<PAGE> 1
As filed with the Securities and Exchange Commission on January 20, 1998
Registration Statement No. 333-________
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
______________________________________
CASS COMMERCIAL CORPORATION
---------------------------
(Exact name of Registrant as specified in its charter)
Missouri 43-1265338
- ------------------------ ----------------------------------
(State of incorporation) I.R.S. Employer Identification No.
13001 Hollenberg Drive, Bridgeton, Missouri 63044
---------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
1995 RESTRICTED STOCK BONUS PLAN
--------------------------------
(Full title of the plan)
Lawrence A. Collett
Chairman - Chief Executive Officer
Cass Commercial Corporation
13001 Hollenberg Drive
Bridgeton, Missouri 63044
---------------------------------------
(Name and address of agent for service)
(314) 506-5500
-------------------------------------------------------------
(Telephone number, including area code, of agent for service)
<TABLE>
Calculation of Registration Fee
============================================================================================================================
<CAPTION>
Title of securities Amount to be Proposed maximum Proposed maximum Amount of
to be registered registered offering price per share aggregate offering price registration fee
- ------------------- ------------ ------------------------ ------------------------ ----------------
<S> <C> <C> <C> <C>
Common Stock, par 50,000 shares $25.50 <F1> $1,275,000.00 $376.13
value $0.50 per share
============================================================================================================================
<FN>
<F1> Represents the closing price for Registrant's Common Stock reported on the Nasdaq Stock Market as of January
14, 1998.
</TABLE>
______________________________________
In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
registration statement also covers an indeterminate amount of interests to be
offered or sold pursuant to the employee benefit plan described herein.
<PAGE> 2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
This Registration Statement is being filed for the purpose of
registering additional securities of the same class (common stock, par value
$0.50 per share) as other securities for which an earlier registration
statement on Form S-8 relating to the same employee benefit plan is
effective.
Pursuant to General Instruction E to Form S-8, the contents of the
earlier registration statement, File No. 33-91456, are hereby incorporated by
reference.
Item 5: Interest of Named Experts and Counsel. Bruce E. Woodruff, who is
-------------------------------------
of counsel to the law firm of Armstrong, Teasdale, Schlafly & Davis, the firm
giving the opinion set forth in Exhibit 5 of this Registration Statement, is
a member of the Board of Directors of the registrant and owns 4,000 shares
(<1%) of the registrant's common stock.
Item 8: Exhibits. The Exhibits listed in the Exhibit Index below, hereby
--------
incorporated by reference, are filed as a part of this Registration
Statement.
II-1
<PAGE> 3
SIGNATURES
----------
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets
all the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Bridgeton, State of Missouri, on
December 16, 1997.
CASS COMMERCIAL CORPORATION
By: s/LAWRENCE A. COLLETT
----------------------------------------
Lawrence A. Collett
Chairman, President and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Each person whose signature appears below constitutes and appoints
Lawrence A. Collett and Eric H. Brunngraber, each acting alone, his or her
true and lawful attorneys-in-fact and agents, with full powers of
substitution and re-substitution, for him or her and in his or her name,
place or stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this registration statement, and to
file the same with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, hereby granting unto
said attorneys-in-fact and agents, each acting alone, full power and
authority to do and perform each and every act and things requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, each acting alone, or
his substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
<TABLE>
<S> <C> <C>
December 16, 1997 s/LAWRENCE A. COLLETT Chairman, President and
-------------------------------- Chief Executive Officer
Lawrence A. Collett (principal executive officer)
December 17, 1997 s/JOHN J. VALLINA Director
--------------------------------
John J. Vallina
II-2
<PAGE> 4
December __, 1997 -------------------------------- Director
Robert J. Bodine
December 17, 1997 s/THOMAS J. FUCOLORO Director
--------------------------------
Thomas J. Fucoloro
December 17, 1997 s/HARRY J. KRIEG Director
--------------------------------
Harry J. Krieg
December __, 1997 -------------------------------- Director
Howard A. Kuehner
December 17, 1997 s/JAKE NANIA Director
--------------------------------
Jake Nania
December __, 1997 -------------------------------- Director
Irving A. Shepard
December __, 1997 -------------------------------- Director
A.J. Signorelli
December 17, 1997 s/BRUCE E. WOODRUFF Director
--------------------------------
Bruce E. Woodruff
December 17, 1997 s/ERIC H. BRUNNGRABER Vice President -
-------------------------------- Chief Financial Officer
Eric H. Brunngraber (principal financial and
accounting officer)
</TABLE>
II-3
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<C> <S>
4.1 Restated Articles of Incorporation of Cass Commercial
Corporation.
4.2 Bylaws of Cass Commercial Corporation.
4.3 Cass Commercial Corporation 1995 Restricted Stock Bonus
Plan, as amended, including form of Option Agreement.
5 Opinion of Armstrong, Teasdale, Schlafly & Davis regarding
legality of shares being registered.
23.1 Consent of Armstrong, Teasdale, Schlafly & Davis
(incorporated in Exhibit 5).
23.2 Consent of KPMG Peat Marwick LLP
24 Powers of Attorney (see Signature Page).
</TABLE>
II-4
<PAGE> 1
EXHIBIT 4.1
-----------
RESTATED ARTICLES OF INCORPORATION
OF
CASS COMMERCIAL CORPORATION
---------------------------
SECRETARY OF STATE
STATE OF MISSOURI
P.O. BOX 778
JEFFERSON CITY, MISSOURI 65102
Pursuant to the provisions of the General and Business Corporation Law
of Missouri, the undersigned Corporation adopts the following Restated
Articles of Incorporation:
ARTICLE ONE
-----------
The name of the Corporation shall be Cass Commercial Corporation.
ARTICLE TWO
-----------
The registered office of the corporation, until otherwise determined by
the Board of Directors, shall be 13011 Hollenberg Drive, Bridgeton, Missouri
63044, and the registered agent at such address shall be Eric H. Brunngraber.
ARTICLE THREE
-------------
The aggregate number of shares which the Corporation shall have
authority to issue is Twenty Two Million (22,000,000) shares, of which Twenty
Million (20,000,000) shares shall be Common Stock having a par value of $.50
per share, and Two Million (2,000,000) shares shall be Preferred Stock having
a par value of $.50 per share. No shareholder shall be entitled to the
preemptive right to acquire additional shares of the Corporation.
The Board of Directors is expressly authorized, prior to issuance, by
adopting resolutions providing for the issuance of shares of any particular
series of Preferred Stock and, if and to the extent from time to time
required by law, by filing certification thereto with the Secretary of State
of Missouri, to set or change the number of shares to be included in each
series of Preferred Stock and to set or change in any one or more respects
the designations, preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications, or terms and
conditions of redemption relating to the shares of each such series. The
authority of the Board of Directors with respect to each series of Preferred
Stock shall include, but not be limited to, setting or changing the
following:
(a) the distinctive serial designation of such series and the number
of shares constituting such series;
(b) the annual dividend rate on shares of such series, whether
dividends shall be cumulative and, if so, from which date or
dates;
- 1 -
<PAGE> 2
(c) whether the shares of such series shall be redeemable and, if so,
the terms and conditions of such redemption, including the date
or dates upon and after which such shares shall be redeemable,
and the amount per share payable in case of redemption, which
amount may vary under different conditions and at different
redemption dates;
(d) the obligation, if any, of the Corporation to retire shares of
such series pursuant to a sinking fund;
(e) whether shares of such series shall be convertible into, or
exchangeable for, shares of stock of any other class or classes
and, if so, the terms and conditions of such conversion or
exchange, including the price or prices or the rate or rates of
conversion or exchange and the terms of adjustment, if any;
(f) whether the shares of such series shall have voting rights, in
addition to the voting rights provided by law, and if so, the
terms of such voting rights;
(g) the rights of the shares of such series in the event of voluntary
or involuntary liquidation, dissolution, or winding up of the
Corporation; and
(h) any other relative rights, powers, preferences, qualifications,
limitations or restrictions thereof relating to such series.
ARTICLE FOUR
------------
The name and place of residence of the incorporator is: Bruce E.
Woodruff, 333 N. Dickson, St. Louis, Missouri 63122.
ARTICLE FIVE
------------
The property and business of the corporation shall be controlled and
managed by a Board of Directors consisting of ten (10) directors. The number
of directors to constitute subsequent boards of directors shall be fixed by,
or in the manner provided in, the by-laws of the corporation. Any changes in
the number of members of the Board of Directors shall be reported to the
Missouri Secretary of State within thirty (30) calendar days of such change.
ARTICLE SIX
-----------
The duration of the Corporation shall be perpetual.
