Document:

Prepared and Filed by St Ives Financial

VOTING AGREEMENT

VOTING
    AGREEMENT, dated as of December 13, 2006 (this “Agreement”),
    among SANDY SPRING BANCORP, INC., a Maryland corporation and a registered
    bank holding company (“Bancorp”),
    and each stockholder who is a signatory hereto (each a “CNB
    Stockholder”, and collectively,
    the “CNB Stockholders”). 

WHEREAS, concurrently with the execution and delivery of this Agreement, Bancorp and CN Bancorp, Inc., a Maryland corporation and a registered bank holding company (“CNB”) are entering into an Agreement and Plan of Merger dated as of the date hereof (the “Merger Agreement”), which provides, among other things, that CNB will merge with and into Bancorp (the “Merger”). Capitalized terms used and not defined herein have the respective meanings ascribed to them in the Merger Agreement. 

WHEREAS, as of the date hereof, each CNB Stockholder is the record and Beneficial Owner of the number of Company Shares and Company Options set forth opposite such CNB Stockholder’s name on Schedule I hereto.

WHEREAS, as an inducement and a condition to entering into the Merger Agreement, Bancorp has required that the CNB Stockholders agree, and the CNB Stockholders have agreed, to enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual premises, representations, warranties, covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions. For purposes of this Agreement: 

(a) “Beneficially Own” or “Beneficial Ownership” with respect to any securities shall mean having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), including pursuant to any agreement, arrangement or understanding, whether or not in writing. Without duplicative counting of the same securities by the same holder, securities Beneficially Owned by a Person shall include securities Beneficially Owned by all other Persons with whom such Person would constitute a “group” as within the meanings of
Section 13(d)(3) of the Exchange Act.

(b) “Material Adverse Effect” shall mean any change, event, circumstance, occurrence or effect that (i) either individually or in the aggregate with all other such changes, effects, events and occurrences is materially adverse to the Merger and/or the transactions contemplated by this Agreement and/or the Merger Agreement or (ii) does or is reasonably likely to adversely affect the ability of any Person to perform its obligations under this Agreement and/or the Merger Agreement or to consummate the transactions contemplated hereby or thereby.

(c) “Shares” shall mean all Company Shares Beneficially Owned by a CNB Stockholder on the date hereof, together with any additional Company Shares acquired by a CNB Stockholder after the date hereof and prior to the Effective Time (including, without limitation, shares acquired by way of exercise of Company Options or other rights to purchase Company Shares or by way of dividend, distribution, exchange, merger, consolidation, recapitalization, reorganization, stock split or otherwise). In the event of a stock dividend or distribution, or any change in the Company Shares by reason of any stock dividend, split-up, recapitalization, combination, exchange of shares or the like, the term “Shares” shall be
deemed to refer to and include the Company Shares as well as all such stock dividends and distributions and any shares into which or for which any or all of the Company Shares may be changed or exchanged. Schedule I hereto sets forth opposite each CNB Stockholder’s name the number of Shares and Company Options Beneficially Owned by such CNB Stockholder.

SECTION 2. Agreement to Vote Shares. Each CNB Stockholder hereby agrees that during the period commencing on the date hereof and continuing until the termination of this Agreement, at any meeting of the stockholders of CNB, however called, or in connection with any written consent of the stockholders of CNB, such CNB Stockholder shall vote (or cause to be voted) all Shares held of record or Beneficially Owned by such CNB Stockholder, whether currently owned or hereafter acquired, (i) in favor of the Merger, the execution and delivery by CNB of the Merger Agreement, and the approval of the terms thereof and each of the other actions contemplated by the Merger Agreement and this Agreement and any actions required in furtherance thereof and hereof; (ii) against any action or agreement that would result
in a breach of any covenant, representation or warranty or any other obligation or agreement of CNB under the Merger Agreement; and (iii) except as otherwise agreed to in writing in advance by Bancorp, against the following actions (other than the Merger and the transactions contemplated by the Merger Agreement): (A) any extraordinary corporate transaction, such as a merger, consolidation or other business combination involving CNB; (B) a sale, lease or transfer of a material amount of assets of CNB, or a reorganization, recapitalization, dissolution or liquidation of CNB; (C) (1) any change in a majority of the persons who constitute the board of directors of CNB; (2) any change in the present capitalization of CNB or any amendment of CNB’s Articles of Incorporation or Bylaws; (3) any other material change in CNB’s corporate structure or business; or (4) any other action which is intended, or could reasonably be expected, to impede, interfere with, delay or postpone the
Merger or otherwise have a Material Adverse Effect. Each CNB Stockholder agrees that it shall not enter into any agreement or understanding with any Person the effect of which would be inconsistent with or violate any of the provisions and agreements contained in this Section 2. Each CNB Stockholder acknowledges receipt and review of a copy of the Merger Agreement.

