Federal Trust Corporation Notice of Extension of Merger Agreement End Date with The Hartford Financial Services Group, Inc.
Federal Trust Corporation, under the terms of its merger agreement with The Hartford Financial Services Group, Inc. and FT Acquisition Corporation, is formally notifying Hartford of its decision to extend the deadline for completing the merger by two months. This extension is allowed under Section 8.1(c) of their original agreement dated November 14, 2008. The letter serves as the required written notice to exercise this extension option, ensuring the merger process can continue beyond the original February 27, 2009 deadline.
Exhibit 10.14
[LETTERHEAD OF FEDERAL TRUST CORPORATION]
February 26, 2009
VIA FACSIMILE AND OVERNIGHT DELIVERY
The Hartford Financial Services Group, Inc.
One Hartford Plaza
Hartford, CT 06155
Attention: Alan J. Kreczko
(860) 547-4721
| Re: | Agreement and Plan of Merger |
Dear Mr. Kreczko
This letter is pursuant to Section 8.1(c) of the Agreement and Plan of Merger by and between The Hartford Financial Services Group, Inc., FT Acquisition Corporation and Federal Trust Corporation, dated as of November 14, 2008 (the “Agreement”). Terms that are not defined in this letter have the same meanings as set forth in the Agreement.
Section 8.1(c) of the Agreement provides that either Company or Parent may terminate the Agreement if the Merger shall not have been consummated on or before February 27, 2009 provided that, under certain conditions, “either Parent or Company may elect to extend the Initial End Date by written notice to the other Party prior to or on the Initial End Date for an additional two (2) month period . . .”
In accordance with Section 8.1(c) of the Agreement, please accept this letter as Federal Trust Corporation’s written notice of its election to extend the Initial End Date by two months.
| Very truly yours, |
| /s/ Dennis T. Ward |
| Dennis T. Ward |
| President and Chief Executive Officer |