ARTICLE SEVEN
-------------
The Corporation is formed for the following purposes:
1. To own stock of and provide management services to banks and
other financial institutions and generally to act as a bank holding company;
and to engage in such other business as is incidental thereto; and generally
to engage in any lawful act or activity for
- 2 -
<PAGE> 3
which corporations may now or hereafter be organized under the General and
Business Corporation Law of Missouri.
2. To buy, lease and otherwise acquire lands and interests in lands
of every kind and description and wheresoever situated, to buy, lease and
otherwise acquire and to construct and erect buildings and structures of all
kinds in and on such lands for any use and purposes; to hold, own, improve,
develop, maintain, operate, lease, convey, exchange, mortgage, sell or
otherwise dispose of such lands or any interests therein.
3. To borrow or raise money for any of the purposes of this
corporation and to issue bonds, promissory notes, bills of exchange,
debentures and other obligations and evidences of indebtedness, either
secured by mortgage, pledge or otherwise, or unsecured, for any money
borrowed or in payment of property purchased, leased, or acquired or for
other projects; to mortgage or pledge all, or any part of its properties,
rights, interests and franchise, including any or all shares of stock, bonds,
debentures, notes, scrip, or other obligations or evidences of indebtedness
at any time owned by it.
4. To buy, own, hold, sell, assign, transfer, mortgage, pledge, and
deal in stocks, bonds, securities and evidences of indebtedness issued or
created by any other corporation, association, partnership or individual, and
while in control of the same, to exercise all rights, powers and privileges
thereunto appertaining.
5. To buy, hold, sell, assign, transfer, mortgage, pledge, and deal
in and with its own capital stock, notes, bonds, securities and evidences of
indebtedness in such manner and to such extent as may now or hereafter be
permitted by law.
6. To enter into, make, perform, and carry out as principal, agent
or broker, contracts of every kind for any lawful purpose, with any person,
firm, association or corporation, or with any domestic or foreign
governmental, municipal or public authority.
7. To purchase and acquire, as a going concern or otherwise, and to
carry on, maintain and operate all or any part of the property, or business
of any corporation or firm, association, entity, or person whatsoever, deemed
to be of benefit to the corporation, or useful in any manner in connection
with any of its objects or purposes; to conduct, transact, operate and carry
on business incidental or germane to the objects and purposes hereinbefore
enumerated.
8. To buy or otherwise acquire and lease to others, vehicles,
equipment and personal property of every kind and description.
9. To have and exercise all of the powers now or hereafter conferred
by the laws of the State of Missouri upon corporations organized under the
laws of the said State, and any and all acts amendatory thereof and
supplemental thereto; and to do any and all things necessary and proper in
carrying out or accomplishing any and all of the above mentioned purposes or
any part thereof, not inconsistent with the Constitution and laws of the
State of Missouri, or these Articles of Incorporation.
- 3 -
<PAGE> 4
ARTICLE EIGHT
-------------
The by-laws of the corporation may be adopted, amended or repealed only
by: (a) the affirmative vote of at least 75% of the outstanding shares of all
classes of stock of the corporation entitled to vote thereon, voting as a
single class at a meeting duly called and held; or (b) by the affirmative
vote of at least 70% of the authorized number of directors at a meeting of
the Board of Directors duly called and held.
ARTICLE NINE
------------
The corporation shall to the full extent permitted by Section 351.355
of the General and Business Corporation Law of Missouri, as amended from time
to time, indemnify all persons whom it shall have power to indemnify under
said Section from and against any and all of the expenses, liabilities or
other matters referred to in said Section.
ARTICLE TEN
-----------
The affirmative vote of at least 75% of the outstanding shares of all
classes of stock of the corporation entitled to vote thereon, voting as a
single class at a meeting duly called and held, shall be required: (a) for
the adoption or approval of any agreement for the merger or consolidation of
the corporation with or into a related person or an affiliate of a related
person, unless pursuant to the terms of the proposed merger or consolidation
the persons who hold common shares of the corporation immediately prior to
the merger will have the same rights and percentage of ownership and voting
power of the surviving or resulting entity as they have in the corporation
preceding the merger or consolidation; or (b) to authorize the sale or lease
of all or substantially all of the assets of the corporation to a related
person or affiliate of a related person; or (c) to authorize the dissolution
of the corporation. For purposes of this Article a "related person" in
respect of a given transaction shall be any company, person or other entity
which by itself or together with its affiliates and associates is the
beneficial owner directly or indirectly of more than 5% of any class of
equity securities of the corporation as of the record date for the
determination of stockholders entitled to vote on such transaction; an
"affiliate" of a related person shall be any company, person or other entity
which, directly or indirectly through one or more intermediaries, controls or
is controlled by or is under common control with, the related person; an
"associate" of a related person shall be any officer or director or any
beneficial owner, directly or indirectly, of more than 5% of any class of
equity securities of such related person or any of its affiliates; and
"equity securities" shall include any stock or similar security, or any
security convertible, with or without consideration, into such a security, or
carrying any warrant to subscribe to or purchase such a security, or any such
warrant or right.
A related person shall be deemed to be the beneficial owner of any
equity securities which it or its affiliates or associates has the right to
acquire pursuant to any agreement; or which are beneficially owned directly
or indirectly (including shares deemed owned through the application of the
immediately preceding clause) by any other company, person or entity (or an
affiliate or associate of any such company, person or entity) with which it
or its affiliates or associates has any agreement, arrangement or
understanding for the purposes of acquiring, holding, voting or disposing of
any equity securities of the corporation.
- 4 -
<PAGE> 5
A determination of the Board of Directors of the corporation, based on
information known to the Board of Directors and made in good faith, shall be
conclusive as to whether: (a) a company, person or other entity is a related
person, an affiliate or an associate; or (b) a related person or affiliate or
associate thereof is the beneficial owner of more than 5% of any class of
equity securities of the corporation.
The provisions of this Article and of Article Eight hereof shall be in
addition to the requirements of the General and Business Corporation Law of
Missouri and shall not be amended or repealed without the affirmative vote of
75% of the outstanding shares of all classes of stock of the corporation
entitled to vote thereon, voting as a single class at a meeting duly called
and held. The notice of any meeting at which any matter described in this
Article or in Article Eight (including the amendment or repeal of either
Article) is to be voted on by the stockholders shall include a statement
describing the matter to be voted on and setting forth the vote required to
approve such matter.
The foregoing Restated Articles of Incorporation were duly adopted at a
meeting of the Board of Directors of the Corporation held on December 16,
1997, by the affirmative vote of a majority of the members of the Board of
Directors, and correctly set forth without change the corresponding
provisions of the Articles of Incorporation as theretofore amended, and
supersede the original Articles of Incorporation and all amendments thereto.
IN WITNESS WHEREOF, the undersigned Corporation has caused these
Restated Articles of Incorporation to be executed in its name by its
President and by its Secretary, this 17th day of December, 1997.
------
CASS COMMERCIAL CORPORATION
(Corporate Seal) By s/Lawrence A. Collett
-----------------------------------------
President
and Eric H. Brunngraber
----------------------------------------
Secretary
STATE OF MISSOURI )
) ss.
COUNTY OF ST. LOUIS )
I, Dana L. Stauder, a Notary Public, do hereby certify that on the 17th
day of December, 1997, personally appeared before me Lawrence A. Collett who,
being by me first duly sworn, declared that he is the President of Cass
Commercial Corporation, that he signed the foregoing document as President of
the Corporation, and that the statements therein contained are true.
s/Dana L. Stauder
-------------------------------------------
DANA L. STAUDER
Notary Public - Notary Seal
STATE OF MISSOURI
ST. CHARLES COUNTY
MY COMMISSION EXP. JUNE 3, 2000
- 5 -
<PAGE> 1
EXHIBIT 4.2
-----------
BY-LAWS
OF
CASS COMMERCIAL CORPORATION
---------------------------
ARTICLE I
---------
Offices
The principal office of the corporation shall be located at such place
either within or without the State of Missouri as the Board of Directors may
from time to time designate. The corporation may have such other offices,
either within or without the State of Missouri, as the business of the
corporation may require from time to time.
The location of the registered office of the corporation and the name
of the corporation's registered agent in the State of Missouri shall be as
determined from time to time by the Board of Directors and as filed in the
manner provided by law.
ARTICLE II
----------
Shareholders
Section 2.1. Annual Meeting: The annual meeting of the shareholders
----------------------------
shall be held at the hour of 11:00 a.m. on the third Monday in April of each
year, for the purpose of electing directors and for the transaction of such
other business as may come before the meeting. If the day fixed for the
annual meeting shall be a legal holiday, such meeting shall be held on the
next succeeding business day.