SECTION 3. Grant of Proxy. Each CNB Stockholder hereby grants to Bancorp a proxy to vote the Shares of such CNB Stockholder solely as to the matters set forth in Section 2(i) through (iii). Each CNB Stockholder intends such proxy to be irrevocable and coupled with an interest and will take such further action or execute such other instruments as may be necessary to effectuate the intent of such proxy. All authority herein conferred or agreed to be conferred shall survive the death or incapacity of any CNB Stockholder, and any obligation of the CNB Stockholders under this Agreement shall be binding upon the heirs, personal representatives, successors and assigns of such CNB Stockholders.

SECTION 4. Representations and Warranties; Other Covenants. Each CNB Stockholder hereby represents and warrants to Bancorp as follows: 

(a) Ownership of Shares and Company Options. Such CNB Stockholder is either (i) the record and Beneficial Owner of, or (ii) the Beneficial Owner but not the record holder of, the number of Shares and Company Options set forth opposite such CNB Stockholder’s name on Schedule I hereto. On the date hereof, the Shares and Company Options set forth opposite such CNB Stockholder’s name on Schedule I hereto constitute all of the Shares and Company Options (or other rights to acquire Company Shares) owned of record and/or Beneficially Owned by such CNB Stockholder. Such CNB Stockholder has the requisite voting power and the requisite power and
authority to issue instructions with respect to the matters set forth in Sections 2 and 3 hereof, the sole power of disposition, the sole power of conversion, the sole power to demand appraisal rights and the sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Shares and Company Options set forth opposite such CNB Stockholder’s name on Schedule I hereto, with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws and the terms of this Agreement. 

(b) Power; Binding Agreement. Such CNB Stockholder has the legal capacity, power and authority to enter into and perform all of such CNB Stockholder’s obligations under this Agreement. This Agreement has been duly authorized and has been duly and validly executed and delivered by such CNB Stockholder and constitutes a valid and binding agreement of such CNB Stockholder, enforceable against such CNB Stockholder in accordance with its terms. There is no beneficiary or holder of a voting trust certificate or other interest of any trust of which such CNB Stockholder is trustee whose consent is required for the execution and delivery of this Agreement or the consummation by such CNB Stockholder of the transactions contemplated hereby. 

(c) No Conflicts. That (i) no filing with, and no permit, authorization, consent or approval of, any third party (including, without limitation, any Governmental Authority) is necessary for the execution of this Agreement by such CNB Stockholder and the consummation by such CNB Stockholder of the transactions contemplated hereby and (ii) none of the execution and delivery of this Agreement by such CNB Stockholder, the consummation by such CNB Stockholder of the transactions contemplated hereby or compliance by such CNB Stockholder with any of the provisions hereof shall (A) conflict with or result in any breach of any applicable organizational documents applicable to such CNB Stockholder, (B) result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default
(or give rise to any third party right of termination, cancellation, material modification or acceleration) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, license, contract, commitment, arrangement, understanding, agreement or other instrument or obligation of any kind to which such CNB Stockholder is a party or by which such CNB Stockholder or any of such CNB Stockholder’s properties or assets may be bound, or (C) violate any order, writ, injunction, decree, judgment, order, statute, rule or regulation applicable to such CNB Stockholder or any of such CNB Stockholder’s properties or assets. 

