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<br /> of MPRR ("MPRR Cla�.s A�to�:k"), which shall be outstanding immed'aately prior �
<br /> to the EffecHve Time,and all rights 9n respect thereaf, shall f�rthwitt�•be ehanged _
<br /> and convsrted 'vnto 19,152,560 shares of UPRR Common Stock and 1,665,440
<br /> shares of UPRR Class A Stock, respectively. 1�10 other cash, shares, securiHes or
<br /> obligations will be distributed or issued upon the conversion of the shares of
<br /> MPRR Common Stock or MPRR Class A Stock.
<br /> (b) Subject to prior approval af this Agreement and Plan of Merger by
<br /> UPC and CNWT, (i) the 30,467,751.0330599272 shares of UPRR Cornmon Stock
<br /> owed by UPC immediately prior to the Effective Time, and ali rights in respect
<br /> thereof,shall f�rthwith be changed and converted into 28,030,376 shazes of iIPRR
<br /> Common Stock and 2,437,424 shares of UPRR Class A Stocl:, a�d (ii) d � —
<br /> 8,399,641.6728231457 shares of UI'RR Common Stock owned by CNW'T
<br /> immediately p�or to the Effective Time, and all rights in respect thereoE, shall
<br /> forthwith be changed and convertec� into 7,727,632 shares of UPRR Cotturnon
<br /> Stocic and 671,968 shazes of UPIdR Class A Stock. No other cash,shares,securities
<br /> or obligation3 will be distributed or issued upon the conversion of the sl�ares of
<br /> UPRR Common Stock held by UPC or CNWT.
<br /> (c) After the Fffective Tirne, the stoc;�holders of MPRR and UPRR shall
<br /> c�,n•Pne�pr all autstanding certificates representing shazes of MPRR Comrnon
<br /> Stock,NIl'RR Class A Stock and UPRR Common Stock,and shall be entitled upon
<br /> such surrender to receive the number of shares of UPit�c t=:ommon Stock and
<br /> UPRR Class A Stock on the basis provided herein. UnEi1 so surrendered, the
<br /> outstanding certificates repaesenting sriazes of MPRR Common Stock,MPIZR Class
<br /> � A Stork and UPRR Carnmon'Stock,to be converted into UY'RR Coxnmon Stock
<br /> and UPRR GaSS A Stock as provided herein,may be txeated by such stuckholders
<br /> and UPRR for all coxposate purposes as evidencing the ow�nership of shares of
<br /> IJPRR as though said surrend�r and exchange had taken place.
<br /> FOL7RTH: The tenns amd conditions of the Merger are as follows:
<br /> (a) The By-Laws of UPRiZ as they shall exist iranmediately prior to the
<br /> ' F.£fective Time shall be tlae by•-1aws of the Swrviving Corporation unti:the same
<br /> sha�7 be altered,amended or repealed as fllerein provided.
<br /> (b) '�'he directors and oHicers o£UPRR immedia3ely prior to the F.ffecctive
<br /> Time shall, from and after the Effective Time, be the directors and officers of
<br /> UPRR until their successors shall have be�n din.l�elected or appointed or qualified
<br /> or until their earlier d�ath, resignation or rernoval i.n accordance with the
<br /> Amended and Restated Articles of Incorparation and the By-I.aws of the
<br /> Surviving Corporation.
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