Section 2.2. Special Meetings: Special meetings of the shareholders
------------------------------
may be called at any time by the Chairman of the Board of Directors, by the
President, or by the Board of Directors by giving notice thereof in the
manner hereafter provided. The business to be conducted at a special meeting
is limited to the purpose or purposes specified in the written notice of such
meeting.
Section 2.3. Place of Meeting: The Board of Directors may designate
------------------------------
any place, either within or without the State of Missouri, as the place of
meeting for any annual meeting of the shareholders or for any special meeting
of the shareholders called by the Board of Directors. If no designation is
made, or if a special meeting be otherwise called, the place of meeting shall
be the principal office of the corporation.
Section 2.4. Notice of Meetings: Written or printed notice stating
--------------------------------
the place, day and hour of the meeting and, in case of a special meeting, the
purpose or purposes for which the meeting is called, shall be delivered
either personally or by mail, by or at the direction of the Chairman of the
Board, the President, the Secretary, or the persons calling the meeting, to
each shareholder of record entitled to vote at such meeting, not less than
ten nor more than
- 1 -
<PAGE> 2
seventy days before the date of the meeting, unless, as to a particular
matter, other or further notice is required by law, in which case such other
or further notice shall be given. If mailed, such notice shall be deemed to
be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the records of the corporation,
with postage thereon prepaid.
Section 2.5. Closing of Transfer Books or Fixing of Record Date: The
----------------------------------------------------------------
Board of Directors of the corporation may close its stock transfer books for
a period not exceeding fifty days preceding the date of any meeting of
shareholders, or the date for the payment of any dividend or for the
allotment of rights, or the date when any change, exchange or conversion of
shares shall be effective; or, in lieu of closing the stock transfer books,
may fix in advance a date, not exceeding fifty days preceding the date of any
meeting of shareholders, or the date for the payment of any dividend, or for
the allotment of rights, or the date when any change, exchange or conversion
of shares shall be effective, as the record date for the determination of
shareholders entitled to notice of, and to vote at, any such meeting and any
adjournment thereof, or entitled to receive payment of any such dividend or
any such allotment of rights, or to exercise rights in respect of any such
change, exchange or conversion of shares; and only the shareholders of record
on such date of closing the transfer books, or on the record date so fixed,
shall be the shareholders entitled to notice of, and to vote at, such
meeting, and any adjournment thereof, or to receive payment of such dividend,
or to receive such allotment of rights, or to exercise such rights, in the
event of an exchange, change or conversion of shares, as the case may be,
notwithstanding any transfer of shares on the books of the corporation after
the date of closing of the transfer books or the record date fixed as
aforesaid. If the Board of Directors shall not have closed the transfer
books or set a record date for the determination of its stockholders entitled
to notice of, and to vote as hereinabove provided, only the shareholders who
are shareholders of record at the close of business on the 20th day preceding
the date of the meeting shall be entitled to notice of, and to vote at, the
meeting, and any adjournment thereof, except as otherwise provided by
statute.
Section 2.6. Voting Lists: At least ten days before each meeting of
--------------------------
shareholders, the officer or agent having charge of the transfer book for
shares of the corporation shall make a complete list of the shareholders
entitled to vote at such meeting, arranged in alphabetical order with the
address of and the number of shares held by each, which list, for a period of
ten days prior to such meeting, shall be kept on file at the registered
office of the corporation and shall be subject to inspection by any
shareholder at any time during usual business hours. Such list shall also be
produced and kept open at the time and place of the meeting and shall be
subject to the inspection of any shareholder during the whole time of the
meeting. The original share ledger or transfer book, or a duplicate thereof
kept in this state, shall be prima facie evidence as to who are the
shareholders entitled to examine such list or share ledger or transfer book
or to vote at any meeting of shareholders.
Section 2.7. Quorum: A majority of the outstanding shares of the
--------------------
corporation, entitled to vote at any meeting, represented in person or by
proxy, shall constitute a quorum at any meeting of the shareholders;
provided, that if less than a majority of the outstanding shares entitled to
vote are represented at said meeting, a majority of the shares so represented
may adjourn the meeting, from time to time, without further notice, to a
specified date not longer than ninety days after such adjournment. Every
decision of a majority of such
- 2 -
<PAGE> 3
quorum shall be valid as a corporate act unless a larger vote is required by
law.
Section 2.8. Proxies: At all meetings of shareholders, a shareholder
---------------------
may vote by proxy executed in writing by the shareholder or by his duly
authorized attorney-in-fact. Such proxy shall be filed with the Secretary of
the corporation before or at the time of the meeting. No proxy shall be
valid after eleven months from the date of its execution, unless otherwise
provided in the proxy.
Section 2.9. Voting of Shares: Each outstanding share of capital
------------------------------
stock entitled to vote shall be entitled to one vote upon each matter
submitted to a vote at a meeting of shareholders.
Section 2.10. Voting of Shares by Certain Holders: Shares standing in
--------------------------------------------------
the name of another corporation, domestic or foreign, may be voted by such
officer, agent, or proxy as the by-laws of such corporation may prescribe,
or, in the absence of such provision, as the Board of Directors of such
corporation may determine.
Shares standing in the name of a deceased person may be voted by his
administrator or executor, either in person or by proxy. Shares standing in
the name of a guardian, curator, or trustee may be voted by such fiduciary,
either in person or by proxy, but no guardian, curator, or trustee shall be
entitled, as such fiduciary, to vote shares held by him without a transfer of
such shares into his name.
Shares standing in the name of a receiver may be voted by such
receiver, and shares held by or under the control of a receiver may be voted
by such receiver without the transfer thereof into his name if authority so
to do be contained in an appropriate order of the court by which such
receiver was appointed.
A shareholder whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee,
and thereafter the pledgee shall be entitled to vote the shares so
transferred.
Section 2.11 No Cumulative Voting: In all elections of Directors of
----------------------------------
the corporation, each share shall be entitled to one vote as to each Director
to be elected and no shareholder shall have the right to cast votes in the
aggregate or to cumulate his or her votes for the election of any Director,
and cumulative voting of shares in elections of Directors is hereby
specifically negated.
Section 2.12. Actions of Shareholders Without a Meeting: Any action
--------------------------------------------------------
required or permitted to be taken at a meeting of the shareholders of the
corporation may be taken without a meeting if consents in writing, setting
forth the action so taken, shall be signed by all the shareholders entitled
to vote with respect to the subject matter thereof. Such consents shall have
the same force and effect as a unanimous vote of the shareholders at a
meeting duly held and may be stated as such in any certificate or document
filed under the laws of Missouri pertaining to business corporations. The
Secretary shall file such consents with the minutes of the meetings of the
shareholders.
- 3 -
<PAGE> 4
Section 2.13 Advance Notice of Shareholder Proposals: At an annual
-----------------------------------------------------
meeting of the shareholders, only such business shall be conducted as shall
have been properly brought before the meeting. To be properly brought before
an annual meeting, business must be: (a) specified in the notice of meeting
(or any supplement thereto) given by or at the direction of the Board of
Directors; (b) otherwise properly brought before the meeting by or at the
direction of the Board of Directors; or (c) otherwise properly brought before
the meeting by a shareholder. For business to be properly brought before an
annual meeting by a shareholder, the shareholder must have given timely
notice thereof in writing to the Secretary of the Corporation. To be timely,
a shareholder's notice must be delivered to or mailed and received at the
principal executive offices of the corporation, not less than 60 days nor
more than 90 days prior the first anniversary of the preceding year's annual
meeting; provided, however, that if the date of the meeting is changed by
more than 30 days before or after such anniversary date, notice by the
shareholder to be timely must be so received not later than the close of
business on the 10th day following the day on which such notice of the date
of the annual meeting was mailed or such public disclosure was made. A
shareholder's notice to the Secretary shall set forth as to each matter the
shareholder proposes to bring before the annual meeting: (a) a brief
description of the business desired to be brought before the annual meeting
and the reasons for conducting such business at the annual meeting; (b) the
name and address, as they appear on the corporation's books, of the
shareholder proposing such business; (c) the class and number of shares of
the corporation which are beneficially owned by the shareholder; and (d) any
material interest of the shareholder in such business. Notwithstanding
anything in the By-Laws to the contrary, no business shall be conducted at
any annual meeting except in accordance with the procedures set forth in this
Section 2.13. The Chairman of the annual meeting shall, if the facts
warrant, determine and declare to the meeting that business was not properly
brought before the meeting and in accordance with the provisions of this
Section 2.13, and if he or she should so determine, he or she shall so
declare to the meeting and any such business not properly brought before the
meeting shall not be transacted.