(d) No Encumbrances. Such CNB Stockholder’s Shares and Company Options (and the certificates representing such Shares and Company Options) are now, and at all times during the term hereof will be, held by such CNB Stockholder, or by a nominee or custodian for the benefit of such CNB Stockholder, free and clear of all liens, encumbrances, proxies, voting trusts or agreements, understandings or arrangements whatsoever, except for any such liens, encumbrances, proxies, agreements, understandings or arrangements arising hereunder. Such CNB Stockholder hereby represents that any proxies or powers of attorney heretofore given in respect of such CNB Stockholder’s Shares are not irrevocable, and that any such proxies or powers of attorney have been revoked. 

(e) No Litigation. There is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending or, to the knowledge of such CNB Stockholder, threatened before any agency, administration, court or tribunal, foreign or domestic, against such CNB Stockholder or any of such CNB Stockholder’s properties or assets that, individually or in the aggregate, could be expected to delay or impair such CNB Stockholder’s ability to consummate the transactions contemplated by this Agreement. There is no judgment, decree or order against such CNB Stockholder that, individually or in the aggregate, could reasonably be expected to prevent, enjoin, alter or delay any of the transactions contemplated by this Agreement or that, individually or in the aggregate, could reasonably be
expected to have an adverse effect on such CNB Stockholder’s ability to consummate the transactions contemplated by this Agreement.

(f) No Finder’s Fees. No broker, investment banker, financial adviser or other person is entitled to any broker’s, finder’s, financial adviser’s or other similar fee or commission in connection with the transactions contemplated hereby or by the Merger Agreement based upon arrangements made by or on behalf of such CNB Stockholder except as set forth in the Merger Agreement. 

(g) Reliance by Bancorp. Such CNB Stockholder understands and acknowledges that Bancorp is entering into the Merger Agreement in reliance upon such CNB Stockholder’s execution and delivery of this Agreement.

SECTION 5. Stop Transfer; Other Covenants.

(a) Restriction on Transfer, Proxies and Non-Interference. Except as applicable in connection with the transactions contemplated by Sections 2 and 3 hereof, each CNB Stockholder agrees with, and covenants to, Bancorp that he, she or it shall not, directly or indirectly: (i) offer for sale, sell, transfer, tender, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to or consent to the offer for sale, sale, transfer, tender, pledge, lien, encumbrance, assignment or other disposition of, any or all of such CNB Stockholder’s Shares or Company Options or any interest therein; (ii) grant any proxies or powers of attorney, deposit any Shares into a voting trust or enter into a voting agreement with respect to any
Shares; or (iii) take any action that could make any representation or warranty of such CNB Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling such CNB Stockholder from performing such CNB Stockholder’s obligations under this Agreement. 

(b) Stop Transfer. Each CNB Stockholder agrees with, and covenants to, Bancorp that such CNB Stockholder shall not request that CNB register the transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any of such CNB Stockholder’s Shares, unless such transfer is made in compliance with this Agreement.

(c) No Solicitation. Subject to Section 7, each CNB Stockholder agrees with, and covenants to, Bancorp that he, she or it shall not, in his, her or its capacity as a CNB Stockholder or otherwise, directly or indirectly, solicit (including by way of furnishing information), initiate, encourage, or respond to any inquiries or proposals by, or enter into any discussions or negotiations with, any Person (other than Bancorp or any affiliate of Bancorp) relating to any Acquisition Proposal. If any CNB Stockholder receives any such inquiry or proposal, then such CNB Stockholder shall promptly inform Bancorp of the terms and conditions, if any, of such inquiry or proposal and the identity of the person making such inquiry or proposal. Each CNB Stockholder will immediately cease and cause to be terminated any
existing activities, discussions or negotiations with any parties conducted heretofore with respect to any of the foregoing.

(d) Waiver of Appraisal Rights. Each CNB Stockholder hereby waives any rights of appraisal or rights to dissent from the Merger that such CNB Stockholder may have. 

(e) Further Assurances. From time to time, at Bancorp’s request and without further consideration, each CNB Stockholder shall execute and deliver such additional documents and take all such further lawful action as may be necessary or desirable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and/or the Merger Agreement.

