PLAN OF MERGER
THIS PLAN OF MERGER (the “Plan of Merger”) is dated as of December 16, 2013, by and between JFC Inc., a Minnesota corporation (the “Merging Corporation”), and Viking Merger Sub, LLC, a Minnesota limited liability company (the “Surviving Company” and together with the Merging Corporation, the “Constituent Entities”).
WHEREAS, the Constituent Entities have entered into an Agreement and Plan of Merger, dated as of November 21, 2013 (the “Merger Agreement”), setting forth certain representations, warranties and agreements with respect to the merger of the Merging Corporation with and into the Surviving Company (the “Merger”); and
WHEREAS, the Merger has been duly approved and adopted by the Constituent Entities in the manner prescribed by the Minnesota Business Corporation Act and the Minnesota Limited Liability Company Act (collectively the “Acts”);
NOW, THEREFORE, in order to set forth (i) the terms and conditions of the Merger (ii) the mode for carrying the same into effect, (iii) the manner of converting the outstanding shares of the Merging Corporation, and (iv) such other provisions as are deemed necessary or desirable; and in consideration of the premises and the representations, warranties and agreements contained herein and in the Merger Agreement, the parties hereto agree as follows:
1. The Merger. At the Effective Time (as defined in Section 2 below), in accordance with the provisions of the Merger Agreement and the Acts, the Merging Corporation shall be merged into the Surviving Company. On the Effective Date, the separate existence of the Merging Corporation shall cease and the Surviving Company shall continue as the surviving company and shall succeed to and assume all the rights and obligations of the Merging Corporation in accordance with the Acts.
2. Effective Time of Merger. The Merger shall be effective at 11:59 p:m. on the date that the Articles of Merger shall have been accepted for filing by the Minnesota Secretary of · State (the “Effective Time”).
3. Effective of Merger Articles of Organization, Operating Agreement; Board of Governors, Managers and Officers.
(a) At the Effective Time, the articles of organization of the Surviving Company, as in effect immediately prior to the Effective Time, shall be the articles of organization of the Surviving Company; provided that the articles of organization of the Surviving Company will be amended by virtue of the Merger provided for in this Plan of Merger by amending Article I of the articles of organization of the Surviving Company, as follows:
“Article I- Name of Limited Liability Company: JFC LLC.”
Thereafter, the articles of organization may be further amended or repealed in accordance with their terms and as provided by law.