Nothing in this Section 2.13 shall alter the timeliness and other
requirements of Rule 14a-8, promulgated by the Securities Exchange
Commission, or any successor thereto (to the extent the corporation is
subject to such Rule or successor), for inclusion of shareholders' proposals
in the corporation's proxy statement with respect to a meeting of
shareholders.
ARTICLE III
-----------
Directors
Section 3.1. General Powers: The property, business and affairs of
----------------------------
the Corporation shall be controlled and managed by its Board of Directors.
Section 3.2. Number and Qualifications: The Board of Directors, by the
--------------------------------------
affirmative vote of not less than 70% of the authorized number of directors
at a meeting duly called and held, shall have the power to increase or
decrease the number of directors, provided that no decrease in the number of
directors shall operate to remove a director prior to the expiration of his
term.
Each director shall be a natural person at least eighteen years old. A
director need
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<PAGE> 5
not be a shareholder, a citizen of the United States, or a resident of the
State of Missouri.
Section 3.3. Term and Election: The term of office of each Director
-------------------------------
shall be three years, and as nearly as practicable, taking into account
increases or decreases in the number of Directors constituting the Board of
Directors, one-third of the Board of Directors shall be elected each year at
the annual meeting, the Directors so elected filling the place of retiring
Directors. In the event of a change in the number of Directors, the
resolution effectuating such change shall specify the years in which the
terms of the directorships thereby created shall first expire. Vacancies
occurring in the Board of Directors, including vacancies due to an increase
in the number of Directors, may be filled by the directors then in office
acting on the recommendation of the Executive Committee. Any Director may
succeed himself or herself.
Section 3.4. Meeting of Newly Elected Board: The first meeting of
--------------------------------------------
each newly elected Board shall be at the regular meeting of the Board of
Directors next occurring after the annual meeting of shareholders, without
other notice than this by-law; provided, that if no such regular meeting is
scheduled to take place within thirty days after such annual meeting, the
newly elected Board shall meet within such period at a time and place
consented to in writing by all of the newly elected directors. Upon his
election, each director shall qualify by accepting the office of director,
and his attendance at, or his written approval of the minutes of, any meeting
of the newly elected directors shall constitute his acceptance of such
office, or he may execute such acceptance by a separate writing, which shall
be placed in a minute book.
Section 3.5. Regular Meetings: Regular meetings of the Board may be
------------------------------
held without other notice than this by-law at such times and places either
within or without the State of Missouri as shall from time to time be fixed
by resolution adopted by the full Board of Directors. Any business may be
transacted at a regular meeting.
Section 3.6. Special Meetings: Special Meetings of the Board of
------------------------------
Directors may be called by or at the request of the Chairman of the Board,
the President or any two or more of the directors, by giving notice thereof
in the manner hereinafter provided. The person or persons calling such
meeting may fix any place either within or without the State of Missouri as
the place for holding such special meeting.
Section 3.7. Notice: Notice of any special meeting, stating the place,
-------------------
date and time of the meeting shall be given at least three business days
previously thereto by written notice delivered to each director either
personally or by mail or telegram to his residence or usual place of
business; provided, however, that if the designated meeting place is without
the State of Missouri, an additional three days' notice shall be given. If
mailed, such notice shall be deemed to be delivered when deposited in the
United States mail properly addressed, with postage thereon prepaid;
provided, that if the place of mailing is without the State of Missouri, the
notice shall be deemed to be delivered on the second business day after such
deposit. If notice be given by telegram, such notice shall be deemed to be
delivered when the telegram is delivered to the telegraph company. Neither
the business to be transacted at nor the purpose of, any regular or special
meeting of the Board of Directors need be specified in the notice of such
meeting.
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<PAGE> 6
Section 3.8. Quorum: A majority of the full Board of Directors from
--------------------
time to time constituted shall constitute a quorum for the transaction of
business at any meeting of the Board of Directors, provided that if less than
a majority of the directors are present at said meeting, a majority of the
directors present may adjourn the meeting from time to time to a specified
date not longer than 30 days from the last adjournment without further
notice.
Section 3.9. Manner of Acting: The act of the majority of the
------------------------------
directors present at a meeting of the directors at which a quorum is present
shall be the act of the Board of Directors. Members of the Board of
Directors, or of any committee designated by the Board of Directors, may
participate in a meeting of the Board or committee by means of conference
telephone or similar communications equipment whereby all persons
participating in the meeting can hear each other, and participation in a
meeting in this manner shall constitute presence in person at such meeting.
Section 3.10. Vacancies: Vacancies on the Board of Directors and
------------------------
newly created directorships resulting from an increase in the number of
directors may be filled by a majority of the directors then in office, though
less than a quorum, until the election of directors at the next annual
meeting of the shareholders.
Section 3.11. Actions of Board of Directors Without A Meeting: Any
--------------------------------------------------------------
action which is required to be or may be taken at a meeting of the Board of
Directors or any committee thereof may be taken without a meeting if consents
in writing, setting forth the action so taken, are signed by all of the
directors or committee members, as the case may be. The consents shall have
the same force and effect as a unanimous vote at a meeting duly held, and may
be stated as such in any certificate or document under the laws of Missouri
pertaining to business corporations. The secretary shall file the consents
with the minutes of the meetings of the board of directors or committee, as
the case may be.
Section 3.12. Executive Committee: The Board of Directors by
----------------------------------
resolution adopted by a majority of the whole Board may designate two or more
directors to constitute an Executive Committee, which Committee shall meet at
frequent or regular intervals as determined by resolutions from time to time
adopted by the Board, and shall have and exercise, to the extent provided in
such resolutions, all of the authority of the Board of Directors in the
management of the Corporation; provided, however, that: (i) the Executive
Committee shall report all of its decisions and actions to the Board of
Directors at the next meeting of the Board of Directors thereafter occurring;
(ii) the Executive Committee shall at all times be subject to the general
supervision and control of the Board of Directors; (iii) members of such
Committee may be removed, and new members appointed, at any time by the
majority vote of the whole Board; and (iv) the designation of such Committee
and the delegation thereto of the authority herein provided shall not operate
to relieve the Board of Directors, or any member thereof, of any
responsibility imposed upon such Board, or upon any individual member
thereof, by law.
Section 3.13. Attendance: Whenever a Director shall fail to attend
-------------------------
the regular monthly meetings of the Board of Directors, or shall fail to
perform the duties devolved upon him as such Director, for three successive
meetings, without being excused by the Board, he shall cease to be a Director
and his office shall be vacant, but he shall not be disqualified from
thereafter being eligible for re-election to the Board, provided the Board of
Directors, in its discretion, shall not declare him ineligible.
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<PAGE> 7
Section 3.14 Removal of Director: Directors may be removed from
---------------------------------
office only for cause, and only by the affirmative vote of the holders of 75%
of the outstanding shares entitled to vote or by 70% of the authorized number
of Directors other than the Director to be removed.
ARTICLE IV
----------
Officers
Section 4.1. Number: The officers of the corporation shall be a
--------------------
President, who shall be chosen from the members of the Board of Directors, a
Secretary, and such other officers as may be elected in accordance with the
provisions of this Article. The Board of Directors, by resolution, may also
elect as officers a Chairman of the Board, a Treasurer, one or more Vice
Presidents, one or more Assistant Treasurers and Assistant Secretaries and
such other officers as the Board of Directors may from time to time deem
advisable and appoint by resolution. Any two or more offices may be held by
the same person, except the offices of President and Secretary.
All officers and other agents of the corporation, as between themselves
and the corporation, shall have such authority and perform such duties in the
management of the property and affairs of the corporation as may be provided
herein, or, in the absence of such provision, as may be determined by
resolution of the Board of Directors.
Section 4.2. Election and Term of Office: The officers of the
-----------------------------------------
corporation shall be elected annually by the Board of Directors at the first
meeting of the Board of Directors held after each annual meeting of
shareholders. If the election of officers shall not be held at such meeting,
such election shall be held as soon thereafter as conveniently may be.
Vacancies may be filled or new offices created and filled at any meeting of
the Board of Directors. Each officer shall hold office until his successor
shall have been duly elected and shall have qualified or until his death or
until he shall resign or shall have been removed in the manner hereinafter
provided.
Section 4.3. Removal: Any officer or agent elected or appointed by
---------------------
the Board of Directors may be removed by the Board of Directors with or
without cause, but such removal shall be without prejudice to the contract
rights, if any, of the person so removed. Removal shall be effected
automatically by the election of a successor to such office or position.