SECTION 6. Termination. Except as otherwise provided herein, this Agreement shall terminate upon the earlier of (i) the Effective Time or (ii) the termination of the Merger Agreement in accordance with its terms. 

SECTION 7. CNB Stockholder Capacity; No Limitations on Actions of CNB Stockholder as Director or Member of Advisory Board. No Person executing this Agreement who is or becomes during the term hereof a director of CNB (or a member of the Advisory Board of CNB’s Board of Directors) makes any agreement or understanding herein in his or her capacity as such director or member. Each CNB Stockholder signs solely in his or her capacity as the record and Beneficial Owner of, or the trustee of a trust whose beneficiaries are the Beneficial Owners of, such CNB Stockholder’s Shares and Company Options. Accordingly, nothing in this Agreement is intended or shall be construed to require such CNB Stockholder, in such CNB Stockholder’s capacity as a director of CNB or as a member of the Advisory
Board of CNB’s Board of Directors, to fail to act in accordance with the CNB Stockholder’s fiduciary duties in his or her capacity as such director or member. 

SECTION 8. Miscellaneous. 

(a) Entire Agreement. This Agreement and the documents and instruments and other agreements among the parties hereto as contemplated by or referred to herein, including, without limitation, the Merger Agreement with all Exhibits and Schedules thereto and all ancillary agreements contemplated thereby, (i) constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and (ii) are not intended to confer upon any other Person any rights or remedies hereunder.

(b) Certain Events. Notwithstanding any transfer of Shares or Company Options, each CNB Stockholder shall remain liable for the performance of all obligations of such CNB Stockholder under this Agreement. 

(c) Assignment. No CNB Stockholder may assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of Bancorp. Bancorp may not assign this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of each CNB Stockholder; provided, however, that Bancorp may assign, in its sole discretion and without the prior written consent of any CNB Stockholder, its rights and obligations hereunder to any direct or indirect wholly owned Subsidiary of Bancorp or to any lender of Bancorp and/or any such Subsidiary. Subject to the preceding sentences, this Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Any purported assignment in violation of this Section shall be void.

(d) Amendment. Subject to applicable law, this Agreement may be amended by the parties hereto at any time by execution of an instrument in writing signed on behalf of each of the CNB Stockholders and Bancorp. Notwithstanding the foregoing, Schedule I hereto may be supplemented by Bancorp by adding the name of, and other relevant information concerning, any stockholder of CNB who agrees to be bound by the terms of this Agreement without the agreement of any other party hereto, and thereafter such added CNB Stockholder shall be treated as a “CNB Stockholder” for all purposes of this Agreement.

(e) Waiver. At any time prior to the Effective Time, Bancorp may, to the extent legally allowed, (i) extend the time for the performance of any of the obligations or other acts of the CNB Stockholders; (ii) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto; and (iii) waive compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of Bancorp. Mere inaction or failure to exercise any right, remedy or option under this Agreement, or delay in exercising the same, will not operate as, nor shall be construed as, a waiver, and each such right shall be deemed an ongoing right and may be asserted at any time and from time to time.

(f) Notices. All notices and other communications hereunder shall be in writing and shall be deemed given upon delivery either personally or by commercial delivery service, or sent via facsimile (receipt confirmed) to the parties at the following addresses or facsimile numbers (or at such other address or facsimile numbers for a party as shall be specified by like notice): 

If to a CNB Stockholder: At the applicable address set forth on Schedule I hereto.

If to Bancorp, to:

Sandy Spring Bancorp, Inc.

17801 Georgia Avenue

Olney, Maryland 20832

Attn:
  Ronald E. Kuykendall, Esq. 

General Counsel & Secretary

with a copy to:

Dickstein Shapiro LLP

1825 Eye Street N.W.

Washington, DC 20006

Attention: Daniel L. Morgan, Esq.

(g) Severability. In the event that any provision of this Agreement or the application thereof becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remaining parts thereof shall nevertheless continue to be valid and enforceable as though the invalid portions were not a part hereof. 

