Mutual Waiver Agreement between BNC Bancorp and Southcoast Financial Corporation (March 22, 2016)
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Summary
BNC Bancorp and Southcoast Financial Corporation have agreed to mutually waive their rights to terminate their existing merger agreement if the merger is not completed by March 31, 2016. Instead, both parties extend the deadline to August 1, 2016, allowing more time to finalize the merger. All other rights under the original agreement remain unchanged. This waiver is intended to support the continued efforts to complete the merger, which both parties believe is in their best interest.
EX-2.1 2 mutualwaivers.htm EXHIBIT 2.1 Exhibit
Exhibit 2.1
MUTUAL WAIVERS
WHEREAS, BNC Bancorp (“BNC”) and Southcoast Financial Corporation (“Southcoast”) are parties to an Agreement and Plan of Merger, dated as of August 14, 2015, as amended (the “Agreement”); and
WHEREAS, Section 10.6 of the Agreement will allow either of the parties to the Agreement to unilaterally terminate the Agreement if the contemplated merger is not consummated by March 31, 2016; and
WHEREAS, there is a substantial possibility that consummation of the merger will not occur by March 31, 2016; and
WHEREAS, the parties to the Agreement have incurred substantial costs in connection with the proposed merger and expect to incur substantial additional costs in order to consummate the merger; and
WHEREAS, each of the parties hereto continue to believe that consummation of the merger is in their best interest.
NOW, THEREFORE, for and in consideration of the mutual waivers contained herein, intending to be legally bound hereby, the parties hereto agree as follows:
1.BNC hereby waives until August 1, 2016 its right under Section 10.6 of the Agreement to terminate the Agreement due to the failure of the merger to have been consummated by March 31, 2016, by giving written notice to Southcoast.
2.Southcoast hereby waives until August 1, 2016 its right under Section 10.6 of the Agreement to terminate the Agreement due to the failure of the merger to have been consummated by March 31, 2016, by giving written notice to BNC.
3.These waivers do not modify or eliminate any other rights of either of the parties hereto with respect to the Agreement.
Agreed to as of the 22nd day of March, 2016.
BNC Bancorp | Southcoast Financial Corporation | |
By /s/ Richard D. Callicutt II | By /s/ L. Wayne Pearson | |
Richard D. Callicutt II President and Chief Executive Officer | L. Wayne Pearson Chairman and Chief Executive Officer |