, combine or reclassify any capital stock;

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take or knowingly fail to take any action that would prevent the merger from qualifying as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code;

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take any action that is intended or likely to result in the failure of any closing condition of the merger or to otherwise delay the consummation of the merger; or

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agree to take, make any commitment to take, or adopt any resolutions of Old Second’s board of directors in support of, any of the actions prohibited by the merger agreement.

Stockholder Meetings and Recommendation of the Board of Directors of Bancorp Financial

Bancorp Financial has agreed to hold a meeting of its stockholders for the purpose of voting upon the adoption and approval of the merger agreement and other related matters promptly after the registration statement is declared effective by the SEC, and cause such meeting to occur as soon as reasonably practicable. Except to the extent that the Bancorp Financial board of directors has made a recommendation change, the Bancorp Financial board of directors is required in to use reasonable best efforts in accordance with applicable laws to obtain from its stockholders the vote required to adopt and approve the merger agreement,