(h) Other Remedies; Specific Performance. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of one remedy will not preclude the exercise of any other remedy. Each of the CNB Stockholders recognizes and acknowledges that the Shares are unique and that a breach by such CNB Stockholder of any covenants or agreements contained in this Agreement will cause Bancorp to sustain irreparable harm of a nature which would be difficult, if not impossible, to ascertain and for which Bancorp would not have an adequate remedy at law for money damages. Therefore, each of the CNB Stockholders agrees that in the event of
any such breach Bancorp shall be entitled to the remedy of specific performance of such covenants and agreements and to injunctive and other equitable relief, without any necessity of proving damages or any requirement for the posting of a bond or other security, enjoining any such breach and enforcing specifically the terms and provisions hereof, in addition to any other remedy to which it may be entitled, at law or in equity. 

(i) No Third Party Beneficiaries. This Agreement is not intended to be for the benefit of, and shall not be enforceable by, any Person or entity who or which is not a party hereto, nor shall it confer upon any other Person any rights or remedies hereunder. 

(j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND. 

(k) Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF EACH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. 

(l) Descriptive Headings. The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 

(m) Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

(n) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall be effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart. 

[Remainder of Page Intentionally Blank, Signature Page Follows]

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Voting Agreement to be executed as of the date first written above in their individual capacity or by their respective officers thereunto duly authorized, as applicable. 

 

  	
         

      	
         

      	
        BANCORP:

      
	
         

      	
         

      	
        
        

      
	
         

      	
         

      	
        SANDY
          SPRING BANCORP, INC.

      
	 	 	 	 
	
        
        

      	
         

      	
        By:

      	
        /s/
            Hunter R. Hollar
        

      
	
         

      	
         

      	
         

      	
        
        

      
	
         

      	
         

      	
         

      	
        Name:
          

      	
        Hunter
          R. Hollar

      
	
         

      	
         

      	
         

      	
        Title:

      	
        President
          and Chief Executive Officer

      

 

	

CNB STOCKHOLDERS:
 	

 
 	

 
 	

 
 
	

 
 	

 
 	

 
 	

 
 
	

/s/
    Jan W. Clark 
 	

 
 	

 
 	

/s/
    John E. DeGrange, Sr. 
 
	

 	

 
 	

 
 	

 
	

Jan W. Clark
 	

 
 	

 
 	

John E. DeGrange, Sr.
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    Michael L. Derr 
 	

 
 	

 
 	

/s/
    Carl L. Hein, Jr 
 
	

 	

 
 	

 
 	

 
	

Michael L. Derr
 	

 
 	

 
 	

Carl L. Hein, Jr.
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    Gerald V. McDonald 
 	

 
 	

 
 	

/s/
    Robert P. Musselman, Sr. 
 
	

 	

 
 	

 
 	

 
	

Gerald V. McDonald
 	

 
 	

 
 	

Robert P. Musselman, Sr.
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    Wade H. Ritchie III 
 	

 
 	

 
 	

/s/
    Daljit S. Sawhney 
 
	

 	

 
 	

 
 	

 
	

Wade H. Ritchie III
 	

 
 	

 
 	

Daljit S. Sawhney
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    Michael T. Storm 
 	

 
 	

 
 	

/s/
    Creston G. Tate 
 
	

 	

 
 	

 
 	

 
	

Michael T. Storm
 	

 
 	

 
 	

Creston G. Tate
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    John G. Warner 
 	

 
 	

 
 	

/s/
    F. Paul Dorr, Jr. 
 
	

 	

 
 	

 
 	

 
	

John G. Warner
 	

 
 	

 
 	

F. Paul Dorr, Jr.
 

 

	

 
 	

 
 	

 
 	

 
 
	

/s/
    LeRoy C. Taylor 
 	

 
 	

 
 	

/s/
    K. Patricia Wellford 
 
	

 	

 
 	

 
 	

 
	

LeRoy C. Taylor
 	

 
 	

 
 	

K. Patricia Wellford
 

[Signature Page to Voting Agreement]

 

SCHEDULE I TO

VOTING AGREEMENT

 

  	
        Shareholder
 	
         
 	

Shares Beneficially Owned
 	
         
 	

Options Beneficially Owned
 
	
        

 	
         
 	

 	
         
 	

 
	
         
 	
         
 	
         
 	
         
 	
         
 	
         
 	
         
 	
         
 	
         
 
	

Jan W. Clark
 	
         
 	

 
 	
        26,643
 	

 
 	
         
 	

 
 	
        13,000
 	

 
 
	12 Sonora Drive

Pasadena, MD 21122-5527 	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

John E. DeGrange, Sr.
 	