Section 4.4. Vacancies: A vacancy in any office may be filled by the
-----------------------
Board of Directors for the unexpired portion of the term.
Section 4.5. Chief Executive Officer: The powers of the chief
-------------------------------------
executive officer of the corporation shall be vested in the President, unless
the Chairman of the Board has previously been designated by the Board of
Directors to be the chief executive officer of the corporation or to have the
powers of the chief executive officer co-extensively with the
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<PAGE> 8
President, and such designation has been filed in writing with the Secretary
of State and such notice attested to by the Secretary of the corporation. If
the powers of the chief executive officer shall be vested solely in the
Chairman of the Board, the President shall be subordinate only to the
Chairman of the Board and shall be the chief operating officer of the
corporation and shall be in charge of, and exercise general supervisory
control over, all operating phases and departments of the corporation.
The President shall preside at all meetings of the shareholders and of
the Board of Directors, unless there shall be a Chairman of the Board, in
which case the President shall preside in the absence or with the consent of
the Chairman of the Board.
The chief executive officer of the corporation may execute, either
alone or with any other proper officer thereunto authorized by the Board of
Directors, deeds, mortgages, bonds, notes, contracts, or any other
instruments for and in the name of the corporation, except in cases where the
execution thereof shall be expressly delegated by the Board of Directors or
by these by-laws to some other officer or agent of the corporation or shall
be required by law to be otherwise executed. The chief executive officer
shall also, unless the Board otherwise provides, be ex officio a member of
all standing committees. In general, the chief executive officer shall
perform all duties usually vested in the chief executive officer of a
corporation and such other duties as may be prescribed from time to time by
the Board of Directors.
Section 4.6. Vice President: If one or more Vice Presidents shall be
----------------------------
elected, and if one of such Vice Presidents be designated by the Board as
Executive Vice President, such Executive Vice President, in the absence of
the President, or in the event of his inability or refusal to act, shall
perform the duties of the President, and when so acting, shall have all the
powers of, and be subject to all the restrictions upon, the President. If
there shall be no Executive Vice President or if there shall be an Executive
Vice President and he shall be absent, then the Vice President who shall have
been first elected by the Board of Directors at the last annual meeting of
the Board (and the order of the names of such Vice Presidents, as they appear
in the minutes of such Annual Meeting of the Board, shall be conclusive as to
which Vice President shall have been first elected), shall perform the duties
of the President in the event of the latter's absence, inability or refusal
to act. The Vice Presidents shall perform such other duties as from time to
time may be assigned to them by the chief executive officer or the Board of
Directors or the Executive Committee.
Section 4.7. Treasurer: If required by the Board of Directors, the
-----------------------
Treasurer shall give a bond for the faithful discharge of his duties in such
sum and with such surety or sureties as the Board of Directors shall
determine. He shall have charge and custody of and be responsible for all
funds and securities of the corporation; receive and give receipts for moneys
due and payable to the corporation from any source whatsoever, and deposit
all such moneys in the name of the corporation in such banks, trust companies
or other depositories as shall be selected in accordance with the provisions
of Article V of these by-laws; keep or cause to be kept all books of account
and accounting records of the corporation; and in general perform all the
duties incident to the office of Treasurer and such other duties as from time
to time may be assigned to him by the chief executive officer or the Board of
Directors or the Executive Committee.
- 8 -
<PAGE> 9
Section 4.8. Secretary: The Secretary shall keep the minutes of the
-----------------------
shareholders' and the Board of Directors' meetings in one or more books
provided for that purpose; see that all notices are duly given in accordance
with the provisions of these by-laws or as required by law; be custodian of
the corporate records and of the seal of the corporation and see that the
seal of the corporation is affixed to all certificates for shares prior to
the issue thereof and to all documents, the execution of which on behalf of
the corporation under its seal is duly authorized in accordance with the
provisions of these by-laws; keep a register of the post office address of
each shareholder which shall be furnished to the Secretary by such
shareholder; sign with the Chairman of the Board, the President, or a Vice
President, certificates for shares of the corporation, the issue of which
shall have been authorized by resolution of the Board of Directors; have
general charge of the stock transfer books of the corporation; and in general
perform all duties incident to the office of Secretary and such other duties
as from time to time may be assigned to him by the chief executive officer or
the Board of Directors or by the Executive Committee.
Section 4.9. Assistant Treasurers and Assistant Secretaries: The
------------------------------------------------------------
Assistant Treasurers shall respectively, if required by the Board of
Directors, give bonds for the faithful discharge of their duties in such sums
and with such sureties as the Board of Directors shall determine. The
Assistant Treasurers and Assistant Secretaries shall perform the duties of
the Treasurer and Secretary respectively, in their absence, and shall perform
such other duties as shall be assigned to them by the Treasurer or the
Secretary, respectively, or by the chief executive officer or the Board of
Directors or the Executive Committee.
Section 4.10. Salaries: The salaries of the officers shall be fixed
-----------------------
from time to time by the Board of Directors and no officer shall be prevented
from receiving such salary by reason of the fact that he is also a director
of the corporation.
ARTICLE V
---------
Contracts, Loans, Checks and Deposits
Section 5.1. Contracts: The Board of Directors may authorize any
-----------------------
officer or officers, agent or agents, to enter into any contract or execute
and deliver any instrument in the name of and on behalf of the corporation,
and such authority may be general or confined to specific instances.
Section 5.2. Loans: No loans shall be contracted on behalf of the
-------------------
corporation and no evidences of indebtedness shall be issued in its name
unless authorized by a resolution of the Board of Directors. Such authority
may be general or confined to specific instances.
Section 5.3. Checks, Notes, etc.: All checks or other orders for the
---------------------------------
payment of money, and all notes or other evidences of indebtedness issued in
the name of the corporation, shall be signed by the chief executive officer
or by such officer or officers, agent or agents of the corporation and in
such manner as shall from time to time be determined by resolution of the
Board of Directors. Funds not otherwise employed shall be deposited from
time to time to the credit of the corporation in such banks, trust companies
or other depositories as the Board of Directors may select.
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<PAGE> 10
ARTICLE VI
----------
Certificates for Shares and Their Transfer
Section 6.1. Certificates for Shares: Certificates representing
-------------------------------------
shares of the corporation shall be in such form as may be determined by the
Board of Directors. Such certificates shall be signed by the chief executive
officer or President or Vice President and by the Secretary or Treasurer or
an Assistant Secretary or Treasurer, and shall be sealed with the seal of the
corporation. All certificates for shares shall be consecutively numbered.
The name of the person owning the shares represented thereby with the number
of shares and date of issue shall be entered on the books of the corporation.
All certificates surrendered to the corporation for transfer shall be
cancelled and no new certificate shall be issued until the former certificate
for a like number of shares shall have been surrendered and cancelled except
that in case of a lost, destroyed or mutilated certificate a new one may be
issued therefor upon such terms and indemnity to the corporation as the Board
of Directors may prescribe.
Section 6.2. Transfers of Shares: Transfers of shares of the
---------------------------------
corporation shall be made only on the books of the corporation by the
registered holder thereof or by his attorney thereunto authorized by power of
attorney duly executed and filed with the Secretary of the corporation. The
person in whose name shares stand on the books of the corporation shall be
deemed the owner thereof for all purposes as regards the corporation.
ARTICLE VII
-----------
Fiscal Year
The first fiscal year of the corporation shall be determined by the
filing of the first Federal income tax return of the corporation.
Thereafter, each fiscal year shall end on the same date until changed by
resolution of the Board of Directors.
ARTICLE VIII
------------
Dividends
The Board of Directors may from time to time declare, and the
corporation may pay, dividends on its outstanding shares in the manner and
upon the terms and conditions provided by law and its Articles of
Incorporation.
ARTICLE IX
----------
Seal
The corporation shall have a corporate seal, which shall be in the form
of a circle and shall have inscribed thereon the name of the corporation and
the words "Corporate Seal" and "Missouri".
- 10 -
<PAGE> 11
ARTICLE X
---------
Indemnification
The corporation shall indemnify its directors, officers and employees
to an extent not exceeding that permitted by Section 351.355 of the Revised
Statutes of Missouri, as amended, and subject to the terms and provisions of
the foregoing statute, which, by reference, is incorporated herein.
The corporation may also in specific cases, in the discretion of the
Board of Directors, indemnify agents of the corporation other than directors,
officers and employees to an extent not exceeding that permitted by Section
351.355, as amended.
ARTICLE XI
----------
Waiver of Notice
Whenever any notice whatever is required to be given under the
provisions of these by-laws or the Articles of Incorporation or any law, a
written waiver thereof in writing, signed by the person or persons entitled
to such notice, whether before or after the time stated therein, shall be
deemed equivalent to the giving of such notice.
