Hershey Oil Corporation Certificate

Hershey Oil Corporation Certificate

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Hershey Oil Corporation Certificate

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Beautifully engraved Certificate from the Hershey Oil Corporation issued in the 1970's. This historic document was printed by the American Banknote Company and has the printed signature of A. L. Hershey and is over 23 years old. This was issued during the period of high inflation due to the cost of imported gasoline from the Middle East. On the reverse of this certificate, there is the printed signature of Donald Regan who was Chairman of the Board of Merrill Lynch at the time. He later became Secretary of the Treasury and Chief of Staff for President Ronald Reagan. You can seen the same signature on U.S. Currency printed during the Reagan Years. Effective Date: 08-29-1990 Stockholders approved the acquisition of the Company by American Exploration Co. (American). The terms of the merger agreement, in accordance with the election made by a Hershey Oil Corp. (Hershey) shareholder, consists of (1) (1.611) shares of American Common Stock, (2) $7 in cash or (3) a combination thereof calculated as in the Merger Agreement, subject to the limitation that in no event will American pay cash for more than 17.257% of the outstanding shares of Hershey Common Stock. There is no requirement in the Merger Agreement that a Hershey shareholder must elect all cash or all American Common Stock for the Hershey Common Stock held. Not later than five business days after the Effective Time, Hershey shareholders will be provided with the Election Form with which to elect to receive American Common Stock or cash with respect to all or any portion of their Hershey Common Stock. A Hershey shareholder who desires to elect to receive cash for some or all of his shares of Hershey Common Stock must make a written election to receive cash by properly completing the Election Form in accordance with the detailed instructions co ntained therein. A properly completed Election Form must be received by the Election Deadline. Any Hershey shareholder not properly completing and returning an Election Form by the Election Deadline will be deemed to have elected to receive, in ex change for his shares of Hershey Common Stock as to which and Election Form was not properly completed and received by the Election Deadline, only American Common Stock. If the number of shares of Hershey Common Stock for which an election to receive cash (Cash Election Shares) is made is equal to or less than 17.257% of the outstanding shares of Hershey Common Stock, then all holders of Cash Election Shares will receive cash for all such shares and all holders of Hershey Common Stock will receive American Common Stock for all other shares of Hershey Common Stock (Stock Election Shares). If a number of Cash Election Shares is greater than 17.257% of all issued and outstanding shares of Hershey Common Stock, then (1) each shareholder electing to receive cash for 17.257% or less of the total shares of Hershey Common Stock held by su ch shareholder will receive cash for all of such shareholder's Cash Election Shares and (2) each shareholder electing to receive cash for more than 17.257% of the total shares of Hershey Common Stock held by such shareholder will (a) receive cash fo r 17.257% of such total shares and (b) be entitled to receive cash for the number of such shareholder's Excess Cash Election Shares in the proportion that such shareholder's Excess Cash Election Shares bears to the total Excess Cash Election Share s of all shareholders, subject to the limitation that in no event will cash be paid for more than 17.257% of the outstanding shares of Hershey Common Stock.

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  • Coins & Currency
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  • Antiques
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