 
 	

 
 	

32,500
 	

 
 	

 
 	

 
 	

0
 	

 
 
	1309 Shawnee Court

        Millersville, MD 21108-2144
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Michael L. Derr
 	

 
 	

 
 	

1,212
 	

 
 	

 
 	

 
 	

13,000
 	

 
 
	242 Mill Church Road

        Arnold, MD 21012	 	 	 	 	 	 	 	 
	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      
	
        Francis
            Paul Dorr, Jr.,

      	
         

      	
         

      	
        4,158

      	
         

      	
         

      	
         

      	
        0

      	
         

      
	777 Herald Harbor Road

        Crownsville, MD 21032-1511	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Carl L. Hein, Jr.
 	

 
 	

 
 	

51,500
 	

 
 	

 
 	

 
 	

0
 	

 
 
	7 St. Andrews Road East

        Severna Park, MD 21146-1667
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Gerald V. McDonald
 	

 
 	

 
 	

43,767
 	

 
 	

 
 	

 
 	

0
 	

 
 
	464 Marylborn Road

        Severna Park, MD 21146-1667
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Robert P. Musselman, Sr.
 	

 
 	

 
 	

139,500
 	

 
 	

 
 	

 
 	

0
 	

 
 
	512 Palisades Boulevard

        Crownsville, MD 21032-2114
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Wade H. Ritchie III
 	

 
 	

 
 	

6,000
 	

 
 	

 
 	

 
 	

0
 	

 
 
	728 Thornwood Drive

        Odenton, MD 21113
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Daljit S. Sawhney
 	

 
 	

 
 	

74,976
 	

 
 	

 
 	

 
 	

0
 	

 
 
	2911 Eaton Square

        Ellicott City, MD 21043-3594
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Michael
    T. Storm
 	

 
 	

 
 	

830
 	

 
 	

 
 	

 
 	

13,000
 	

 
 
	25 Harvard Road

        Glen Burnie, MD 21060	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

Creston G. Tate
 	

 
 	

 
 	

200,000
 	

 
 	

 
 	

 
 	

0
 	

 
 
	6205 Medora Road

        Linthicum, MD 21090-2131
      	 	 	 	 	 	 	 	 
	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      	
         

      
	
        LeRoy
            C. Taylor

      	
         

      	
         

      	
        3,620

      	
         

      	
         

      	
         

      	
        0

      	
         

      
	314 Marley Neck Road

        Glen Burnie, MD 21060-0697
      	 	 	 	 	 	 	 	 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 	

 
 
	

John G. Warner
 	

 
 	

 
 	

23,579
 	

 
 	

 
 	

 
 	

13,000
 	

 
 
	2027 Poplar Ridge Road

        Pasadena, MD 21122-3808
      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
        Katherine
            P. Wellford

      	
         

      	
         

      	
        6,182

      	
         

      	
         

      	
         

      	
        0

      	
         

      
	17553 Brookville Court

        Round Hill, VA 20141-2607exv4w3

 

Exhibit 4.3

Specimen
of Common Share Certificate

 

 

 

NOTICE OF SHARE CONSTRAINT

PROVISIONS

Certain provisions contained in the Eldorado Nuclear Limited Reorganization
and Divestiture Act (the “Act”) apply to the voting shares of the Corporation, and
may restrict or prohibit the issue, registration, transfer, ownership, voting,
dividend and other distribution rights of said shares. The following is a summary
only and is qualified in its entirety by the complete text of the share constraint
provisions as provided for in the Act and related enforcement provisions in the
Articles of the Corporation. The Act includes the following constraints:

	1.
	 	
The total number of voting shares that may be held by any Non-Resident alone
or together with associates as beneficial owners shall not exceed 15% of the
total number of issued and outstanding voting shares.