Attendance at any meeting shall constitute a waiver of notice of the
meeting except where such attendance is for the express purpose of objecting
to the transaction of any business because the meeting is not lawfully called
or convened.
ARTICLE XII
-----------
Amendments
These by-laws may be amended or repealed as provided in the Articles of
Incorporation. No amendment which effects a change of the time or place for
the election of directors shall operate to reduce the length of a director's
term of office by more than sixty days.
ARTICLE XIII
------------
Protection to Public
Shareholders in Certain Defined Instances
For purposes of this Article, the term "Related Person" means any
individual, corporation, partnership, trust, association or other
organization or entity (including any group formed for the purpose of
acquiring, voting or holding securities of the corporation) which by itself
or together with its affiliates and associates either directly, or indirectly
through one or more intermediaries, owns, beneficially or of record, or
controls by agreement, voting trust or otherwise, 20% or more of the voting
power of the stock of the corporation, and such term also includes any
corporation, partnership, trust, association or other organization or entity
in which one or more Related Persons have the power, through the ownership of
voting securities, by contract, or otherwise, to influence significantly any
of the management, activities or policies of such corporation, partnership,
trust, association, other organization or entity.
- 11 -
<PAGE> 12
The purpose of this Article is to provide minimum safeguards for the
corporation's public shareholders in the event a Related Person wishes to
accomplish a merger or consolidation involving the corporation, or the sale
of the corporation's assets. The Board of Directors believes that frequently
the terms of such a merger, consolidation or purchase do not reflect arms'
length bargaining because one dominant influence controls both sides of the
negotiations. The fact that the bulk of the remaining shareholders may be
solicited by the acquiring Related Person in connection with such a business
combination or sale does not assure those shareholders that the terms of such
a combination (i.e., what they will receive for their shares of the
corporation) will be fair to them, or that they can effectively prevent its
accomplishment. The statutory right of the remaining public shareholders of
the corporation to dissent and to have their shares "appraised" and to
receive the value of their shares in cash is not always adequate because the
appraisal standard to be applied under the laws of Missouri (the
corporation's state of incorporation) does not take into account the benefit
of the proposed merger or consolidation to the surviving combined entity and
may not recognize the adverse influence of the acquiring Related Person's
substantial stock ownership on the market value of the shares in the hands of
the public. Accordingly, it is hereby provided that during the period of
time any Related Person is the beneficial owner of 20% or more of the voting
shares of the corporation, and there is submitted to the shareholders of the
corporation any plan of merger or other business combination or any proposal
for the sale of all or substantially all of the assets of the corporation,
the following shall occur:
A copy of this Article shall be furnished by the corporation to each
shareholder of the corporation at the time such plan or proposal is submitted
to the shareholders, and the holders of shares in the corporation who do not
vote their shares in favor of such plan or proposal shall be entitled to
receive from the corporation cash in such amount as shall equal the
"Redemption Price" for their shares. The "Redemption Price" shall be the
greater of: (i) the highest price, including any commissions paid to brokers
or dealers, at which any voting shares of the corporation held by the Related
Person were acquired at any time pursuant to a tender offer or in any market
purchase (including privately negotiated transactions) or otherwise within 24
months prior to the date of such transmittal to shareholders of this Article;
or (ii) the highest sales price in which any voting shares of the corporation
were traded on the market during the 24 months preceding the date of such
transmittal of this Article. In no event, however, shall the Redemption
Price be less than the shareholders' equity per share as reflected in any
report prepared by the corporation as at the end of the corporation's last
fiscal quarter preceding the date of such transmittal of this Article to
shareholders. The payment of such Redemption Price shall be made in cash on
or before the date such merger or other business combination or sale of
assets shall be effected.
Notwithstanding the provisions herein above set forth, the corporation
shall not redeem any of its own voting shares when the capital of the
corporation is impaired or when such redemption would cause any impairment of
the capital of the corporation in violation of Missouri law.
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<PAGE> 13
ARTICLE XIV
-----------
Certain Repurchases of
Shares of Stock by the Corporation
For purposes of this Article, (i) the term "Controlling Person" means
any individual, corporation, partnership, trust, association or other
organization or entity (including any group formed for the purpose of
acquiring, voting or holding securities of the corporation) which either
directly, or indirectly through one or more intermediaries, owns,
beneficially or of record, or controls by agreement, voting trust or
otherwise, at least 5% of the voting power of the stock of the corporation,
and such term also includes any corporation, partnership, trust, association
or other organization or entity in which one or more Controlling Persons have
the power, through the ownership of voting securities, by contract, or
otherwise, to influence significantly any of the management, activities or
policies of such corporation, partnership, trust, association, other
organization or entity, and (ii) the term "Disinterested Shareholders" means
those holders of the stock of the corporation entitled to vote on any matter,
none of which is a Controlling Person.
Except as otherwise provided in this Article, no purchase by the
corporation from any Controlling Person of any shares of stock of the
corporation owned by such Controlling Person shall be made at a price
exceeding the average price paid by such Controlling Person for all shares of
stock of the corporation acquired by such Controlling Person during the 24
months preceding the date of such proposed purchase unless such purchase is
approved by the affirmative vote of not less than a majority of the voting
power of the shares of stock of the corporation held by Disinterested
Shareholders.
The provisions of this Article shall not apply to (i) any offer to
purchase made by the corporation which is made on the same terms and
conditions to the holders of all shares of stock of the corporation, (ii) any
purchase by the corporation of shares owned by a Controlling Person occurring
after the end of 24 months following the date of the Last acquisition by such
Controlling Person of stock of the corporation, (iii) any transaction which
may be deemed to be a purchase by the corporation of shares of its stock
which is made in accordance with the terms of any stock option or other
employee benefit plan now or hereafter maintained by the corporation, or (iv)
any purchase by the corporation of shares of its stock at prevailing market
prices pursuant to a stock repurchase program.
As adopted February 20, 1996.
----------------------------------------
Secretary
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<PAGE> 1
EXHIBIT 4.3
-----------
CASS COMMERCIAL CORPORATION
---------------------------
1995 RESTRICTED STOCK BONUS PLAN
--------------------------------
1. Purpose of Plan.
---------------
The purpose of this 1995 Restricted Stock Bonus Plan is to aid the
Company and its subsidiaries in securing and retaining qualified personnel by
making it possible to offer such personnel an increased incentive, in the
form of a proprietary interest in the Company, to join or continue in the
service of the Company or its subsidiaries and to induce them to increase
their efforts for its welfare.
2. Definitions.
-----------
As used in this Plan, the following terms when capitalized shall have
the meanings indicated:
2.1 "Board" means the board of directors of the Company.
2.2 "Bonus Shares" means shares of Common Stock which are awarded to
a Participant under this Plan.
2.3 "Cass Bank" means Cass Bank & Trust Company.
2.4 "Cause" means only conduct which is finally adjudged to be
knowingly fraudulent, deliberately dishonest or intentional misconduct. The
Compensation Committee shall make the determination of whether Cause exists
in any particular case, and if it believes that Cause may exist it shall
provide the Participant with notice of the reasons the Compensation Committee
believes Cause may exist and shall give the Participant the opportunity to
respond to the allegation that Cause exists.
2.5 "Change in Control" means any one or more of the following
occurrences:
(i) Any individual, corporation (other than the Company),
partnership, trust, association, pool, syndicate, or any other entity or any
group of persons acting in concert becomes the beneficial owner (within the
meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of
securities of the Company possessing more than one-third of the voting power
for the election of directors of the Company;
(ii) There shall be consummated any consolidation, merger, or
other business combination involving the Company or the securities of the
Company in which holders of voting securities of the Company immediately
prior to such consummation own, as a group, immediately after such
consummation, voting securities of the Company (or, if the Company does not
survive such transaction, voting securities of the entity surviving such
transaction) having less than two-thirds of the total voting power in an
election of directors of the Company (or such other surviving corporation);
<PAGE> 2
(iii) During any period of two (2) consecutive years, individuals
who at the beginning of such period constitute the directors of the Company
cease for any reason to constitute at least a majority thereof unless the
election, or the nomination for election by the Company's shareholders, of
each new director of the Company was approved by a vote of at least two-thirds
(2/3) of the directors of the Company then still in office who were directors
of the Company at the beginning of any such period; or
(iv) There shall be consummated any sale, lease, exchange, or
other transfer (in one transaction or a series of related transactions) of
all, or substantially all, of the assets of the Company (on a consolidated
basis) to a party which is not controlled by or under common control with the
Company.
