Common use of Cancelation of Treasury Stock and Parent-Owned Stock Clause in Contracts

Cancelation of Treasury Stock and Parent-Owned Stock. Each share of Company Common Stock that is owned by the Company (or held in the Company’s treasury), Parent or Sub immediately prior to the Effective Time shall automatically be canceled and retired and shall cease to exist, and no consideration shall be delivered or deliverable in exchange therefor. Each share of Company Common Stock that is owned by any subsidiary of the Company or Parent (other than Sub) shall automatically be converted into one fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving Corporation.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Accelrys, Inc.)

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Cancelation of Treasury Stock and Parent-Owned Stock. Each share of Company Common Stock that is owned by the Company (or held in the Company’s treasury), Parent or Sub immediately prior to the Effective Time shall automatically be canceled and retired and shall cease to existbe outstanding, and no Parent ADSs or other consideration shall be delivered or deliverable in exchange therefor. Each ; provided, however, that each share of Company Common Stock that is owned by any subsidiary of the Company or Parent (other than Sub) SBI shall automatically not be converted into so canceled and shall remain outstanding as one fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving CorporationCorporation Common Stock.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Collateral Therapeutics Inc)

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