	 
	2.
	 	
Non-Residents and their associates shall not cast more than 25% of the total
number of votes cast by shareholders on any resolution.

	 
	3.
	 	
The total number of voting shares that may be held by any Resident alone or
together with associates as beneficial owners shall not exceed 25% of the total
number of issued and outstanding voting shares.

	 
	4.
	 	
The application of these restrictions against registered owners of voting
shares may be based upon the identity of the beneficial owners of such voting
shares.

	 
	5.
	 	
Prior to registration of a transfer of voting shares and from time to time
thereafter, a registered or beneficial owner or a proposed transferee of voting
shares may be required to submit to the Corporation a declaration indicating,
among other things, the total number of voting shares beneficially owned by the
shareholder or proposed transferee, whether he is an associate of any other
shareholder and whether he is a Non-Resident of Canada.

In the event of a contravention of these constraints, or if any person refuses to
provide the Corporation with a shareholder’s declaration when requested, the
Articles provide that the Corporation may refuse to issue voting shares, register or
recognize a transfer of any of its voting shares, pay any dividend or make any other
distribution and may refuse to recognize or may reduce on a pro rata basis any
exercise of voting rights, and the Corporation may suspend any remaining rights of
voting shares.

The Corporation will furnish, on demand and without charge, a full copy of the text
of the Act and the relevant provisions of the Articles.

AVIS CONCERNANT LES DISPOSITIONS RESTRICTIVES

RELATIVES AUX ACTIONS

Certaines dispositions de la loi intitulée “Eldorado Nuclear Limited
Reorganization and Divestiture Act” (la “Loi”) s’appliquent aux actions avec droit
de vote de la Société et peuvent restreindre ou empêcher l’émission,
l’enregistrement, le transfert, le droit de propriété, le droit de vote, le droit
aux dividendes ou le droit à toute autre distribution de ces actions. Le texte qui
suit n’est qu’un résumé et est restreint par le texte intégral des dispositions
restrictives relatives aux actions mentionnées dans la Loi et les dispositions
d’application s’y rapportant dans les statuts de la Société. La Loi contient les
restrictions suivantes:

	1.
	 	
Le nombre total d’actions avec droit de vote qui peuvent être détenues par un
non-résident, seul ou avec des personnes avec qui il a des liens, en qualité de
propriétaires véritables, ne doit pas excéder 15% du nombre total d’actions
avec droit de vote émises et en circulation.

	 
	2.
	 	
Le nombre de voix exprimées par les non-résidents et les personnes avec qui
ils ont des liens ne peut excéder 25% du nombre total de voix exprimées par les
actionnaires sur une résolution.

	 
	3.
	 	
Le nombre total d’actions avec droit de vote que peut détenir un résident,
seul ou avec des personnes avec qui il a des liens, en qualité de propriétaires
véritables, ne peut excéder 25% du nombre total d’actions avec droit de vote
émises et en circulation.

	 
	4.
	 	
L’application de ces restrictions à l’encontre des propriétaires d’actions
avec droit de vote inscrits peut se fonder sur l’identité des propriétaires
véritables de ces actions avec droit de vote.

	 
	5.
	 	
Avant l’enregistrement d’un transfert d’actions avec droit de vote et de temps
à autre par la suite, un propriétaire inscrit, un propriétaire véritable ou un
cessionnaire proposé des actions avec droit de vote peut être enjoint de
déposer auprès de la Société une déclaration mentionnant, entre autres choses,
le nombre total d’actions avec droit de vote détenues en propriété véritable
par l’actionnaire ou le cessionnaire proposé, peu importe qu’il ait des liens
avec un autre actionnaire ou qu’il soit un non-résident du Canada.

Dans le cas ou ces restrictions ne sont pas respectées, ou si une personne refuse de
déposer auprès de la Société une déclaration d’actionnaire lorsqu’elle est enjointe
de le faire, les statuts prévoient que la Société peut refuser d’émettre des actions
avec droit de vote, d’enregistrer ou de reconnaitre le transfer de l’une de ses
actions avec droit de vote, de payer un dividende ou de faire toute autre
distribution et peut refuser de reconnaître ou peut réduire proportionnellement
l’exercice des droits de vote, et la Société peut suspendre les autres droits
rattachés aux actions avec droit de vote.