2.6 "Change in Control Period" means the period beginning upon the
first to occur of (i) a Change in Control, or (ii) the approval by the Board
of a Change in Control, or (iii) 10 days before the record date, if any, for
determining the shareholders of the Company eligible to vote on a proposed
Change in Control, or (iv) 10 days before the last date for determining the
shareholders of the Company eligible to participate in any Change in Control
in which the Company's common stock would be sold, exchanged or converted for
or into cash, property or other securities, and ending upon the first to
occur of (A) two (2) years after such Change in Control is effected, or (B)
the date such proposed Change in Control is abandoned by the parties.
2.7 "CIS" means Cass Information Systems, Inc.
2.8 "Common Stock" means the common stock of the Company.
2.9 "Company" means Cass Commercial Corporation.
2.10 "Compensation Committee" means the Compensation Committee of the
Board.
2.11 "Good Reason" means the occurrence of any one or more of the
following during a Change in Control Period, unless expressly consented to by
the Participant:
(i) The assignment of the Participant to duties materially
inconsistent with the Participant's authorities, duties, responsibilities,
and status (including offices, titles, and reporting requirements) as an
employee of the Company, or a reduction or alteration in the nature or status
of the Participant's authorities, or responsibilities from those in effect as
of the beginning of the Change in Control Period;
(ii) Without the Participant's consent, the Company's requiring
the Participant to be based at a location which is at least fifty (50) miles
further from the Participant's primary residence at the time such requirement
is imposed than is such residence from the Company's office at which the
Participant is primarily rendering services at such time, except for required
travel on the Company's business to an extent substantially
- 2 -
<PAGE> 3
consistent with the Participant's business obligations as of the beginning of
the Change in Control Period;
(iii) A reduction by the Company in the Participant's base salary
as in effect on the beginning of the Change in Control Period; or
(iv) A material reduction in the Participant's level of
participation in any of the Company's short- and/or long-term incentive
compensation plans, or employee benefit or retirement plans, policies,
practices, or arrangements in which the Participant participates as of the
beginning of the Change in Control Period; provided, however, that reductions
in the levels of participation in any such plans shall not be deemed to be
"Good Reason" if the Participant's reduced level of participation in each
such program remains substantially consistent with the average level of
participation of other executives who have positions commensurate with the
Participant's position.
2.12 "Participant" means a person to whom Bonus Shares are awarded and
who has entered into a Restriction Agreement.
2.13 "Plan" means this 1995 Restricted Stock Bonus Plan.
2.14 "Restriction Agreement" means a contract between the Company and
a Participant with respect to Bonus Shares, substantially in the form of
Exhibit A hereto.
- ---------
2.15 "Restriction Period" with respect to Bonus Shares subject to a
Restriction Agreement means the period beginning on the date of the
Restriction Agreement and ending on the first to occur of (a) the
Participant's death or termination of the Participant's employment by reason
of disability or incapacity, or (b) termination of the Participant's
employment by the Company other than for Cause during a Change in Control
Period, or (c) the voluntary termination of the Participant's employment for
Good Reason during a Change in Control Period, or (d) with respect to
one-third of the Bonus Shares, the first anniversary of the Restriction
Agreement, with respect to an additional one-third of the Bonus Shares, the
second anniversary of the Restriction Agreement, and with respect to the
final one-third of the Bonus Shares, the third anniversary of the Restriction
Agreement.
2.16 "Restrictions" has the meaning set forth in Section 4 of the
Restriction Agreement.
3. Awards of Bonus Shares.
----------------------
3.1 The Board may from time to time award Bonus Shares to executive
officers and other management employees of the Company, Cass Bank or CIS upon
the recommendation of the Company's chief executive officer and the
Compensation Committee and upon a determination that the employee has
performed past services for the Company, Cass Bank or CIS which deserve
special recognition and additional compensation in the form
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<PAGE> 4
of an award of the Bonus Shares and which have a value at least equal to the
par value of the Bonus Shares awarded.
3.2 The Board may from time to time award Bonus Shares to the
Company's chief executive officer upon the recommendation of the Compensation
Committee and pursuant to a determination by the Board as described in the
preceding paragraph.
3.3 The award of Bonus Shares to employees of Cass Bank or CIS shall
also be subject to the adoption of this Plan by the board of directors of
such subsidiary and to the approval of either the board of directors of such
subsidiary or an individual or committee to which approval authority has been
delegated by the subsidiary's board of directors.
4. Terms and Conditions of Issuance of Bonus Shares.
------------------------------------------------
4.1 Restriction Agreement. No person shall have any rights with
respect to any Bonus Shares, and no Bonus Shares shall be issued to any
person, unless and until the person shall have entered into a Restriction
Agreement with respect to such Bonus Shares substantially in the form of
Exhibit A, the terms and conditions of which are hereby incorporated into
- ---------
this Plan.
4.2 Restrictions on Bonus Shares. During the Restriction Period, the
Bonus Shares shall be subject to the possibility of forfeiture and to the
Restrictions. In aid of the Restrictions, the certificates for the Bonus
Shares shall bear a restrictive legend referencing the Restrictions and shall
be deposited, together with stock powers or other instruments of transfer
appropriately endorsed in blank by the Participant, with an officer of the
Company designated by its chief executive officer (other than the
Participant) as escrow agent, to be held and released or transferred pursuant
to the Restriction Agreement.
4.3 Escrow of Dividends or Other Distributions. Any dividends or
other distributions paid on Bonus Shares which are subject to Restrictions
shall be subject to the same Restrictions as the Bonus Shares with respect to
which they were paid and shall be held in escrow until the expiration of the
Restriction Period with respect to such Bonus Shares. No interest shall be
paid on any dividends or other amounts held in escrow.
5. Maximum Number of Bonus Shares.
------------------------------
5.1 A maximum of 100,000<F1> Bonus Shares may be awarded pursuant to
this Plan; provided that if any Bonus Shares shall be forfeited to the
Company pursuant to the Restriction Agreement, such shares shall again become
available to be awarded as Bonus Shares.
[FN]
- -------------------
<F1> Increased from 50,000 pursuant to 2:1 stock split in the form of a stock
dividend, on March 15, 1997.
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<PAGE> 5
5.2 In the event of any stock dividend on, reclassification, split-up
or combination of, or other change in, the Common Stock, then the number or
kind of shares which may be awarded hereunder shall be correspondingly added
to, reclassified, increased, diminished or changed proportionately.
5.3 The Company shall at all times reserve a number of shares of
Common Stock for issuance hereunder equal to the maximum number of Bonus
Shares set forth above less the number of Bonus Shares previously awarded and
then outstanding, which reserved shares may consist of previously-unissued
shares or treasury shares or any combination thereof.
6. Duration of Plan.
----------------
Bonus Shares may be awarded under this Plan from the date on which it
is adopted by the Board until the effective date of its termination by the
Board; however, the Restrictions on Bonus Shares awarded prior to termination
of this Plan shall remain effective thereafter in accordance with their
terms.
7. Administration of Plan.
----------------------
7.1 The Compensation Committee shall have the power to interpret the
Plan and to make rules and establish procedures for carrying out the Plan.
Any such interpretations, rules or procedures, and any decisions by the
Compensation Committee or the Board as to the employees eligible to receive
Bonus Shares, shall be conclusive on the Company, its subsidiaries and their
respective successors and assigns, and on each Participant and his or her
heirs, personal and legal representatives and assigns.
7.2 The Board may extend, amend or terminate the Plan at any time, or
modify the terms of any individual Restriction Agreement, in its discretion;
however, no extension, amendment or termination shall adversely affect the
rights of a Participant as to any Bonus Shares previously awarded, except as
the Company and the Participant may otherwise agree.
* * * * *
Attachment: Exhibit A -- Restriction Agreement Form
---------- ---------
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<PAGE> 6
Exhibit A
---------
CASS COMMERCIAL CORPORATION
---------------------------
1995 RESTRICTED STOCK BONUS PLAN
--------------------------------
RESTRICTION AGREEMENT
---------------------
THIS RESTRICTION AGREEMENT is entered into as of _____________, 19__,
between Cass Commercial Corporation, a Missouri corporation (the "Company"),
and
____________________________ (the "Participant").
WHEREAS, the Company has deemed it to be in its best interests to
promote the loyalty and facilitate the retention of its employees and the
employees of its subsidiaries in the service of the Company and its
subsidiaries, by offering such employees an increased incentive to continue
in the service of the Company and its subsidiaries and increase their efforts
for its welfare, and
WHEREAS, in furtherance of the above purposes the Participant's
employer has adopted the Company's 1995 Restricted Stock Bonus Plan, and has
determined to award to the Participant shares of common stock of the Company
pursuant to the Plan as hereafter described,
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties hereto do hereby agree as follows:
1. Definitions. Capitalized terms not otherwise defined herein
-----------
shall have the same meanings as they are given in the Plan.