La Société fournira, sur demande et sans frais, un exemplaire du texte intégral de
la Loi et des dispositions pertinentes des statuts.

RIGHTS, PRIVILEGES, RESTRICTIONS AND

CONDITIONS ATTACHING TO SHARES

The class or series of shares represented by this Certificate has rights,
privileges, restrictions and conditions attaching thereto and the Corporation will
furnish to a shareholder, on demand and without charge, a full copy of the text of:

	a.
	 	
the rights, privileges, restrictions and conditions attached to each class
authorized to be issued and to each series in so far as the same have been fixed by
the directors; and

	 
	b.
	 	
the authority of the directors to fix the rights, privileges, restrictions and
conditions of subsequent series.

DROITS, PRIVILÈGES, RESTRICTIONS ET

CONDITIONS RATTACHÉS AUX ACTIONS

La catégorie ou la série d’actions représentées par ce certificat comporte les
droits, privilèges, restrictions et conditions qui s’y rattachent et la Société
fournira à un actionnaire, sur demande et sans frais, un exemplaire du texte
intégral:

	a.
	 	
des droits, privilèges, restrictions et conditions rattachés à chaque catégorie
autorisée à être émise et à chaque série dans la mesure ou les administrateurs les
ont établis; et

	 
	b.
	 	
du pouvoir des administrateurs d’établir les droits, privilèges, restrictions et
conditions des séries subséquentes.

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

	 	 	 
	     For value received, the undersigned hereby sells, assigns and
transfers unto

	 	     Pour
valeur reçue, le soussigné vend, cède et transfère par
les présentes à

	 	 	 	 	 
	Please insert social insurance number or other tax identifying number of assignee
	 	
 

	 	Indiquer le numéro d’assurance sociale du cessionnaire ou autre numéro d’identification aux fins de l’impôt

	 	 	 
	 
	 
	Print name and address including postal / zip code of assignee / Nom et adresse du cessionnaire incluant le code postal — en caractères d’imprimerie

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Shares
	 

	 	 	 	 	 	actions
	 	 	 
	of the Corporation represented by this Certificate, and does hereby
irrevocably constitute and appoint
	 	de la Société représentées par ce certificat et constitue et nomme de
façon irrévocable

	 
	 	 	 	 	 	 
	 
	Attorney to transfer the said Shares on a securities register of the
Corporation with full power of substitution in the premises.
	 	son fondé de pouvoir aux fins de transférer les actions dans le registre des
actionnaires de la Société avec pleins pouvoirs de substitution en l’espèce.

	 
	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 
	Le

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature
	 	 	 	 	 	 
	 	 	 

 

REMARQUE: LA SIGNATURE QUI APPARAIT SUR CE DOCUMENT DE TRANSFERT DOIT
CORRESPONDRE EN TOUS POINTS AU NOM INSCRIT AU RECTO DE CE CERTIFICAT, SAN
MODIFICATION, NI ADDITION, NI AUCUN AUTRE CHANGEMENT.

SIGNATURE GUARANTEE: The signature must be guaranteed by a Canadian Schedule 1
chartered bank, a major trust company in Canada or a member of a Medallion Program,
STAMP, SEMP or MSP. Members of these programs are usually members of a recognized
stock exchange in Canada and the United States, members of the Investment Dealers
Association of Canada, members of the National Association of Securities Dealers or
banks and trust companies in the United States.

GARANTIE DE LA SIGNATURE : La signature doit être garantie par un représentant
autorisé d’une banque à charte, d’une société de fiducie canadienne ou d’un membre
d’un programme de Médallion, STAMP, SEMP ou MSP. Les membres de ces programmes sont
habituellement des membres d’une bourse reconnue au Canada et aux États-Unis, de
l’association canadienne des courtiers en valeurs mobilières, du National
Association of Securities Dealers ou d’une banque ou société de fiducie aux
États-Unis.

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