2. Award of Bonus Shares. The Company hereby awards and grants to
---------------------
the Participant, the number of shares of its Common Stock set forth below
(the "Bonus Shares"), without further consideration except the continued
service of the Participant and subject to the other terms and conditions
herein set forth.
Total Number of Bonus Shares: ________
3. Restriction Period. The Restriction Period shall terminate upon
------------------
(a) the Participant's death or termination of the Participant's employment by
reason of disability or incapacity; or (b) termination of the Participant's
employment by the Company other than for Cause during a Change in Control
Period, or (c) the voluntary termination of the Participant's employment for
Good Reason during a Change in Control Period, or (d) if no such event
occurs, the Restrictions will expire at the regularly scheduled closing time
of the Company's main business office, on the following dates as to the
following numbers of Bonus Shares:
________________ as to _____ Bonus Shares;
________________ as to _____ Bonus Shares; and
________________ as to _____ Bonus Shares.
<PAGE> 7
4. Restrictions. Prior to the end of the Restriction Period, the
------------
Bonus Shares shall be subject to the following restrictions (the
"Restrictions"):
(a) Forfeiture upon Termination of Employment. If the Participant
shall for any reason, whether voluntary or involuntary, cease to be
continuously employed by the Company or any of its subsidiaries, then without
notice or further consideration to the Participant, all Bonus Shares subject
to the Restrictions shall automatically be forfeited and shall revert to the
Company. Such forfeiture shall not occur if the termination of employment is
the same event which terminates the Restriction Period as set forth in
Section 3. It is expressly understood and agreed that nothing herein is
intended or shall be construed as an employment contract or as implying any
obligation on the part of the Optionee's employer to continue the Optionee's
employment for any period of time after the date hereof.
(b) Non-Transferability of Bonus Shares. Bonus Shares subject to the
Restrictions may not be assigned, transferred, pledged or hypothecated in any
way, other than by will or by operation of law, nor shall they be subject to
execution, attachment or similar process. Notwithstanding the foregoing,
however, with prior notice to the Company and subject to such requirements as
the Company may reasonably impose, including without limitation the execution
of new instruments of transfer pursuant to Section 5 and a counterpart of
this Restriction Agreement, the Bonus Shares may be transferred, subject to
all applicable Restrictions, between the Participant in his or her personal
capacity and the Participant as trustee of a trust (A) of which the
Participant is both sole trustee and sole beneficiary during his or her
lifetime, and (B) all of which is treated under subpart E of Part I of
Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986,
as amended, as owned by the Participant.
(c) Restrictive Legend. Certificates for Bonus Shares subject to the
Restrictions shall bear a restrictive legend substantially as follows:
"The securities represented by this certificate are subject to certain
restrictions on transfer and to possible forfeiture pursuant to a
Restriction Agreement between Cass Commercial Corporation and the
named stockholder, a copy of which is on file and available for
inspection during normal business hours at the Corporation's
principal office."
Upon termination of the Restrictions, the Participant shall be entitled to
have a new certificate issued without the restrictive legend.
5. Escrow of Certificates and Release of Bonus Shares.
--------------------------------------------------
(a) Deposit of Bonus Shares into Escrow. In order to assure
compliance with the Restrictions, certificates representing the Bonus Shares
shall be deposited, together with stock powers or other instruments of
transfer appropriately endorsed in blank by the Participant, with the
Secretary of the Company or other officer (other than the Participant)
designated by the chief executive officer of the Company, as escrow agent, to
be held by the escrow agent pursuant to the provisions of this Section 5.
- 2 -
<PAGE> 8
(b) Delivery of Bonus Shares to Company upon Forfeiture. In the
event of forfeiture of any Bonus Shares pursuant to paragraph 4(a) above, the
escrow agent shall deliver the certificates for the Bonus Shares, together
with any dividends or other securities held with respect to the Bonus Shares
and related instruments of transfer, to the chief executive officer of the
Company (or in the case of Bonus Shares forfeited by the chief executive
officer, as directed by the Board), free from the escrow.
(c) Release of Bonus Shares to the Participant. Upon termination or
expiration of the Restrictions with respect to any Bonus Shares, the escrow
agent shall deliver the certificates for such Bonus Shares, together with any
dividends or other securities held with respect to such Bonus Shares and
related instruments of transfer, to the Participant, free from the escrow;
provided that if fewer than all the Bonus Shares are being released from the
escrow, the remaining Bonus Shares shall remain subject to the escrow.
(d) Dividends Payable on Bonus Shares; Adjustments to Common Stock.
In the event that while Bonus Shares are subject to the Restrictions, any
cash or stock dividend is paid on the Bonus Shares, or there shall occur any
reclassification, split-up or combination of, or other change in, the
Company's common stock, then any cash or securities so issued to the
Participant with respect to or on account of such Bonus Shares as a result of
any such event shall be subject to the same Restrictions as the Bonus Shares
with respect to or on account of which they were issued, and shall be held in
escrow and delivered or released at the same times and in the same manner as
the Bonus Shares with respect to or upon which such cash or securities were
issued.
6. Payment of Withholding Taxes. The Participant shall pay to the
----------------------------
Company by cash or check, concurrently with either the lapse of the
Restrictions or the filing of an election under Section 83(b) of the Internal
Revenue Code, the amount of any Federal and state withholding taxes payable
by the Company or any of its subsidiaries as a result of such lapse or
election. The Company will advise the Optionee, upon the Optionee's
reasonable prior request, of the required amount of such taxes. If the
Participant does not make such payment in a timely manner, then the Company
may, at its election, either cause the Participant's employer to withhold the
appropriate amount from other compensation due to the employee or withhold
and retain a number of Bonus Shares having a fair market value equal to the
amount required to be withheld.
7. General. The Company shall pay any original issue or transfer
-------
taxes with respect to the issue of Bonus Shares pursuant hereto and all other
fees and expenses necessarily incurred by the Company incurred in connection
therewith.
IN WITNESS WHEREOF, the parties have executed this Restriction
Agreement as of the date first above written.
Company: CASS COMMERCIAL CORPORATION
By:__________________________________
Title: ______________________________
Participant: _________________________________________
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<PAGE> 1
EXHIBIT 5
---------
Armstrong, Teasdale, Schlafly & Davis
A Partnership Including Professional Corporations
Attorneys and Counselors
One Metropolitan Square, Suite 2600
St. Louis, Missouri 63102-2740
(314) 621-5070
Fax: (314) 621-5065
Kansas City, Missouri
Belleville, Illinois
Olathe, Kansas
January 14, 1998
Board of Directors
Cass Commercial Corporation
13001 Hollenberg Drive
Bridgeton, Missouri 63044
Gentlemen:
In our capacity as counsel for Cass Commercial Corporation, a Missouri
corporation (the "Company"), we have examined the Registration Statement on
Form S-8 (the "Registration Statement") in form as proposed to be filed by
the Company with the Securities and Exchange Commission under the provisions
of the Securities Act of 1933, as amended, on or about January 15, 1998
relating to up to 50,000 shares of common stock, par value $0.50 per share
(the "Company Common Stock"), to be offered by the Company pursuant to the
Registration Statement in connection with the Company's 1995 Restricted Stock
Bonus Plan (the "Plan"). In this connection, we have examined such records,
documents and proceedings as we deem relevant and necessary as a basis for
the opinion expressed herein.
Upon the basis of the foregoing, we are of the opinion that the shares
of Company Common Stock referred to above have been duly and validly
authorized and, when issued pursuant to the provisions of the Plan, will be
duly and validly issued, fully paid and non-assessable.
We hereby consent to filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Registration Statement.
Very truly yours,
s/ARMSTRONG, TEASDALE,
SCHLAFLY & DAVIS
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<PAGE> 1
EXHIBIT 23.2
------------
Independent Auditors' Consent
The Board of Directors
Cass Commercial Corporation:
We consent to the incorporation by reference in the registration statement on
Form S-8 of Cass Commercial Corporation (Cass) of our report dated January
24, 1997, relating to the consolidated balance sheets of Cass and
subsidiaries as of December 31, 1996 and 1995, and the related consolidated
statements of income, stockholders' equity, and cash flows for each of the
years in the three-year period ended December 31, 1996, which report appears
in the December 31, 1996 annual report on Form 10-K of Cass.
s/KPMG PEAT MARWICK LLP
St. Louis, Missouri
January 7, 1998
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